Why Are You Selling Right Now?
The day is January 11th, and as I am overlooking the veranda of red on my computer screen, I am dumbfounded thinking to myself “There are people selling right now!” So now more than ever is an excellent time to explain what exactly you are doing with the money you are spending in cryptocurrency.
This is an incredibly speculative investment. There are governments across the world that are trying to limit cryptocurrency mining and trade. Sometimes for good reason! Don’t think that you are investing next to the nice old lady from church. You are investing with Syria, North Korea, Iran, Venezuela, and the list goes on. Let’s not forget where cryptocurrency came from. Bitcoin was widely thought of as a criminal technology, and much of the population still sternly believes it (without one… single… f’ing Google Search)!
So why does this matter when the market is red? Because before your eyes, you are seeing the beauty of an unregulated market full of amateurs. Scared money is what rules the market right now. You have people who have taken mortgages, loans, and even sold property to buy more cryptocurrency. Asia has gone so crazy that we now believe the prices on their exchanges are fictional. The reason you got into cryptocurrency is for days like this. I know you, reader reading this page. You are looking for financial freedom while also having a direct impact in the future of money. You are a contrarian amongst your friends and family, with very few trusting your word on this new and innovative technology. So, why in the hell are you are stopping your contrarian behavior the moment you walk in the door? That’s what is going to make you money!
So let’s all take a step back here. On this down day, what opportunities do we have? Well, if you read my first article, you would know that you have an index of roughly 10 investable profit-reaping block chains/cryptocurrencies. So, if you took a look, you would notice those currencies are down! Some of them might have news coming out soon that they will added to an App that people love (I ain’t spelling it out)!
Here’s a strategy that can keep your heart rate down, while also giving you a good chance to make some money on one of the most important days of the month for cryptocurrency: Baby Buys. Buy $50 of your target(s) at a price you like. I will use myself as an example. Whenever I see a 12 handle on Bitcoin, that is an automatic extra pocket change buy. If it goes to 5,000, hey, I bet a steak dinner on it and I will have to wait (maybe forever) to get my money back. Always keep speckling money in at prices you like. I am NOT recommending “.000002 buy stop .00003000 when candle sticks cross the support”. Ain’t nobody got time for that. You know what prices look good if you’ve been watching diligently over the past couple weeks. Trust yourself to know a good price for a $50 investment. Keep checking back. If it’s going up, good! If it’s going down, even better! This is not a strategy to use on non-functioning businesses. I don’t know how people invest in those, so ask them.
The currencies that you are baby buying are also ones that hopefully have a future in making money from large volumes of people and businesses using their block chain road. That is the reason everyone is in the market. Speculating who in this madness actually has something that will work IN THE FUTURE. Not at full capacity 3 weeks from now. We need to focus on governments setting parameters before we really see the prices that we early adopters like and deserve. So, in this article, you are not hearing about baby sells. There are none. Keep what you have and hold on for dear life. This will, undoubtedly, be a bumpy ride.
This is a great day, not a bad one. We are all looking for the next big thing. Well, no matter what your belief on the big thing is, chances are it’s down right now. This is always the time to think about your limits, and what your goals are in the cryptocurrency market. Before you buy even one coin, always make sure you know what your exit plan is. Take profit.
This is my strategy that I employ, I am not recommending it to anyone and it should not be considered financial advice. My purpose of writing this is inspire thought, and thought only.
Featured image courtesy of Shutterstock.