The Full Life Cycle of a Crypto Noob Who Bought at the ATH.
Part of Me Feels Sorry for People Like this, Although a Very Very Tiny Part.
If you don't do research and you buy because CNBC tells you to buy and then you proceed to trade your way to zero the only one to blame is yourself.
Crypto Tip.
Before you buy anything do your research! In Crypto we call this #DYOR. I don't care if that research takes you two months. Also never invest more than you can afford to lose.
Pro tip: treat any investement as if the money is gone already. You will never see it again and you are ok with that. If your psyche can't handle a 80% drawdown, don't invest at all.
Then don't look at it for 10 years...
It's simple really: Never buy in excitement, never sell in panic, diversify with Crypto Millionaire. Strategy, Patience, Results! https://cryptomillionaireapp.com/
I can't wait until the next bull run :-D! I definitely won't be making the same mistakes I did this year by HODLing at the top.
Actually as long as you don't panic sell like the noobs you'll do fine even if you bought some crypto at the top. Looking back to past bubbles it didn't make much difference if you bought Bitcoin at $30 or $100 did it? 19k will look like a pretty good deal in 2020 ;)
Do that research though and no matter what the market is doing you'll find plenty of people telling you X coin is going to the moon...
Research, not listening to people.
What benefit does research give you, when the next thing is an overall 90% drop in value (bearmarket). It is not like solid, promising coins, who will have large use cases in the future didn't drop with BTC.
Just HODL the best projects for years. The "fat protocols". Can't lose that way. I feel bad for these Noobs but no one said it would be easy. Even Veteran VC's FOMO'd in late last year and capitulated recently. Just HODL the long slow gains. DCA has saved my ass 3 times now. The crash of 2014, the ETH DAO crash 2016 and now this shit in 2018. I am unphased and not even surprised anymore. My eyes are on the prize next 1-2 years are first mainstream adoption wave hits like the Internet did in late 90's. Right now we are only at 3% Global adoption but everyday penetration increases more. Only some more time for the Crypto Volcano erupts! HODL! DCA! All the way to the gates of glory! Haha!
This is the most inspiring thing I have read all week! :)
Longterm in Crypto is the only way. You can be 90% down in one year and 900% gains by the next.
It's true! I am really un-phased by the downturns. I think the thing I hate most is the interactions going dramatically down. I feel like I am kind of producing and talking to no one to some degree. I know I will be equally irritated when the fair-weather producers come back en masse and act like it was something else in their lives that forced them to leave, and not the discouragement of a low Steem price.
But, it'll be what it'll be.
One has to be very careful while dealing with Crytpo.
I ALWAYS buy in excitement, sad but true.
Fortunately so far I was lucky and didnt lose much :)
That's why i remind people to only invest what you can loose. If they're new I only tell them like $10 a check to start playing around with it. Gold and silver if you just want savings.
This sounds exactly like my buddy from work- he invested super late in 2017 and then threw more in during the ATH. HE GOT REKT!!! Dude is down like $3,500 this year on a $6,000 investment and he keeps making really bad investing mistakes.
His biggest and most egregious mistake is he keeps going "all-in" on just a single coin trying to ride a quick pump. To him it's just like gambling and he gets a rush out of it. I told him he needs to stop being an emotional trader because he is trading based on nothing more than his feelings.
He also buys into the hype and loses all confidence on the dips- literally the exact opposite of what you SHOULD be doing.... *facepalm
People need to step back and zoom out on the charts with a 10 year log view. Not linear daily or monthly price swings. Unless you are gambling or extremely lucky - There's few that can time it right trading in a out. Although, now seems like a great time to buy.
Ha! He barely held 6 months. People expect to get rich quick. Sometimes you just need a little patience