Bitcoin has been gaining traction over the last two weeks due to the buildup over the Segwit2x fork on November 16th.
Investors were rushing to the table to buy Bitcoin in hopes that the fork would provide a new spinoff token that would instantly double their Bitcoin holdings.
Well just 6 hours ago, the Segwit2x team sent an email declaring the fork officially off.
News of this sent Bitcoin soaring from $7365 to $7846, a 6.4% gain in less than an hour. Quickly the price then plummeted from $7846 to $6700, a nearly 17% drop an hour after that.
This wild shift in the Bitcoin price action then threw the altcoin market into a price pop of 20%-40% gains in that same time frame.
If you missed this price “excitement” (one of MANY in the cryptocurrency world), you might have panicked and felt a pressure to enter a trade just to be part of the action and get some profits. Or one look at Twitter and FOMO might have reared its ugly head.
But wait!….scratch the disk!!
These are the moments when you actually have a choice.
What if you didn’t have to throw away your strengths and strategies in favor of everyone else’s opinions and emotions?
In fact, this is the perfect time to pause for a moment and check in with yourself and your trading plan.
Below are some questions you can ask yourself to clarify your thoughts, emotions and energy. As you read through these questions, see if they invite you to more clarity in your thoughts. Check in with your body, do these questions help center and calm your body?
- “If I choose to enter a trade now, will it be profitable for my portfolio?”
- “What will it create if I choose to enter a trade now?”
- “What will it create if I don’t choose to enter a trade now?”
This is not about not making the trade and seizing a calculated opportunity if there is one. This is about awareness of what will actually work for you and your trading goals. What did you notice?
When we take the time to pause, check in with ourselves and ask these simple yet powerful questions, what we often discover is that we don’t have to throw our strengths or trading plan out the window to follow the herd.
Trade with your strengths. Only you know what works for you and at the end of the day, what is best for your portfolio.
Drop me a line, I’d love to hear what works for you when the market goes wild!