How to Stay Sane in the 24/7 Crypto Market

Be a Smarter, Safer Investor in 8 Weeks

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Like many of you, dear readers, I spend a lot of time – too much maybe – in front of my computer or scrolling through my phone. One thing that drew me to working in a traditional finance media role was that when the U.S. markets closed, so did my need to pay attention to the news.

But crypto markets never close. Once you get into trading crypto it can become all too tempting to check the prices of the tokens you own constantly, while scrolling through Crypto Twitter for the latest alpha and placing limit orders on your exchange’s mobile app. Push notifications that let you know when coins go up or down can feel like urgent calls to action.

But it’s important to remember that while crypto markets never sleep, human beings need it. So in this final edition I’m going to focus on ways to make sure you can turn off your phone and close your laptop.

– Toby Bochan

Advice From People Who’ve Been There

(Dall-E/CoinDesk)

Once you start paying attention to the crypto market, it can become all-consuming. There’s always a new coin or protocol launching or a Reddit thread you must read asap so you can get a position on a token before it moons.

As one trader said, “The casino never closes” – and similar to a casino, there’s always somewhere you can trade crypto 24/7. One rule I brought over from my past as a poker player is, don’t keep playing (or in crypto, trading) when you’re sad, mad, tired or, worst of all, “until you make your money back.” That’s a sure path to losing more money and insanity.

Many profitable crypto traders make sure to take breaks from the computer, to eat meals with family and to walk the dog. They do, in fact, sleep. Here’s what a day in the life of two successful crypto day traders looks like. And here’s a first-hand account of how destructive an addiction to crypto trading can be.

So take the advice in this piece to heart, find the strategies that work for you and stick to them:

15 Ways to Stay Sane While Trading Crypto

Maintaining a Trade-life Balance

(Dall-E/CoinDesk)

One strategy I’m a big believer in when it comes to crypto and investing in general is Dollar Cost Averaging, or DCA. It’s a set-it-and-forget-it technique that allows you to use all those skills we learned in how to evaluate a crypto, find one that you believe in for the long term and invest a set amount at set intervals. It allows you to detach emotion from your decisions and create a long-term investing strategy that takes into account your risk tolerance and goals for diversification and balance in your portfolio:

DCA might be a solid way to manage your urges with coins like bitcoin and ether, but if you’re still planning on doing more active trading with less established crypto it could help to set a trading schedule. There are in fact, better and worse times to trade, depending on your goals and what you’re trading, as the article details below:

Is There a ‘Best’ Time to Trade Crypto? Here’s What the Data Says

Let’s Be Careful Out There

In this last week, I could tell you to not listen to social media influencers hawking crypto or how not to fall for dating app crypto swindlers, but the best thing you can do is to keep learning and deepening your knowledge around crypto.

This is the last edition of this course, and I would love to hear from you what you’d like me to build next to help you. I’m leaning towards a shorter course just focusing on decentralized finance, or DeFi, but the suggestion box is open at learn@coindesk.com.

Meanwhile, if you’re not already subscribed to our regular newsletters, here are three I recommend and why:

First Mover: All the news moving the markets. Comes daily every morning so you can sleep at night and feel like a friend is going to fill you in with the latest info over coffee.
Crypto Long & Short: Every Sunday you’ll get an issue focused on news and analysis for investors. It takes a macro look at not only crypto’s performance but also broader economic trends, crypto regulations and more.
Crypto for Advisors: This weekly newsletter is aimed at financial advisors, but does a great job at simplifying a few key investing and crypto topics each week in a way that any investor can benefit from.

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Disclaimer: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets.