First of all let me start by saying im not claiming to be some sort of crypto expert or something like that. Im sure that many of you have much more technical knowledge that I will ever have. But this is only one part of the game, which I will admit is very important but there is another that is even more important in my opinion.
I first heard about bitcoin when it was around 10$. I was thinking of buying few hundred dollars worth but didn't. Even if I would buy some and the potential profit would be 2X that still would not convince me because I would earn just a few hundred bucks. After a while it went to 300 and so on. At the time i thought this is the maximum amount it can reach. Then there was Mt. Gox and I thought bitcoin is done. Boy was I wrong.
Even though I missed the train on bitcoin, and just recently started to invest in Ethereum I'm fine with that. There will still be plenty of opportunities going around during my lifetime. Maybe in different shape or form but they for sure will be there. I recently put few bucks on Ethereum. I bought some coins on Kraken and open some positions on Etoro ranging from 220-370$. Needles to say I'm not happy with current market situation. First thing i do when I wake up is to check the market price. I check it few times during the day and also before going to bed. I decided I'm not going to sell no matter what, I might even buy some more depending on the price. This may be easier said that done. If the price goes lets say to 80$ who knows what i would do then.
I find it to be extremely difficult to manage emotions. Should i cut the loss or stay until the bitter end? I believe that this is the most important and often overlooked part while investing. If you are very emotional like me, maybe trading is not for you. Perhaps its better that you invest in some sort of bonds or index or something where others are in control of your money. There are a lot of good articles giving advices to investors not to invest more that they can lose. I totally agree with that. I would go as far as saying rather start really small. Make sure you learn to control your emotions first before investing big bucks even thou you can afford to lose it. Learn the feeling of trade not going your way. You are not going to like it even if the investment is small. Imagine if you would invest 10X or 100X more. How would you feel then. If you hadn't have a trade like this you are in luck. Trust me you will get one sooner than later.
I also see a lot of investors going all in panicking, thinking this is their last opportunity for investment to make big bucks. Its not. Market will correct itself from time to time and there will be plenty of good opportunities for you to invest. Like now for example. Think of it this way. How many of your friends or family have heard of and invest in crypto. Not a whole lot right? I think we are still very early and the cryptos will grow a lot more in following months and years.
I don't know if this makes sense to you guys. I would be happy to read your comments.