As a financial investor there are certain things you should always have in mind when it comes to investing. The most important thing to do is do your research about the coin first, after doing your research about the coin or asset and you are sure about it, always remember that the market is there to serve you not instruct you. When you are being instructed by the movement and actions of the market certain things begin to play in your decision makings. This usually occur when we spend too much time looking at market prices too often. This drowns us in a pool of emotional decisions making. You have done your research, you are sure of the asset, the best thing you can do is wait and be patient.
Patience sounds cliché to a lot of people because most times it’s way easier said than done. But patience can prevent you from making lots of financial mistakes, one of those mistake is FOMO. Patience can prevent you from FOMO into the peak of a bull market. You see lots of people jumping on an asset based on FOMO, but you wait, the market later comes crashing down in price making the price lower for you to jump in. With patience you can decide to hold the asset for 2-3 years even if when the best market comes knocking on portfolios. This will prevent you from making certain decisions you will prevent later.
In investment it is assumed that investment is 80% patience and 20% execution. This means that the easiest part of investing is the execution, the execution also consist of your research, you shouldn’t forget about that. With this you will see investment as being a hunter rather than being a gambler. Most people see investment as gambling and more of a get rich quick scheme. That is why most people lose a lot in investment because they couldn’t wait. I have experienced that, I have met people who have experienced that. I learnt patience in investment the hard way.
We should learn to be smart with our patience, because most times people become patient on something not worth being patient for. But they hope it will be worth something later. Like those people being patient on shitcoins because they believe it’s going to make them rich someday. Being patient on some asset doesn’t mean you should hold on to them for ever. You will hardly make money doing that,always have an exit strategy. When you have made a good amount of profit you can exit with 50% of your total portfolio, just to be financially secured.
Always remember that you can only be patient and profitable in something that has great potentials like an asset with great utility and an asset that has a long term growth factor. This is because it will appreciate over time and make you good money.