The Greatest Crypto Advice I've Ever Received
I've been in the crypto game for about 9 months now, and the best advice I ever got was near the beginning. Since I was told the secret to crypto, I have learned that it is very true.
"Patience Is Gold"
(Source)
A friend of mine sent me a text when he heard I was into crypto and this is what he told me.
"Crypto is exciting, but the most boring thing to do in crypto is the most successful. Find projects you things are good and serve a purpose. Buy and wait. Patience is Gold."
I have tried to prove this theory wrong a hundred times, but it is absolutely right. When it comes to crypto investing, if you are trying to make money, then be patient.
If cryptos and the blockchain technology become more and more helpful and useful to society, holding the coins will become more valuable.
If you just bought a coin and it dropped 50%, don't sell it. You will have a 50% loss. It's only a loss if you sell. Instead, commit to waiting six months. There is a very good likelihood that the coin will again increase in value and you could sell it at a profit.
This has happened a couple of times since my time in the market.
I'll give you two examples.
Ripple - I bought about 200 Ripple last summer for $0.30 cents each. Not a lot, but it dropped to around $0.15 cents and I sold it in a panic around $0.17. It was one of the first coins that I invested in and it dropped and I only pulled out after exchange fees less than half. If I would of held on to it, those 200 Ripple would be worth around $260 today. It was worth about $600 at it's peak. I was kicking myself during the huge run. I cashed out about $35 for what could have been around $500 if I waited about five months.
EOS - When EOS launched I was able to pick some up for $1.94, but then they started to fall and dropped below a dollar. Instead of panicing, I did the exact opposite of what I did with Ripple. I was a little more experienced at this point. I took some Steemit earnings and converted some Ethereum and doubled down on my investment into EOS. I committed to holding for one year to see where it ends up. Right now, that investment of a $150 is now worth $1,000. Who knows what it will be worth in another 6 months.
The moral of the story
If you want to find gold at the end of the crypto rainbow, then you need to be patient. Patience is gold. No go out and wait... lol
Thanks for reading and remember I'm not a financial planner, a psychic or prophet, I'm just a guy telling you my crypto story.
What is the best crypto advice you've ever received? Let me know in the comments below.
Thanks for reading.
Totally agree with your friend's advice, I have been investing and collecting coins since 2014 and learned that most profit comes from projects and coins that have good team, as well as good community support, as for the returns I can't even describe what kind of returns you could make In a good project if you keep holding for 4 years.
Patience works in other Investments like stocks and commodities as long as you understand what you are buying and do your homework.
I started buying crypto in early September and I haven’t sold anything yet. Of course I probably under invested so I could stay sane 😑. I wanted to make sure that I wouldn’t panic sell incase of a 50% drop... I figure if I survived the September China ico ban and the last couple weeks without selling, it’s going to strengthen my resolve for the next crash 😂
You are a wise woman! If you survived, you'll do fine. The goal is to recognize when these things happen and invest more in the dips. I think you'll do fine in crypto, you're a pro now. lol. Thanks for reading and the great reply. You got a new follower.
Good post @walkingkeys
There's a big difference in speculating and investing because you believe in something. Blockchain technology will change the world the way internet did. A lot of coins will fail. A few will become used in the mainstream. Find the projects you believe in and invest for the long run!
I couldn't agree more. I even wrote a blog comparing the Internet bubble to the bubble back in December. You are right. I appreciate the great reply and welcome to Steemit. You got a new follower.
Right back at ya @walkingkeys
Good advice , jumping in and out is more for the pros, Most are better suited to buy a good coin and hold for a specific time frame at a minimum .
sorry, just wanted to say that I don't think pros exist. you can jump in and out if you are doing algo trading and picking up cents on a massive volume. human day trading is always going to be speculative.
I agree. Even the pros only trade with smaller amounts than what they plan on holding. They hold too for the most part. I hope to be there one day, lol. Thanks for reading and the reply.
Your ripple was my litecoin. But I feel like people won't fully understand unless they make that mistake. Now I'm holding all my coins cause I don't want to take a loss again. #HODL btw did you buy more Ripple?
hahaha, yeah I did. lol. I did some day trading during the big rush in December and got in some ripple at like 79cents and sold around the $3.50 mark. I feel better about it. I did buy a little more when was around $1.00 recently, so we'll see. Thanks for reading and you got a new follower.
Appreciate it man you as well have another follower. I bought it back at $1.57 I'm still new so I thought half the price was good enough. But best of luck to you on your future trades! Especially day trading thats risky
Day trading is risky. I don't do it anymore. Now I just convert some SBD and buy coins and hold until one of them is in good profit to sell and buy Steem when it is low. lol
very positive post, invest in crrypyo and hold for a long time its gives more to you in future
That's the plan. lol. Thanks for reading. you got a new follower.
We all learn from experience. I learned not to let my emotions rule me when looking at my portfolio or reading the news.
Some excellent advice that is also true in any trading, forex or stocks - be patient and wait for optimal entry points, optimal conditions and sit on your hands until that moment arrives. Let the market come to you!
I'm holding ripple in the same hope. Stacked them while it was going down. But it has settled there. Posts like these keep my hopes up and keep me away from the thought of selling off.
Very nice. I am just getting started in crypto but i have msde that mistake and learned from it in my normsl stock market account. Very solid advice.