Greed in cryptocurrency: Are you still getting caught in such act?
I have been meaning to write this post fpr some time now but for some reason I have been really down. When I see the uncertainty in the cryptocurrency world I begin to wonder and fear for the future. I remember some months back I wrote about taking profit. What I was advising there was that people should learn to take profit and use it to better their lives.
By using it to better their life I mean they should learn to take profit when the opportunities present itself. This opportunities should not be wasted by lavishing it into something that is not worth it. I have seen someone who made $30000 from cryptocurrency instead of using it to invest in offline business, he goes about using it on prostitute and wears that are not worth it. When people approach him and decided to advise him on the need to invest offline, he said he has lots of money so there is no issue. To cut the long story short he is back to cryptocurrency, but the bad thing is that he is struggling.
If we are to mention names of those who waste their opportunities when presented with it, the list will be endless. But nonetheless when I wrote the post advising others to always take profit and better their life offline some went for my head. I let them knows that everything here is like mirage, you can wake up seeing your coin doing 100000% and in the next minute it can head to -10000%. This is not curse, it is normal because this is cryptocurrency for you.
When dealing with cryptocurrency I have traced almost all our failures to greed. Despite my big knowledge in the cryptocurrency world I am still caught up in such act. Only this year I know how I lost out on the airdrop that was given to me feely. First was rope Airdrop. I was given 200 of it, the 200 grow to the worth of $400 in my wallet, because of my greed do you know I didn't take a dine from it until it falls drastically to $80.
You just have to see how I was steering at it till dump to the bottom. The second experience was ftr airdrop, it was given to me freely too. During the time it was given to me it was worth more than 800$ greed won't allow me to sell, I said it will get to $2000 but I had no choice than to sell when it drops to less than $50. I had issues so I have no choice. Now assuming I sold and kill greed out of it I wont be regretting by now. I could have put that money into good use and by now I won't be regretting and lamenting.
It is so painful to see that at this stage I am still caught up in such act. I am really ashamed of myself, at least I have gotten countless experience which could have act as a guide for me. When I see people who have great experience in cryptocurrency gotten caught up by greed I felt so bad and ashamed of them. Truth be told they are certain things we can't control but greed habit should be killed if you want to succeed in cryptocurrency.
Recently I was given a free coin, I had to keep the coin after seeing the potentials it has but why doing that I was considering so many options. I don't want to hold and regret my decisions again but the reason I didn't rush and sell immediately I was given was because the amount given to me is small and the price is low. I want to sell and be able to use the money for something amazing. While holding it, it rises from 2$ to $8 and I said I will sell if it can get to 15$. After few weeks it rises from $8 to $17, do you know the greed in me triggered, I said I will sell when it gets to $20, do you know it dumps back to $8 and right now I am really angry at myself. It is really bad to see that despite all my years in the cryptocurrency space am still being caught up in such act.
Just like what I said, if you want to do well in cryptocurrency you need to learn how to deal wit greed. Learn how to invest, how to take profit and how to move on.
- If you love my post, feel free to comment and also support me, it will help to get me motivated. Remain bless as you read the post. Thanks
One of the ways to combat greed in cryptocurrency trading is to simply sell where you already see a profit, because many times we want to see more and by the time we open our eyes the price has already dropped again.
Yes, it is good to sell if not you will end up regretting
The greed of hoping for more profit is a reason why people eventually loose out all their funds, it is a good thing to be content with little profit and take it out whenever the opportunity presents itself.