When this doggo was a pup he made some noob mistakes, just like any shorty would. I didn't HODL it like a big dog, but instead tried to trade those coins like I thought I should. Needless to say, I got burned doing it. Well, not always but too many times. Sure, you can get ahead fiat wise, but you can just as easy be losing bitcoin doing that. There are a hundred things that can go wrong when you swing trade. FUD (fear, uncertainty and doubt) can get you, FOMO (fear of missing out) can get you, entering the trade too late, or leaving the trade early are just a few things that will stand between you and a 100x you could be making. So, the first lesson is about the virtue of hodelin'
What is hodelin' you ask? Here’s a “genesis block”: https://bitcointalk.org/index.php?topic=375643.0 It means you don’t panic sell an asset that you’re holding during the bear trend/market – bitcoin and all crypto markets are very volatile and will give you a ride of your life – be prepared for it. The first rule is DYOR (do your own research) - invest in a project you believe in and will comfortable keep during such a ride. Yes, that means losing some money at times. To minimize that event, you will utilize a practice called buy the dip - BTFD (buy the fucking dip). You don’t have to be surgical about it like a day trader should be though. Just buy it when is cheap - look at the price action and go from there. For a day trader to be successful at his game, he must be vigilant and track the market 24-7. That’s hard work even in traditional markets, but is harder in crypto - crypto doesn’t sleep. Doing it right will yield amazing rewards, but getting there will test you mentally and physically. Most noob traders get REKT (!) many times in that school. Calling out tops and bottoms correctly is really hard, as a hodler you shouldn’t really concern yourself about that. Your game is long. Set a 6 month or one-year plan for your asset. Than reevaluate it. If you did your initial research right, results could amaze you. The initial purchase you’ve made and hodl’d should be bitcoin. By buying bitcoin you’re investing in a project that is safety driven, has the best developers doing real cutting-edge development most other projects lack and is truly decentralized and opensource. Don’t let anyone tell you otherwise. It’s also your best bet in case of a bear market. When bitcoin bleeds, alts bleed worse. But the opposite could also be true. Sure, if bitcoin is on a collision course with moon, it’s usually the only one painted green, but there is a time and a place for alts to. In alt season alts will outperform bitcoin. If you’re hodlin’ the right bags, you can make great gains. The important rule here is NEVER go all in one project and ALWAYS (!) compare your gains against bitcoin not fiat. The only way this game is played if you own more bitcoin at the end. I would also advise you to keep your alt endeavors on a small note. https://twitter.com/WolfOfPoloniex called it like it is – As soon as you stop trying to get rich fast, you’ll get rich fast. Peace and happy hodlin’ woof
