Patience is one of our highest virtues, it often pays months and years of struggle and dedication, backed by trust, confidence and a hard nailed goal that should pay for the wait. I'm not a master of such virtue, but I've tested its huge potential over the years and I consider it the number one virtue for investing in crypto.
The getting rich quick scheme is not suited for highly profitable investments and moguls of immense fortunes are proof of my saying. I doubt Warren Buffet has piled up fortunes upon fortunes without having patience and using it wisely.
I have a friend who has invested in crypto back in the beginning of 2019, after multiple long talks with him and explaining to him the basis of crypto, how it's going to impact the world, what financial opportunities lie within such disruptive tech and why I have advised him to invest a very small part of his economies in cryptocurrencies.
He bought ETH after I have convinced him to, and became part of the crypto revolution. 10 coins to be more precise. He hasn't been interested in learning too much how to use wallets and care too much about the safety of his assets, so he stacked em on a Poloniex account that I have created for him. He played a bit with trading, mostly during weekends when he got bored, and ended up spending 0.75 ETH from the 10 he owned on bad trades and fees.
Important to mention that he acquired his coins for a price of $115 per ETH. A hell of a price I'd say. How I wish to be able to buy ETH once again at $100. He held those 9.25 ETH for more than year, not moving them at all, just asking me once in a while how the price's performing, whether he should sell them, if they will ever get to $1,000 again and so on.
On October 2020 he called me and said that he wants to sell his ETH. He's planning on building a guesthouse in the area and needed €20,000 to buy the land for it. Hence he kind of sold plenty of his toys and stuff he considered is not worth holding anymore, ETH included. He came to my place, logged in from my laptop and sold the 9.25 for fiat at a $400 per coin price. He made some profit, no doubt about that.
The amount of cash that he got for his coins could be translated as around 15% of the price he paid for the land, around €3,000. Again, he sold on a profit and profit is profit, but had he held all those ETHs till date he'd have around €15,000 on them and that's three quarters of the money he needed for the land. He lacked patience and trust. He was afraid that the land would be sold, didn't have the patience for the price of ETH to go up significantly and had basically no goal with this investment and no real understanding of market cycles and the technology making crypto so valuable.
I've talked in a previous post about wishful thinking in crypto and said that it's pointless to simply hold a coin until it reaches your exact astronomical target, because it might never get there. Having a goal though, an approximate profit to pull off the table and get to understand the direction the market's making, will make almost anyone in crypto a lot of money.
I have numbers in my head as well, like for example UNI to $300 by the end of the cycle, but I have no clue if it will ever get there. Looking back into the history during the previous bull market, 50x to 100x for most of the cryptos listed on exchanges over the whole bull cycles have been pretty normal, so my target is quite achievable, but that doesn't mean I'm not selling unless it hits $300.
If the market starts looking bubbled, and the overall sentiment in the crypto space becomes overhyped I'm out, or at least setting stop limits and dollar cost average on the way down. Not selling cheap though and trading big dreams for peanuts. I know what's the magnitude these things can get to, I also know how steep the slope down can become, but not selling cheap.
The only differences between the ones that will make nice returns on their investments in crypto and the other ones banking peanuts money are the fact that the first category has patience and goals and visions. They've got themselves on the highway and are driving all the way to Disneyland. I can't grant anyone this coin or the other will hit a certain price target, but my word of advice would be not to sell to soon.
I have plenty of experience with selling too soon and not willing to repeat that once again. I believe that we're no longer in quite the early stages of the bull market, and tend to believe that by the end of the year the market will start deflating itself, but what I am sure of is the fact that we haven't seen FOMO yet. What we currently have's not FOMO. BTC hasn't seen FOMO yet, ETH either and HIVE definitely not as well.
FOMO is one metric that I will use, combined with different views from certain more experienced folks than I, and a few charts, in scoring the maximum ROI I can. I have big dreams with crypto and not gonna sell them cheap. That's for sure.
Images courtesy of unsplash.
Thanks for attention,
Adrian
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All true. This is my first bull run and I am already dizzying with the price action. I have no idea where is the good entry point on any of these coins. I have to say, everything is looking green now and I am dazzled. If this is not the peak then I am not sure what will happen to me when it peaks.
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I believe that's not the peak. Many coins, including large cap ones, haven't even broke previous ATHs and just a few have blown their previous ones. I'd say we still have a few good months of upwards movement.
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Hehe, i sold mine with 200 i think after i bought them with 25 probably. and i bought litecoin, the new crypto with some of the money.
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Not bad. $1,400 would have been ideal, but hard to nail the top.
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i think the peak will be on december
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That can be true. The end of the year is when it all gets fun.
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