One of the fatal flaws that you can do to yourself in Crypto was having unrealistic expectations when Crypto started to make a huge run. I saw many Lambo memes. To the point that it got old. Most people getting in while there was a surge in interest wanted fast quick money. Lambos and more supercars were the topics on all the comments.
People who had been in the Crypto space that did do wildly well. Were the ones that had saved their bags of coins for years.
They were in no way overnight millionaires that’s where the realistic expectation is your friend. So many people were damaged by these images of Crypto being about instant wealth. Which wasn’t the case at all. There will be ups and downs in the market. Just keep it real when it comes to what investing can mean for you.
Never bring guilt fear or desperation into your investments. It’s the worst thing you can do. If you build up an image of what your finances are supposed to be based on “this has to work or else.” Then please do yourself a favor. Do not invest from this viewpoint.
Always know that you can lose what you put in. Always choose an amount that will not hurt you if it is lost. Still, use the extra money.
Start small if that’s all you can do. Even a small investment is better than none. By cutting down, your risk will make it easier to watch and learn.
Also, patience is a huge part of Crypto. The more you can wait for the market to head up the better. The market loves to go in spurts. The excellent news about having patience in Cryptocurrency is that it can pay off very big. This is just the beginning of what this asset class will become. So there is plenty of room for it to grow. In just the few two years that I have been in, I have watched it grow by leaps and bounds.
It is a common term in Crypto for people to ask when the moon? This is a typical Crypto term that is used by many people that want quick payouts right now. Patience will be your friend in the space. If you have the patience to wait for the games, they will be there. Usually, the wind Moon people come and go. The last Bull Run that I got to witness and be a part of was nearly a year ago.
Only those that believe in Crypto are still very optimistic. They know that the short-term gains are nothing compared to the long haul.
Let’s talk about how deadly it can be to have desperation as your motivator. For one, you will risk more than you need to when you are desperate. I know, because I have been there. You will start to see your Investments as do-or-die scenarios. This will only put too much pressure on the outcome. Resulting in more worry or upset. You want to keep it light and fun. That way when the market doesn’t go your way it can be a lesson on how to do better. Not a harsh lesson that will keep you up worrying and upset for days.
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Interested in getting started in cryptocurrencies? Let’s start you off with a Coinbase account. Coinbase is one of my favorite places to start. I feel that the ease of use is its strength. At the time of this writing, there are eight different coins to choose from on Coinbase. For 2019 it is rumored that they will be adding a lot more. Giving you plenty of choices to get started
The articles are written from my own personal experience and are intended for entertainment purposes only. I am not a financial adviser. Nothing written here is financial advice. Always conduct your own research.