Folks, as always: if you bought at the peak, panicked when you saw the first little slip, then sh*t your pants in fear and sold at the bottom, you have two options now:
- Try to rebuy before it really pumps again, brush yourself off, and learn from your mistake. You can consider it your investor/trader's tuition. Everyone pays it at some point. If you can't find a new entry point you are comfortable with, there is no shame in sitting this one out, waiting and watching until you do.
In the meantime, be sure to read a good book or two on investing. If you already have, read two more, apparently the first two were no good and/or you failed to retain any information.
- Accept that your hands are much too weak and your emotions much too strong for the crypto game.
If you go with number two, Hopefully you didn't quit your day job after that first little pump right after your first little investment. You know, The one that had you telling everyone how smart you are for making such a great investment, how easy it is to make money with crypto and so on?
Perhaps you were even bragging a bit and offering to show your friends and family how they can get rich easily and quickly with crypto, like you thought you were, right?
This was of course all before you found yourself standing alone, in the middle of a dark, unknown street, drenched and standing neck-deep in your own blood, right?
Things are different now.
So did you run away? Do you still feel smart? Are you still bragging?
Or did you shut your mouth, hold your breath and buy up some blood soaked NEO at ~$19?
That's the crypto life, homies.
Not for the faint of heart.
Not for the weak handed.
And not for those who shudder at the site of blood, or those who find comfort in the illusions of fear and greed over the logical realities and predictable events of market behavior and herd mentality.
After all, picking a good coin, or stock or commodity to invest in is easy. Knowing when to buy and sell is a little bit more difficult, but can still be done systematically.
The hardest part of investing? Going against the crowd, because the crowd is always wrong. This is considered a law of successful investing, not my own original thoughts.
And guess what? You are a part of that crowd as well, until you learn to break free from it. So yes, to some extent, this means going against your own instinct, that is until you've properly trained and disciplined your mind and emotions anyway.
This means buying when there is blood in the streets and Selling when the crowd is ruled by greed.
Unfortunately, human nature is such that we are programmed to do the opposite of what we should be doing when investing. The successful trader knows this, and trains to control it.
Like learning to guide an elephant with a piece of thread.
Zen baby, zen. That's what it's all about ;)
Good luck out there in crypto land folks. Keep your wits about you and your emotions in check, and don't be scared of a little blood, even if that blood is your own.