Fortunes are Made in Bear Markets and Realised in Bull Markets
This is a quote that made me think long and hard when I first heard it:
Fortunes are made in bear markets and realised in bull markets
This is so counter-intuitive to how most people think and act.
When the market was ramping up in late 2017, so many people (myself included!) were FOMO-ing in. It was a bull run. There was a buying frenzy. You couldn't go anywhere without taxi drivers and long-lost friends asking how they can buy Bitcoin and get into crypto. The urge to join the herd and take a pot at generating crypto millions was hard to resist.
Then the 2018 crash happened...
This led to tumble-weed for almost three years. Crypto became 'boring'. Many of the Twitter and YouTube crypto gurus and tipsters disappeared or switched to cover other topics.
The past three years were actually the 'accumulation phase'. The opportunity to get stacking and build your future fortune.
When token prices were 90% down on their ATHs. When there was blood in the streets. That was the time to have the courage of your convictions and to invest.
Yet here we are again in the excitement of what looks like the next bull run and people are starting to re-emerge out of the woodwork. Asking about crypto (again) - where were they during 2018-20?
People are going to get burned in this next phase if they start taking punts with little or no knowledge. Chasing the markets as FOMO takes hold.
The well-prepared all ready have their bags filled. They are ready to start selling to the new blood that enters into the market, pushing it up to even greater heights over the coming months. Getting left holding the bags (again).
Not that it's too late. It's just getting there - some might have to wait for the next phase. Take care and have a plan.
Not financial advice
Posted Using LeoFinance Beta
I heard this for the first time yesterday and it made a lot of sense to me. I didn't buy aggressively in the FOMO or the slump and am finding it really difficult to buy now but still have the fear of missing out thinking this could be as low as it gets. Especially with all the institutions buying in. Mind you. I'm mainly talking about BTC here. The alts might be different.
I'd like to think I'd buy more aggressively in the next slump but only time will tell. Hopefully, by then, I'll have more of an overall strategy which will help. Bit by bit (no pun intended 😂) I'm building it.
Posted Using LeoFinance Beta
It is hard to buy when it was down in the doldrums and all looked bleak for a while - we all wish we'd been braver and invested more!