The crypto market is showing us what it does best, and if you’ve been following market trends right now, you know how it's right now. It seems like anywhere you look someone is asking you to decide which path you want to take: are you a short-term speculator who gets scared away by the price volatility or a long-term investor who believes in the market future? This question really hits home for many of us who try to find our way in this turbulent market.
I can hardly forget the up and down emotions that accompanied my journey as a crypto day trader when I look back at my initial crypto days. At the very beginning, I made a few profits and the adrenaline rush was like nothing else. However, I was so captivated with finding quick wins that I barely had time to think over my strategy. I simply gambled with my money without any proper plan, and not long after, I lost the major part of my money. When I recall the situation, I feel sorry for myself. That experience of a hard lesson was a significant eye-opening moment that demonstrated how trading thrill is not to be trusted.I have since distanced myself from day trading, and have learned the importance of patience.
On the other hand, I have found inspiration in those who have taken the long-term investing route. They firmly believe in the crypto market potential and spend their time understanding the technology and analyzing trends. While I still feel panic and sweat over any temporary price dips, some people have mastered the game that they always remain calm, as though they don't care what happens to their portfolios or assets. This steady patient and unwavering approach to market behavior forced me to rethink my naive approach and mindset for quick profits to thinking long term with my crypto.
I often thought before that the best way to make profits with crypto is to buy and sell following market movement as in short term speculation investing strategy, but now I see things differently, maybe because of the losses I suffered before or because of what I have learned from others. I have found myself unfazed by market dip or crash, I think long term with my crypto assets. The only reason that can make me sell crypto is when I don't have cash and I am completely broke and cannot get cash from anywhere. Beside that, I remain calm during market turbulence like we're currently facing.
I am not in any way condemning day trading, because I know there are people who are experts in the game and are making a killing daily trading crypto with all manner of trading strategies. I commend such people for having the gut and taking their time to learn day trading and become expert in it. I will never try it again because of my mental health.
The approach one takes in crypto investing is a matter of personal choice, goals and risk tolerance. The goal of chasing immediate profits while trying to time market movement is beyond what I can handle. I leave that for those who can handle it. I have to maintain my conviction and trust in future appreciation for my crypto. Let everyone do what's best for them, we are all aiming for the same thing - to break out of poverty and have something to pass along for our kids as inheritance.
The crypto market is so unpredictable, and it's good that we share our experiences and learn from one and another. Let everyone do what works for them and choose any strategy that they prefer. When you make profit, it is entirely your benefit, and when you incur a loss, you will still be the one to take it up with yourself. So, in effect, we have a no blame game situation, and the main thing that matters is to do whatever it takes to survive in the game. To not sell is to not lose.