HOLY S#%T! And I thought raising twin daughters was hard. The best way I can explain my entry into this game is simply FOMO. For those of you not familiar with that acronym, 'Fear Of Missing Out'. I'm nowhere an expert in any sort of financial market. I'm simply just an IT guy. I bought my first Bitcoin in May 2017. Just a couple months ago. Of course, by the time I even figured out how to buy Bitcoin it was already up to $2500 and some change. I literally watched it go from $1100 to $2800 in a matter of weeks. The whole time feeling FOMO. I hate that feeling. And believe me, if you're going to be in this game and watch the market every single day, you will 100% feel it when you see a coin going up. Just when you decide to jump in, it starts to go down. One thing I've learned so far is greed is displayed in the wide open. People just want their money. If a coin goes up a couple cents or dollars, people will sell. If you're able to jump in on an ICO (Initial Coin Offering) and get a coin for cheap, the moment it hits the exchange , it's a sea of red. Perfect example is TenX.
Since I've started Crypto, I realize I completely stink at buying and selling. I jut don't know enough about it. Especially when it comes to TA (Technical Analysis) of coin charts. I'm getting slightly better, but it' still going to take time. One word I constantly hear in this game is 'Speculative'. Everything is speculative buying and it holds true. When there is a lot of hype or news coming out about a coin, you will see the price go up days or even weeks before hand. Soon as the news breaks, good or bad people sell. I wish I knew roughly the percentage of people that actually invest for the long term which is now the strategy I'm going to take. Don't get me wrong though, I still like the feeling of buying and selling every now and then because it is exciting. I'm not gambling away my twin daughters college fund here, but I am trying to invest long term, so I can pay for it.
Besides the buying and selling of crypto, I got into mining which I think being an IT guy is more up my alley. I've recently purchased 2 bitcoin miners and currently building a litecoin miner with GPU cards. I realize I need a steady supply of bitcoin coming in to make my long term investments along with a little play coin for buying and selling. If you want to start in this very volatile market, I suggest you feed yourself with as much information as possible. I've made it a priority to make sure I'm part of the crypto incrowd so to speak , so I joined Facebook groups, slack groups, etc. to get as much chatter as I can. After all, this game right now is all speculative.