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RE: Are You Committing This Crypto Investing Sin?

in #bitcoin6 years ago (edited)

I totally agree with you. I am just trading crypto in small quantities for a very short time and to me, it seems like 90% of the time I made a decision based on emotion, I made the wrong call. I bought into the Hype of some coins and lost some money on those decisions. I didnt bought into the discredit of some coins then they spiked. I sold ethereum for bitcoin because I was eager to have some altcoin profit and because I was scared that Ethereum wouldn't go above 0.07 BTC. It reached 0,1BTC. This was a blow on me because even though I made profit in other altcoins after trading to BTC, I'd have the same as If I would just freaking hold Ethereum...

Its actually conflicting to want ETH price to go down when most of my digital currency comes from mining ethereum, because each time I sell Ether for Bitcoin at "high values", it just increases higher. I'm actually uncertain about what my strategy should be with Ethereum beeing my reference, as 99% of people use bitcoin to compare and ethereums price action seem far more unpredictable than bitcoin's.

I believe this means I didnt have the patience and my fear clouded me from realizing that Ethereum was the only coin in this crazy market that's looking for the next profit that didnt 2X in 2018.

Emotions are your enemy here.
However, they can also be your ally, namely, other people's emotions. There was sometimes where I earned quite a decent profit from coins like Monero when people's hype for verge and ripple was big.
These are real lessons to me.