Steem Secret #5: The Cost of Watching The Price!
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.
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
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.
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.
Keep a strong hand, man (;
There's a lot of potential with Steem!
Thanks for the information 😉👌
Look at this post please. https://steemit.com/bitcoin/@inversor/bitcoin-cash-value-triples-in-less-than-two-days
@inversor, please don't go around spamming the same comment all over people's posts! You'd be much better off actually reading and interacting with people's content. Be aware that some people might flag you and then you could lose ALL your rewards!
So right.
check that! .. problem is these folks don't look back!
Too late... his comment is already a ghost. 👻
I believe in you !!
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
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
Excellent strategy @joeparys
Thank you for your comment and support @churchboy