Palpitations and psychosocial hypertension from trading cryptocurrencies.
One of the main reasons my friend, that you have read about in this post, stopped actively trading in the crypto market was the sudden but obvious health concerns triggered by it. I have repeatedly and openly shared how daunting the experience can be. It is not for the faint-hearted and certainly designed for those who can bear with the immense pressure.
I may have slowly built up some strength through my time in the FOREX field. It is yet another high-pressure field with a lot of stress and limit-testing in play. However, for reasons mentioned here and more, the crypto market can be a little scarier than FOREX itself.
My friend isn't a big player, even when you scale him against someone like myself. He wasn't going to dedicate most of his day in an exchange, reading graphs, looking at the news, or any of those things. His investment was minimal and he declared his time in the cryptoverse as "experimental".
The First Signs of Trouble
He knew he was diving a bit too deep when started ringing me up almost every other day. We met a few times and our prime topic of discussion was always cryptocurrency. In whatever free time I get, I usually spend it with my mentor or in the market. With whatever free time my mate had, he spent it in the market...simply looking at it.
I recommended him to download a health monitor app on his phone and track how much time was he spending in the market. It would surely help him monitor and eventually control his behavior. And then came the first sign - palpitations. It is the sense of your heart beating faster and louder than normal. You can physically feel it in your chest and throat. At times you can feel your heart skip a beat or two. (psst, palpitations are never a good thing!)
The problem was that the market was triggering his palpitations. I recommended him to plug in a sphygmomanometer and note the readings before, while and after browsing the crypto market. Turns out, both the palpitations and hypertension were synchronized to the market. Every time he opened the market, the readings would spike.
The Intervention
It was obvious to my friend and I that he did not have much to gain nor much to lose from the market at his current investment. There wasn't so much at stake. He has been dabbling in the equity market through an agency and the equity market didn't seem to have such an impact on his physical health.
It took me a few weeks, but I had to intervene. We reached a conclusive decision to put a halt to his crypto journey. At least put a halt to how often he lets himself roam into the crypto market.
The constant anxiety that comes with the suspense of knowing what happened to the very volatile crypto market at every moving second is one we are far too familiar with. Eventually, with time, we find patterns and our own strategies to navigate through the volatility. Letting the anxiety get to you is the first step to doom.
The Solution.
The first step towards redemption was weighing out the playing field. My mate and I sat down with a pen and paper and drew out what was at stake - NOT MUCH. Knowing what you are going into, what you are expecting, and what is happening is a very smart way of tackling the anxiety from the crypto market. It is also relevant in every business model. Throwing out emotions is a gold standard in trading. Equity, FOREX, CFD, or crypto.
Now that we have the pros and cons mapped out, it is much easier to navigate through them. The bottomline is that there is no obvious achievement by constantly monitoring the market. All it does is feed the trigger. So we stay away from the market unless and until we need to make a move. Secondly, hold. There is no apparent reason to create a buy or sell position with what my friend has. He could erase any memory of the market and it would still not affect his portfolio.
This is not a common scenario. Yes, many people may experience such health risks stemming from stress created by the volatile market. But there are simple solutions for them. At the end, health matters more than anything. And so does experience. With experience, you can grow the mental strength to deal with the market. And it doesn't happen in a day, does it?
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What an article!
I am sure many of us feel this way. You can get wound up simply by being competitive but the promise of financial gain is enough to stress anyone out. My thoughts are this condition spells the truth that you are not cut out for the game or trying to balance on an unstable floor, are overextended in your investment into something risky, or have big financial problems outside of crypto and count too much on it being your lottery ticket.
Time will cure that as you develop wisdom making mistakes and learning from them. If you can't afford mistakes to learn those necessary lessons, get out!
In the end, all we really have is our bodies as the vehicle for our minds and souls. Take care of that first and foremost.
Sounds an awful lot to me, that his body his telling him he's not cut out for the trading game (gambling).
Most people aren't.