“You can really only weather these storms with a sense of calm and stoicism if you actually believe in the reasons you hold it,” says coryklippsten. With scottmelker, DoveyWan, danclarkie. As told to jeffwilser.
Since you rolled out of bed, how many times have you checked the price of bitcoin? How often have you checked your portfolio? How many podcasts, articles, YouTube videos, Reddit posts or Twitter threads have you devoured to learn about whether the bear market’s “bottom is in”?“To mentally be able to survive, you need to tune it out,” says Scott Melker, aka. He’s telling you to ignore the price, the trading and the obsessive checking of your phone at three in the morning.
Then came the bear market. To preserve his sanity, Clarke put a halt to his trading and motorcycled across Indonesia, eventually moving to Bali for a “quieter and more relaxed life.” “Dollar cost averaging is price agnostic and market agnostic,” says Melker, adding that it takes advantage of the tendency of markets – over the long run – to climb. Short-term trends are hard to predict. No one knows whether the price will go up or down in the next five minutes. But the next five or 15 years? “The more you zoom out, the more it’s almost guaranteed that the price will eventually rise, which has been the case with effectively any meaningful market in history,” says Melker.
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