°Keep this in Mind° while Crypto-ing
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Perhaps you just got into the crypto world recently after hearing all of the hype. Perhaps you are a seasoned HODLer. Either way, remember the basic principles. With all of the recent excitment it is easy to loose track of them.
Remember, none of us really KNOW how this rally is going to play out. We speculate, we read copius forums, we bite our nails at the ebb and flow of trasaction volumes and hope the floor won't fall out from under us. Well, let me let you in on a little secret. It will fall out from under us. Many times. Thus is the nature of a cryptocurrency being treated as a store of value and an investment- in becomes vulnerable to the fickle nature of human investors.
I recently decided to wean myself off of being a day trader. If you value your stomach lining, you will step back from shorting, day trading, and the stomach lurching of the minute by minute roller coaster we call crypto- and enjoy the ride itself.
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When speculation driven coins are going up 45 % in a day. Then it's hard see your 'valuable' coins gathering dust and improving a few procent every week or so. Knowing that others are taking home way bigger profits.
Ugh I know. It sucks. But in the long run dollar cost averaging makes me lose less sleep at night pouring over the trading charts.
Yes, crypto is not for the weak stomach.
There will be pullbacks and rallies! Gamble with what you can afford!
It may pay off!
JR
The biggest fear is not that the blockchain technology will fail, it most certainly will presume and be adopted. It is that a new ico/coin turns up, being much better than eth and btc and your investments are gone that way.
True, but if/when that happens it won't happen overnight. People are just trying to jump on new ones as a get rich quick scheme, not looking at their long term potential.
To avoid this, be vigilant and spread your investment over the projects you believe in.
Well day trading is always risky and not for the people with weak hearts. As it is highly volatile, your investment can vanish anytime or it could be doubled, who knows.
But for the people who invest their life savings in crypto, I have a advice: Don't go for trading, Don't imitate other person's trading skill. Have some knowledge before you can invest and always go for medium to long term approach and it will surely give you great returns in the end.
Agreed! Knowledge is power, and what works for one person may not work for another. As long as you focus on your individual goals and what you want to achieve by investing, and stay true to them.