Controlling emotions in crypto trading is paramount. It’s not about eliminating feelings, but managing their influence. Develop a pre-trade routine – a mental checklist, meditation, or even a specific physical action – to center yourself before each session. This creates a consistent mental state, reducing impulsive decisions. Visualisation isn’t just positive thinking; it’s about mentally rehearsing scenarios, both positive and negative, to prepare for market volatility. Identify your “sweet spot”—the optimal emotional state where you’re alert but not anxious, confident but not reckless. This requires self-awareness: track your trades and correlate them with your emotional state. Recognize emotional extremes. Panic selling at a dip, or overconfidence leading to reckless leverage, are common pitfalls. Journaling your trades and emotions helps identify these patterns. Consider risk management tools like stop-loss orders to limit potential losses, thereby reducing the emotional impact of negative price swings. Remember that consistent, disciplined trading, informed by data and strategy, is more effective than emotional trading in the long run. Regularly review your trading plan and adapt it as needed. Stepping away from the screens for breaks to avoid emotional fatigue is equally crucial. Remember, market fluctuations are normal; your emotional reaction shouldn’t dictate your trading strategy.
What does Warren Buffett think about crypto?
Warren Buffett’s negative stance on crypto is well-known, famously stating in 2018 that he believes cryptocurrencies will ultimately “come to a bad ending.” He’s voiced concerns about their lack of intrinsic value and inherent volatility. However, this perspective ignores the transformative potential of blockchain technology underpinning cryptocurrencies. While Bitcoin’s price fluctuations are indeed dramatic, its decentralized nature and limited supply offer a compelling narrative for long-term growth, contrasting with traditional fiat currencies vulnerable to inflation and government manipulation. Furthermore, the burgeoning DeFi (Decentralized Finance) ecosystem built on blockchain offers innovative solutions in areas like lending, borrowing, and asset management that were previously centralized and controlled by traditional financial institutions. Buffett’s aversion to the speculative nature of crypto might be a valid concern for short-term investors, but misses the long-term technological advancements and the shift in power dynamics enabled by this technology. His statement also conveniently ignores the significant gains many crypto investors have experienced, despite the inherent risks. Ultimately, his opinion, while influential, represents only one perspective in a rapidly evolving landscape.
How to handle crypto stress?
Crypto trading can be incredibly stressful. Here’s how to manage it:
Limit your screen time: Constantly checking prices fuels anxiety. Set specific times for reviewing your portfolio – maybe twice a day, max. Avoid obsessive checking!
Understand the risks: Crypto is volatile. Losses are possible, even likely sometimes. Don’t invest more than you can comfortably afford to lose. Research thoroughly before investing in any coin or project. Look into concepts like “market cycles” and “bear markets” to manage your expectations.
Don’t chase perfection: There’s no such thing as the “perfect trade.” Aim for consistent, small gains rather than trying to hit home runs. Accepting small profits is a key part of a healthy trading strategy. Consider dollar-cost averaging to mitigate risk.
Diversify your portfolio: Don’t put all your eggs in one basket. Spreading your investments across different cryptocurrencies can reduce the impact of any single asset’s price fluctuations. Research different asset classes within crypto like Bitcoin, Ethereum, and other altcoins to diversify your exposure.
Take breaks: Step away from trading if you’re feeling overwhelmed. Stress can lead to poor decision-making. Engage in activities you enjoy to de-stress and regain perspective.
Use stop-loss orders: These orders automatically sell your cryptocurrency if the price drops to a certain level, limiting your potential losses. It’s a crucial risk management tool.
Learn technical analysis (but cautiously): Understanding charts and indicators can help you make more informed decisions, but don’t rely solely on them. The market can be irrational, so don’t over-interpret charts.
Seek professional advice: If your stress is overwhelming or you’re making consistently poor decisions, consider speaking to a financial advisor who understands cryptocurrency.
How do you deal with emotional volatility?
Emotional volatility, in the context of cryptocurrency trading, can be devastating. While exercise, meditation, and relaxation are crucial for general well-being, a crypto trader needs a more nuanced approach.
Managing Risk, Managing Emotions: The correlation is direct. Extreme emotional responses – fear and greed – are amplified in volatile markets. A robust risk management strategy is paramount. This isn’t just about stop-losses; it’s about:
- Diversification: Don’t put all your eggs in one basket. Spread your investments across different cryptocurrencies and asset classes.
- Position Sizing: Never invest more than you can afford to lose on a single trade. This mitigates the impact of losses on your emotional state.
- DCA (Dollar-Cost Averaging): Invest consistently over time rather than making large, emotional investments based on market sentiment.
Technical Analysis & Emotional Detachment: Relying on technical indicators, rather than gut feeling, can help. Chart patterns and volume analysis provide objective data points to inform trading decisions, reducing the influence of emotional biases.
Automated Trading Strategies (with caution): Consider exploring automated trading bots or algorithms, particularly if you struggle with impulsive decisions driven by emotions. However, always conduct thorough backtesting and understand the inherent risks.
Community & Mentorship: Engage with a supportive community of experienced traders. Sharing experiences and learning from others can help normalize emotional responses and provide valuable perspective.
- Journaling: Track your trades, emotions, and decision-making processes. Identifying patterns in your emotional responses can help you anticipate and manage them better.
- Seeking Professional Help: If emotional volatility significantly impacts your life and trading decisions, don’t hesitate to seek guidance from a therapist or financial advisor.
Remember: The crypto market is inherently unpredictable. Emotional resilience, coupled with a well-defined trading plan, is your strongest defense against significant losses and emotional distress.
Why am i obsessed with crypto?
Your crypto obsession might stem from a potent cocktail of factors beyond simple financial interest. The highly social and often hype-driven nature of the crypto space plays a significant role. Online communities, forums, and social media platforms are rife with narratives of overnight riches and transformative technological advancements, creating a powerful feedback loop. This constant exposure to success stories, often selectively presented, can trigger a fear of missing out (FOMO), driving impulsive purchases.
Furthermore, the decentralized and unregulated nature of many crypto projects contributes to the addictive potential. The lack of traditional oversight can lead to a sense of autonomy and control, which, for some, can be intoxicating. This feeling, coupled with the inherent volatility of the market, creates a high-stakes environment that can be incredibly engaging, even when financially risky. The constant price fluctuations provide a continuous stream of dopamine hits, reinforcing the addictive behavior.
Beyond FOMO, the sense of community and belonging within crypto circles is another significant element. Many find a shared identity and purpose through participation in the space, fostering a strong sense of camaraderie and belonging. This social aspect can further cement the addictive cycle, making it challenging to disengage, even when rational considerations suggest otherwise.
Consider diversifying your interests and activities to mitigate the intensity of your focus on crypto. Setting strict financial limits and engaging in mindful self-reflection about your motivations can also help regain a healthier perspective. Remember, financial well-being should be prioritized above participation in any highly volatile market.
How does crypto affect mental health?
Cryptocurrency’s price can swing wildly, meaning you could lose a lot of money quickly. This rollercoaster effect is stressful and can really impact your mental well-being. Studies, like the one by Johnson et al., show a link between these significant financial losses from crypto trading and negative mental health issues like depression and anxiety. It’s not just about losing money; the constant monitoring of prices, the fear of missing out (FOMO), and the pressure to make quick profits can all contribute to stress and anxiety.
Remember, investing in crypto is risky. It’s not a get-rich-quick scheme, and it’s crucial to only invest what you can afford to lose. Diversifying your investments (not putting all your eggs in one basket) and educating yourself before investing are crucial steps to mitigate potential financial and mental health risks.
How to get over FOMO in crypto?
Crypto FOMO, or the fear of missing out, is a real thing! It’s easy to get caught up in the hype, but impulsive decisions usually lead to losses. To avoid this, first define clear investment goals. What are you hoping to achieve? Retirement? A down payment on a house? Knowing your “why” helps you stay focused.
Next, educate yourself. This isn’t about reading every crypto news article; it’s about understanding the basics of blockchain technology, different cryptocurrencies, and the risks involved. Resources like Investopedia and CoinMarketCap can help. Learn about market capitalization, trading volume, and whitepapers.
Stick to your research. Don’t chase pump-and-dump schemes or memecoins just because they’re trending. Your research should guide your investments, not fleeting social media trends. Analyze projects thoroughly before investing.
Patience is key. Crypto is volatile. Prices fluctuate wildly. Don’t expect overnight riches. Long-term investing is usually a better strategy than trying to time the market.
Diversify your portfolio. Don’t put all your eggs in one basket. Spread your investments across various cryptocurrencies to reduce your risk. Don’t invest more than you can afford to lose.
Finally, set strict investment rules. Determine how much you’re willing to invest and stick to it. Consider using dollar-cost averaging (investing a fixed amount at regular intervals) to mitigate risk. Avoid emotional trading – walk away when you feel overwhelmed.
What is the major problem with cryptocurrency?
The volatility is the elephant in the room. Crypto’s price swings are legendary, and for good reason. Underlying technologies like blockchain are undeniably transformative, but the markets are incredibly speculative. A seemingly overnight surge can be followed by a brutal correction, wiping out significant portions of your investment. This isn’t about risk tolerance; it’s about understanding the inherent instability of a market driven by hype, regulation uncertainty, and, let’s be honest, a lot of FOMO.
Think of it this way: traditional assets have underlying fundamentals like earnings, dividends, or tangible value. Crypto’s value is largely determined by perception and market sentiment. That makes it highly susceptible to manipulation, news cycles, and even social media trends. This doesn’t mean it’s inherently *bad*, just incredibly risky. Proper diversification is crucial – don’t put all your eggs in one, highly volatile, crypto basket.
Furthermore, the regulatory landscape is still evolving. Governments worldwide are grappling with how to classify and regulate crypto, leading to uncertainty and potential for significant policy shifts that could drastically impact prices. Thorough due diligence, including understanding regulatory implications in your jurisdiction, is absolutely paramount before investing.
Finally, remember that past performance is not indicative of future results. Just because Bitcoin soared doesn’t mean it (or any other crypto) will do so again. The market is constantly changing, and what works today might fail tomorrow. Treat crypto investments as high-risk, speculative ventures, and only invest what you can afford to lose entirely.
How to stop being emotional when trading?
Forget emotional trading; it’s a rookie mistake. Control is king. Here’s how seasoned crypto investors achieve it:
1. Ironclad Rules: No exceptions. Define precise entry and exit points, risk tolerance (percentage, not dollars!), and position sizing. Sticking to these rules, regardless of gut feeling, is crucial. Violating them should result in a self-imposed trading ban, a cooling-off period to analyze your behavior.
2. Market Timing Mastery: Don’t chase every pump and dump. Identify favorable market conditions using technical analysis (moving averages, RSI, MACD) and fundamental analysis (news, adoption rates, regulatory developments). Patience is your most valuable asset. Understand market cycles – bull, bear, and consolidation phases – and adapt your strategy accordingly. Ignoring macro trends is a recipe for disaster.
3. Position Sizing Precision: Never risk more than 1-2% of your total capital on a single trade. This prevents one bad trade from wiping out your portfolio. This is especially critical in volatile crypto markets. Professional traders use sophisticated risk management techniques, even algorithmic trading, to dynamically adjust position sizes.
4. Trading Plan and Post-Mortem Analysis: A detailed trading plan isn’t just a suggestion; it’s mandatory. Document your strategy, risk tolerance, and goals. Equally important is a meticulous trading journal. Analyze every trade, win or loss, identifying patterns in your emotional responses and decision-making. This data-driven approach will reveal your weaknesses and areas for improvement. Consider using backtesting software to simulate your strategies.
5. Mental Fortitude: Relaxation is key, but it’s not about lounging by the beach. It’s about mental discipline and emotional detachment. Meditation, mindfulness, and even professional coaching can help cultivate this mental fortitude essential for long-term success in the unpredictable world of crypto. Remember, trading is a marathon, not a sprint.
How do I stop obsessing over crypto?
Detaching from the crypto rollercoaster requires a multifaceted approach. Professional help, such as therapy specializing in behavioral addictions, is crucial. Cognitive Behavioral Therapy (CBT) can help reframe your thinking patterns and break the obsessive cycle. Support groups, either online or in-person, provide a safe space to share experiences and learn coping mechanisms from others who understand the struggle. Accountability is key; consider involving a trusted friend or family member who can monitor your trading activity and offer support. A crucial element is replacing the addictive behavior with healthier alternatives: re-engage in hobbies, prioritize physical and mental wellbeing through exercise and mindfulness, and focus on building strong relationships. Remember, successful trading isn’t solely about profits; it’s about a disciplined, strategic approach, not emotional reactions. Develop a trading plan, stick to it strictly, and understand that losses are an inevitable part of the process – and they don’t define your worth. Finally, consider limiting your exposure to crypto news and social media to minimize triggers.
Remember, recovery is a journey, not a destination. There will be setbacks, but consistent effort and self-compassion are essential for long-term success. Seeking professional help isn’t a sign of weakness, but a proactive step toward regaining control.
How do you deal with crypto FOMO?
Crypto FOMO is a powerful emotion, but manageable. Define a robust investment thesis, not just a price target. Understand the underlying technology and the project’s long-term viability, not just its current hype cycle. This forms your bedrock.
Technical analysis is your friend, not your enemy. Learn to identify key support and resistance levels, and understand common chart patterns. Don’t just react to price movements; anticipate them. Diversify across different asset classes, including established coins and promising altcoins, but only after thorough due diligence.
Risk management is paramount. Establish position sizing rules before entering any trade. Never invest more than you can afford to lose. Use stop-loss orders to protect your capital from significant drawdowns. Regularly review your portfolio and adjust your strategy based on market conditions and your own risk tolerance, but avoid emotional reactions.
Ignore the noise. Social media is filled with pump-and-dump schemes and misleading information. Focus on your own research and avoid basing decisions on fleeting social trends. Remember, the market cycles through periods of exuberance and fear. Patience is your greatest weapon.
Dollar-cost averaging (DCA) is a powerful tool. Consistently investing a fixed amount of money at regular intervals mitigates the risk of buying high and allows you to accumulate assets over time, regardless of short-term price fluctuations.
Learn from your mistakes. Every trade, both successful and unsuccessful, offers a valuable learning opportunity. Track your performance, analyze your decisions, and refine your strategy accordingly. This continuous learning process is crucial for long-term success.
How do you survive in crypto trading?
Surviving in crypto trading isn’t about luck; it’s about a robust, adaptable strategy. Risk management is paramount. Define your risk tolerance – how much are you willing to lose on any single trade? This dictates position sizing, preventing devastating losses. Never risk more than a small percentage of your capital (e.g., 1-2%) per trade.
Diversification is crucial. Don’t put all your eggs in one basket. Spread your investments across various cryptocurrencies and asset classes, mitigating the impact of individual market downturns. Consider blue-chip cryptos alongside promising altcoins, but always research thoroughly.
Technical analysis and fundamental analysis are your allies. Learn to read charts, identify trends, and understand support and resistance levels (technical analysis). Simultaneously, delve into the underlying technology, team, and market adoption of projects (fundamental analysis). Combining both provides a holistic view.
Emotional discipline is often the biggest hurdle. Fear and greed are your enemies. Stick to your strategy, avoid impulsive decisions based on FOMO (Fear Of Missing Out) or panic selling. Develop a trading journal to track your performance, learn from mistakes, and refine your approach.
Continuous learning is essential. The crypto market is dynamic; new technologies, regulations, and trends emerge constantly. Stay updated through reputable sources, participate in online communities, and never stop learning.
Backtesting your strategies is critical before deploying them with real capital. Use historical data to simulate trades and assess the effectiveness of your approach. This allows for iterative improvement and reduces risk.
Secure your assets. Use reputable exchanges and wallets with robust security measures. Implement two-factor authentication and be wary of phishing scams. Your crypto’s safety is paramount.
What is the psychology of the crypto market?
The psychology of crypto markets is a crucial, often overlooked, aspect of success. It’s not solely about technical analysis or algorithmic trading; emotional intelligence significantly impacts profitability. Cognitive biases like confirmation bias (seeking information confirming pre-existing beliefs) and the availability heuristic (overestimating the likelihood of events easily recalled) heavily influence trading decisions, leading to poor risk management.
Fear of missing out (FOMO) drives impulsive investments in hyped projects, often at inflated prices. Conversely, fear itself, fueled by market volatility, triggers panic selling at lows, locking in losses. This emotional rollercoaster is exacerbated by the 24/7 nature of crypto markets, allowing little time for rational reflection.
Overconfidence, a common bias, leads traders to underestimate risk and overestimate their predictive abilities. Many believe they can “time the market,” a notoriously difficult task even for seasoned professionals. Effective risk management strategies, including stop-loss orders and diversification, are frequently ignored due to this overconfidence.
Furthermore, the decentralized and often opaque nature of the crypto market fosters information asymmetry. Access to accurate, timely information is crucial but unevenly distributed, leading some to rely on unreliable sources or manipulate information for personal gain. Understanding these psychological pitfalls and developing strategies to mitigate them—through mindfulness, disciplined trading plans, and possibly even seeking professional psychological support—is paramount for long-term success in crypto trading.
The herd mentality also plays a significant role. Traders often follow the crowd, amplifying market trends and creating bubbles or crashes. Independent thinking and critical analysis are essential to avoid being swept along by irrational exuberance or panic.
What are the side effects of cryptocurrency?
Crypto’s volatility is a double-edged sword; it offers massive potential gains but also significant losses. Think of it like a rollercoaster – exhilarating, but potentially stomach-churning. Price swings can be dramatic, influenced by everything from regulatory news to Elon Musk’s tweets. Proper risk management, including diversification and only investing what you can afford to lose, is absolutely crucial.
The lack of regulation in some areas means less consumer protection. While some exchanges are reputable and secure, others operate in a legal grey area. Due diligence is paramount; thoroughly research any platform before entrusting your funds. Look for established exchanges with robust security measures and a history of compliance.
Security is another key concern. While blockchain technology is inherently secure, human error and vulnerabilities in exchanges or individual wallets remain. Phishing scams and hacks are real threats. Use strong, unique passwords, enable two-factor authentication, and be wary of suspicious links or unsolicited communications. Consider using hardware wallets for enhanced security.
Finally, remember that crypto assets are not insured like traditional bank deposits. If you lose your private keys or your exchange is compromised, your investment may be irretrievably lost. This risk should always be factored into your investment strategy.
How to be emotionless in trading?
Becoming emotionless in crypto trading is crucial for success. It’s hard, but achievable.
Automated Trading Tools: Bots and algorithms remove emotional decision-making. They execute trades based on pre-programmed rules, minimizing impulsive actions driven by fear or greed. This is a great long-term strategy, but requires learning how to program or use existing platforms effectively. Be cautious of scams promising unrealistic returns!
Technical Analysis: This is your backbone. Learn to read charts (candlestick patterns, moving averages, RSI, MACD etc.). Focus on objective data, not gut feelings. Practice on demo accounts before risking real money. Understanding support and resistance levels is particularly important.
Risk Management: This is paramount. Never invest more than you can afford to lose. Use stop-loss orders to limit potential losses on each trade. Diversification across multiple cryptocurrencies also reduces risk. Don’t put all your eggs in one basket!
Avoiding Overtrading: Patience is key. Don’t chase every pump and dump. Develop a clear trading plan with entry and exit strategies for each trade, and stick to it. Overtrading leads to emotional exhaustion and poor decisions.
Keeping a Trading Record: Track every trade – the cryptocurrency, entry price, exit price, profit/loss, and the reasoning behind each decision. This helps identify patterns in your trading, both successful and unsuccessful, allowing for continuous improvement. Analyzing your mistakes is as important as celebrating wins.
Avoiding Emotional Triggers: News, social media, and FOMO (fear of missing out) are major triggers. Limit exposure to these distractions. Develop a disciplined approach focused solely on your technical analysis and trading plan.
Additional Tips for Beginners:
- Start small: Practice with a small amount of capital to gain experience without significant financial risk.
- Learn about blockchain technology: Understanding the underlying technology provides a more informed perspective on cryptocurrency investment.
- Research thoroughly: Don’t invest in a cryptocurrency just because it’s trending. Do your own research to understand its potential and risks.
- Be aware of scams: The crypto space has many scams. Always verify information from reputable sources.
- Consider Dollar-Cost Averaging (DCA): Instead of investing a lump sum, invest smaller amounts regularly to reduce the impact of market volatility.
Why you should stay away from cryptocurrency?
Cryptocurrency investments carry significant risks. Unlike traditional bank deposits, your holdings in digital wallets aren’t protected by government insurance schemes like FDIC. This means losses aren’t covered if the exchange or wallet provider fails. Furthermore, the volatile nature of crypto markets is legendary. Price swings can be extreme and unpredictable, driven by factors like regulatory changes, market sentiment, and technological developments. An investment potentially worth thousands today could plummet to hundreds, even zero, in a short time frame. This high volatility makes it unsuitable for risk-averse investors or those who cannot tolerate significant potential losses. Remember, the “get-rich-quick” narrative often associated with crypto frequently overshadows the substantial risk of substantial capital loss. The decentralized nature, while touted as a benefit, also means less regulatory oversight, exposing investors to scams, hacks, and rug pulls. Before investing, thoroughly research the specific cryptocurrency, understand its underlying technology, and assess your own risk tolerance. The lack of intrinsic value in many cryptocurrencies further contributes to their volatility and susceptibility to market manipulation.
Can you make $100 a day with crypto?
Making $100 a day in crypto is possible, but it’s not easy and requires dedication and knowledge. It’s crucial to understand that this isn’t a get-rich-quick scheme; consistent profits require skill and patience.
Key Strategies:
- Learn the basics: Understand different cryptocurrencies (Bitcoin, Ethereum, etc.), blockchain technology, and market capitalization. Numerous free online resources are available. Don’t jump into trading without a firm grasp of the fundamentals.
- Technical Analysis: Learn to read charts, identify trends (support and resistance levels, moving averages), and use indicators (RSI, MACD). This helps predict price movements.
- Fundamental Analysis: Research projects. Understand their technology, team, and market potential. This helps identify potentially undervalued assets.
- Risk Management: Never invest more than you can afford to lose. Diversify your portfolio across several cryptocurrencies to minimize risk. Use stop-loss orders to limit potential losses.
- Trading Strategies: Explore different strategies like day trading (short-term trades), swing trading (medium-term), or long-term holding. Each requires a different approach and time commitment.
Important Considerations:
- Fees: Exchange fees, gas fees (for transactions on certain blockchains), and other costs eat into profits. Factor these into your calculations.
- Volatility: The crypto market is highly volatile. Price swings can be dramatic, leading to significant gains or losses in short periods.
- Taxes: Cryptocurrency transactions are often taxable. Consult a tax professional to understand your obligations.
- Scams: Be wary of scams promising unrealistic returns. Do thorough research before investing in any project.
- Education is ongoing: The crypto space is constantly evolving. Stay updated on news, regulations, and technological advancements.
Start small, learn continuously, and manage your risk effectively. Consistent profitability requires dedication and a long-term perspective.
How much does the average crypto trader make?
The average yearly income for a cryptocurrency trader hovers around $95,238, with a total pay (including bonuses and other compensation) potentially reaching $122,122 annually. These figures represent the median, highlighting the mid-point of a salary range. It’s crucial to remember that this is an average, and individual earnings vary wildly depending on several key factors.
Experience plays a significant role. Seasoned traders with proven track records and deep market understanding naturally command higher salaries. Beginners, on the other hand, should expect significantly lower initial earnings, possibly even losses during the learning curve.
Investment strategies also impact earnings. Day traders, constantly buying and selling, face higher risks and potentially higher rewards compared to long-term investors. The chosen trading style significantly impacts profit potential and consequently, earnings.
Market volatility is another critical variable. Profitability during bull markets is significantly greater than during bear markets. Successful traders adapt their strategies based on market conditions.
Finally, access to resources like advanced trading tools, sophisticated analytics, and potentially even mentorship can dramatically influence a trader’s success and subsequently, their income. The initial investment in education and resources should be considered when analyzing the overall profitability.
What is the biggest risk in crypto?
The biggest risk in crypto is probably dodgy exchanges. Think of them like online banks for your crypto, but without the same rules and protections. Many aren’t regulated, meaning your money (or rather, your Bitcoin, Ethereum, etc.) might not be as safe as you think.
This means: They might not keep your crypto super secure, losing it to hackers is a real possibility. Your personal information might be vulnerable to theft. And, importantly, there’s less protection against scams and manipulation of prices.
Example: Imagine an exchange gets hacked and all the crypto vanishes. With a regulated bank, you’d probably get some of your money back through insurance or government protection. With an unregulated crypto exchange, you might lose everything.
Another risk: These exchanges can be used for illegal activities, further impacting their trustworthiness and the safety of your funds. Always do your research before using any exchange.
In short: Choosing a reputable, preferably regulated, exchange is crucial to minimize your risk. Look for exchanges with a proven track record and strong security measures. Never keep large amounts of crypto on an exchange for extended periods; consider using a hardware wallet for better security.
