I find human psychology very interesting in this realm. We are super-excited when an investment skyrockets in value, but are torn with the regret of not having invested more before a surge. Then, when prices settle, we are upset when we should be excited about the prospect of being able to buy more.
We need to separate ourselves from the emotional reactions we experience when buying or selling crypto.
The reality is that the market could plummet further, so if you plan to sell tomorrow, I admit, it's probably not a great time to buy anything. But, if you plan to hold for any decent length of time, this is a very good time to explore the market and pick up a few interesting currencies at very cheap prices.
The trouble is, we all want to be on the winning team. You need to pick a "team" that is losing at the moment, but stands to make a come-back. That is not an easy thing to do - it goes against our natural survival instincts.
About 10 years ago, fresh out of college, I joined the financial advising industry. Your analysis of the human psyche in this real is so true! -and to prove how powerful those emotions are, I as an individual trained in the "real" still fall into the same traps.
What I would like to do, as I have just recently started actively trading again (not just 401k or IRA contributions) is set strict guidelines for each investment. Attempt to take the emotion out of it (good luck right!).
In the mean time, I am just trying to learn as much as I can about the crypto world as I was resistant to it until just recently.
You're welcome.
I find human psychology very interesting in this realm. We are super-excited when an investment skyrockets in value, but are torn with the regret of not having invested more before a surge. Then, when prices settle, we are upset when we should be excited about the prospect of being able to buy more.
We need to separate ourselves from the emotional reactions we experience when buying or selling crypto.
The reality is that the market could plummet further, so if you plan to sell tomorrow, I admit, it's probably not a great time to buy anything. But, if you plan to hold for any decent length of time, this is a very good time to explore the market and pick up a few interesting currencies at very cheap prices.
The trouble is, we all want to be on the winning team. You need to pick a "team" that is losing at the moment, but stands to make a come-back. That is not an easy thing to do - it goes against our natural survival instincts.
About 10 years ago, fresh out of college, I joined the financial advising industry. Your analysis of the human psyche in this real is so true! -and to prove how powerful those emotions are, I as an individual trained in the "real" still fall into the same traps.
What I would like to do, as I have just recently started actively trading again (not just 401k or IRA contributions) is set strict guidelines for each investment. Attempt to take the emotion out of it (good luck right!).
In the mean time, I am just trying to learn as much as I can about the crypto world as I was resistant to it until just recently.