How to develop patience for crypto investing

Ask investors what they think is the most important trait of crypto investing and most people will readily answer patience. I guess this is quite understandable because you must have a long term view and not overwhelm yourself with the thought of making quick gains. DCA into your portfolio will also require time for you to average down your purchase price, especially when you bought your coins at their ATH.

How to have patience then? Some things are quite intuitive. For instance, separate your emotions from your investments. When you remain cool-headed even when shit hits the fan, you won’t make impulsive moves that cause you grief and regret later.

However, there were other tips that I gained from other Redditors that I had not thought about. One insight struck me particularly as it drove home how inexperienced I was. (This is my first bear market.) They suggested that patience comes naturally when you have been through two market cycles (one bull and one bear market each). The first time, you are totally clueless and are learning as you go along. During your second round, you try to do things differently but may sometimes make mistakes due to fear and greed. So when you have paid your dues for the first two cycles, you will know how to rein in your emotions for the third cycle and truly DCA (Don’t Care Anymore).

Also, having a concrete DCA out strategy allows you not to be swayed by market sentiment. Have sell orders in place so that you don’t get tempted to look at the charts too often and second guess yourself. After setting your sell orders, you just have to sit back and wait.

Any other tips to honing your patience?

originally posted on r/cryptocurrency