As I have stated (and lamented about) many times in the past, I have made a lot of horrible mistakes trading crypto. One of the biggest ones has been letting my emotions be too much of a guide.
Anyone will tell you that this is amateur mistake number one. This bull run I am doing things much differently than I ever have before.
In the past, I would freak out on dumps and sell low only to see the price rebound. Or I would HODL something that was clearly falling apart until it went completely kaput and I was left holding the bags.. With the exception of ENJ, which I bought in the ICO and rode it up to 50c, and back down to one cent where I rage sold it and missed out on the current run up.
I am trying really hard to learn from my mistakes, but am clearly no expert. However, one thing that people keep telling me is that I need to have a strategy, and stick with it.
What I have decided to do is stick to a few coins that I believe in, and stop trying to jump on every single FOMO fueled project that I come across in some get rich quick fantasy rampage.
The one thing that has become abundantly clear, is that BTC needs to be at the top of my list. I am working my way toward that! Under that are coins like ETH which I am mining, (and RVN on my 4gb cards to convert to cash in order to help with those power costs) and a few more risky projects that I believe in.
I have been thinking about out how much perspective clouds the way we see a particular project. For example, having bought in Steem/Hive at 6-7 bucks, it gives me a very skewed point of view. For example, I should but jumping up and down about hive reaching 57 cents after being so low for so long. But I don't feel any joy whatsoever. I mean, it's nice and all, but the losses are just so great that it is hard to throw a party.
On the other hand, say you joined Hive a few months ago and bought 200k tokens at around a dime each. You would be turning backflips right now, and singing the praises of the platform.
This is why it is so important to take emotions out of the equation with trying to evaluate the value and future potential of a crypto project. It may be very difficult to do when you have skin in the game and a history, but it is critical to success.
Funny enough, I think that I actually have an intuition for this stuff that I keep ignoring when I get spooked. I get bad feelings about certain projects that I end up being right about, but don't act on. It can be difficult to weed out the difference between this intuition and run-of-the-mill panic and fear, but there is a different flavor to it.
And whatever you do, don't rage sell anything. Wait until you are calm and not feeling depressed or angry. The 'woe is me' self should not be trading. Go take a nap or meditate or something.
Don't do anything stupid. Thanks for reading my bi-polar posts! The roller coaster continues...
