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I've been doing the stock market since 2007, that's a little more than 10 years now. Something I learned the hard way, and by the hard way I mean I've lost good amount of money as a price for my learning, is that if I want to be successful over the long term, I should be an investor, rather than a day trader.
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Nothing wrong with trading stocks or Crypto currencies, if you do it professionally. You can even make good amount of money in the process. But it requires time, energy, full attention and sharp focus. It consumes your energy and time and if a little bit of emotions jump in the picture, you can get screwed. If you stop trading for a day, you stop making money. And if you lose money in trading, you get upset and worried and totally stressed out.
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Investing is a totally different way of being and thinking. It's a different paradigm all together. You do your homework once, and you have cashflow coming to you day in and day out, month in and month out. You do your due diligence and evaluate the investment opportunity (whether it be stocks you want to invest in, cryptos or even real estate) and if the numbers look right, you go for it and just keep an eye on your investments. No need to worry or stress out after that.
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If I were to apply the same investing methodology in the cryptocurrency world (be it Steem or the other Cryptos), I know that would be the right thing to do. Unlike the "Day-Trader" paradigm, I don't worry about the daily fluctuations in the Crypto market prices (including Steem price which as of this writing is worth USD 4.93 now). I'm in for the long term investment not the short term trading. The current dip in the market, which has caused the Cryptos to go down over the last 48 hours anywhere from 5% to 25%, does not worry me. Why? Because I'm an investor not a trader. I don't want to flip Cryptos now for a quick buck. I watch the market prices to know what's going on but I don't worry about them. As a matter of fact, the lower the prices go, the happier I become... Yes, you're read that right! I become happier. Why? Because I can buy more now with less (Investor mentality). I can strengthen my portfolios of the different Crypto currencies with much less capital than I could have done has the market been rising instead. I don't panic if the Steem price goes even lower.... I don't feel bad if I see my total account value in my wallet going down. Why? Because I'm an investor not a trader.
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Any market goes through cycles... up and down cycles. Prices go up and they come back down. It's a law of nature. Just like the sun rises and sets, the moon moves through different phases from a crescent to a full moon and back to a crescent again every fortnight, the Crypto market is no different.
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You guys are here to stay... You've come across a lifetime opportunity by joining Steemit and finding out about the value it gives you and the difference it can make in your lives. Believe in it then. Don't sweat the small stuff by worrying about the current market fluctuations.. Just stand tall and strong and keep telling yourselves: we're investors. We're not traders. We believe in Steem and we'll stand firm with our commitment to make it big on the long term.