Mental Health Guide for the Later Stages of the Crypto Market Cycle

It seems that we are entering the later stages of the crypto market cycle, and the market is beginning to show signs of madness. Some token prices have surged a hundredfold, and people are starting to question the value of holding Bitcoin, while NFT transaction prices have also reached unbelievable levels.

For investors experiencing this market cycle for the first or second time, it may feel a bit out of control. This article will help you manage those emotions and protect some gains by avoiding excessive greed.

Mental Health Management in a Bull Market

Reduce the frequency of checking prices ###

A simple yet effective method is to set price alerts instead of frequently checking prices. This can help you save at least 30 minutes a day. Determine your buy and sell price ranges to avoid constantly checking price fluctuations in your daily life.

Stay focused on the main business

The majority of people's wealth accumulation will still come from their own careers. No matter what industry you are in, focusing your main energy on developing your own career should always be the top priority.

Although new tokens are constantly appearing in the market with skyrocketing trends, do not let these distract you. Allocate fixed time periods for cryptocurrency research to avoid affecting your primary source of income.

Cautiously discuss crypto currency

Discussing cryptocurrency with people who do not understand this industry often wastes time and energy. If someone asks, you can simply respond: "I don't know much, I only hold a small amount of Bitcoin." This can avoid pointless arguments.

Develop a risk management plan

In a bull market, your net worth may grow rapidly. Consider in advance how to manage these appreciating assets, such as investing in real estate or stocks. Don't overlook your long-term asset allocation plan just because a certain token experiences a short-term surge.

maintain a healthy lifestyle

Even during market booms, it is important to stick to daily exercise and a normal social life. Ensure at least 45 minutes of exercise each day and maintain daily interactions with family and friends. Do not sacrifice health and quality of life for a little more money.

Rules of the Goddess of Fortune

Rule 1: Avoid pursuing integer goals

Do not set your wealth goals as round numbers, such as 1 million or 5 million. The market often experiences significant pullbacks when approaching these round targets.

Rule 2: Keep a low profile

Do not flaunt your wealth to others. If you must mention it, downplay your actual holdings. Staying low-key can increase your chances of accumulating wealth in the long run.

Rule 3: Be happy for others' success

Do not envy the success of others. No matter who has gained substantial returns on a project, you should be happy for them. Maintaining a positive mindset will bring more opportunities.

Rule 4: Beware of self-inflation

When those who once doubted you start to agree with your views, it may be a good time to consider taking profits. Stay humble and rational, and do not let short-term success cloud your judgment.

Remember these tips to help you maintain mental health during market cycles and make wiser investment decisions.