Distance yourself from Gains & Losses of others

This is one thing that many new investors struggle with. You want to reduce your emotions to the minimum while investing. Because there are two things you definitely don't want to do. It's panic buying & panic selling - both of them are either triggered by Fear Of Missing Out or Fear, Uncertainty & Doubt.

While you're watching your friend or someone in the r/Cryptocurrency Subreddit making huge gains with an investment they made way before you were considering it, you will feel a strong desire to jump on as soon as possible, no matter in which direction the market is currently moving. The more logic & rational approach is it, to have a trading-plan or at least know about the zones of confluence while looking at the price of Bitcoin, Ethereum, Chainlink etc. You want to buy at the lowest point possible or you want to sell at the highest point possible. Too many people get trapped in buying the top - something we can easily avoid by not following our emotions that came up with the recent gain porn we saw.

The sentiment on the market changes daily - based on the news and the price movements. You make your decisions in your own environment with your own financial view. I could use $1.000 to pay off a part of my student debt, which would result in feeling reliefed. Others throw $1.000 around since there's a lot of more money in their savings account. So don't compare your numbers to others. The main thing is making steady gains and increase your own net-value, no matter if you are making 2% profit a week or 5% profit every month. Consistency is the key - just like in many other situations in life.

I personally watch trading ideas of others on TradingView, StockTwist ... to get a perspective of others but i only rely on my own conclusion of the market. Taking financial decisions based on the opinion of others will result in being unconfident in your investment - which throws you back to the emotions. Stay rational.

TL;DR: Stop browsing r/wallstreetbets