I love how everyone is saying next support level is 7.2k, 6.2k, 4.8k, 2k etc.. The truth is no one knows. This could be the bottom, this could also not be the bottom. If your long crypto buy some now. If your short crypto, panic sell and go do something else. I just think it’s hilarious that everyone “knows” where this market is headed. Whales control this market, no one else does. When they think it’s time for the next run up they will do so. All I know is you gotta be in the game to win & that’s where I am. Time in the market >
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Serious investments have nothing to do with emotions or greed. As long as you just „wing“ the market you‘ll never have any control over what’s happening and the worst part: you‘ll beat yourself up for almost everything automatically. You could sell your coins with a 1000% profit and still be disappointed when you see it going up another 500% weeks later. You could watch your favorite coin mooning and get all excited about it just to wake up to a 50% loss cause you didn’t sell. What i‘m trying to say is if you don’t set yourself some strict rules you act upon you‘ll probably find yourself contemplating about what you should or shouldn’t have done. That shit is exhausting and extremely unhealthy.
The beauty about rules is they‘re rules set in stone. There’s no room for „what ifs“ anymore. You just follow your rules (somewhat like a robot) and pretend that there’s no other option. That‘s the only way to reduce your stress level to a minimum. Winging or trying to time the market might work for a few lucky ones because they were lucky but lemme tell you, it wasn’t fun for them.
If you are fairly new to the market (like me) and you‘re not in for the thrill or gambling (which would be totally fine and obviously works for many) you should try to figure out what your goals and motivations are. Once you figured that out there should be somewhat of an outlining for your rules to follow.
I invested in late October 2017 and since I know myself pretty well I set myself some rules even before I started getting verified on all those platforms. Overwhelmed by the bull run that followed I ignored all of those rules and turned into an emotional nervous wreck who had no control over his investment. I‘d just check my portfolio every 30 minutes and react emotionally to the digits. Even if I wasn’t planning on making any moves. Now that’s plain stupid. I lost myself to the excitement of gambling. For a lot of people checking your portfolio is the same feeling as looking up those lottery numbers. „Did I win?!?“ And if that‘s all you want that’s cool. But if you find yourself stressed out regularly and feel somewhat helpless or not in control, it’s because you‘re not in control.
For example:
I only invested money I am totally willing to lose. So, my #1 rule is: never sell at a loss. Never ever. That may sound very stupid or ignorant to some investors. That may be because they approach the market from a whole different perspective than I do. Like I said, it’s very important what YOUR vision, character and goal is. Rule #2: as soon as I hit 200% profit i‘ll sell 20%, leave the rest, wait for it to hit 200% again and take 30% and so on. Those are actually MY two golden rules.
Like i said greed made me forget about those rules and I „lost“ a lot of money by not following them. I also gained a lot of money by not following them. That‘s not the point tho. Everybody gets lucky sometimes. But luck is no basis for smart investments and I would happily trade those lucky gains for all those minor panic attacks.
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