This is like a status report of how my investment outside the Hive blockchain to invest on the Hive Blockchain is going. I talked about how I was investing in a move to earn project that I think is promising and is quite new. The name of this new project is StepN and the name of the token is GMT.
I promised to always take profit when I start trading no matter how small it is, this way I gradually achieve my goal. I bought GMT with DCA(Dollar Cost Averaging) starting from $2.6 and bought till it got to $2.1. Sometime on April 11th the price of GMT crossed to $2.66 which broke even with my investment. This means that I had the value I invested with an additional profit. This was supposed to be my Cue to leave the trade and take my profit and look for another coin that was dipping, but I was thinking the price of GMT was too undervalued at $2.66 and I was expecting the price to pump to $4 or probably $10.
This was a risk I was taking, I was willing to risk my profit hoping that it gets to that price. So I left the trade and decided to sleep off and see what the next day’s price gives me. I woke up the next day and the price of GMT has dipped from $2.66 to $2.2. Wow! I should have followed my plan and sold the GMT at $2.66, take my capital and profit and wait for another dip. But then I thought, what if it didn’t dip and it had skyrocketed to the price I predicted, well that would have really hurt.
These are lessons you learn while investing. You have to take some risks that might change your life. Few hours later, I checked the price of GMT and I saw the price at $2.1. Then the urge to buy more GMT creeepd in and that inspired this title of the post Humans and The Gambling Urge To Invest. As humans we are gamblers by nature, controlling this trait is something that has to do with subtle work like self discipline. Humans are always willing to gamble especially when it’s obvious that what they are about to do is a gamble, they don’t care because it’s masked as investment.
I have seen parents consider risking what they value so much as long as there is a chance of making more money in that idea. Humans love to take risks, that’s why the gambling industry is booming and making of money. Just that crypto is a safer and less risky way to gamble. So that’s why I prefer risking with crypto because I understand it’s technology.
Well, let’s see how the time goes, I might just buy more GMT token and hope it pumps really hard so I can take profit and invest back on Hive, greater opportunity right now in getting Hive cheaper because of the dip.