To the new Crypto traders out there… Watch out. Here is some advice for this bull run.
I remember being introduced to Bitcoin in mid-2017 and finding the crypto markets extremely exciting. It is fair to say that there was not as much variety of the menu as there is today, but let me just tell you, the bull run felt like it was going to last forever just like the feeling we are having this year. Watching the charts on an exchange was simply thrilling! How can my money just double, triple, quadruple like that? That’s some crazy… and before I could even say the words… BOOM.
It is all fun and games. But in the second the wick of the candle is over, all we have left is melted wax.
Don’t take me wrong, hold for dear life another 4 years, and you shall have your return, only on the cryptocurrencies that last. As for me, that was only a hand full. At this point, it is still pretty hard to predict which ones, no matter how big of an expert you are, no matter which pump groups or communities you belong to, the bull run is eventually going to be over, and it is important to prepare for that.
Also, it is important to know that right now, we are far from the accumulation phase, when I say far, I mean very far. At this point, many traders, holders, and investors already placed their bets a long time ago. The question you should ask yourself is if you are just entering this market today… Should I risk and go in now, or wait until the next party, the next accumulation phase, when everyone is not as interested?
Think of it as a concert… Some people bought a ticket to this concert a while back, they have entered the stadium early and are there waiting for the concert to start. If you are not inside yet, there is truly no way to know if the concert has started (you are not physically inside to see), but tickets are still for sale. You have the option of buying it and getting in, but the concern may be already halfway into its end, or by the time you arrive, the concert could be overall together. Truly what’s going in inside the stadium is unknown to the outsiders, but one thing everybody knows is that there is a chance that the band comes back and play again in the same stadium another time. And in that case, you can buy a ticket in advance.
However, that’s in the future. And that’s not for sure because who guarantees that the band will still be together and playing? You see, crypto is a little bit like that.
We think about reserving that ticket for that special concert way in advance. But few of us buy on the ticket box opening day, others wait to purchase at the door (maybe even cheaper), while others just don’t like the music anyhow. It is a choice.
If you remove your emotions away from the process and listen to less noise around you, I bet you will find what you want and will eventually find your way to get there. But would you pay expensive to go to a concert that somebody else (who you do not even know) likes? I do not think so. My advice is to invest in what you like, on what you know, on what you think will have a long-lasting life. Whether that’s a stock, gold, silver, cash, real state, Bitcoin. Put your money on what you believe in, not on what others believe in.
It is truly up to you to know what you like, to know what you are looking for. The future is unknown to everyone. But during the journey, we learn a lot and find ourselves.
Best advice one that I have to learn how to implement myself: Try to TAKE PROFITS from time to time when needed.
All my best
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