Swiss psychiatrist Elisabeth Kübler-Ross, in her book On Death and Dying, published in 1969, categorizes patients through which emotional stages they go through when they are diagnosed with death.
Kübler-Ross described them as "defense mechanisms, ways of dealing with very difficult situations".
The book quickly entered the bestseller list; Patients and doctors from all over the world showered Elisabeth with letters.
Use of Theory in Different Fields
This theory of five phases became more and more popular; It was used in the training of doctors and therapists, and information was given to patients and their families on the basis of these.
So much so that even television series from Star Trek (Star Trek) to Sesame Street have referred to these phases. Hundreds of musicians and artists were inspired by him, and he was also the subject of humor in cartoons.
Adapting to Markets
I thought that the application of the five phase theory in the "bear market" that we continue to be in, would give morale to the investors and help them pass this period easily, and I put it into practice.
Denial - No, that's not true, it will return from somewhere.
Anger - Why me, why now!
Bargaining - Efforts to cover the damage through good manners.
Depression - Loss of motivation and alienation from the market.
Acceptance - The last stop on the long road.
Acceptance Is Not An End, It's A Beginning
The golden rule of "don’t fight the market" is more important in chaotic times such as a bear market. It must be admitted that even the best investors have a hard time making decisions during these times. This means that it is very difficult to make a profit in the short term.
It is difficult to predict the direction of the market, the support and resistance points, where it will turn around, and it is highly dependent on the luck factor. Therefore, in such periods, the investment made by the investors themselves will be the most profitable trade.
Considering that the future in the crypto world will be web3, it is quite clear that investors need to develop their skills in this direction when there is no movement and volume in the ready market. This is how I did it, not allowing short-term developments to affect my long-term goals. While I knew very little about web3, I met rabbithole_gg and increased my skills.
In this way, I learned to use the leading actors of web3 such as uniswap, zora, mirror, snapshot. I'm not going to praise rabbithole anymore here, because I have a lot of praising tweets on my twitter account.
The Opportunity Presented by the Bear Market
Like many others, I first entered this industry to be financially free. While things were going well, I didn't think much of anything else in a bull market, but when the "wind turned" I took on different goals.
When I was in denial, angry, and depressed, and finally came to terms with the situation, I realized that there was no better time to plan long-term and acquire skill.
My current motivation is to move on to the next stage. There are many resources available on the internet. Making use of the quality ones will be important in this period as well as in the future. Believing in improvement and always being willing is the golden rule.