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Don't try to compensate for losses in the moment. Given your current mental state and the state of the market, it's akin to gambling. Yes, you might get lucky once, but that's even worse—it reinforces bad behavior, and next time you'll lose even more.
Don't touch futures. If the thought of them only occurred to you now, then this is a specific case of point 1—your ideas are driven purely by psychological motives. The market won't spare you.
Don't catch falling knives or go against the trend. This is also a specific case of point 1, as well as the illusion that you understand when "the market will bounce back," "the market is wrong," "this is the bottom," etc. First, you don't understand the market—no one does. Second, the market can stay irrational longer than your wallet can stay solvent. In general, trading against the trend means arguing with the market, which is an unprofitable strategy. 1 reply
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If you don't know what to do, do nothing. When you don't know what to do, your decisions will be driven by emotions. Emotions are great, but with relationships, not with your portfolio. Right now, I'm not doing anything because, of course, I don't know what to do. If you think you know, go back to point 3.
Don't drown your sorrows in food or drink. It seems simple, but I know many are drinking right now (market's crashing—let's drink, or life's tough—let's drink). I used to comfort-eat sweets. In reality, the sooner you stop compensating for grief with short-term dopamine hits, the better you'll handle similar situations in the future.
If you don't have someone in your life to share your grief with (fellow crypto friends), just find a kind, non-toxic chat where people are going through the same thing. Read and vent—it's normal. It's easier together. 1 reply
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Ignore people who revel in sharp declines, who are happy that everyone's suffering or losing money, who enjoy the whining, who cheer for low prices, or who are just toxic. Most likely, these aren't "smart money" or "whales," but pathological sociopaths or just messed-up individuals who project their complexes and vent their bile on others. In all my years in the market, I've never met people who behave like this and are actually successful—or even just benefit from such situations, as their words might suggest. Just avoid them.
Don't get upset with loved ones, or especially non-loved ones, who don't understand you or can't empathize with your situation. As far as you know, people outside of crypto simply don't have this kind of complex experience in their lives—they haven't been through it and don't understand how emotionally draining it can be. A loved one might sympathize but won't truly get it. A non-loved one won't care and might say something ridiculous, thinking you're just a trader or gambler. 1 reply
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