Be Honest, Do you actually follow this rule?
It´s hard to admit and sometimes we don´t even want to make ourselves aware of a bad deal but rather forget about it pretty quickly. But that only happens whenever you buy or sell at the wrong time. It sounds too easy to be true but it´s really that simple.
Just like Warren Buffet stated some years ago, “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”. That´s still the one and only rule to follow whenever you want to be a successful trader. It might be the toughest thing as you have to stay invested through all the other ups and downs but you´ll most probably smile in the end.
Let´s just take the the recent drop of Bitcoin from almost 5.000$ to less than 3.000$ in a few days. Even in case you bought at 3.500$, whenever everyone else was selling and stayed invested through the further dip then you are better of right now as it´s back up to over 4.000$ again already.
I know that it´s not easy to see your investment drop another 10% or more in the crypto world but it´s still people who are trading all the coins and why should they suddenly act differently than on the stock market? This doesn´t mean that you should buy everything whenever others are selling it as this would just be stupid. You still have to pick your investments wisely but as soon as you did it´s time to wait and buy whenever everyone else is selling.
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I couldn't agree more. Buy when everybody (including yourself) doubts. Sell when you start hearing over-optimistic people and crazy reasoning.
Well that's exactly the way you should do it ;) Not always easy but definitely a profitable strategy.
I totally agree @steembusiness
I love buying things as they go down and preferably at the bottom although bottoms are hard to pick. I piled in on good/silver mining shares earlier in the year when they got hit, again with the physical metals on dips. And although I bought into cryptos relatively early I now only buy on big pull backs. It's just common sense. I never understood why the 'crowd' want to buy anything that is flying up? Sheep mentality I guess.
Great work buddy.
Yeah it's definitely the sheep mentality. Better buy at the peak before you might loose further price increases....
But mostly that's just good for us as it works as well on the selling side so that we get our cheap buy in ;)
Thank already share knowledge about the right time for investment. Good luck @steembusiness
Thank you :)
You are welcome
Newbies like me should not talk too much over a matter like this, yet permit me to drop my vote of thanks over this post.
I am a newbie passing-by and learning, then out of luck stumbled on this inspiring post about bitcoin and cryptocurrencies, and sure through this post i've picked someting; crptos are moving on an axis, sometimes they face a direction that may favor one and at some other times the reverse become the case.
Thank you.
Cryptos are moving like crazy sometimes but in the end it's still just a normal market driven by supply and demand
Great Post!
I buy whenever i feel like, and so far i'm not mistaken. Hopefully this will never change ahahha
I wish you that it'll stay that way. Seems like you got a good feeling for trading ;)
I'm good at buying the fear. Tough for me to sell the greed so I end up being a HODL'r. Works for me :)
Good Post Following
Yeah like said it's definitely not easy ;)
Nice, what a gem of a channel! I write about money and economics, so this is right up my alley.
On steemit if it's not crypto news, it can be hard sometimes finding something I'm interested in reading.
Keep up the good work and Steem On!