Have you noticed something interesting about crypto? Whenever you buy a coin, it starts to plummet. If you decide to HODL, it remains stagnant for what feels like decades. And just when you contemplate selling to buy the dip, it suddenly goes ballistic.
Timing the market is hard, if not impossible. With the influx of bots flooding the crypto space, it's unlikely that a newbie will make significant profits unless they're fortunate or quickly grasp the game's rules.
I purchased some coins towards the end of 2022, anticipating the next bull market. A month ago, I added more to my portfolio, and now I find myself heavily invested in crypto with underwater bags.
To exacerbate matters, various coins are pumping here and there—Litecoin, XRP, obscure Chinese shitcoins, AI-based tokens, you name it. It seems that regardless of the project's fundamentals or thorough DYOR, the prices of my purchases must inevitably crash, while worthless shitcoins outperform them.
Why? I have no fucking clue. Call it karma or whatever you want. The fact is, pitching the perfect note in the crypto market is incredibly difficult, if not impossible. So, how do we maximize our investments in crypto?
First, let's discuss what not to do.
As mentioned earlier, in this new bull market (the third one), I find myself holding underperforming assets—a situation tempting me to repeat the same mistakes I made in the previous two bull markets.
That mistake is selling my coins to chase after other projects. Throughout the end of 2017 and the entire 2019-2021 bull market, that's precisely what I did. And what did I end up with? Mostly airdrop money and whatever I earned with Hive.
I continuously chased pumps, missing out on significant rallies and acting counterproductively, albeit unintentionally.
In 2019, I held onto DOGE for many months, only to sell it at the end of the year for $1,200. I had 588,000 coins. Had I held onto it until mid-2021, I would be in a much better position today. Next, I bought ETH and dumped it for XTZ when it reached $400 per coin.
I entered XTZ at a high point, and as it stopped performing, I believed LINK would fare better. So, I traded XTZ for LINK, only to witness XTZ skyrocket while LINK remained stagnant. Admittedly, LINK had already experienced its rally before my purchase, leaving little room for growth.
Then ATOM caught my attention, and I bought at its peak ($40). I held onto ATOM until I got into LUNA, and the rest is history. Now, I find myself once again holding an underperforming asset. So, what should I do?
Well, I'm taking the risk and sticking to my original plan. If it pans out, great. If not, at least I won't repeat the mistakes of 2017 and 2021. If I encounter another bear market in the future, I can't afford to endure it once more.
I am not a financial adviser, as evident from my regular @leofinance posts, but I have certainly made costly mistakes during my five years of experience in crypto. I want to share my failures with you all, so you can learn from them without enduring the same hellish journey I did.
Be mindful when selecting your coins and stick to your plan. If you don't have a plan, make one...
https://leofinance.io/threads/view/acesontop/re-leothreads-2rzb1jscu
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Very accurate :))
This is me writing through you. My experience 100%. Buy, hold, wait and nothing happens. The moment I sell at a dip, it shoots to the moon. I think it has a little thing to do with approach. Crypto HODLing requires long term approach. Just like you, I learned my lessons through losses.
Yeah. It's not an easy journey that's for sure.