Hi All,
You may know and practice this already but I personally feel this is an important point hence wants to share. May be I echo the same sentiment as what you already have. Please reply to this post if you do, its always comforting to know others in the space think and feel the same.
So without further delay, following are the two attributes I think are must to survive and thrive the Crypto roller coaster we all are part of.
HODL:
If prices tanks considerably, selling now will incur a great loss. No matter how bad it feels and nervous you get. just HOLD.
My personal expirieince:
I learned about Crypto and got involved for the very first time on mid JUNE 2017. I am sure you all got the hint. I bought at peak and everything tanked couple of weeks after.
I HODLed and prices did recover eventually.
Take Profits:
When in bull market, take profits to build up you FIAT reserve to be used for BUY in next DIP.
Now I have been guilty of not following this properly hence although I did sell some at $160 BN market cap. Not enough to be able to take great advantage of dip to $ 90 BN. I'll avoid same mistake again.
Other attributes I think are helping me (not as significant as first two) are as follow.
Be wise about whom you follow on Youtube and Twitter:
Identify and stick to select few youtubers/bloggers whom you follow. I learn a lot about crypto by watching youtube channels. Subscribed to lot of channels in the begging , as I am three months old in this space, I have come down to following select few.
Make mistakes: (I did and am still doing) No one is perfect
Buy in Steps , Sell in Steps: ( Never all in or all out in one go).
Have some buy and sell orders in advance: Sometime you never know what happens overnight and you may end up getting a dream buy or sell price.
finally my personal history with Crypto trading is as follow . This is for someone who may have experienced similar ups and downs. Don't worry I am in the same boat . see beow
June - started trading.
July - 50 % loss of my portfolio (main cause ether price tank) - HODL , HODL
Bought on July dip (put extra money and did not sell anything)
Fist half of Aug - Some good sells , some good buys Still 20 % down on my portfolio
Second half of Aug: HODL helped , 20 % up on my portfolio. Sold some for profit BUT NOT ENOUGH.
September: Today 8 to 10 % in profit
So I will HODL in bad times and sell some in bull run , buy some in DIPs.
I hope this is useful. Please upvote, Follow me if you like my content.
Cheers
No Facebook (only Steem it)