By applying strong risk measures, traders and investors can lower the chances of risk and save their mental sanity. Taking care of health is also very important. Investing can be stressful but knowledge can override fear.
True but at the same time it's important to only start with a balance you are ok with losing. I know there is no money that doesn't hurt losing but at least it shouldn't hinder your daily routine. My friends in past have taken loans to trade and it didn't went very well.
One thing people must understand about cryptocurrency trading is that they must lower their expectations and only enter the market after learning enough about the market and its trends. We all know that you have to take a risk in order for things to work out, but you must also be prepared to overcome any obstacles that may arise while trading. The best traders are those who have sufficient market knowledge, are willing to take risks, understand when to buy/hold/sell, and always prepare their minds for the worst by lowering their expectations.
Yeah, not every coin will 100x and not always being greedy works out. If you see the possibility of a trade closing in profit and you are not very positive about the future of the coin/trade then there is no harm in closing the trade and pocket the profits.
There will be times when you sell dogecoins for $0.0001 and then it jumps to half a dollar but that shouldn't upset you because it just happened and wasn't close to being predictable.