Do You Really Want to Hold That Crypto For the Long-term?
When you make any financial decision, that can be short-term and long-term. You can have short-term goals as well as long-term goals. There is nothing wrong with that. You may have specific plans to achieve your financial goals.
How you navigate the market, that's important. You see the price goes up and you buy to make a profit. Do you have any plan about how long you are going to hold that asset?
If you are in crypto, it feels like the wild west. Sometimes you can see a clear uptrend or a downtrend. And sometimes it takes time to figure out which direction the market is going. The market can move in sideways.
Seeing the chart, you take an entry and buy crypto. You wanted to hold that for a short term. But the price rises a little bit, then it goes down. You keep holding it and hope the price will go up. When the price falls consistently, you wish the price goes up and you will exist at a buying price.
You don't want to make a loss selling now. What you end up doing is, selling that crypto at a low price and making a huge loss. Or, maybe you just hold it and think the price will go up in the future.
In a bull market, there is a high chance that the price will go up. The price keeps falling in a downtrend market. Do you think the cryptocurrency you buy and become a holder by accident, will it survive in a bear market and thrive in the next bull market?
When you do your research and analysis to hold crypto for the long term, you want to put your money in high-conviction assets. You try to figure out how it will perform in the long term. On the other hand, when you think short term, you see whether you can make a profit by taking entry and exit in a short period of time.
You don't want to hold something for the long term that you intended to hold short term. Maybe that will not survive and make it to the next bull run. The thing is, many crypto projects disappear from the market. They fail to survive and thrive in the long term.
Before taking an entry, ask yourself whether you want to hold that crypto for the short term or the long term. It will help to save your capital, make a profit and do better in crypto.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
