When you have 90% of your total net worth in crypto, that is the time to listen to every speculation because you are a long term investor and you're really comfortable putting your net worth in that risk position. And maybe you believe even if you loose them you will definitely have them back in no time.... I will then say the biggest trap is investing more than you're willing to loose, and when it comes to risky investments especially with cryptocurrency they are extremely a volatile process.. never knowing if its going to perform really well or proven fundamentally strong or solid.
Everything forecasted in the future is all based off of hopes and right now it feels like they haven't yet proven themselves. When you are trapped in that universe you're prone to panic selling, especially if you see that your particular coin or maybe your entire portfolio really red and below your set resistance. You will be heading straight into that survival mindset to harness right now on the ones you have down, and also you're going to be prone to thinking short term naturally because of this.
I think once you start investing and understanding what your risk tolerance is, then you can start focusing more on long term because these temporary dip doesn't really matter if your intention is to hold for the next couple of years... so what happens now really dosent matter, in a nutshell.
You're seriously going to think back to today, this specific moment and think "oh snap" my portfolio went down to 40, 50 or 60%.. A lot of people will be scared when moving in quite sooner than they should, I mean that's what fortune tellers do to know when averaging into reality. I don't know when this will be tanky but I do know some people will be there with their analysis and all what not and still derive a new outline or a pattern..
One thing I believe is that time in the market is always better than some timing in the market, a saying goes this way
"The best time to do something was yesterday and the next best time to do anything is today.."
But what if it starts tanking or going down by some percentage of your money, you've got a choice to choose from the available options or re-route your nap and decisions. This constant feeling of uncertainty always kicks in, and you end asking yourself just the way I do if you're heading in the right direction and doing what's best for what you have... it is a conditioned feeling.
Condition your mind to what you feel is right, do your planning your self if you have to... at the end of the day, it's your money or rather it's your possession. You will hear stories of how mystical the market values can be, it draws you in and you have no choice than to walk in.. but what you need to do is take out time to do what others do, or just lock up and wait for a future miracle.
Ask yourself the why's in everything,
"is there value to what I intend doing?"
"Do I have to wait for somebody's lead?"...
Just a fraction of questions to worry over before attempting any risky trade or investment, for those who are using all their total earnings.
So do what is right, and don't feel pressured to choose what someone else does, because you may not handle the shock like the next person would. Fortune tellers do exist, I mean its been happening for years now yet they still know what time to invest or opt out...
Thank you for reading... love you all.
These are my special friends, you can stop by to show your support..