RE: Do You Know Your Magic Number for Investing?
Exactly. I've personally found the oft spouted advice of "only invest in what you're comfortable losing" key. Everyone's freaking out so far this year, but I've only put x% towards crypto and if it's gone, it's gone. I treat it like a trip to Vegas or a family outing to Disneyland. Do I believe the whole cryptospace will crash to zero? Not at all, but it definitely helps psychologically in these dip times to assume total (or near total) loss. Treat it as a hobby or some super expensive frustrating toy you picked up and leave it at that. What good are eventual gains if you can't enjoy them in the end because you've given yourself a coronary along the way?
When I see people on here or YouTube promoting allocating 100% of investing into crypto, I want to scream. I find that advice highly irresponsible. Nothing against crypto, I'd be screaming against 100% allocation in anything. But as soon as you mention any kind of temperance with crypto, you're spreading FUD...
Most people are fairly clueless of the risk they're taking on, so it's kind of disappointing to see - The volatility should teach people very quickly though, at least the ones who are capable of learning.
That’s great until the amount you risk turned into an amount you’re unwilling to risk. If I invested 5k and was willing to see it go to zero but it turned into 50k, yeah I would be freaking out if it turned back down to 25k.
And like grant card one says go big or go home. I want life changing amounts of money.im not investing just to get by more. I’m investing so my kids and I are thriving. If I have to sweat it out a bit for them so be it. But that is just me. Not everyone should do the same.
Haha I think most people have the same thought pattern though