In my Hump Day Easy Talk, I was talking a bit about being late to the party and trying to catch the train that has left the station... Today, I would like to talk about trying to catch that train at the next station, without running and chasing it when it's already left...
One of the hardest lessons that I have learned in crypto is to NOT chase the price of a certain token... When it's already on the top, there is no sense in chasing it and the best thing that you can do is to let it go! It's easy to say, but in reality, it's hard to watch it leaving... :) But, but, how can we get onto the train if it left the station? Easily, catch it on the next one...
How you can do that? Well, every good idea starts with a good plan of execution... You have to find a suitable price where you would like to buy a certain asset and wait... A lot of times, especially in crypto, even your crazy low buy orders got filled! Don't forget about that... Of course, there is a chance that your orders will never get filled, but for that, you have thousands of other crypto projects where you can get in...
The most important thing when you create a plan of your entries (and exits) from certain assets is to STICK TO THE PLAN! If you don't stick to it, then it's not a plan... lol... It's a sketch that can be re-draw, and from a lion, it can be a cat in the end...
When you have a plan you can spare a lot of money... How? With the plan, you will not be able to FOMO (or FUD) that much and in that way, you will be spared of doing big mistakes... Also, if you have a plan, your entry, and exit prices, you can create your BUY/SELL orders in advance (lower or higher from the current value)... You can be a MARKET MAKER, and usually, by doing that you are paying fewer fees on exchanges... If you are buying assets at the current price, you are, so-called, MARKET TAKER and usually, that will cost you more in fees...
Check out the video for more talk...
Thank you for your valuable time,
ph
Music in video:
Growing Up by Scott Buckley https://soundcloud.com/scottbuckley
Creative Commons — Attribution 3.0 Unported — CC BY 3.0
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