How to “Keep Your Calm” When Trading Cryptocurrency and NFT

“Why should I see a healer, I don’t have a problem,” said Akshay Gulilo, 24, a crypto trader who has “lost everything” in crypto-asset trading.

He tells Indianexpress.com that he “sometimes doesn’t sleep and keeps watching the trading chart” to make a quick buck. However, Golilo says crypto addiction is “a normal thing in society” and refuses to see a therapist because he believes he “doesn’t need help.”

Like Gollelu, many cryptocurrency traders are addicted to trading, which is detrimental to their mental health. If you have a friend who “works in crypto” and doesn’t want “HODL” (Slang for crypto-asset holding), it’s time to check it out.

In today’s column, we explain how Cryptocurrency trading It has a detrimental effect on mental health and how to fix it before it’s too late.

Why are cryptocurrencies so addictive?

The cryptocurrency market, unlike the stock exchange, is open 24 hours a day. Driven by volatility and uncertainty, users can trade globally, creating an ideal source of dopamine rush, making the cryptocurrency market even more addictive.

Accessing encryption is now easier than ever. Cryptocurrency trading is very simple, all you need is a bank account, a crypto wallet To store your crypto assets, and a portable device that makes it easy to access and navigate your crypto.

Another major factor that makes cryptocurrency so addictive is the idea that it is a quick way to earn big profits. Undoubtedly, people have had great success in the field of cryptography, but not everyone has.

The common belief in the cryptocurrency circle is that “timing is everything,” and with the proliferation of cryptocurrency, traders are always under the illusion that some trick or technical analysis might give them a jackpot at the right time. This makes traders more inclined to take greater risks and interact with the market more frequently.

Notably, cryptocurrency traders do not profit from every trade and incur losses on every trade. But what they are hoping for is to make a profit even after a series of losses that push them to start trading again.

Finally, a common habit of cryptocurrency traders is to be obsessed with losing but relatively unemotional about winning. This prompts them to invest more and more time and money to make up for the losses.

Are you addicted?

Cryptocurrency addiction is real, but how do you know you are addicted to cryptocurrency trading?

“When it comes to the world of crypto, it has been observed that many young people choose to invest in this area over stocks and mutual funds because it is (as they describe it) ‘easy to understand and follow,’” Sheikh pleaded, the Pune-based cognitive behavioral psychologist told Indianexpress.com while sharing Some red flags that everyone should watch out for.

Sheikh believes that the volatility in the crypto space gives a distracted mind something to be happy about, and thus very effectively replaces scrolling on social media or playing video games, as it promises “investment growth.”

However, most traders do not pay attention to the accompanying risks and instead focus on the immediate gratification of the process.

“Opening the trading app frequently and checking the current selling prices for the purchased currency is a huge red flag,” she said.

Some other huge red flags to note are:

# Want to invest more hoping to earn more

# Feeling anxious when family members or friends prevent you from checking the encryption app frequently

# Attempting to recover lost money by investing in another piece that might be “fashionable”

# Ask others to invest for you when you run out of money

Tips to beat coding addiction

Every crypto trader should focus on learning good crypto basics before investing in digital assets.

A good question to ask yourself is: How many cryptocurrency wallets do you own? How many cryptocurrencies are stored there? Think about how it would affect your life if the wallet was completely wiped out.

If you have one wallet and your assets are stored there, a good idea would be to create multiple wallets and split your crypto among these wallets. So the next time you back your money, in a scenario where you lose money, you will at least have spare money available.

For those dealing with cryptocurrency addiction, it is important to understand that no matter what you do, you will lose the pumps, and there is always a better coin or combination out there. NFT is available in the market. Projects are booming everywhere, you have plenty of time to make profits, and you don’t have to rush.

Second, try to learn from your mistakes. Don’t make the same mistake over and over again. Don’t keep investing in currencies that promise immediate profits – look for long-term investments, not short-term coins.

Most importantly, be sympathetic to the happiness of others. If you see a project going in circles right now there are hundreds and thousands of people experiencing the same kind of euphoria, be happy for them, it will surely ease you a bit too.

In addition, implement a strategy that matches your lifestyle and personality. Track when you use a trading platform or crypto platform. Don’t keep looking at minute by minute charts. Play smart, set a specific notification for certain price tags, or maybe a stop loss if you’re on an exchange where you can schedule it automatically. Doing so creates a consistent routine and treats addiction.

If you are new to crypto, avoid relying on cryptocurrencies as a full-time income. Obtain a secondary source of income and put some of it as an investment.

According to the sheikh, cryptocurrency traders should avoid using the trading app on their phones. This will prevent them from frequently checking the states of the parts. “Log in to your account through a computer or laptop and ‘don’t save the password.’ The idea is to make the login process longer and more complicated to avoid logging in frequently.”

Get a human touch. Go out with your friends and family and spend time with them. It will keep you calm in the midst of the cryptocurrency volatility storm. “Set a monthly limit on how much you want to invest in cryptocurrency and don’t go over it, even if growth seems tempting. Learn about the impact of global problems on the cryptocurrency market by exposing yourself to economic news for up to 15 minutes a day.”

Remember, if you need help, please seek professional help. There is no shame in doing so.

The last word

Crypto volatility combined with the debilitating effects of the Covid-19 pandemic could exacerbate the mental health effects.

The good news is that many people and platforms are now taking mental health seriously. Blockchain technology enables communities to create support groups to destigmatize discussions of mental health issues and provide new ways for those around them to deal with them.

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