For the past 12-13yrs of Bitcoin, we've seen many unbelievable stories pop up. Like the guy who bought pizza 馃崟 with a good chunk of Bitcoin- which is worth tens of millions of dollars today. To be honest, if we're to take a pole of how much people have lost on crypto, you'll be amazed at the result. Personally, I have my own stories too. I first heard about Bitcoin in the 4th quarter of 2014, I had no idea what it was and I even used it for some HYIP schemes online馃槀. Looking back at the quantity of Bitcoin I "wasted" and lost in those schemes is terrifying. I'd have become a multi millionaire during the 2017 bull market馃檪. I'm gonna be brief in this post.
A lot of information about crypto is out there and a good % are toxic to newbies. Many new comers on crypto come in during the bull market once they smell the coffee and expect the market to keep pumping... The funniest part for me is when they ask "How much will I make by the end of the year if I buy $30 Bitcoin?" 馃槀. Dude!!! I always answer with $120k馃槅. Come on!! Most of these people get smoked as quickly as possible at the beginning of the bear 馃惢 market. Then they say crypto is a scam馃槀
If you're looking for quick Money, Crypto is not for you. Leave!!
Whenever I get these kinda questions from Newbies. After teasing them a little, I always say "You only earn after you learn". The L in learn might be massive loss of funds and that's true with many crypto traders today. You learn from your mistakes in the past so as not to make them again... Crypto is a long term money making beast. Most of the time, it takes years to be in the green. Unless you're lucky to get in at the beginning of a bull market and learn as the pump progress.
Sell fever
Personally, the hardest thing in crypto is WHEN TO SELL. There's always that dilemma of when to sell after doing all the work and waiting for so long. Even professionals get smoked sometimes and this is due to two major reasons. Greed and moonboys noise. I believe the best way to escape these two is to have a plan, stick to the plan by staying level headed and execute your plan at exactly when you planned to. It doesn't matter what happens after selling. Stick to your plan, after all, you can make new plans馃檪. I'm saying this cus I've been there and it worked. I sold a good % of my bag at $56k. It is always the hardest decision to make. Moonboys were saying $100k was close. To wrap it up... You're going to lose all your money on Bitcoin if you don't learn first.
Do have a terrific week. I'll catch you on the next one