Long John wrote: SilverDoge wrote: tdtwedt wrote:Managing the stress of owning bitcoin and other cryptocurrencies
When you could lose 30 percent of your investment in one day, stress seems inevitable.
Yes, we have mentioned this before - it is stressful seeing your net worth increase (and then decrease) with great volatility. You know a perfect way to alleviate that stress? After your first 200% gain, take out your initial investment and then let your gains ride. This way you never lose a single dollar of your initial investment and even if it all crashes back to absolute zero, you still haven't lost a dime.
Been there, done it, Travis, and I still felt stress over volatility, though not as much because I could tell myself the things you just said. Of course, it defied the HODL gospel of Never Take Profits, but I'm not a big believer in absolutes. To each his own.
Then I (we) became responsible for other people's money in our projects and OMG what have I done.
I like that John....."the HODL gospel of Never Take Profits". It takes a while to get to that level of faith.
I used to have the 3AM moment. Time to drain the bladder, I'm half asleep, and wondering WTF have I gotten myself into with Bitcoin. I'd scare myself awake.
I still have the 3AM moment, but I don't think about the price of Bitcoin anymore. I have no emotional response to the price action. That's the Zen of being a hodler. I will take profits someday, but not today or tomorrow.