Hail the HODLER...!
Echoing what Avatar said
"Hail the apocalypse
All flesh is equal when burnt
We are forgiven
Forgive us, we never shall learn
Get down
......Once you built
Now you run away
The world is coming down...."
This is exactly where we are now, or at the least in next few weeks.
"Once you built"
Build does not (always) mean constructive, it can be destructive or preventive at some point.
For example, "I built a barrier to avoid intruders enter my property".
In trades, there is always someone on the other side of the table. And a smart trader should always know who is on that other sides.
Avoid getting into 'traps" what they built is not always 'true". False signals (both drop or rally) are not interpreted properly by beginner investors.
This does not seem understood by the euphoric crypto traders, thus emotionally taking chances hoping to get lucky by hitting "Long" button randomly.
Jumping into the middle rally on Bitcoin, for instance, is an impulsive act that anyone could be dragged into easily.
Any new investor will want to join the party, and hoping not to miss the Bitcoin successful story.
Going by this phenomena, Ether and XRP rallies could have been seen the same way so that almost everyone we know including those traditionalist and conservative investors pulling out their pension fund and putting everything in one basket.
Is this wrong?
No, if it is done in a calculative way.
What is a calculative way?
- You should only put money, the maximum amount that you can afford to lose.
- There is no 'rich quick' formula, what is there is "Manage your Risk first, then invest"
- Get rid of emotional decision, any position in trades taken should be based on technical / logical thinking.
Embracing these three attitudes will help reduce the stress and anxiety, and at the same time you will not fall into "traps".
Ending this light reminder with a high note "Hail the Hodler" ... Hodl as much as you can... as long as you got it right from the first 'steps"
Enjoy trading and "hodling".
Cheers,
Cryptrader7