Turn down your emotions!
Cryptos are crazy!
One moment you are projecting your returns over ten years and googling Ferraris, and next your are running for the exits watching accounts go in half! And this is just an example of one given week.
This is fear and greed AMPLIFIED! With stocks, I'm always teaching (and re teaching) my clients to turn off the noise.
A simple elevator going "up" and "down" according to the media would be "plunging" and "soring".
A few things happen every time you make an investment.
- It goes up, and you think you are smart.
- It goes down, and depending on what kind of person you are, you feel stupid, or sad, or you blame someone else.
- It stays flat, and you look at all the other things you could have bought instead.
Think about that for a moment. None of those things are really healthy. We may think feeling smart is healthy, but its probably misplaced. Yes you were smart enough to discover crypto and read a few articles and watch a few videos, but it really came down to timing. We all know being in Crypto in the first part of 17 was insane. Everything went parabolic, the crypto selection really didn't matter. I can show you thousands of studies that show timing is mainly luck.
My advice, find the businesses you really believe in, store them safely, and hold them for the long haul. Continue to save fiat into crypto as you discover new things.
Yes, its fun to check this stuff out everyday and be on top of it, but don't make the fatal mistake of thinking you can out maneuver the market. The exits are to tight and all it takes is one crazy event to make things shake out.
You are very fortunate to be here now......EARLY. Take full advantage of the opportunity you found.
But, don't give yourself a heart attack!
I love this post, and also learned from it
The invest in crypto is medium or long term so if you think in that way you'll have huge profit
special meme for you!
one does not simply knows how to create meme
It's always fun to read your poste. Keep going
Great work. As always. Thanks for your content
Being a day trader is really stressful.
You are better off doing your research and investing into things for the long term then you don't have the daily emotional strain as well as you are most likely going to profit.
You have a golden opportunity that others in the future will wish they had
Invest now before regretting it down the line.
Great Post @davidp! :)
most important in this things to have bankroll management, lets say you have $10 000 then you invest only $100 to crypto , even if something happens then you dont lose control and your face :) Second part to just dont refresh and check every minute, but once per month or so .
lose control of your face....that was good
The best game you can play with cryptocurrencies is the long term game
r u tell in really we find some business without crypto or find in crypto some good david sir?
It is not just about crypto or stocks, it's pretty much in every business niche. Either you are able to control yourself or you act like a tilting machine and lose all your patience and money. Best advice would be, drink more vitamins :)