Crypto Cycles .:. There is a time to buy, and a time to sell
In this video, I have shared my personal story about my beginnings in the cryptocurrency world and some of my observations that I have made during that journey...
I had one small "excursion" into the world of Bitcoin and Litecoin, back in 2014... I remember that I have bought 1.5 BTC when it was around $400 and the price went down to $200, I started to panic and sold my BTC with a loss... That was the first lesson that I have learned, to not panic when it starts to go down... At that moment, I decided to go out from crypto and "never" come back...
Of course, that didn't happen... lol... As I had a lot of experience in computer hardware, in spring 2017, my friend triggered me to think about mining Ethereum... The price was under $100, and it was kind of "late" to start with mining, but luckily, I bought a couple of GPUs, build my first rig, and start mining... That was probably my second important lesson about crypto... It's never too late to start with crypto, even when you think that it is...
Regarding this, I have heard just today in one Telegram group someone said: "People will still buy Bitcoin at 20K, and lose money"... Well, yes they will, and maybe I will too... Is it too late, or too early, or a bad decision, or a good decision? That will time tell when Bitcoin hits 100K, or go back to 5K... So, it's another important lesson... Don't judge certain things, especially if they are still in the early phase... We have hopes that BTC will hit 100K or 1M, but we have no idea how BIG, or how SMALL can it be... We can just wish and guess...
I saw Bitcoin going down back in 2014 and panic... Saw Bitcoin at ATH, didn't sell it... So, maybe now it's the right time to do things right...
I'm not selling my crypto now
Check out the video about my journey until the present day, my current thinking, and some future moves...
PS. This is not a financial advice, bla, bla... But, really... Do your own research...
Thank you for your valuable time,
~ph~
Music in video:
Growing Up by Scott Buckley https://soundcloud.com/scottbuckley
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▶️ 3Speak
https://twitter.com/ph1103/status/1327028486733754369
I think it's important to stick to a plan and not get emotional. It's hard at the beginning but after some heart-breaks it gets easier.
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I found it a lot easier after my experiences (as you said, "heart-breaks")... They weren't pleasant, but I do remember my mistakes... :) And I don't plan to repeat them... :)
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Yeah! The best way to learn something is from your own experiences!
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I think sticking to the plan is good but you need to adapt to new methods
That's true but falling for emotions is not a great method if it's a method at all.
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As someone who started taking crypto seriously very late in 2017, I understand this like no other. Still kicking myself for not doing more research on it, when it passed by me in 2010. Imagine all the bitcoin I could've have mined as a tech enthusiast.
Buy dips and ONLY sell profit. After some hard lessons along the way, this is the only philosophy that still makes sense for me, and I stick to it. Hasn't let me down yet.
Let's leave the past in the past, and focus on the present and the future... It's hard to think about missed opportunities and mistakes... :)
And you are right about dips and selling on profit... It can take some time, but its better than losing money by selling low... ;)
Thanks for the comment!
All I see now is my Hive whale status in the near future. 🙃
We can define our exit price points but panic selling should not be one of it.
panic selling and panic buying also... Fomo is the devil... :)
Buffett shared two rules:
#1 don't lose money
#2 don't forget rule #1
Simple, but not easy, right? :) That's because 99% of us have our stories of losses. He however managed to do consistent 20%+ yearly returns for decades.
Yup, we all have bruises and moments of victory in the cryptoland. If we manage to learn from them, maybe we'll have more of the latter. If we don't, the best thing is to stay away from what hurts us (for example trading for someone who gets emotional).
Well, I wouldn't say that Mr. Buffett didn't make any bad investment... He has his bad investment stories, I'm sure... :)
But, one thing is for sure... When you look at faces of these OGs like Buffett or Soros, you can easily notice that they have no emotions or feelings... lol... So, your last paragraph has sense... No emotions in investing and business in general, and you are on the right road :)
Yep, I suspect they are either cyborgs (sci-fi version) or sociopaths (still human version). 🙁😅
When I worked as a banker and I looked at my customers, I realised that the ones who were the least actif traders where the most successful ones. They invest in something they believe in and let the money lay there and let it work.
That's what I try to do as well. I try to accumulate tokens that seem interesting and I just accumulate. I try not to look at the price feed and continue to grow :-)
Short-term trading is definitely riskier than long-term, so HODLers will usually have less stress in their life... and probably more money... as you said from your personal experience... :)
yeah I agree with you if you buy you should also sell even hens have to let go of checks
Exactly... But we have to try not to mix those times... To buy on dip, and sell on top... not vice versa... :)
Thanks for the comment!