RE: Why I'll Sell Bitcoin if it Reaches $17,000 Soon
Hey Crypto Investor,
Before you decide not to read this, please consider that I have put a great deal of time in writing you this tailor made comment.
Thank you for providing consistent quality content, I thoroughly enjoy hearing about your insights and have been a fan since watching your well made video on How the Bitcoin bubble will pop.
I am extremely new to the cryptocurrency and investing scene in general. I have read a few introductory books, including cryptoassets which you have highly recommended, as a basis for entering into cryptocurrency.
At the cost of being a casual investor that is riding the current wave of Bitcoin and soaking up any altcoin I can get my hands on, I have taken the time to understand the basic principles surrounding cryptocurrencies (I do not want to be one of those people who have sent BTC into an ETH wallet and wondered why the balance is not showing).
Could I have your thoughts on what you think the best methods are for a beginner like me to learn about finance and investing in general (for e.g. online courses). Furthermore, what basic investing principles do you believe everyone should have a grasp on before entering the market, particularly cryptocurrencies. Thanks!
Well it's difficult for me to tell you exactly how to learn finance from scratch because admittedly I have had a professional interest in finance, not just personal. But there are sort of 'holy grails' when it comes to books on investing. I'd recommend "The Intelligent Investor" by Benjamin Graham as it is the defacto bible for investing.
Unfortunately, a lot of what I know is from learning about equities, fixed income, real estate, derivatives and other traditional financial investments. There was also a short lived period of time that I was obsessed with Forex, which is when I learned the majority of what I know about TA (and where I learned to scrap most of it too).
The truth is, you don't need to know much to be successful. I'd study more about how to control emotions in investing and set a foundation so that you win no matter the outcome (even if it goes down). I have enough invested in other assets that it doesn't matter to me what happens with Bitcoin. I also have made enough with Bitcoin that I'll never exit the market with less than I put in. While it is a fallacy to think that you are only playing with 'profits' (as there is no difference between a 'profit' dollar and a normal dollar), it does prevent you from making stupid decisions that make it so you don't come out ahead.
Probably the easiest way to learn is to put in the Goldilocks amount of money into the market that you are 100% willing to lose, but it will suck / bother you if you do. That amount is different depending on your income and net worth, but find that amount and put it into market based on your thoughts and see how your emotions play with you. Best of luck!
This response does it for me. Such a sober and simple approach. Thanks for sharing these experiences and helping the community to be a reasenable investor! Also I enjoy reading and hearing your proper use of the english language.