Hot take: Not everyone is gonna hit their goals in crypto.
I’m not trying to bring anyone down, but it’s important for some folks to snap out of it if they’re in a daze. People can chat endlessly about what to do, what to steer clear of, what to plan for, and what to keep in mind, yet there’ll always be those who don’t take action. I get that we all have our unique journeys, but keep in mind that being in crypto comes with a ton of temptations.
You might find yourself wanting to sell your bitcoin. Or itching to jump into the next shiny shitcoin. Gotta be careful with those urges or you might just end up in a crowd of people with zero ambitions.
Temptation can be easily overcome if things are done right. Enough lessons gives you better insight that Bitcoin is far better than altcoin. This helps you to build more hope on buying Bitcoin. Accumulating Bitcoin with only your discretionary income and keeping emergency fund will help you to avoid unnecessary sells. Discipline and focus work alongside to keep hodl to your Bitcoin and moreover there is a clear different between investors and traders. Clarification to the part you belong helps you more in the space.
Temptation will always be there, and thats why Discipline is important discipline is built through staying grounded during times of temptation and sticking to the plan no matter what.
Discipline itself is very broad and it is important, everyone planning to or already investing in anything especially Cryoto requires to have a high level of discipline and he must be able to avoid greed or chasing after very quick profits.
Sure yes, when you dont have a good plan for investing or you couldnt stick to the plan by perseverance, patience and consistency then itd be hard for you to achieve your goals.
Those who dare to take different risks will have different profit opportunities, even though it is more risky to lose. Mathematically, Bitcoin is indeed the safest asset in terms of value risk because user trust is very high and Bitcoin is the primary choice for investment assets. Choosing a shitcoin is not wrong, but remember, it's not for long term holders come to make a profit and leave. It may not be temptation, but it's a choice, so I won't blame them. Even those who believe in shitcoins can become rich. So everything is an opportunity, theres just a difference in risk and profit.
Bitcoin has yet been dead and it won't die too.
Altcoins are abundant in numbers and many of them already died, and if you check this market historical snapshots over years, you will see how strong Bitcoin has been, and how weak altcoins are while even top coins not only lost their top positions but even died with time.
https://coinmarketcap.com/historical/
Check the snapshots, and read this following article to understand about "potential" altcoins, and stay away from them.
How many crypto coins have died?
With Bitcoin, use Dollar Cost Averaging strategy for your investment.
Dollar Cost Averaging with costavg.com include exchange fee.
https://costavg.com/
The temptations you mentioned are true but avoiding temptations is not the only solution but rather then how to manage risk properly is more important. If someone tries new coins with a small portion and puts the larger portion in good coins then he can both learn and avoid big losses. So I think a balanced approach can be more effective than taking a completely hard stance.
The volatile nature of the market is what brought about temptation in the whole market. Youll be tempted to think many things that will not benefit your investment, but if you stick to your long term aspirations about Bitcoin, you should still be able to neglect some external factors that could trigger you to make unbelievable decisions that will affect your investment.
At the point of investment into bitcoin, you would have had your whole point clear on what you want to achieve from the market, stick to it until the end and dont allow the volatility of the market make you feel like you wont get it right. Bitcoin has been on an uptrend overall from inception, isnt that convincing enough that your investment is not lost and youll profit from in the long run? Think about this more often when you feel down about your investment, itll encourage you more to reach your goals.
When talk about temptations, it is not just a mystery. Investors will have to deal with greed, fear, impatience and unnecessary distractions from news on the social media. These are all that influence all of those temptations. If one wants to overcome the temptation of selling too quickly, he should learn to control his decisions. These decisions are psychological, so measures must be taken to control the decisions that may be made out of panic.
the investors must have a clear duration they want to holdthey should have a clear exit plan or rulethey should never treat their investment like gambling. It is not always a get-rich-quick investmentImportantly, they must be disciplined to make these rules work
The most important of all I think is to understand what you hodl at all.. Because you can be only as disciplined as is your mind due to why you do it and why it will work with X coin (BTC or not).
Those who are weak in investment cannot be the only ones who can succeed, if you think like that again and again, then you will definitely fail. Those who hold Bitcoin according to the long-term plan of Bitcoin investment can only achieve success, because investing in Bitcoin with as much money as you can lose. Then it plays a sufficient role to reach the peak of success. Only if you stay away from impatience, failure, unwanted news on social media, and confusing all these factors, it will be possible to succeed in Bitcoin investment.
Yes, that's true. All of these rules will be meaningless if there is no proper understanding of the coin being held. As time goes by, especially during periods like now when the price of Bitcoin is down, doubts will begin to creep in. Once doubt sets in, discipline will be shaken. When all of this happens, people start doing the opposite of the rules they set and the plans they made. These are the ones we call weak hands. This is the reason why it is not right to invest in anything blindly just because others are investing. A research first will help make certain hidden information known.
DYOR should be applied to any coin, but while done with BTC, you never have doubts afterward, you only evolve little by little to understand why it works and why it will work in your case too.
The main facts about crypto currency investment may be known from research, the only thing lacking might just be the talent of interest and application.
Risk management practices helps one stay emotionally calm, rational and logical when it comes to making right investment decisions because following the crowd blindly without proper information and risk management practices, might be equally detrimental to the success of your investment goals than not following and not taking any risk at all despite the knowledge arsenal of risk management practices on ones finger tips.
People tend to panic, especially those who believe the news background but do not know how to rely on their own research. That is why this forum exists, where people from different sides can explain all the pros and cons of Bitcoin and the risks they may face when buying other cryptocurrencies. The best lessons in strengthening faith in one's actions are always learned from one's own experience. If those explanations and correct advice on avoiding panic in one's life are not enough for someone, then their experience and methods of solving their problems on their own will always leave a good mark in making future decisions.
This is not me, neither anyone who has stayed in the forum for a while now. The thought of selling Bitcoin to buy shitcoins cannot come in mind. I'm not saying they can't buy other altcoins, but selling Bitcoin to buy shitcoins is a NO, which i don't think anyone is capable of except some brainwashed newbies.
The level of temptation i can submit to is selling as soon as the booms during the bull run, the level of temptation during the bull run when the price of Bitcoin has climbed to really high above what you bought if for, such temptation is even normal.
No, there aren't many of these temptations right now. The time for investments like nft and shitcoin has long passed. People invested in it because they did not believe in Bitcoin and expected that it could be replaced by faster cryptocurrencies, but as life has shown, the reliability of Bitcoin is its main advantage, which no cryptocurrency can boast of. After all, cryptans used to be interested in investing in altcoins because they were growing very fast, not at all like Bitcoin. And the memory of the crazy ICO days was fresh for everyone. But now it has passed and it is clearly visible that the crypto community respects only Bitcoin.
This is something that many people feel, especially those who have just entered the crypto world/are tempted/tempted, this trait is often felt, except for those who are seniors in the crypto world, where they already know the origins and progress of the crypto industry. Of course they are already sensitive to things like that, they know that apart from Bitcoin it is useless, even though we see a new crypto the price immediately soars high, but most of them don't last long, except for Bitcoin.
As I said above, Bitcoin may have had a long journey and history, we understand that shitcoins are a trap in the crypto world, as long as they remain committed and confident of course the temptation will be broken, focusing on one Bitcoin goal.
In as much as there is temptation everywhere in life, there should be in the crypto industry, that's why and what makes the industry looks interesting and entertaining, everyone must not win and everyone must not loss, so the effect of this makes it tempting to looking for more profits where the pressure will either be positive or negative.
The crypto industry has come to stay just like any other industry, whoever knows how to play the game remains at the top, whoever fails keeps learning, and so on.