Hello my fellow bloggers! Today I want to discuss the similarity between board game players and crypto investors. It can help you to look at investing/trading from a different angle. Let’s dive in.
Source
What is “Push your luck” mechanics?
This mechanics can be easily described as follows:
Players must decide between settling for existing gains, or risking them all for further rewards.
It is very easy to understand in a board game, but sometimes hard to understand for a crypto investor. In a board game, this usually the main theme of a game. For example, players need to go to a dungeon to collect gold/gems. The deeper you go, the higher potential reward is. But dungeon is a dangerous place and the deeper you go, the higher the chance for monsters to catch you is. As a player, you need to decide when you are ok to settle with what you’ve already found in the dungeon. You want to get maximum points to win. If other players go deeper, you always want to go as well. Yet to win you have to stop at the right point. Sounds familiar? Do you feel the same investing in an altcoin?
Why you need to remember not to push your luck too much in crypto market
Board games and crypto market are similar, but still have two important differences. The first is that you actually risk your money, the second is that you are not strictly bound by game rules. In a game you can push your luck (aka stay in altcoin long enough to sell the top) or you can stop (aka sell your altcoin when a certain price target was reached). In the real world, you can come up with a better plan. You can sell your altcoin holding in portions, hedging your risks. This is a hard thing to do for sure, but it very important.
If it is hard for you to sell your holdings in portions, try to play a board game. While playing, try to push your luck as hard as you can. You will see that such risk rarely allows you to win. You will see that the whole game is then decided by luck. Do you want your real life to be decided by a chance, or do you want to plan it yourself? This is why you always need to plan any investment you are doing in crypto. Make sure you plan at what price are you going to sell the new token you’ve just bought.
Other articles you might enjoy
Indicators doesn’t show any major selling as BTC hits 50k
We are still in early acceleration phase of BTC bullrun – Glassnode co-founder explains
How many hodlers are there compared to traders?
Bitcoin mining is killing the planet (No)! Let’s take look at this recent FUD.
Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
If you like this post please vote for it and follow my blog. Feel free to share your thoughts in comment section.