As I had mentioned in an earlier post calling myself out as being somewhat of a newb in the crypto space, I am not a professional by any means; However, I can tell you that there are certain things you can do to keep your emotional reactions in check in order to make the most efficient decisions about your investments.
Yesterday, we saw the market recover a little and what's the first thing I see when I look at the YouTube/Failbook/[insert social media platform here] lists? We're going to the moon! No. No, we're most certainly not going to the moon, and anyone with that level of exaggerated enthusiasm is likely a bad candidate to be your crypto news source--no matter how much false hope they give you so you can make it through breakfast.
Don't get me wrong, I love listening to guys who are so passionate about what they're seeing that they can barely manage to stay in a chair, but if their telling you, "today is the day!" or, "everyone's gonna be rich after this!" you should probably rethink that subscription.
Did we recover a little? Certainly. Are there people out there that made millions on it? I'm sure there are, but if you're listening to ultrasuperbadmoonshotcryptolambodognews (if that's really anyone's screen name-- well--I'm not sorry), chances are you're not one of the millionaires and I have even worse news for you; It's going to take you a long while to know more than ultrasuperbadmoonshotcryptolambodognews and become the millionaire he isn't.
Investing, in general, is a heavy mix of dogged research, calculated risk, and emotional control. You must never let someone else dictate any of these things. You cannot rely on someone else to do your research--not counting finding good research consolidation. You cannot trust someone else's calculations of risk because their world looks different than yours--their finances are not the same, their interests and knowledge base are not the same, THEY are not the same. Lastly, but probably one of the most important things you simply cannot let someone else do is control or seriously influence your emotional reactions to things you need a clear head to reason through--and this holds true about all things in life.
So, to summarize, if they're throwing hype at you, that's all you'll ever get from them. We're not going to the moon today, but we might be a step or two closer to having the ability to make some serious gains if you haven't already during the last correction and recovery cycle.