ā¼ļø Read Below ā¼ļø
Like a merchant, youāve repeatedly bought and sold several cryptocurrencies. Itās fascinating that digital assets have created a space of equal access to objects of financial improvement. Regardless of your social caste and financial hierarchy, there is only a little barrier between you and your next cryptocurrency purchaseā¦or sale. Millions have trooped in, and in only a decade, the number of cryptocurrency investors has grown as fast as bitcoin's price. In the right sense, itās a bit faster.
Buzzwords apart, cryptocurrency and blockchain are both impressive stuff. The solutions and how everything is structured are welcoming. Well, crypto Twitter can be toxic, but isnāt it the same with social media as a whole?
Youāve been fortunate enough, and your net cryptocurrency investment has been greatly profitable for you. Congratulations, if thereās anything the past month has taught us, making crypto profits isnāt as easy as it seems.
As long as you make profits, the conviction is that youāre doing it right. Thatās exactly how it looks. If itās the other way around, you feel youāre not getting it right, in the short term. Investors who have mastered the art of āflippingā can relate to swinging profits for profitsā¦sometimes.
But if you can relate to any of these, then you are doing crypto wrongly. Regardless of whether youāre in profit or not.
Doing any of these is, in fact, the wrong way:
Fear of missing out [FOMO]
Ā
So, you just heard that this project is about to announce a āhugeā partnership; maybe they already did. Price is going haywire, and the Twitter thread is going in the same direction. Youāre scared, scared to miss out on the next 1000x. youāre not alone, we are all in this together.
The most ridiculous cryptocurrency price rages are fueled by investors jumping in with little or no resistance. The DYOR rule is quickly forgotten, and the dumb money keeps flowing in. Sometimes this works. Other times, the dumb money becomes exit liquidity for earlier investors, and bag holders are made. Well, someone needs to take the shot, āscared money makes no moneyā anyways.
Buy high, sell low.
Ā
Alright, you just aped in. The fear of missing out won. Now youāre sitting on a bag of a token whose price keeps dropping. Sometimes the price is only stagnant, and itās easy to get impatient when those long green candles arenāt coming. Whatās the move? Time to move on? I guess so; unto the next āgemā. This move is common and sometimes could save your investment, other timesā¦well, the bloodbath continues.
Cryptocurrency investments require well-thought-out patience and deliberation. Good research should also influence your decision to move on and test different waters.
Ā
Fear of getting stuck [FOGS]
Ā
Pretty much like the above, you simply donāt want to be the last holder of this token. The charts arenāt looking great; most importantly, the community isnāt impressed anymore. The most anticipated move is more dumps. Price is already down, youāre probably in loss or reduced profits. Without due research, holding on to your bags doesnāt feel like the right thing to do. Cryptocurrency is ācruelā and getting stuck is a very possible situation. Oh well, if your fears win, you take the dump; otherwise, bag-holding will continue. Whichever one, youāre probably not wrong.
Living on delusions
Ā
For some meme coins, a $50 purchase gets you millions or even billions of tokens. For some investors, this is a sure bet to the millions. If the token ever hits a dollar, youāll be on the same list as Jeff Greene. Delusional, a popular hopium. For a project with over a trillion tokens, reaching one-tenth of a cent is a face-melting move. As face-melting as that of Dogecoin and Shiba Inu. Well, many Shiba Inu holders are waiting for the dollar mark to cash in on their millions.
Itās risky to use the word āimpossibleā in crypto, but some outrageous expectations are simply not thoughtful and wrong. Who doesnāt wish to turn 50 into a million? Anything can happen if $8,000 could grow into over $5 billion. But accepting reality is more relaxing than living in delusions.
Admit it, you can relate to at least one of the above. Fortunately, investing in cryptocurrency doesnāt have any known formulae. The only thing that exists are tactics that work most of the time. In the real sense, even the cleverest strategies could fail, and the dumbest ones could end in mind-blowing success.
ā ļø FOLLOW FOr MORE ā ļø
