Psylo on Nostr: For the last 5 years, I've been a slave to checking the price of BTC. Probably 50 ...
For the last 5 years, I've been a slave to checking the price of BTC. Probably 50 times a day. I'm a recovering day trader lol. Last year, I transitioned to a healthier long term view and no longer trade.
Anyway, over the last few months, I've thought long and hard as to how I could get rid of this nasty habit of constantly checking price (even though I don't trade, the habit lives on)...
Yesterday, I finally broke through and wanted to pass along this thought to anyone it might help!
Imagine a hypothetical phone app. It's very basic. Just one big black button in the middle of the screen. When you press the button, it delivers emotional pain or emotional pleasure. The catch is, for every 21 presses, you'll get 7 "pleasures" and 14 "pains". Twice as much pain. I'm basing this off the concept of loss aversion - "the pain of losing is psychologically about twice as powerful as the pleasure of gaining" (Thinking Fast & Slow - Daniel Kahneman).
Price can either be going up or down (or sideways...but let's leave that alone for now). If price is down, I experience pain. If price is up, I experience pleasure. But the pain always registers twice as strong as the pleasure. Over the long term, these "transactions" will "net" me pain. It's grade 11 math 😉. If I know (and believe) this to be true, and nobody is forcing me to play the game, why the HELL would I continue to play it?!?! Framing it in this way has totally nuked my dirty habit.
I'm still curious about the price (who doesn't love NGU Technology), so I set alerts that will notify me of HUGE price moves (FYI - I haven't had an alert trigger in weeks). So now I either get an alert, or I see price accidently in some news article or something (or when a buddy sends a sweet meme of a green candle blowing through the roof of a house).
Anyway, I hope someone out there finds this helpful!
bradmillscan (npub1zjx…pvrl)
preston (npub1s5y…6q7z)
ODELL (npub1qny…95gx)
Anyway, over the last few months, I've thought long and hard as to how I could get rid of this nasty habit of constantly checking price (even though I don't trade, the habit lives on)...
Yesterday, I finally broke through and wanted to pass along this thought to anyone it might help!
Imagine a hypothetical phone app. It's very basic. Just one big black button in the middle of the screen. When you press the button, it delivers emotional pain or emotional pleasure. The catch is, for every 21 presses, you'll get 7 "pleasures" and 14 "pains". Twice as much pain. I'm basing this off the concept of loss aversion - "the pain of losing is psychologically about twice as powerful as the pleasure of gaining" (Thinking Fast & Slow - Daniel Kahneman).
Price can either be going up or down (or sideways...but let's leave that alone for now). If price is down, I experience pain. If price is up, I experience pleasure. But the pain always registers twice as strong as the pleasure. Over the long term, these "transactions" will "net" me pain. It's grade 11 math 😉. If I know (and believe) this to be true, and nobody is forcing me to play the game, why the HELL would I continue to play it?!?! Framing it in this way has totally nuked my dirty habit.
I'm still curious about the price (who doesn't love NGU Technology), so I set alerts that will notify me of HUGE price moves (FYI - I haven't had an alert trigger in weeks). So now I either get an alert, or I see price accidently in some news article or something (or when a buddy sends a sweet meme of a green candle blowing through the roof of a house).
Anyway, I hope someone out there finds this helpful!
bradmillscan (npub1zjx…pvrl)
preston (npub1s5y…6q7z)
ODELL (npub1qny…95gx)