As a Veteran Investor
"I lurk here because I am entertained by the enthusiasm.
Many of you remind me of myself 15 years ago.
I think many of you younger guys who read this sub just learned an important lesson, so I'm going to bring it home.
NOBODY KNOWS WHAT THE FUCK IS GOING TO HAPPEN NEXT.
TA is good at interpreting the past, but if it was able to actually predict the future then somebody already wrote a script that can suck the value out of that play faster than any of our monkey brains can.
This is true regarding ETH, BTC, the price of gold, the S&P, bond yields, you name it. Trading is not much different than gambling in the short term
Two Warren Buffet quotes (I think):
- "The market can stay irrational for longer than you can stay solvent."
In other words the market doesn't give a shit how smart you think you are, you either need the ability to wait or you should not be in it.
- "The market is a voting machine in the short term and a weighing machine in the long term."
In other words, what we just saw over the past 2 months was the voting machine. Now the weighing machine is kicking in. Perhaps we were a little overbought, fine. If you have time to wait then you'll see another cycle happen. If not, then you shouldn't be in it.
Good luck, young bucks. Keep reading these subs for fun, but remember:
NOBODY KNOWS WHAT THE FUCK THEY ARE TALKING ABOUT."
Jesus Christ!
When I read this post on ETH Trader on Reddit, I could not believe how simple and overlooked are these sentiments.
Markets act irrationally all the time.
People can anticipate trends, but even anticipations are guesstimations at best.
There will always be that one person who bought in at the all-time high,
That will dump in a retrace due to the fear of losing more.
This is the problem with ATH (all time highs), people have expectations and assumptions that the price will return.
While that is always a possibility, the problem with this situation is the lost opportunity cost from holding.
Yes, HODling isn't free, even though you might think it is.
There is a right time and place for every decision.
If you HODL, when the action should be to liquidate,
You could be stuck hodling a bag of peanuts in the end.
There are no hard and fast rules for how markets work and behave.
There are aggregations and trends we observe...
Yet, we are all blind.
Yes, you heard me.
We are all blind.
The blind following the blind, leading the blind.
Burn after reading 🔥 follow
Source: https://www.reddit.com/r/ethtrader/comments/6nlay8/as_a_veteran_investor/
Some of us have both enthusiasm and "coincidentals!" And I even found my way to steemit via a post on reddit😉🐓
Haha, perhaps. I was turned onto steemit actually by EOS. I saw their presentation on youtube a few weeks back, and Dan Larimer, he is the developer behind the blockchain technology of bitshares and steemit. I was pretty fascinated by his graphene architecture blockchain (crypto nerd here), and looked into the steemit model further. Upon my analysis, I fell in love with the system. I was going to buy some steemit when it was around $0.08-$0.20 cent range a few months back. Around that time Dan quit, and there was a lot of uncertainty about the future direction of this project. Also that time, I was so absorbed in many other projects that steemit was an afterthought, that I am catching up to in July! :P
If you want to become rich, and achieve financial liberation, then my advise to you is start stocking up on EOS tokens. That's Dan's 3rd project, biggest one to date so far. He's going for a hatrick.
Thanks for the tip. I have been watching EOS, so glad I did not jump into ETH🐓
Eth is still a solid longterm asset. It isn't going anywhere. In fact ETH has a very attractive value proposition. However, ETH is now become a working mans speculative asset. It's not cheap anymore basically. There is value in other protocols atm. You can price in good right now and make a pretty penny later. How old are you?
You know a lady never tells her age! 😉Let's just say I'm wise and not retirement age. ATM as in Automated Teller Machine? haha at the moment🐓
Truer words have never been spoken. You also never know when a newer/better technology/coin will come along and make your investment worthless.
Yeah none can really give an accurate guess when it comes to the market. And when it comes to holding it's either you can wait long periods of time or you just take your coins.
yeah but longer you wait, some projects just fall apart.