My one decision means I missed out on about $65,000. This feels like the perfect time for an article on mental health in the NFT space.
Firstly, I can't possibly overstate how dangerous this space is to your mental health. Every week there is a series of trades that can make you a millionaire, and YOU, the person reading this, definitely won't make them.
You will end up reading someone's post about how they minted 100 CryptoPooFrogs for 87 cents, and they are now at a 25Eth floor. They will be buying your dream home next week. And you might think, "sure, I'm disappointed, but next week that will be ME gloating on Twitter."
But I'll tell you, no one is immune. The person who minted 100 PooFrogs is kicking themselves because they almost minted 200 but decided to cancel the transaction. Someday their great-grandkids might have to work a normal job. Tragic.
Someone else minted 50 PooFrogs but sold them all at 5Eth. Sure, they made 10 times the US average household income in a few days, but it could have been $3 million more. The truth is you will not be able to buy your way to mental health with a few good trades.
Any success within this space will be inevitably accompanied by unimaginable regret at what "could have been." It is incredibly important to find ways to deal with the regrets in a way that doesn't compromise your overall mental health. So here are a few of my tips:
Tip 1: If you are struggling, get off Twitter and talk with a therapist
I have ideas about what works for me, but before I share those, I need to stress that nothing replaces talking with a mental health professional.
Pro athletes have trainers and coaches, but in this space, rather than physical fitness, you need mental fitness, so if you are trying to "go pro" here, hiring someone to help with that might be the best investment you ever make.
Tip 2: Be honest with yourself about who you are and who you aren't
Every day I see posts from people like Franklin (@franklinisbored) begging me to be jealous of their 69 apes or whatever. But honestly, we are so different in mindset that I have no need to compare myself.
If I had, for whatever reason, drunkenly taken out a payday loan in April of last year and minted 69 @BoredApeYC apes, I can assure you they would have all been long gone from my wallet before they even got near 1Eth. That's just how I trade.
So it's not worth even a moment of my time to think, "man, I wish I had 69 apes". If somehow Franklin and I had a Freaky Friday body swap, I can assure you every single one of those apes would be floored before you can say, "diamond hands, baby!"
I can't change how I think, and I'm not going to judge myself against others who are built (and thus think) differently. Being unsatisfied with 20 million dollars in gains is its own kind of burden that I wouldn't wish to carry.
So be kind and honest with yourself about what you would or wouldn't do, and you will stop thinking you "missed out" on situations you would never have found yourself in. You will make better trades and sleep better at night with that mindset.
Tip 3: Share your failures
If you were on Twitter yesterday, you could be excused for thinking the Koda drop percentage was 95%, not 10%. Almost every post was someone who got a Koda. Only a few brave souls were showing off their hilariously barren land.
As with most social media, what people choose to share is usually the best parts of their life; the carefully curated Instagram feed paints a picture of non-stop winning. But it can be extremely therapeutic to break out of that mold and share when things go wrong.
Sharing can help you accept what happened and move on, and you might just see from the responses that losses are happening all the time to everyone around you. People usually decide to suffer in silence, which warps our perceptions in this space.
Tip 4: Never Confuse Gambling For Investing
There are parts of this space that are "investing" and parts that are "degenerate gambling." You would be wise to learn the difference. Otherside land provides a perfect example:
Unrevealed Mutant Ape land was sitting at 16.5Eth pre-reveal when I sold. Mutant land with Kodas is now a 37Eth floor. Mutant land without Kodas now has a floor of 5eth. So in hindsight, it ended up being a 1/10 chance to gain 21+Eth, and a 9/10 chance to lose 11.5Eth.
With this info, if I were put into a situation where I could choose again and either take the 16.5Eth or reroll the traits with a chance at a Koda, I would sell again. It's not healthy to regret what I did because my decision still makes sense to me.
Learn to focus on and critique the process you used to decide, not the outcome. Trying to trade against hindsight is a sure recipe for unhappiness.
Tip 5: Stay In Your Lane
As an NFT trader, you cannot possibly understand or invest in every project. When you see other people making massive gains in an area of the market you don't understand, it's rarely a good idea to rush over and blindly try to join in.
You won't know the signals to buy, and you won't know the right time to sell. Just understand that when people win on a project, they rarely have the discipline to lock that money up. That Eth will eventually find its way back over to you. Don't go chasing.
Anyway, I'm sure there's so much more to mention, but this thread is already way too long. And yes, before you ask, of course, I have therapy booked for next week. Have to be mentally ready for the upcoming CryptoPooFrogs mint, after all.
*This article was adapted from a Twitter thread by Micah G*
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