We have the choice to be excited when the Steem price goes up OR down! Finding peace in being here for the long term means seeing that unless we are interested in buying or selling, the price today is irrelevant. In fact, I hope the price plunges before it takes off to over $10 because I want to buy more. Ideally the price will go to about $0.10 or $0.20 to so that everyone of us hoping to buy more can load up before our spaceship launches! As the buying demand grows with the lower price, a huge investor is bound to see the opportunity of a lifetime to profit which may lead to the price blowing up more than $10 in a single day or week. It could go down or stay flat every single day until then.
When we obsess over the price each day, we are really blocking our opportunity to get to our biggest reward exactly as I did on my Bitcoin investments in 2014. Take a look at some of my first buys.
Did I hold that until it went to over $4,000 and then sell? No. I obsessed over the price every day afraid of losing and guess what I did. I lost. A lot. All of the Bitcoin you see me buying in those pictures plus 30 or so BTC more I sold at just over $200.
Fortunately after taking months off and watching the price steadily climb, I realized I was absolutely right about the Bitcoin price but I needed a way to not be emotional about it. I started buying $1 an hour of Bitcoin in mid 2015 leading me to have close to $10,000 in Bitcoin by the end of 2016. I sold it all into a Dash masternode and sold that for $87,000. Today the Dash price for a masternode just reached $315,000. Absolutely unbelievable! With more patience, I could have slowly bought into Steem and had 315,000 Steem instead of 51,000. Only 228 Steem wallets out of over 300,000 have more Steem power than 51,000 already so what difference does it really make? Where does greed end and satisfaction with what we have begin?
Today I realize that to have a lot of success I need a lot of failure as well. What looks like a mistake in the short term often turns into the huge long term gain we originally predicted. I knew the price of Bitcoin would blow up long before most and yet I made a relatively small profit because MY OWN IMPATIENCE sabotaged the majority of the opportunity.
So what if we bought Steem at $1.30 and it is $1 today? With Steem being guaranteed to reach $10 in my mind, the more the price drops the more I have a chance to get more before it blows up. Do I care today whether I bought Bitcoin at $200 or $300 or $600? Nope. The majority of the profit would be irrelevant to the original price.
We have everything in position here on Steem to rocket into space. The question is when? I believe the answer is within six months. Therefore, every price drop is effectively a sale that once the price goes to $10 may come again when Bitcoin is the same price.
I hope sharing this secret is helpful for us today in enjoying our time on Steem and seeing the true cost of constantly checking the Steem price!
Love,
Jerry Banfield
Great, I love to read your stories, you are a source of inspiration, you are not afraid to tell your failures, indeed, you share them so others do not make your own mistake, you have all my respect.
This post received a 3.9% upvote from @randowhale thanks to @voghera! For more information, click here!
That is all right and great but if you want to live from your posts like me than the low price forces me to cash out more Steem than I woul like to do. I hope every day that Steem goes up at the end of the month or I will loose more of my precious Steem than I like.
Keep a strong hand, man (;
There's a lot of potential with Steem!
Thanks for the information 😉👌
Look at this post please. https://steemit.com/bitcoin/@inversor/bitcoin-cash-value-triples-in-less-than-two-days
@inversor, please don't go around spamming the same comment all over people's posts! You'd be much better off actually reading and interacting with people's content. Be aware that some people might flag you and then you could lose ALL your rewards!
So right.
check that! .. problem is these folks don't look back!
Too late... his comment is already a ghost. 👻
I believe in you !!
This post received a 2.5% upvote from @randowhale thanks to @musclenerd! For more information, click here!
Thanks Jerry. You are a great inspiration.
Do not trade on emotions. Check out my analysis of Steem prices. This is my 2nd post on SteemIt (apart from the self-intro). Cheers!
https://steemit.com/finance/@tradersharpe/steem-gaining-steam-over-bitcoin-2017-08-21
Totally agree .The hardest things to learn when we first start are the control of FOMO and FEAR, and like you point out they are both emotional usually detached from calm rational thinking. Thank you for the encouragment. Reading this post and the comments helps me realize I'm not alone, most of my family and friends think I'm nuts
Thanks for sharing
This is really the secret of Jerry revealing to us...thank you Jerry you are indeed a blessing. I am now planning to buy more steem and hold it long.
Why does Steemit not have a search option to find users...? This a huge mistake in my opinion.
So true, I sold OmiseGo when it was 1.64$ and look at it now...In my opinion, all good projects will seem really cheap 3 months from now, so keep calm and steem on haha thanks for the reminder @jerrybanfield ;)
I have been listening to this news from my friends, those who have once been in steemit, I just joined,
And when reading this post, it's true, that steem within 6 months, will be $ 10.
This is amazing.
Your posts are always interesting and full of useful information
Love to jerrybanfield
Thank you so much for sharing this @jerrybanfield I feel the same way about watching the price. Its like we think we are winning or losing money right before our eyes, when in reality its just numbers on a screen. I have learned through your post here to buy in slowly and be PATIENT! Dont we all just want to get rich quick? Of course... but in reality that money never STICKS and it slips right though our hands before we even have a chance to hold it. Thanks again for this wonderful post! I will be investing $500 a month in STEEM no matter what the price goes to!
Sincerely,
@joeparys
Excellent strategy @joeparys
Thank you for your comment and support @churchboy
I totally agree, I look at Steem definitely as at a long term investment and the price is irrelevant for the short term as long as I see that Steemit has value and not very far in the future should push the price of Steem Token significantly upwards.
Don't worry, all alts will grow with the market rising and Steem as well as it already happened loads of times
I couldn't agree more. Watching prices everyday is a very harmful thing. I follow an indexing strategy that focuses on owning the millionth of supply. Only look at prices and re-balance about every three months. Take a look, let me know what you think? https://steemit.com/bitcoin/@cryptoeagle/what-percentage-should-you-invest-in-each-cryptocurrency-to-become-a-millionaire-a-guaranteed-winning-strategy-updated-8-19-2017
To be honest, i'm still fighting the urge not to power down. Lol. I know Steem is going to rise up in the future. I'm still practicing patience. :P I'm also trying not to look at the Steem price every day. Just as you said, @jerrybanfield, the price right now is irrelevant if our intention is to hold for long-term gains.
I understand! I have got frustrated a few times and thought about powering down also but not done it! Technically I hit the power down button once when I started just to see what happened but then turned it off. Most of us get in our own way more than the rest of the world ever does!
You got it @jerrybanfield ! when i first saw your Post in Facebook it was like
wait whut? a social media that pays you for sharing your thoughts?
at first it was like Nah! this was not true. but when i come deeper to your post i realized that Hell yeh its true! haha
Thanks to you Dude, I'm here at steemit because of you, looking forward about this new social media i hope i get any personal advice or tips from you in the future!
Cheers!
@itsokimaj
youre right. this is the GREAT media social
STEEMit will be BIG in the future
@itsokimaj lets trade upvote :)
Let's hope for the best guys :)
This post is necessary reading for anyone getting into Cryptocurrency!
Every day, people ask me, "Is it still a good time to buy 'X coin'?" or "have I missed the boat on 'X coin'". Then when the price goes down once they buy it, they ask me "Should I sell X coin".
In the long run, if you get in at a reasonable entry point and strongly believe in the coin's potential, the price you buy at is irrelevant.
Great post!
Thank you Michael for sharing that this was useful for you!
great attitude as always Jerry.. this is one of those rare occassion when being emotional is really not something you want to do! Luckily Steemit is SUCH a good distraction i hardly look at the price anymore..
Thank you Alex!
In order to get successful you have to fail and learn. Behind every successful man there are dozens of fails. Just remember this picture - it's my favourite!
Great image, it says it so simply.
That picture illustrates this perfectly! 😀
Thanks for sharing this!
you are absolutely right ,will buy some steem right now. very helpful post. thanks for sharing
Life experience , Base work of foundation.
I have my own little secret @jerrybanfield
Can you guess what it might be?
I would LIKE to try to HELP the rest of the STEEMit COMMUNITY one last time....
When it comes to:
BUYING
SELLING
TRADING
Thanks @jerrybanfield - this is exactly the information we need to hear
Good perspective to take!
Good point, hence why I always preach to buy low and power up...
Patience is a virtue. I experienced being impatient many times when it comes to crypto 😅. As time passes by, I'm learning my lesson.
Great Conversation, I feel like Ive made allot of similar moves at a smaller scale since Ive started in Crypto, this post definitely has helped me shake of some Fomo
Awesome, I didn't know much of this. FEAR and FOMO are huge. Getting over them helps your whole life though!
I just love how you approach your topics of discussion. There is no fluff! You just get stuck tight into it and lay the facts out.
Absolutely @jerrybanfield
Six months and counting ;)
Great post as always!!!
Seeing as we are getting to know one another in this awesome place and space - I thought I would share this with you... https://steemit.com/steemit/@jaynie/welcome-to-my-world-a-little-bit-of-me-in-10-questions
and please note... I used my face again lol!!! (i am going to run out of decent photos soon... I don't have many...lol (not in my opinion anyway) - about that personal photographer... hehehehe ;)
On it mate! thank you for this. Really need to hear this!
you are complete right, steemit is the future!!! thanks, i like your post!
FOLLOW ME PLEASE
Thanks for introducing "SteemIt to us ! Love You!
Very informative! 👍😉
Power up posts!
Thanks for the tip @jerrybanfield. I think the value of steem will be higher eventually like what happened to bitcoin in the past.
Just like stocks - prices go up and down. Need to think long term. I am working on building my SP. Thanks Jerry!
thanks for sharing
Wowow, very good information thank you very much for sharing quality post you see that every time the cryptomoneda is improving
My reply is much the same as many others who have faith in this platform, keep on interacting and earn SP. Getting worried over the fluctuations in price just distracts you from what you should be doing - Steeming on ahead.
Well Steemit is kind of Long term investment. So steemians shouldnt be worried about the Steem price fluctuations. I am very optimistic about Steemit really.
I think our patience will be rewarded , it's these struggles of the market that we have gains or loses
haha who are these guys upvoting their comments :D
I like that your information is valuable
hodl! tip!
Hi @jerrybanfield! @cardboard is sending you 0.12 SBD tip and @tipU UpVote :)
@tipU quick guide | How to check your pending payouts.
Thank you for a very informative post!
Just getting into the crypto world. I bought my first Steem Power today! In the days to come, I hope I will have the patience and self control you suggest in your post. Thanks.
I am a fan of you through YouTube....Your all topic is amazing.....
Forgive me for asking a stupid question but: where do you "buy" Steem ?