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Cryptocurrency discussions / Re: The impact of crypto on our lives
« on: Today at 10:07:09 PM »I think that crypto is the future. Just as it is with many things (sugar, social media etc.) its easy to get addicted to the dopamine you get from checking charts etc.Well, I don't really encourage investors to be psychologically manipulated by charts, profits, losses... Personally, I think any negative emotion (excessive greed or fear) can lead investors to make wrong decisions and lose money in the financial market. Crypto can open up an easy-to-access investment market for many people, but it is also where the majority will lose money to enrich the rest, thinking that there will be people who will get rich because of crypto and also people who will get poor because of crypto.
I think people should never invest everything they have in anything, not real estate, crypto, stock exchange etc. Markets go up and down all the time, and the bigger the possible gain, the bigger the possible loss.
I have just invested a couple of 1000 dollars and I too was checking my wallet and charts way too many times a day. Now it's been a week and I try to not be too emotional with any ups and downs.
So just like with anything in life, we just have to be smart about our choices.
If investors are not yet able to control their emotions well enough, I think they should start with a Demo account to better manage their emotions, use larger time frames, such as Weekly or Monthly, and only try to catch one big wave in the scale of a cycle that lasts for many years, not just a few hours.