Steem Secret #5: The Cost of Watching The Price!

We have the choice to be excited when the Steem price goes up OR down! Finding peace in being here for the long term means seeing that unless we are interested in buying or selling, the price today is irrelevant. In fact, I hope the price plunges before it takes off to over $10 because I want to buy more. Ideally the price will go to about $0.10 or $0.20 to so that everyone of us hoping to buy more can load up before our spaceship launches! As the buying demand grows with the lower price, a huge investor is bound to see the opportunity of a lifetime to profit which may lead to the price blowing up more than $10 in a single day or week. It could go down or stay flat every single day until then.

When we obsess over the price each day, we are really blocking our opportunity to get to our biggest reward exactly as I did on my Bitcoin investments in 2014. Take a look at some of my first buys.

Did I hold that until it went to over $4,000 and then sell? No. I obsessed over the price every day afraid of losing and guess what I did. I lost. A lot. All of the Bitcoin you see me buying in those pictures plus 30 or so BTC more I sold at just over $200.

Fortunately after taking months off and watching the price steadily climb, I realized I was absolutely right about the Bitcoin price but I needed a way to not be emotional about it. I started buying $1 an hour of Bitcoin in mid 2015 leading me to have close to $10,000 in Bitcoin by the end of 2016. I sold it all into a Dash masternode and sold that for $87,000. Today the Dash price for a masternode just reached $315,000. Absolutely unbelievable! With more patience, I could have slowly bought into Steem and had 315,000 Steem instead of 51,000. Only 228 Steem wallets out of over 300,000 have more Steem power than 51,000 already so what difference does it really make? Where does greed end and satisfaction with what we have begin?

Today I realize that to have a lot of success I need a lot of failure as well. What looks like a mistake in the short term often turns into the huge long term gain we originally predicted. I knew the price of Bitcoin would blow up long before most and yet I made a relatively small profit because MY OWN IMPATIENCE sabotaged the majority of the opportunity.

So what if we bought Steem at $1.30 and it is $1 today? With Steem being guaranteed to reach $10 in my mind, the more the price drops the more I have a chance to get more before it blows up. Do I care today whether I bought Bitcoin at $200 or $300 or $600? Nope. The majority of the profit would be irrelevant to the original price.

We have everything in position here on Steem to rocket into space. The question is when? I believe the answer is within six months. Therefore, every price drop is effectively a sale that once the price goes to $10 may come again when Bitcoin is the same price.

I hope sharing this secret is helpful for us today in enjoying our time on Steem and seeing the true cost of constantly checking the Steem price!

Love,
Jerry Banfield