How to Control Stress and Depression in Crypto Winter

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Bittime - Trading is not the only way to get to know the world of digital currencies—you can create content, produce videos on YouTube, listen to podcasts, and so on. When your friends or relatives share their success in crypto trading, you may find it interesting. As a result, many people start by making small trades and then expand to achieve larger profits.

Considering the high fluctuations of crypto assets and markets that occur all the time, people must always monitor market movements so as not to experience losses. This situation can often lead to sleep disturbances, fatigue, increased anxiety, and fear of failure among traders.

In this article, we will discuss how to avoid crypto addiction and how crypto traders can overcome the stress and depression associated with crypto investments during the upcoming crypto winter period.

Also read:

What is crypto addiction and how to avoid it?

When you continuously engage in crypto projects despite experiencing sleep disturbances, loss of appetite, or even financial losses, you are showing symptoms of crypto addiction. Additionally, you may not realize that you should stop because of the uncontrollable urge to constantly monitor market movements and stay up-to-date with crypto news in order to trade.

It's important to note that cryptocurrency itself is not addictive, but when our brains get involved, things can change. You can always view your portfolio in real-time and access interesting content that is regularly presented on platforms such as YouTube, which may make you addicted.

A person can be considered addicted if they spend a lot of time researching or trading crypto or constantly monitoring price charts. Additionally, ineffective attempts to stop trading and increasing risks without a clear strategy are signs of serious crypto addiction. Moreover, loss of interest in social interactions and other activities, as well as experiences of stress, depression, mood swings, insomnia, and poor mental health are symptoms of over-dependence on crypto in everyday life. So, what are the various ways to deal with stress and depression related to cryptocurrencies?

To end crypto addiction and reduce the stress and depression associated with it, steps that can be taken include deleting crypto-related apps and staying away from news that focuses on digital currencies. Alternatively, limit the amount of money you invest in crypto and don't consider it your main source of income. Instead, look for other ways to generate income within the crypto space.

What you need is to develop skills related to your chosen career. For example, if you are interested in the Metaverse field , you need to gain knowledge about the technologies used in the construction of virtual worlds, such as artificial intelligence, the Internet of Things , virtual reality, and augmented reality.

Apart from that, you can plan a vacation to your favorite destination, hold an event with friends who are not interested in cryptocurrencies, or join a new social group to refresh your mind. Instead of keeping problems and worries to yourself, talk to others about them. Sometimes, sharing your problems with someone you trust can help you heal.

How do crypto losses affect mental wellbeing?

For some crypto traders, the high excitement of making a profit and the deep disappointment of a loss can lead to addiction and mental health problems such as sadness or anxiety. Even with an understanding of crypto investing, less experienced investors are susceptible to the emotional stress of crypto losses. As a result, they tend to experience loss aversion because they often experience losses. Loss aversion states that the discomfort of losing an item is greater than the satisfaction of gaining it.

Additionally, the impact of a significant crypto loss may be more disruptive than would be expected from a small gain or loss. For example, compared to small losses that can be corrected by temporarily changing consumption patterns or increasing working hours, large losses can only be corrected in a few years with positive returns from the crypto market.

Therefore, when large losses go unpaid for a long time, this can start to impact the individual's mental health. For example, one of the top ten cryptocurrencies, LUNA — now known as Luna Classic (LUNC) — experienced a price drop of more than 98% in a single day, causing concern among crypto investors as they may have lost large amounts of money without realizing the risks involved. they took. Over time, fear and failure in crypto investments caused by such large losses can cause stress and depression in the sufferer.

How to control emotions in crypto?

Making decisions based on emotions can lead to decisions that defy logic due to the state of mind. Nonetheless, trading and investing in cryptocurrencies can provide excitement and financial benefits because that is how the brain processes the information.

Investing in cryptocurrencies can also trigger FOMO (fear of missing out) and FUD (fear, uncertainty, and doubt), which can cause you to make irrational decisions. Therefore, controlling your emotions when investing in cryptocurrencies is very important to reduce risks and prevent financial losses.

Convince yourself

The most important step in preventing emotions from influencing investment decisions is to ask yourself how purchasing cryptocurrency fits into your overall financial plan.

Do you understand the volatility of the crypto market and the risks associated with investing in digital currencies? If you are unsure about the answer, you may experience financial losses.

In-depth research

Additionally, it is important to learn as much as possible about the cryptocurrency you want to buy and its underlying technology. Additionally, carefully read the project's official documents, especially the section on tokenomics, and look for projects that have an active community. While they don't guarantee success, these things can help you understand the project you're investing in and understand the risks associated with cryptocurrencies.

Choose the right platform

Finding a platform or exchange that suits your investment goals is another way to prevent making decisions based on emotions. Additionally, you should set limits on the amount of money you are prepared to invest and stick to those limits; only invest what you can afford to lose as investing in cryptocurrencies is a very risky activity. After setting these boundaries, stick to your decisions. Don't increase your investment amount impulsively or because of FOMO.

Set limit orders

Another practical protective measure that can be taken is to set limit orders. For example, if the value of a cryptocurrency falls sharply, a limit order can help protect you from losses or help safeguard the profits you have made. With a limit order, you can set the lowest price at which you will sell your cryptocurrency.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on  Bittime ,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into  your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  Complete Guide How to Buy Crypto on Bittime .

Monitor price chart movements  for Bitcoin (BTC) ,  Ethereum (ETH ) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Getting to know JOMO in Cryptocurrency Trading

What is Abnormal Return in Crypto?

What is Crypto Winter?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.