My associates and I have a group chat for our investor group. My nephew, who's recently joined the group began investing with just over $500 U.S., experienced a big dip over the holidays. He jumped onto the chat and expressed, "I'm down 30 percent!" He was immediately rebutted with a response by one of the other individuals in the group who said, "Yeah!? We all are and OUR numbers are much bigger!" I think he realized the dangers posed to the bigger fish!
How I explain cryptocurrency trading to friends is by telling them that, as a new industry sector, it's not going to make anyone rich 'overnight.' But don't lose focus, if you can stomach the swings and remain in this volatile, growing market ... it is going to make you rich!
We have a saying in our group, "Buy the rumor and sell the news!" This new industry of ours is getting rocked with negativity, rumor, speculation, flat out lies and innuendo. What we, as investors, must remember is that even though we may reap substantial financial benefits in the short term, the long-term investment is where truly massive growth occurs! We have to seek out some profit each day. In my case I look for between 10% and 30% growth each day! Believe me, I understand how aggressive and optimistic that is. And some days, especially over these last few holiday weeks, I not only didn't come close to my 30% growth objective, I took some big hits ... hits that I'm sure have driven some investors from the market. The holidays hit us hard, but investing volume is down every December, especially the last two weeks.
But I'm looking for an amazing 2018 in cryptocurrencies. I have done my due diligence, my market analysis and I am following both the growth and development of our new industry very closely! So, if you're down ... just like the rest of us, stick to your strategy, wait for a rebalancing to allow you to continue trading (compared to when it seems that all your coins are worth less than you bought them for or they've blown holes in your profit strategy), take a day away for whatever you like or need to give some attention to. But don't panic ..and enjoy this ride into a new future with all the rest of us!
If you like this article, please sign up today and follow me as I have a lot more coming up on this subject, and 'Upvote Me' so I too can get more Cryptos! Be Great!