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BitCoin Baby - Day 26 "A little piece of Financial Advice"
I hate losing money and lucky baby me has not lost money in the crypto-verse yet, I have been in profit since week 1.
Still, I made a very big noob mistake during the first part of the 2021 Bull run.
My Personal Lesson Learned from the previous crash.
I did very well trading up during the bull run and 10x the $ amount of my initial investment still I screwed up which cost me more than it should.
I did what any baby trader should do, sell on the way up and buy back at the dip. And then one day came the big bad crash..... at first I was like "oh that is not so bad we will recover."
Then came the day we broke through the 40K barrier and I was like "ahh it´s only a temporary loss"
But then came the day we dropped below 30K and I went "Damn, welcome to Crypto."
At that point, I was quite annoyed with myself for continuously investing all my trading profits in ALTs that dropped 5%-10%. It got me that 10X during that initial 2021 bull run, but once we started crashing I was holding a lot of overbought bags with no funds to buy those bags at a 60%-90% discount.
The Bull Run of 2021 Part 2
Now we are looking up again, as we moved from 30K BTC to 50K BTC. This is getting nice and close to the BTC ATH and I think we can say the bull is back. I have a little piece of advice for myself and I might as well share it with you...who knows it might be something smart.
Keep selling on the way up, keep buying the 5%-10% dips, BUT:
Do NOT invest all your profit in buying the Dips during a bull market. Set aside some stable coins from every trade.
You do not want to end up holding only expensive bags after the crash.
Of course, you will hold some but you should have made enough stable coins to buy those "once expensive bags" at dump prices. The bear market is where you make your money suddenly made sense.
Oh and don´t buy the dip too soon with those stable funds, wait for it to bottom out or at least drop 40-50%.
Like a very old and wise baby used to say:
Making a profit is all about being patient and spreading risks.
Hope you enjoyed the article and got inspired. If so please drop a like and/or comment and have a lovely rest of your day.
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