Steem Secret #5: The Cost of Watching The Price!

in steemsecrets •  last year

steem secret 5.png

We have the choice to be excited when the Steem price goes up OR down! Finding peace in being here for the long term means seeing that unless we are interested in buying or selling, the price today is irrelevant. In fact, I hope the price plunges before it takes off to over $10 because I want to buy more. Ideally the price will go to about $0.10 or $0.20 to so that everyone of us hoping to buy more can load up before our spaceship launches! As the buying demand grows with the lower price, a huge investor is bound to see the opportunity of a lifetime to profit which may lead to the price blowing up more than $10 in a single day or week. It could go down or stay flat every single day until then.

When we obsess over the price each day, we are really blocking our opportunity to get to our biggest reward exactly as I did on my Bitcoin investments in 2014. Take a look at some of my first buys.

first bitcoin transaction.jpg

bitcoin buys 2014.jpg

Did I hold that until it went to over $4,000 and then sell? No. I obsessed over the price every day afraid of losing and guess what I did. I lost. A lot. All of the Bitcoin you see me buying in those pictures plus 30 or so BTC more I sold at just over $200.

Fortunately after taking months off and watching the price steadily climb, I realized I was absolutely right about the Bitcoin price but I needed a way to not be emotional about it. I started buying $1 an hour of Bitcoin in mid 2015 leading me to have close to $10,000 in Bitcoin by the end of 2016. I sold it all into a Dash masternode and sold that for $87,000. Today the Dash price for a masternode just reached $315,000. Absolutely unbelievable! With more patience, I could have slowly bought into Steem and had 315,000 Steem instead of 51,000. Only 228 Steem wallets out of over 300,000 have more Steem power than 51,000 already so what difference does it really make? Where does greed end and satisfaction with what we have begin?

Today I realize that to have a lot of success I need a lot of failure as well. What looks like a mistake in the short term often turns into the huge long term gain we originally predicted. I knew the price of Bitcoin would blow up long before most and yet I made a relatively small profit because MY OWN IMPATIENCE sabotaged the majority of the opportunity.

So what if we bought Steem at $1.30 and it is $1 today? With Steem being guaranteed to reach $10 in my mind, the more the price drops the more I have a chance to get more before it blows up. Do I care today whether I bought Bitcoin at $200 or $300 or $600? Nope. The majority of the profit would be irrelevant to the original price.

We have everything in position here on Steem to rocket into space. The question is when? I believe the answer is within six months. Therefore, every price drop is effectively a sale that once the price goes to $10 may come again when Bitcoin is the same price.

I hope sharing this secret is helpful for us today in enjoying our time on Steem and seeing the true cost of constantly checking the Steem price!

Love,
Jerry Banfield

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Great, I love to read your stories, you are a source of inspiration, you are not afraid to tell your failures, indeed, you share them so others do not make your own mistake, you have all my respect.

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This post received a 3.9% upvote from @randowhale thanks to @voghera! For more information, click here!

That is all right and great but if you want to live from your posts like me than the low price forces me to cash out more Steem than I woul like to do. I hope every day that Steem goes up at the end of the month or I will loose more of my precious Steem than I like.

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Keep a strong hand, man (;
There's a lot of potential with Steem!

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This post received a 2.5% upvote from @randowhale thanks to @musclenerd! For more information, click here!

Thanks Jerry. You are a great inspiration.

Do not trade on emotions. Check out my analysis of Steem prices. This is my 2nd post on SteemIt (apart from the self-intro). Cheers!

https://steemit.com/finance/@tradersharpe/steem-gaining-steam-over-bitcoin-2017-08-21

Totally agree .The hardest things to learn when we first start are the control of FOMO and FEAR, and like you point out they are both emotional usually detached from calm rational thinking. Thank you for the encouragment. Reading this post and the comments helps me realize I'm not alone, most of my family and friends think I'm nuts

Thanks for sharing

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This is really the secret of Jerry revealing to us...thank you Jerry you are indeed a blessing. I am now planning to buy more steem and hold it long.

Why does Steemit not have a search option to find users...? This a huge mistake in my opinion.

So true, I sold OmiseGo when it was 1.64$ and look at it now...In my opinion, all good projects will seem really cheap 3 months from now, so keep calm and steem on haha thanks for the reminder @jerrybanfield ;)

I have been listening to this news from my friends, those who have once been in steemit, I just joined,
And when reading this post, it's true, that steem within 6 months, will be $ 10.
This is amazing.

Your posts are always interesting and full of useful information

Love to jerrybanfield

Thank you so much for sharing this @jerrybanfield I feel the same way about watching the price. Its like we think we are winning or losing money right before our eyes, when in reality its just numbers on a screen. I have learned through your post here to buy in slowly and be PATIENT! Dont we all just want to get rich quick? Of course... but in reality that money never STICKS and it slips right though our hands before we even have a chance to hold it. Thanks again for this wonderful post! I will be investing $500 a month in STEEM no matter what the price goes to!

Sincerely,
@joeparys

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Excellent strategy @joeparys

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Thank you for your comment and support @churchboy

I totally agree, I look at Steem definitely as at a long term investment and the price is irrelevant for the short term as long as I see that Steemit has value and not very far in the future should push the price of Steem Token significantly upwards.

Don't worry, all alts will grow with the market rising and Steem as well as it already happened loads of times

I couldn't agree more. Watching prices everyday is a very harmful thing. I follow an indexing strategy that focuses on owning the millionth of supply. Only look at prices and re-balance about every three months. Take a look, let me know what you think? https://steemit.com/bitcoin/@cryptoeagle/what-percentage-should-you-invest-in-each-cryptocurrency-to-become-a-millionaire-a-guaranteed-winning-strategy-updated-8-19-2017

To be honest, i'm still fighting the urge not to power down. Lol. I know Steem is going to rise up in the future. I'm still practicing patience. :P I'm also trying not to look at the Steem price every day. Just as you said, @jerrybanfield, the price right now is irrelevant if our intention is to hold for long-term gains.

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I understand! I have got frustrated a few times and thought about powering down also but not done it! Technically I hit the power down button once when I started just to see what happened but then turned it off. Most of us get in our own way more than the rest of the world ever does!

You got it @jerrybanfield ! when i first saw your Post in Facebook it was like

wait whut? a social media that pays you for sharing your thoughts?
at first it was like Nah! this was not true. but when i come deeper to your post i realized that Hell yeh its true! haha

Thanks to you Dude, I'm here at steemit because of you, looking forward about this new social media i hope i get any personal advice or tips from you in the future!

Cheers!
@itsokimaj

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youre right. this is the GREAT media social
STEEMit will be BIG in the future

@itsokimaj lets trade upvote :)

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Let's hope for the best guys :)

This post is necessary reading for anyone getting into Cryptocurrency!

Every day, people ask me, "Is it still a good time to buy 'X coin'?" or "have I missed the boat on 'X coin'". Then when the price goes down once they buy it, they ask me "Should I sell X coin".

In the long run, if you get in at a reasonable entry point and strongly believe in the coin's potential, the price you buy at is irrelevant.

Great post!

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Thank you Michael for sharing that this was useful for you!

great attitude as always Jerry.. this is one of those rare occassion when being emotional is really not something you want to do! Luckily Steemit is SUCH a good distraction i hardly look at the price anymore..

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Thank you Alex!

In order to get successful you have to fail and learn. Behind every successful man there are dozens of fails. Just remember this picture - it's my favourite!

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Great image, it says it so simply.

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That picture illustrates this perfectly! 😀

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Thanks for sharing this!

you are absolutely right ,will buy some steem right now. very helpful post. thanks for sharing

Life experience , Base work of foundation.

I have my own little secret @jerrybanfield

Can you guess what it might be?

I would LIKE to try to HELP the rest of the STEEMit COMMUNITY one last time....

When it comes to:

BUYING

SELLING

TRADING

Thanks @jerrybanfield - this is exactly the information we need to hear

Good perspective to take!

Good point, hence why I always preach to buy low and power up...

Pricewatching is a dangerous (pre)occupation... as you found out. It might work if you're a "day trader" but I consider that closer to playing the lottery than investing. Aside from that... I'm in for the long run, and suggest "buy and hold" and "buy more on the dips."

Just getting into the crypto world. I bought my first Steem Power today! In the days to come, I hope I will have the patience and self control you suggest in your post. Thanks.

Wowow, very good information thank you very much for sharing quality post you see that every time the cryptomoneda is improving

I am a fan of you through YouTube....Your all topic is amazing.....

Forgive me for asking a stupid question but: where do you "buy" Steem ?

Patience is a virtue. I experienced being impatient many times when it comes to crypto 😅. As time passes by, I'm learning my lesson.

good post, always perfect

Watching the squiggles (as I like to call them) such a waste of time. Sage advice!

My reply is much the same as many others who have faith in this platform, keep on interacting and earn SP. Getting worried over the fluctuations in price just distracts you from what you should be doing - Steeming on ahead.

Man, I really needed to read this right now! Thanks Jerry! I almost dumped my CVC because I was getting impatient.

I've had the same problem of letting emotions cloud my judgment especially when I tell myself something is a long term trade. I've done this with stocks plenty of times...I'll get in and have a price / profit target in mind but then if it drops after I buy it then sometimes I've panicked and sold for a loss only to see that I could have held and made a lot of money after the fact.

I'm not making that mistake again. Bitcoin cash is a good example of my sticking out red days until the worst passes. Even though I didn't pay anything for it, I was sad to see the price drop into the $200's after the initial spike over $1,000 initially but eventually I stopped checking the price every day and this morning I saw someone post something on steemit about BCC hitting $800. Nice.

I expect if he knew most people Steemit it pays to members of writing articles and useful publications was taking the place of Facebook and Twitter, instagram, and became very strong currency and price then approached by Bitcoin

I completely agree with you!
I hope the price goes down to buy more!
:)

Why do you think Steem is poised to go up? Is it the free transactions? Is it all of the apps for Steem?

What I see is sell pressure. People take rewards and sell it. There is buy pressure from those who would want to influence opinion here or speculation.

A dollar converted to 1.7 mBTC in January is now worth $1.20 in bitcoin cash and $7.00 in bitcoin cores. And the year isn't over yet!

Maybe it's similar with Steem.

Well Steemit is kind of Long term investment. So steemians shouldnt be worried about the Steem price fluctuations. I am very optimistic about Steemit really.

the best thing about $10 steem is voting power will be amazing to share.

100% agreed. One of the biggest risks in the world of cryptocurrencies is emotion. Yes, I've fallen for it too and thus wasted numerous oppertunities to make significant profits. I think one has to be very experienced and / or fulltime active to actually be succesfull in day-trading. I don't have the time or experience so I'm not even gonna try anymore.

Good post ... !

When I woke up this morning and saw the price of Steem, I dug up $100 and bought some. If it keeps going down I will find a way to get more. Steem On! In for the long haul!

Thanks for your perspective. It is very helpful for someone like me, who is new to all of this. 🙂

Thanks for the info. Very informative, and I learned something from it!

Congrats! This post has been selected at random as a part of our promotional campaign for a free resteem. Learn about this new service

Very informative! 👍😉

So true . Unless short term profit or loss is the plan who cares about the daily . Well thought out as always .

On it mate! thank you for this. Really need to hear this!

Absolutely holding into steem and converting it into steem power.

As always, great post! @jerrybanfield I always try to think long-term.

Cryptocurrencies are about patience :)

Thank you, Jerry, for posting this. It teaches us a great lesson in patience, something that's not often talked about these days, or really ever. It also takes a great deal of humility to publicize your mistakes so that others can learn from them, and that makes me respect you even more as a teacher.

Hope we can all continue to learn more from you and grow the platform together!!

I think our patience will be rewarded , it's these struggles of the market that we have gains or loses

I agree I want it to go a little lower maybe .75 cents but as much as I truly believe in steemit. .10 cents may give me a heart attack so lets not go that far please lol. only one thing to say in this situation though... said best by Hunter S Thompson

"buy the ticket, take the ride"

Just don't lose that ticket ;D ( HOOOOLD! )

HUGE gains around the corner couldn't be more excited.

haha who are these guys upvoting their comments :D

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I believe Jerry is right in the price going up in the future. Therefor you should try to build your steem power but that doesn't mean you can't put some in saving and make some income from your savings.

I hope the price plunges

Would you consider not saying this again publicly because it is an illogical statement? You are holding stock of a decentralized company for which you are working.

You can't hope for its price to go down. You can hope for it but it is very illogical.

If the price never goes down you can buy now and you'll be a winner even more so than if the price goes down before you buy.

The rest of the post was okay.

Thank you for the education in context.
How much could we all make if we were just a little more patient. If we had just taken a chance sooner? We can be consumed with ifs, when what we really need to be doing is taking the lessons and using what we learn to make better choices next time.

Thanks Jerry! Have a great weekend!

Just like stocks - prices go up and down. Need to think long term. I am working on building my SP. Thanks Jerry!

nice sharing
upvoted :)

Awesome, I didn't know much of this. FEAR and FOMO are huge. Getting over them helps your whole life though!

Wow amazing.!
God bless you @jerrybanfield

Thanks for sharing info:
Keep posting

Absolute truth! I have no intention of ever selling steem. I will always have some if it and I buy more each chance I get. The opportunities are endless. It is always good reading your posts.... Loads of encouragement and benefits from your experience. I follow you everywhere. Thank you for sharing.

The trading volume at Steem is 260$ million
When the volume reaches 2$ billion, the price will reach 8$

I like that your information is valuable

@jerrybanfield. There is hardly any doubt as to whether long term HODLers will get good returns. But when prices of promising cryptocurrencies plummet significantly(as percentages over the origin one) in matter of weeks, we tend to work out how much more we could've collected with the same budget. I think this hurts more than the monetary loss. Maybe it's just me, dunno.

Buying and hodling is the key in this space, I trade a little and doing ok at it, but hodl everything!!

Great Conversation, I feel like Ive made allot of similar moves at a smaller scale since Ive started in Crypto, this post definitely has helped me shake of some Fomo

Thanks for introducing "SteemIt to us ! Love You!

hodl! tip!

Hi @jerrybanfield! @cardboard is sending you 0.12 SBD tip and @tipU UpVote :)


@tipU quick guide | How to check your pending payouts.

you are complete right, steemit is the future!!! thanks, i like your post!

Hi Jerry! I'am verry glad that finally I have opportunity to say thank you for all of your energy you put into education others. I spent with you many hours on youtube, realy thanks for all knowledge you shareing. I Want do things for others in my country as you do. Please help me be a good example and be a good example go vist and share my first posts, i know you have big community range and it will be easy for you. I know you well go and see my little introduce. https://steemit.com/@polishvegan :)

Thanks for the tip @jerrybanfield. I think the value of steem will be higher eventually like what happened to bitcoin in the past.

hiiiiiii
have a nice day.

Congratulations @jerrybanfield!
Your post was mentioned in the hit parade in the following category:

  • Upvotes - Ranked 3 with 552 upvotes

upvoted

Thank you for a very informative post!

Moral of the Story: Buy & Hodl Steem as Steem Power.
It blows my mind that soooooo many people still just trade it :D
They must not know about Steemit yet...
Dope post Jerry! Glad that you admit your mistakes; Some people don't (:

yes you are right i agree with you jerry ban

The first lesson of trading is: sell when it's up, buy when it is down... nothing more, nothing less! There's no way to sell at the top and buy at the bottom unless pure luck!

Great Post.

With the overall market cap surpassing $140B, with a B, to say that crypto is risky investment would be kind of foolish. (Assuming the investee has done SOME market research) I know what its like to sell and regret down the road. Anyone who has followed cyrpto from the beginning or has done their due diligence knows that you can come into the market today, and see positive gains in the future as a buy and holder. Fundamentally speaking, crypto is a positive investment and the raising market caps are a clear indication that you will make make money with crypto assuming you are human being with basic knowledge and can read. Get a job, do your research, invest and Be patient.

To the future

I just love how you approach your topics of discussion. There is no fluff! You just get stuck tight into it and lay the facts out.

In fact, I hope the price plunges before it takes off to over $10 because I want to buy more.

Today I realize that to have a lot of success I need a lot of failure as well. What looks like a mistake in the short term often turns into the huge long term gain we originally predicted.

Absolutely @jerrybanfield

Six months and counting ;)

Great post as always!!!

Seeing as we are getting to know one another in this awesome place and space - I thought I would share this with you... https://steemit.com/steemit/@jaynie/welcome-to-my-world-a-little-bit-of-me-in-10-questions

and please note... I used my face again lol!!! (i am going to run out of decent photos soon... I don't have many...lol (not in my opinion anyway) - about that personal photographer... hehehehe ;)

When Steem is Down

Either

a) Buy Steem

OR

b) Post More :)

FOLLOW ME PLEASE

You make a good point. It's silly to get Anxious . Nice post. Good for you on being vigilant. :)

thanks for sharing

Great information Jerry. I'm wondering how you store your Steem tokens. Do you have a hardware wallet that can store it or some other means?

Thanks for starting this thread. Thanks for bringing this to our attention. The fluctuating market will result in the greatest price swings any market has ever seen. Do you know this interesting site? https://www.coincheckup.com This site is really helpful in my coin research. I don't know any other sites with so much indepth analysis. On: https://www.coincheckup.com/coins/Steem#analysis To check Steem Detailed report.