- Are you someone who looks into their mobile screens more than ten times a day to catch Bitcoin’s prices?
- Have you felt that you are spending too much time stressing over the price fluctuations of your crypto investment?
- Do you know how you can manage your mental health while dealing with crypto trading on online platforms?
Many people all over the world saw their lives changed thanks to crypto overnight. Like any online activity, trading in cryptocurrencies can become addictive. This is very similar to online gaming or gambling platforms, whose engaging nature might lead to over use.
In this article, we are going to look at various aspects concerning mental health and crypto trading. We also speak to experts and find out about five things you can do to prevent getting addicted to crypto trading and improving your mental health.
Why dealing Crypto Online can be highly addictive?
There is consensus on the fact that unlike normal stocks and shares, cryptocurrencies are more volatile. According to investors, it is the volatility, which attracts people to the platform. The possibility of turning a 300% profit within a month is something no one wants to miss on.
The other side of this volatility can be regularly checking for price devaluations and other information. For example, the yet to be formalized and legal set up of crypto means that governmental regulations can be important. Likewise, news on the crypto ecosystem needs to be followed regularly as a best practice to make informed decisions.
All these factors can make you be on the platform for much longer hours than is recommended. This in turn can foster addiction, which can take a toll on mental health. In the following section, we look at five ways you can manage your stress and maintain your mental health.
5 Things you can do to improve Mental Health when dealing in Cryptocurrencies
- Keep your Phone and Screens away-
While this is something, which you might feel is elementary; it can have a major impact. One of the simplest way to keep your mental health positive is simply by avoiding looking at the screens. As a standard practice, you can set a time, when you will check the same. This should be restricted to one or two times per day and no more than that.
- Indulge in Long Term holding-
People who check their phones every hour are the ones who are short sellers when it comes to crypto. If you are really looking to make the most out of you crypto investments, you should park it and then forget about it. This is something, which the best crypto investors do. This also helps you get the highest returns on your crypto investments.
- Have a Diversified Portfolio of Investments-
Putting too much pressure on one investment is sure to make you lose your peace of mind. This is why cryptocurrencies should be only one of your many investments. Having a diversified portfolio means that the expectations or returns are not squarely fixed on any one particular asset. Lesser expectations mean lesser pressures.
- Understand the nature of your Investments-
You need to be mentally prepared for the volatility. This is the fundamentals of the investing game. You will win big, but you can also lose sometimes along the way. This means that you should only invest according to how much you are willing to lose. At no point should your investments be so high, that you cannot afford to lose them in a worst-case scenario.
- Do not give into Peer Pressure-
Simply because someone is doing something with their crypto investments, does not mean you have to do the same. This generates unwanted pressures and creates mental stress. It is best that you stick to what you feel is right and not be guided by some kind of a herd mentality. By not giving into peer pressure, you will eliminate a major source of stress.
Credible crypto trading platforms like crypto crash fortune work hard to ensure that their users do not have to spend extra time on platforms. This includes giving updates and other information, which can help users take the best decisions when it comes to their investments.