The Crypto market is so volatile in recent times and It seems that It is one of the prime characteristics of the market, It will go on as long as the market exists. If you were a newbie and acquainted with the stuff, you might get surprised while observing the whole scenario of it.
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Well, the market is so volatile, you might assume while looking at the thing like it is a blessing. You might feel it is a great opportunity to make your portfolio stronger than before, you might think there is quite an easy process to make the portfolio more wealthy, that is: buying a coin low and selling them at higher prices.
What do you think? Is it as easy as you are thinking? Being a newbie, assuming things like that is quite a normal thing. But the overall thing is not as easy as you are assuming. By looking at the market from the outside you feel earning money is quite an easy task in recent times. But whenever you truly sink into the market then you will have the real taste of it.
Well, I can claim that I am quite old at here but whenever I first heard about it I felt it is a crazy thing. Earning money is quite an easy task like buttery smooth while watching a friend of mine doing the thing.
Once he told me If you think earning money from Crypto trading is too easy then why don't you enter into it to take an actual taste of it? As I have entered into it I have been feeling the thing is not as easy as I predicted earlier and I took some lessons from a couple of incidents that happened to me which I would like to share with you.
Fix the target:
It is about 12 months back I had bought some SPS at $0.35 by observing the overall market at that time while buying I fixed my mind that If SPS goes to $1 I will sell all of it and exit from there. Luckily my expectation fulfil within fifteen days after buying SPS and I was quite happy at that time at the same time I was pretty excited to examine the whole market and it seems that it will touch close to the $2 mark within a short period. I started dreaming again to make a huge profit. Although at $1 price I had made a good amount of profit, I didn't stand on my promise, I didn't quit.
Don't be too Greedy:
Don't be too greedy, If you reach the first mark. Being greedy is a human attribute, what if your greed would be the prime result behind your fall? As I said earlier I didn't exit after reaching my first expected price. Whenever you reach your first expected price, there will be more expectations rising in your psyche which is the second expected price and it is greed which might be pretty dangerous for your wealth. Whenever SPS touched $1, rather than going up It slightly fell down. You know the price of SPS very well, It's about $0.04. I haven't sold a single coin of it and now you can assure home much I am in a dump in SPS. I kept them as I haven't bought them.
Don't buy at high:
Don't buy at a high price although you are pretty sure about the market will go up soon. I am telling you again It's a trap for loss. When the SPS price bit fell down from $1 and came to around $0.9 at the time I bought 200 dollars of SPS and my target was to sell them at $2. But the market took a huge turn out of my expectation. Within a couple of days, it came at near 50¢ and I was not ready to take the loss that's why I didn't sell. I have seen many of them whom I know sold all of it, knowing the market can fall more.
I was ready to see the fall, but I have a belief that the market will go up again, If not then I can bear the loss. But I can not sell them in low or I can not take the loss.