Investing in cryptocurrencies has not only opened my eyes to a whole new world, it's also making me think about my own emotions, my discipline, my greed, my fear, my goals. I have never done so much self-reflection, all because of bloody blockchains.
I really only got into cryptos to make a fast buck, to become mega rich. I invested in cheap coins that I thought were okay with the expectation that they would moon like Bitcoin. Of course this hasn't happened. Worse still they plummeted and so now I'm a Hodler of some good and not so good coins.
To be fair my intention was to be in for the long term, but as I watched coin values go up and down in giant waves, often in a single day, I decided I wanted to get a part of this because, lets face it, being a hodler is boring. I want to see some action in my accounts. Plus my greed DNA kicked in I think.
Being a Hodler is easy, set and forget pretty much.
Being a trader, on the other hand, is a lot more stressful. My aim is to make 10% a week and keep reinvesting everything in order to grow the pot. And this is where my self-reflection kicked in because being a trader is difficult and stressful.
At least my financial security and income doesn't depend on my trading ability, and if worse comes to worse I can always turn cryptos I'm stuck with into hodlers.
But I still need to work on my discipline, my fears and greed, and my ability to stay focused and believe in the course I've decided to follow. I know I can do this, I've just got to keep believing in myself.
Mind you I'm still into making a quick buck so after doing a bit of research I've invested in my first ICO. Let's hope this comes up a beauty.
All the best in your crypto journey, hope you're having as much fun as I am with less stress and less beating yourself up.
The good news is you have identified that the key art of trading is taming your own psychology.
The bad news is you probably have a long way to go. Trading depends on capital. The science of trading is about building your capital and about protecting your capital. That takes time and experience.
No argument here, I want to grow the money I have already put in rather than continually adding more. And that's another area of discipline because I need to have more patience and not get distracted by the next shiny coin. Thanks for the comment.