Special notice to my fellow Crypto speculators:
With BTC struggling to get back above 10k & the waters getting a bit choppy in this early stage of the bull market it’s important we preceded with caution, using common sense with reason. Preserve capital, don’t trade with money you can’t afford to lose & always use stops.
The Dark Side Of The HODL
The dark side of crypto – Looking at my portfolio on my Coinfolio app I was pretty pleased. Considering I was up 70k from investing 7.5k. This was on January 16, 2018. I pondered, should I take profit or keep HODLing? No, why sell now when 25k #Bitcoin was right around the corner. But what if all the indicators were right & a correction would be coming soon? This is the dark side of crypto.
This is what happens when you become too cocky & start throwing caution to the wind.Fast forward 5 months later & we were in the thick of a bear market. My 75k account was back down to 7.6k – just above break even point. I don’t feel to bad when I consider those who bought BTC at the top, but I do wish I had sold when my 1st mind told me to.
FOMO & FUD
FOMO – Fear of missing out – is a huge issue, not just in crypto but in the stock market as well. We all have looked at that one crypto (Ant shares anyone) watched it pump & kicked are selves for not loading our bags with some. The thing to remember – & I will apply this myself is we live in a world of ever expanding opportunities. FOMO at its heart is the scarcity mindset made manifest in you. Once you accept the fact that we live in a world of abundance that way of thinking can be eliminated. When one door closes others open.
Fear, Uncertainty & doubt – better known as FUD, is the twin cousin of FOMO. The coronavirus will cause the economy to go into a recession. The Fed cracks down on crypto. A major exchange gets hacked, etc. etc. The list goes on & on. But these fears can be eliminated quite easily through planning & strategy. Remember all fear is – false evidence appearing as real. If you enter into the market & you have trouble sleeping at night that is simple a sign that you are over exposed and/or don’t have the needed education to be in the trade – education & not betting the farm is key. You should also understand you risk level tolerance & commit to staying true to it.
Keys Too Winning Crypto
With all of this in mind here are my top techniques for winning in the upcoming bull market.
- Take profit during short term run ups
- Set stops – although I don’t leave money on the exchange I am still setting my sell alerts to limit losses\lock in profits
- Buy The f@#k’n Dips – this was the strategy I used in the previous bull run, but I will incorporate this even more as we get closer to the halving even
Conclusion – Resisting The Dark Side
Controlling your fear & greed are key to not being pulled into the dark side of crypto. This also means tuning out the hype as well as not letting bad news drag you down. You will only end up buying on the way up & selling on the way down. Buy high & sell low – is how 90% people lose in all markets. I plain on making a killing but will precede with caution in this highly volatile & speculative market.
Correction: previously I stated that my account started out with 12k. The number was actually 7.5k – 2.5k worth of Bitcoin & Ethereum & I purchased Teeka’s crypto report for 5k, so roughly around 7.5k was spent.
Note: This is not financial advise & is for edutainment purposes only. Securities trading\speculation involve a level of risk & Crypto investing\speculation is a highly volatile market place, please only invest money that you are comfortable losing. Remember to ALWAYS use stops