In my time in the crypto space, I’ve learned a few things. Here are a few pointers that I’ve figured out to keep my head screwed on when prices are in a strong uptrend and the excited chatter of lambos and moonshots is running with full fury.
Three Tips To Keep A Clear Head During A Bull Market
People get excited for rising prices. People with a lack of understanding of cryptos, be it a specific project, what’s driving a trend, or just the space in general get even more excited, and the dopamine kick of double-digit gains in one day send them into a mad fury, barking about moonshots and lambos, but it doesn’t mean that you should be following them like a herd of lemmings. When you start to make decisions based on emotional reactions, you lose perspective of the bigger picture and make poor decisions. To help prevent that, I’m sharing three pointers that I’ve come up with that have helped me to keep a perspective on the bigger picture and act with a plan in place:
- Avoid herd chatter. This is why I ignore YouTube channels and twitter accounts that report on price gains. It only serves to create a one-sided perspective, which leads to point 2.
- Listening to viewpoints that provide confirmation bias. Confirmation bias is finding an opinion, statement, or fact that confirms or mirrors something you believe or something you desire to be true. (Examples: watching a YouTube video of someone charting the price movement of a crypto during a bull market. Hint: they are always one-directional. Watching a video or reading a post of someone who talks about how after XYZ event is reported, the price of Lambo Coin is up XX%!) It’s not a sin to listen to something that runs parallel to your own views, but you should be aware of it when you hear it, so you don’t get too drawn in.
- Never rely on chartists (you’ll see them all over YouTube.) From my own experience, the data they work off of never seems to account for the effects of unplanned news announcements or price manipulation. (Example: the break down in prices leading into the 2018 bear market demolished pretty much every single forecast and prediction put out there, and each new leg downwards only continued that trend.) If we are in a bull market, there is some value in following chart analysis, but I do so with a grain of salt just to be on the safe side.
By keeping these tips in mind, you’ll be better able to keep a clear head and not let your emotional reactions skew your thinking and get the better of you.
Be well, Everyone. DYOR.
Miscellaneous Notes and Tools
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