In crypto, the impatient wins.
“Patient dog eats the fattest bone”... sounds like an African proverb. I’m not sure of the origin anyways, I’m not sure about its validity either. It was probably more correct a couple of years ago. Regardless, patience is a virtue; not always…especially in crypto.
Bagholders are a special set of people in this space, the most valuable set of investors. Everyone bagholds, at least once in a while. Holding on to a ‘poorly’ performing asset is a struggle between patience and hope…'hopium'. Or a struggle between patience and greed when the asset is performing considerably well. Whenever you hold back from hitting that ‘buy’ or ‘sell’ button, any one of these wins. Well, patience is the base word.
That works, a few cases; some other times, it just doesn’t. A fast-moving space like the one we have in crypto is one of those few instances where holding on turns out to be the wrong move most times. Gains or losses, it could come at any time; unfortunately, these two can happen in (very) quick succession. Anyways, if you are here for the technology, profit or loss might matter a little to you. Making a few quick bucks doesn’t sound bad either.
The popular preaching is to ‘hold on for dear life’. Let’s face the fact, most times this doesn’t really work. The path to bagholding is an easy one. Waiting for the millions and settling for a few thousands or hundreds is a quick turn of events here. The greed index is volatile, this in turn results in price volatility. Normal price movements is in response to human behaviour. Apart from this, a space as unregulated as crypto’s might require you to “take what you can, when you can”. There’s hardly an assurance. The extent this happens depends largely on the nature of the project.
Highly speculative projects are prone to sharp price movements. They are prone to ‘accident’ as well. Most times, these accidents are deliberate and investors are left to mourn grave to mild losses. Well, ‘patient’ investors. Impatient ones probably took all or part of their profits already; in this case, they win. This case is becoming more prevalent. Lack of regulation in the space gives way for speculative short-lived project. Huge pumps, ridiculous dumps. Investors are easily taken unaware by the quick turn of events. Patience fails them here, unfortunately.
A rather clever move is putting patience to a halt and taking your capital out when a speculative project moves tangibly. The remainder can run along. If the dump strikes, your capital is preserved and a little profit if you’re impatient enough to take profits.
This is not financial advice anyways, just a piece from individual experiences. Holding on to relevant projects for long term could be very rewarding. Finding these projects from grass root, could be a very tedious task though.
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I love the last part. Holding to relevant project for long time can turn life around especially when the project is a promising one. Just like what you said it is not a financial advice.
Hello friend, certainly in a market as volatile as the crypto market perhaps patience can play against, I think common sense should prevail, as you say, in a highly speculative project it is better to take the profits you can at the time you can, waiting for more rewards is to risk the project collapse and take everything, in more stable projects perhaps if you can be more patient, but always remembering that here there is nothing guaranteed.
Facts! thanks for taking time to read!
I agree with you, that it's advisable to take your initial capital whenever you make huge profits, and let the rest run. This way, no matter what happens you've already preserved your capital - which is very important for an investor. Thanks for sharing!
Thanks for taking time to read!
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Hi friend
For the speculative projects it is a case of high risk and high returns.
however it becomes very difficult to know the entry and exit points. Perhaps not everyone's cup of tea
Hi @joelagbo.
The little time I have inside the blockchain, has shown me that having patience and waiting is the key to success, on 2 occasions for letting myself go of fear and despair I had losses of my money and then the market returned to normal, and I ended up with regrets, over time I already learned that we must always be patient, everything will come in due time.