Panic selling.
The process of transferring wealth from the impatient to the patient.
Throughout my time in the cryptocurrency space, my biggest regret has been selling when things start to look bleak. I have sold off positions much too quickly and failed to reap the real benefits of that investment as a result. I discussed this a bit in a previous post about developing long-term thinking, but patience and forward-thinking vision are skills I am seeking to acquire as they are the recipe for success in my opinion.
Cub
If we look at Cub for example, I just bought in the other day around $1.90 expecting that utility such as the Leo Bridge may send the price trending the other way for weeks to come. That has not been the case as the price has been on a downswing between $1.70-$1.80 ever since I made my buy. Now it is as low as 70 cents depending on the hour.
Seeing the value continuing to go down despite what I believe to be great projects being launched on top of the platform, I felt the strong urge to sell and cut losses. However, this time I stopped and thought about it.
We can't predict the markets. We just can't. Even if it makes logical sense that more utility would lead to a price increase, it doesn't necessarily have to happen in a linear fashion. Looking at the situation further, I realized that I truly do love the project and I trust the team; how important is price in the short term? I'm thinking it isn't the most important thing in the world. I held onto my position and even added to it a little bit; here is why:
Motivation To HODL
If you are serious about investing into a project, I think it should go without saying you should do some research on it. I research tokens in the form of their roadmap and whitepapers and everything I saw regarding documentation for Cub was well thought out, realistic and had great vision. That is what it is about for me. I want to be involved with things that may change the world. I have to do my due diligence and not panic over a difference of a few cents in the short-term.
Think about Bitcoin. In 2014 the year end price was 56% lower than the year open. Think about how many people probably dumped everything after losing half of their value and cutting losses. The year end price that year was around $322... Which is now somewhere around half a percent of the coins worth now. I'm not promising that whatever token you are holding will have such extreme results, but if you believe in the fundamentals you have to look at the bigger picture here!
Welcome Red Candles, Embrace The Uncomfortable
If you truly believe in the project and the price takes a dip, that is a fantastic buying opportunity (NFA). The most successful trends in history were weird at first, but the people who saw the future for the projects and ignored the short-term noise were amongst those making history.
Take the internet for example. That is a wildly insane concept if you have no previous exposure to it. However, those who truly believed in it found huge riches during the .com boom. That trend is continuing now as computing power is improving and so many new networks are being created to power the internet.
Innovation is something that feels incredibly weird until it works. There are so many examples of people who stuck to what they believed in and found success. That success is not guaranteed of course, but you can't achieve it without first believing in the project; the same mindset holds with investing.
Links and Connections:
Follow me on Twitter: Rob_Minnick23
LeoFinance/HIVE : rob23
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Noise.cash: rob23
Read.cash: R23
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Who I am:
My name is Rob and I am a college student doing my best to get involved in the crypto world. I have enjoyed blogging thus far and thank you for reading my article! Give me a follow and let’s build the community together through consistent engagement.
