Cryptos are crazy!
One moment you are projecting your returns over ten years and googling Ferraris, and next your are running for the exits watching accounts go in half! And this is just an example of one given week.
This is fear and greed AMPLIFIED! With stocks, I'm always teaching (and re teaching) my clients to turn off the noise.
A simple elevator going "up" and "down" according to the media would be "plunging" and "soring".
A few things happen every time you make an investment.
- It goes up, and you think you are smart.
- It goes down, and depending on what kind of person you are, you feel stupid, or sad, or you blame someone else.
- It stays flat, and you look at all the other things you could have bought instead.
Think about that for a moment. None of those things are really healthy. We may think feeling smart is healthy, but its probably misplaced. Yes you were smart enough to discover crypto and read a few articles and watch a few videos, but it really came down to timing. We all know being in Crypto in the first part of 17 was insane. Everything went parabolic, the crypto selection really didn't matter. I can show you thousands of studies that show timing is mainly luck.
My advice, find the businesses you really believe in, store them safely, and hold them for the long haul. Continue to save fiat into crypto as you discover new things.
Yes, its fun to check this stuff out everyday and be on top of it, but don't make the fatal mistake of thinking you can out maneuver the market. The exits are to tight and all it takes is one crazy event to make things shake out.
You are very fortunate to be here now......EARLY. Take full advantage of the opportunity you found.
But, don't give yourself a heart attack!