Hi HODLers,
Most of the time when I see Crypto Twitter and "experts", I feel like screaming.
It seems that most people forget about these assholes shouting Bitcoin is dead when we drop 40% and "Bitcoin is going to 1bn$" when we are in a bull market.
My only EVER financial advice will be the title of this post. The most successful investors I know, especially in cryptocurrencies; have this in mind.
Old timers are more cautious than you think
If you are new to this world (new meaning you have been in crypto in the past for less than 2 years), then you might have or learn this the hard way. Most people who have been in this market during the 2017-2018 period remember the lesson we learned back then.
We continued accumulating cryptocurrencies and airdrop for the future "bull market" but as this one unfolded, I can assure you that 90% of these investors have set some stablecoins / cashed out some FIAT gains and everything going forward that is invested; they can afford to lose it.
Therefore if these experienced investors are doing this, shouldn't you pay attention?
Not to mention that even in the stock market, smart money and insiders are kind of net seller at the moment. I am talking about Bezos, Musk, etc...
More in this article: Big Tech CEOs are selling their stock at a record pace
Despite that we claim being different, when stocks go down, we go down. When rate will go up, we will go down (as stocks).
Crypto is risk-on and goes up with cheap borrowing and blue sky scenario. When shit hit the fan, don't expect anything to hold apart from Bitcoin and maybe Ethereum in the long run.
Cash out some, don't FOMO, don't leverage, DYOR and then you will sleep well at night :D.
This is my 2hives and I wish you a great day !
Stay safe out there, it is still the WildWdest.
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Oh, man... How I hate the word "experts"... lol... I don't know if you have noticed, but when this virus shit started, they are forcing the word "experts" everywhere... It's like a mantra that is repeating over and over again to convince you that X person knows what's doing, when actually, in reality, 99% are just charlatans...
The same goes for crypto... All these "experts" are speculators that have no idea where the price will go (as everyone else, including you and me...) and their earnings are usually mostly from video views and NOT from their "expertise" in trading or whatever they do...
And regarding the current sentiment around BTC and crypto, for me, it looks very similar to December 2017... But, as you said, I hope I'm wrong, but I'm prepared (and still tweaking certain things) for the worst...
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Hi @ph1102,
Thank you for this thorough comment and I can only agree with you especially with this part:
This is something we need to keep repeating to newcomers: Nobody knows where the market will go, which one will 10X, etc... Nothing is certain and the best way to generate alpha is for you to dive into projects. If you do, even if you lose money you will have learn valuable lessons, skills, ...
Stay safe out there man !
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There are no experts in crypto.
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Indeed, the experts bought multi millions dollars jpeg or blockchain game cards ! Which was very profitable but risky as well hehe.
Everyone needs to do what they are comfortable with and stick to it. Following other investors is the worst you can do.
Thanks for the support @nathanmars
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Don't care too much about outside opinion
It's not wrong to listen, but only absorb what you think has positive effect on you
If you're doing DCA and Hodling, just go ahead and do it
If you're doing trading and learning from experience, just go on, don't ever stop.
Sometimes, others opinion only drag you down, not up.
These are some wise words. This is your money, you should DYOR and invest according to your risk tolerance and objectives; not follow some anon jpeg pictures that will dump on you hehe
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In my own opinion, investment is not meant for the weak at all. 2017/2018 definitely taught people a lesson. I’m still learning when to take profit though.
Yes it is for risk on persons to be invested directly into crypto. But even for this type of investor, some forget to take profits and will regret it later.
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Yea I like that saying and it's why trading should always come in with a plan. You should always be prepared no matter what happens and I don't fault the CEOs for taking profits because they never know when the market will turn.
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Indeed, always be mindful when you are putting your capital at risk. Do not invest more than you are willing to lose.
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It is always important to balance your wallet at all times, take profit when necessary and hold when necessary too. It is important to know this and know peace
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Indeed, very wise words that I hope most investors do. This way you are sure to not become bankrupt if Crypto go into a multi-year Bull Market.
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Thank you @bhattg for the support ! I appreciate it very much
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My wallet is ready
I knew it would be ! You are a methodic blogger and investor ;)
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haha, thanks! I try!
I think, investment in crypt is always like that.
Yup, because you are wise and have experience in the space. Some think, they will never lose it all. In Crypto, you can lose all of your savings, literally.
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Yeah I think crypto is all about experience and I can say that the longer you have been in the game determines how well you can do.for instance a newbie will always make mistakes and ignoring opportunities while an oldtimer will easily be able to pinpoint opportunities and avoid mistakes
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