Like a merchant, you’ve repeatedly bought and sold a number of cryptocurrencies. It’s fascinating, digital assets have created a space of equal access to objects of financial improvement. Regardless of your social caste and financial hierarchy, there is only a little barrier between you and your next cryptocurrency purchase…or sale. Millions have trooped in and in only a decade, the number of cryptocurrency investors has grown as fast as bitcoin’s price. In the right sense, it’s a bit faster.
Buzzwords apart, cryptocurrency and blockchain are both impressive stuff. The solutions and how everything is structured are welcoming. Well, crypto Twitter can be toxic but isn’t it the same with social media as a whole?
You’ve been fortunate enough and your net cryptocurrency investment has been greatly profitable for you. Congratulations, if there’s anything the past month has thought us, it’s that making profits in crypto isn’t as easy as it seems.
As long as you make profits, the conviction is that you’re doing it right. That’s exactly how it looks. If it’s the other way around; you feel you’re not getting it right, in short term. Investors who have mastered the art of ‘flipping’ can relate to swinging profits for profits…sometimes.
But if you can relate to any of these, then you are doing crypto wrongly. Regardless if you’re in profits or not.
Doing any of these is in fact the wrong way:
Fear of missing out [FOMO]
So, you just heard that this project is about to announce a ‘huge’ partnership; maybe they already did. Price is going haywire and the Twitter thread is going in the same direction. You’re scared, scared to miss out on the next 1000x. you’re not alone, we are all in this together.
The most ridiculous cryptocurrency price rages are fueled by investors jumping in with little or no resistance. The DYOR rule is quickly forgotten and the dumb money keeps flowing in. sometimes this works. Other times, the dumb money becomes exit liquidity for earlier investors, and bag holders are made. Well; someone needs to take the shot, “scared money makes no money” anyways.
Buy high, sell low.
Alright, you just aped in. the Fear of missing out won. Now you’re sitting on a bag of a token whose price keeps dropping. Sometimes the price is only stagnant and it’s easy to get impatient when those long green candles aren’t coming. What’s the move? Time to move on? I guess so; unto the next ‘gem’. This move is common and sometimes could save your investment, other times…well, the bloodbath continues.
Cryptocurrency investments require well-thought patience and deliberation. Good research should also influence your decision to move on and test different water.
Fear of getting stuck [FOGS]
Pretty much like the above; you simply don’t want to be the last holder of this token. The charts aren’t looking great and most importantly, the community isn’t looking impressed anymore. The most anticipated move is more dumps. Price is already down, you’re probably in loss or reduced profits. Without due research, holding on to your bags doesn’t feel like the right thing to do. Cryptocurrency is ‘cruel’ and getting stuck is a very possible situation. Oh well, if your fears win, you take the dump otherwise, bagholding will continue. Whichever one, you’re probably not wrong.
Living on delusions
For some memecoins, a $50 purchase gets you millions or even billions of tokens. For some investors, this is a sure bet to the millions. If the token ever hits a dollar, you’ll be on the same list as Jeff Greene. Delusional, a popular hopium. For a project with over a trillion tokens, reaching one-tenth of a cent is a face-melting move. As face melting as that of dogecoin and Shiba Inu. Well, many Shiba Inu holders are waiting on the dollar mark to cash in on their millions.
It’s risky to use the word ‘impossible’ in crypto but some outrageous expectations are simply not thoughtful and wrong. Who doesn’t wish to turn 50 into a million? If $8,000 could grow into over $5 billion, then anything can happen. But accepting reality is more relaxing than living in delusions.
Admit it, you can relate to at least one of the above. Fortunately, investing in cryptocurrency doesn’t have any known formulae. The only thing that exists are tactics that work most of the time. In the real sense, even the cleverest strategies could fail and the dumbest ones could end in mind-blowing success.
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