How To Overcome The Fear Of Failure When Investing In Cryptocurrencies: Red Pill Or Blue Pill?

20 May 2023

📌Originally Posted On Publish0x

Success is one of the most cherished values in our society. We are educated to pursue it in all aspects of our lives: personal, professional, academic or financial. However, we are not always prepared to face success and its implications. It can generate fear, a fear that makes us doubt our capabilities, our worthiness or our stability. The fear of success can be more intense than the fear of failure, as it makes us avoid situations that can lead us to success or self-sabotage our achievements. In this article, we will show you what fear of success is, what causes it and how to overcome it, focusing especially on the cryptocurrency investment sector, a sector that requires courage and vision to take advantage of its benefits.

"I learned that courage is not the absence of fear, but the triumph over it. The brave man is not the one who does not feel fear, but the one who conquers that fear". | Nelson Mandela.

Fear of failure is an emotion that can limit our potential and our ability to face new challenges and opportunities. It is an irrational fear that arises from the possibility of making mistakes, obtaining negative results or not meeting one's own or others' expectations. This fear can affect different areas of our lives, such as personal, professional, academic or financial.

One of the fields in which the fear of failure can have a greater impact is that of investments, especially in cryptocurrencies. Cryptocurrencies are digital assets that use blockchain technology to ensure security, transparency and decentralization of transactions. Some of the advantages of investing in cryptocurrencies are portfolio diversification, the possibility of high returns, ease of access and independence from financial intermediaries.

However, investing in cryptocurrencies also involves taking risks, such as market volatility, lack of regulation, cyber attacks or scams. These risks can generate fear of failure in investors, which can lead them to avoid investing, to sell hastily or not to diversify their investments.

"Cowardice ages us more than time, the years only wrinkle the skin, but fear wrinkles the soul". | Facundo Cabral.

How to overcome the fear of failure when investing in cryptocurrencies? Some practical tips based on psychology and financial education:

Recognize your emotions: the first step to overcome the fear of failure is to identify and accept it. It is not about denying or repressing what you feel, but recognizing and expressing it. This way you will be able to analyze the causes and consequences of your fear and look for solutions.

Identify the exact focus of your fear: it is not the same to be afraid of losing all your money as to be afraid of not achieving your goals. To overcome the fear of failure, you must pinpoint what is causing you anxiety and distress. This way you will be able to focus on the aspects that you can improve or change to reduce your fear.

Motivate yourself: to overcome the fear of failure you need to have a clear and strong motivation that drives you to invest in cryptocurrencies. It can be a dream, a goal, a purpose or a passion. The important thing is that you connect with your motivation and remember it every time you feel fear.

Educate yourself: knowledge is power. The more you know about cryptocurrencies, the market, strategies and investment tools, the more confidence you will have in yourself and your decisions. Therefore, it is essential that you inform yourself well before investing, consult reliable and updated sources, learn from experts and continuously educate yourself.

Plan: another key factor to overcome the fear of failure is to have an investment plan. An investment plan is a document where you establish your objectives, your risk profile, your time horizon, your budget and your strategy. An investment plan helps you have a clear and realistic vision of what you want to achieve and how you are going to do it. It also allows you to measure your results and adjust your plan if necessary.

Diversify: One of the basic rules of investing is to diversify. Diversifying means spreading your money across different assets, sectors or markets to reduce risk and increase your chances of winning. When investing in cryptocurrencies you can diversify between different types of digital currencies, such as Bitcoin, Ethereum or Litecoin; between different platforms or exchanges; or between different forms of investment, such as buying and selling, trading or mining.

Take mistakes as opportunities: no one is perfect or infallible. We all make mistakes at some time or another when investing in cryptocurrencies or any other asset. The important thing is not to avoid mistakes but to learn from them. Instead of seeing them as failures, you should see them as opportunities to improve, to correct your mistakes and to gain more experience and knowledge.

Celebrate your achievements: just as you should assume your mistakes with humility and responsibility, you should also celebrate your achievements with pride and satisfaction. It doesn't matter if they are big or small, if they are expected or unexpected. The important thing is that you recognize your effort and your merit for having achieved your goals or for having overcome your difficulties. Celebrating your achievements helps you to increase your self-esteem, motivation and confidence.

Seek support: you are not alone on this journey. There are many people who share your interest in cryptocurrencies and can help you overcome the fear of failure. You can seek support from your family, your friends, your peers or your mentor. You can also participate in online communities where you can exchange opinions, advice and information with other investors.

Enjoy the process: last but not least, you should enjoy the process of investing in cryptocurrencies. It is not only about making money but also about learning something new every day.

"Nothing in life should be feared, only understood. It is time to understand more, and fear less". | Marie Curie.

One of the most famous scenes in the Matrix movie is when Morpheus offers Neo two pills: one blue and one red. The blue pill would return him to his daily life inside the Matrix, an illusion generated by machines to dominate humans. The red pill would reveal the truth and take him to the real world, where humans fight against machines. This situation can be an analogy to contrast the traditional financial system with the crypto ecosystem. The first is like the blue pill, a way of handling money that gives us confidence and comfort, but also subjects us to the rules, restrictions and crises of the system. The second is like the red pill, a way of handling money that gives us freedom and opportunity, but also demands learning, responsibility and courage. The choice is yours: are you content with what you know or do you dare to explore the new?

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"You will ask yourself: And if I take a risk and lose...? I will ask you: AND IF YOU RISK AND WIN? Success begins with thought, because sooner or later the man who wins is the one who believes he can do it. Do not be afraid of mistakes or failure, winners are not afraid of losing, losers are, in most cases the risk comes from not knowing what you are doing, so trust yourself, learn, be patient, manage your emotions and above all, enjoy the journey, what the wise man does at the beginning, the fool does at the end" - Anonymous.

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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.

“Everyone has their own forms of expression. I think we all have a lot to say, but finding ways to say it is more than half the battle" - Criss Jami.

"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth" - Marcus Aurelius.

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