Anyone staring at the charts with a look of disdain and the thought;
I need to get out of this shit.
That is probably a good thing. Although the kind of dip is not unusual or unexpected, but it nearly brings in some kind of emotional reaction, with very few saying, "Yippeee! I am buying more!" If they were, it wouldn't be dipping, would it?
I don't think anyone is completely immune or insulated from the feelings of loss and the fear, uncertainty and doubt that comes with dip territory. But, some are more experienced than others and in general, that delivers a far less reactive response to those long red lines looking for entry to the cellar.
I have a fair bit of experience with these things, but I still get the emotional reaction and I think that it is also affected by what else happens to be going on at the time. When obligations are low and there is plenty of money floating about, the dips have little effect. But, when we are heading into a potentially strong and long recession with rapidly increasing prices on essentials such as energy, fuel and food, the dips feel more like a hole in the lifeboat.
The good thing to remember however is, the real-world economy is a piece of crap, so we would have to deal with it anyway, regardless of what crypto is doing. Sure, Even for those who cashed out at earlier, they are going to be affected by inflation also, though depending when they cashed out will dictate how up or down they are. And this by extension will indicate whether they have the potential to invest into the crash, survive the crash, or be consumed by the crash.
Which are you?
I figure I am not the only one somewhat concerned about how to deal with it, but I am hoping that at the very least, I will be able to make it through with minimal debt extension. This way, I will be able to recover a little faster and then get in closer to the bottom earlier. Even if I miss the bottoms, I will still be able to make it in before the majority who are taking longer to pull back to even than myself.
Getting in early is obviously ideal, but part of this is about recovery speed too and those who are better prepared may still fall into the red, but not all the way into the basement. Starting from halfway up the stairs, is still an advantage over starting from the bottom.
Right now though, I am struggling to get a grip on everything that is going on, so while I am worried about our financial future, I just don't have the time to spend thinking about it. It really is only at times like these that I get to reflect and act toward improving conditions, and it really isn't enough. It is somewhat of a catch-22, as what I need to do is spend more time working toward it, but I don't have enough time because of the time I spend working toward it.
Lame.
And useful, because working toward it somewhat and not having to spend too much time thinking about it, takes off the mental load, as well as means I don't need to dwell on what is outside of my control.
How quickly do your moods swing?
I was talking to a colleague the other day about trading, and how some traditional traders struggle in crypto, because they can't switch it off. They are used to markets being open and, markets being closed, but crypto is a 24/7 deal and there are Always opportunities out there. If you are chasing the best return;
Of course, that doesn't work though, does it? So, we have to find strategies to "get away" from the activity and constancy of it. For me, that happens to be writing, where during these time and even while I am talking about these things here, I am in a "different world". But, it is a world that facilitates and enables a better outcome ,as it allows me to think through my various challenges with the benefit of distance, like being an observer of the conditions, not the person affected by it.
It is like going for a walk when angry to cool down and clear the head, because no good comes of acting from a position of stress and emotional imbalance. And, you might even notice in these few words written here, that there has been a mental shift in my mindset and I am slowly moving into a more positive frame, a position from where I am far more capable to make good decisions.
So, while I am not able to retire yet (or even for the night), I will be going to sleep with a far lighter mood than I might have had otherwise, if I had instead dwelled on whatever negatives might be happening. I am not ready for bed yet though, there is still much to think and that might yield, more to do.
If we want to survive the economy, we first have to learn how to survive ourselves.
Taraz
[ Gen1: Hive ]
