I got into crypto thinking about a 2-5 year plan, I need to buy and be able to hold for 2-5 years, so I told myself, it’s best to DCA little by little this year as I am new at this!!! Bullshit!!! LOL, I caught myself slipping everytime the market moves. Every dip, I buy instead of small positions, I buy large positions to hold. What does the market do, it dips even further, LOL, and now FOMO sets in, but it’s not a big deal, I believe, “HOPE” that the market will be better in 2-5 years, so the fact that the market is in the red affects me because I can’t buy more, not because I am losing money! I understand markets enough to know that volatility is a good thing. The market is alive! So the short term fluctuations only bother me because I can’t buy more, so I have to pace myself and just buy every month like my original plan was and stick to it.
I find it very hard to stop my self from fomoing on every buy. I’ve just started to tell my self to wait one hour before I buy anything unless I’m dollar cost averaging my way into a coin. I did get wrapped up in the ripple hype and fortunately took some profits. but very little profit. so this market is teaching me to put my emotions off to the side and think before i jump now. I’m becoming a better and more informed investor over time. thanks for all the help peter and friends.
I HODL mostly now… My passion is teaching new comers who to setup and start using cryptos. Breaking down what blockchain is and how it will impact all of us in the near future.
Anyhow, the last trade I made was for HIRE tokens on HitBTC. Bought at a comfy price I was willing to enter, since the token has been red hot lately. No buyers remorse what so ever. Cost averaging is something I implemented from the b90x.
As the days grow, I’m becoming more confident and proud of my skills and experience through the whole process. See you all on the moon!
My last buy was BTC. I have a thing for round numbered bags. I made a poor buy because I wanted to have a nice evenly rounded number and even though I could tell that the price was probably going to make another dip (it did) and see resistance at the 200 day MA… I bought, because I like round numbered bags and I want them coins in cold storage.
I also got attached to a nice round numbered bag when it had gone up bigly X, and instead of protecting and preserving my capital… I held that round number. Need to avoid getting attached to round numbers and buying too much just to get a round number.
Need mo patience
Today was another difficult but very important subject. Learning how to manage our own emotions is a challenge specially when we trade.
For most of us who are deeply in crypto, this is very important and we need learn how to manage our emotions if we don’t wanna end up in mental house. lol
My last trade was picking up some TNC several months ago. I felt very confident in placing the order and Blockchain Brad’s vid helped turn me on to them initially. Since then, the price is down about half but knowing I got in for the long term play - I can say I have no doubt it will rise in years to come!
I was reading the chart fort BTC before I watched this evening’s stream. I did not pull the trigger because I thought it would be smarter to wait for a few sessions or not buy any at all. After noticing the increase in profit during consensus week, I decided to purchase some BTC. I felt great through the entire process before/during/after because it was an informed decision and I’m pretty sure that whether the price drops or increase, in the future it is not going to matter because of the crazy BTC GAINS coming our way
Last trade was today when I bought some more ICX. Emotion wise I was happy, ICX below $4, any dayyy. Also, I know the market is tanking right now but knowing that ICX is such a solid project and will increase in value overtime, leaves me at ease.
Are you still doing the DCA? I hope you are because you must have tripled your investment by now if you are. Definitely a solid project.
I have been, took profits too early though. I shouldve continued DCAing even to now but I stopped at the moment.
My last trades:
Because i just x3 the weight of my altcoin portfolio.
So for the past 3 or 4 days i had to build up my portfolio to a much bigger size.
That meant that i was under invested (only like 30% of my crypto funds invested)
And to make things worse i had already decided to get out of a few trades.
so instead of building/adding to the portfolio i actually was taking profits at set goals so my portfolio was looking even more underinvested. and some positions were out of balance.
In the end i decided to sell off everything and start fresh with a new portfolio, well balanced. and build it up ove a few days.
When you increase your portfolio, if you increase it in too big chunks at a time (like more than 20%) you will go through hell as your entire portfolio will look totally out of balance.
I’m glad i went through it. I knew i would feel that (i researched it before) and i went through it.
It’s true, increasing your portfolio by more than 20% at a time is hell.