So I'm pretty new to Crypto, but I can already clearly see that it could potentially be a very easy thing to get addicted to. This post is inspired by one earlier which mentioned the footballer Paul Merson and his gambling addiction. Personally I've seen first hand how seriously addiction to sports gambling can affect a sensible, cautious and intelligent persons life.
With that in mind I thought it could be helpful to list a few of the potential red flags that could be a sign of addiction or just a slightly unhealthy relationship with Crypto. Now obviously everyone is different and I don't think that if one or 2 of these apply to you it means you definitely have a problem. Not at all. But I think it's useful to be aware of them and have them in the back of your mind.
If anyone has anymore please feel free to share them in the comments. Maybe you feel like you've struggled with your relationship to crypto in the past and don't mind sharing?
A non-exhaustive list of behaviours to be aware of:
Feeling like you need to make bigger investments to get excitement out of it.
Feeling like you have to constantly check prices and charts even when you're not planning to trade.
Finding yourself trading without any strategy or prior research when you used to DYOR. Maybe making several unplanned deposits a week and buying coins on a whim.
No longer doing other hobbies that you used to enjoy and generally losing interest in other parts of your life.
Insomnia from thinking about crypto at night. Or even just feeling anxious and irritable when you can't trade or check charts.
It begins to affect your relationships. Even slightly. Maybe your're not communicating as much and checking charts on your phone to the extent that you're coming across as distant.
Techniques that can help:
Talking to someone.
Creating a trading strategy and sticking to it. Maybe even including specific set times during the day or week that will be your 'Crypto time' for trading/checking-in on investments.
Don't invest what you can't afford to lose, or any amount that would cause you distress to lose.
Re-engage with hobbies and other ways of filling your spare time.
Leaving your phone/devices behind for the day if you're heading out.
Having a dream is good but don't just live for tomorrow. Get out and enjoy today.
Anyway, I hope this doesn't sound condescending, preachy or obvious. I just think it's good to have an honest check-in with yourself every so often. Writing this was probably just me doing that myself.
Happy and successful investing folks!
just for clarity...i definitely don't view gambling on sports and investing in crypto as the same thing
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