Let’s face it, the crypto world has ups and downs. Ups are all we want but downs are hated by us all. But since both states are inevitable, one attribute must be held on to in order to survive in the cryptocurrency world. That attribute is Patience.
When your patience level is extremely low, your stay in the crypto world will almost be jeopardized.
You need patience while doing day trading. Prices will go up and down, but you must be patient to allow the price to reach a certain up or down in order to buy or sell your coin.
Don’t, however, forget one thing which must be pointed out in red here. Extreme patience is not what is required when you’re not trying to hold your coins for a very long time.
Yes, you need patience, but 80-90% patience is okay. Sometimes, waiting too long might make you lose that point that you should have hit.
So, back to the patience point. When you’re trying to hold for a medium long term, you must not be deterred by the swinging price actions of the coins. This can cause a real headache for sure. It can make you sell all your portfolio in anger when you see this annoying sideways price movement for days. But never forget -- Patience.
Also, always make your patience attribute be at par with other considerations – like knowing the specific token you hold, knowing which token to buy, etc. I hope these other considerations will be discussed in other articles.
Now how can you achieve patience? Below are some tips that will help you.
Surround Yourself with Positive People in the Crypto World
There are traders and investors who have been in the crypto space for ages. These people will motivate you to be patient and not rush things up. Such people will tell you the history of the crypto world and how it has evolved to the large world we see today. Those people will tell you their experience and how being patient has helped them. Also, such people will love you to truly make it big there.
You should note that there are ample negative people in the crypto world, on the other hand. If some people in a crypto group you’re in are toxic and too negative, you should remove yourself from such a group. The cryptocurrency world requires encouragement and motivation. Toxic people are not who you need at all.
Engage in Good Activities that will Make you Forget to Check your Trading Apps or Watch Analysis all Day
The trader or short-term investor will be inclined to checking their coin prices and trading apps all the time. Also, you will be inclined to watching all those YouTube videos on price analysis time and again till you would nearly exhaust all YouTube cryptocurrency videos ):
Just relax and fend off those for a while. Watch other interesting videos. Read good books. Play out with friends, go eat something good, travel, etc. Do all these and take some ample time away. The next time you check your trading apps would be when your money has pumped.
Get Yourself Positively Busy
It may be a passive income job or it might even be house chores – yes, declutter that your room once in a while at least. Or you might just look for a menial offline or online job. These will help take your mind off whatever coin is dipping or moving sideways and your next visit to your exchange app will be just to go take your profit.
And when perchance you check your trading apps and there’s no profit yet, continue your works and let the thoughts of your coins fly off.
In the end, be patient.