Plenty of crypto traders are picking out colors for their Lambo's . A large number of of them are under thirty. This is great, amazing attitude and enthusiasm.
I know this because while going through my self-imposed condensed education in the crypto arena I watched a few hundred video's. Everyday there's another million dollar token to buy, companies born yesterday, listed today. I jotted down all the names and then went to work.
I went to coinmarketcap, where all these darlings are listed. I went to the website, looked for the team etc...and then tried to figure out what it is they claimed they were going to do
Now here's where you say "oh yea I do all that too", and here's where I say: "are you old enough to remember the dotcom disaster? What were you doing when the property market was collapsing, do you know there was a near-miss banking collapse in 08-09, have you ever heard of Lehman Brothers?
Now is the time to really look at some of the nonsense being offered, look up what happened in 1929, and start learning a few market fundamentals, that means a human over forty that has followed markets for years.
Take a breath, take researched risks, it is a casino and I see young traders, not sleeping, buying a boatloads of crap and not looking at old school charts (not one-hour candles).
Most of all this: there are some big money blocks moving into the game, some Wall Street types, they operated like Borg and their mission is to take your money.
If you've been very lucky and made some dollars, take a breath, be smart, look at history and be prepared for something unexpected -good and bad.
On a personal note, I went to bed one night and the next morning I was down 70K when Lehman went down.
The point of this short reminder is this: don't be manipulated, events happen that may have nothing to do with you and your trading skills or the crypto market (that may impact you) and listen to people who know how legacy markets operate-we've been there and seen it all. Now go make that million!!!!
Great post. A long-term view is definitely needed in times like these.
Sorry to hear about your Lehman story. Mine is a bit different, I had just gotten into trading a year before and lucked into some Lehman $2 March 09 puts. To this day, even with crypto, that was my most profitable trade.
Total beginners luck. I just happened to be reading the right blogs.
Yea for Luck! Most wealthy people I know have earned and lost lots of money and never miss a beat. I have been lucky too except for a choice of a financial advisor (former). I'm loving the freedom in the crypto space and plan to make lots of money, I'll just be managing my own gains... Options stressed me out too much, waiting for expir day...
Yes, I still trade options, but only one or two at a time to keep the stress level to a minimum. I'm looking at these smaller altcoins as long-term call options. :)
Crypto markets are unlike any other. It's really not fair to compare their charts to, say, Johnson & Johnson, and come up with a confident and relative analysis. If you try and make a really educated guess backed by history and trends, you'll still probably be wrong. Tons of analysts love to think they have it figured out, but they have been proven wrong for 5 years.
To your point, it's important to know what you are investing in. There are a lot more factors than the team behind the business (although that does make a big difference), their mission, and the impact that the coin has on the different industries of the economy (i.e. the problem they are solving).
However, blockchain is being adopted everywhere, applications are becoming universal, and demand is increasing. If you invest in a stable coin with a significant market cap - and not roll the dice for a quick win - then you'll probably do well long term.
The biggest difference between this market and traditional ones is that there is limited supply. No stock splits, no dollar inflation, no major long-term manipulation (outside of a whale or two making short-term splashes).
Bottom line: it's a big gamble, big reward, and of course potentially big loss. But that can be said for any market.
Just be smart. Invest what you can lose and take profits to make yourself whole. And remember: No loss or gain is realized until you sell...
All markets based on human interaction have similar characteristics.
Fuck a Lambo, get a Tesla and get you some woke hunnies. Ahem anyways... I've totally had to take a breath. I'm a crypto-noob and made over 250% profit in one month. It's hard not to think we're in a bubble. I played a little bit in the beginning after some good and not so great moves, I've learned to hodl. But I guess that not so great move led me to DGB at a fraction of a cent so I can't complain.
so glad you're making $$$, it's the name of the game, better you had an early experience of taking a loss or two that will make you a smart trader, hope you get your dream car soon, not sure Tesla will produce enough cars for the crypto millionaires!
You're right! They're having a hard time already keeping up with demand. Thankfully I already have my dream car which is a Tesla model S from their certified pre-owned program (which makes it half the cost) and is grand-fathered in so we have free super charging for life. My dream is to have enough money to have a completely sustainable commercial (mall-like) complex with tons of affordable living for the people of my city. AND that crypto-millionaires won't perpetuate the same shitty closed-looped money system that has afflicted us all. Do good with your money and be good to your future self, DON'T DIE AN ASSHOLE!