I started investing in cryptocurrency with the mindset that we should not lose the opportunity. And for this I set aside a money which I can afford to lose. This is because cryptocurrency is not linked to any real life values like the stock market. So there is literally no way to predict its future. So some money which we can afford to lose was the right thing to do.
This all sounds logical in theory. But when it comes to practical our minds change. So did mine. I first started with a small amount and let it simmer for a year. I did see huge gains so I increased my stake in the account. I bought more (fraction of ) coins. This again gave good results.
Now I started to forget the right thing to do. Which is to invest what I can afford to lose. Remember this was because I saw good results. During this journey I saw a lot of ups and downs in the market. But since I was invested for the long term I did not worry about the dips. But there was one thought that kept bugging me. That is why not trade?
The idea was very simple again. Invest in the dip and exit when its at the top. Again in theory it is very good. Following it is very difficult when I see that the coin that I just exited is still going up. My mind says “oh man you missed the fastest train to earn money”. And then I invest thinking at least at the last minute can I get some piece of the action. So I invest again. And then when I get locked down with trading. The moment I invest it starts crashing down.
This has happened many times. I understand I have lost the money only because of my impatience. Its ok to get on a trade sometimes and its perfectly fine to miss some as well. But my greedy mind wanted go get on all trades. Please do not make that mistake.
I guess that amount of maturity and patience will come only with experience. For now I have decided not to trade and to simply stick with long term investment. Partly because I don’t want to lose my capital. But mainly its because I read somewhere that the market only lets people get rich who are ready to wait.
So I wait.