Not Trying To Suck Every Dime Out
We see people who engage in the markets consistently trying to suck every dime out of each move they make. This is akin to missing the forest through the trees.
In this video I discuss how big money is made by those having large holdings in a few asset classes. Those who approach cryptocurrency with the idea of where things will be in 3-5 years are likely to find themselves in a better position as compared to those who are simply trying to time every market move.
▶️ 3Speak
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A Bird in the Hand is worth 2 in the Bush
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Sometimes taking what the market gives you is the best idea.
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I’m trying to think big picture and long term. Apart from modest investments in BTC & ETH, these are coins I have holdings in:
Once again, the missus is more savvy with a more diversified portfolio and far more research that goes into her every move…
This near penniless pauper, read artist, is hoping this will be a pension plan 🙌🏼✨
That's what I said about DOGE a few years ago when I had around 250,000 of them on a wallet. These tokens could have made me a lot of money if I'd held them, instead I went over the ones backed by fundaments and they're not performing that good. It doesn't mean we should all put our money in shitcoins, but the performance of those shows us how unpredictable and insane this market is.
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It is very unpredictable. Of course, you can point out DOGE (or whatever) at this point in time. What is to say that it wont get back to near zero?
Sure there are lottery tickets out there. But it is easy to ride a great run up, and then ride it down. We see it in every market.
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BEER.Summary:
In this video, the speaker discusses the pitfalls of overtrading and the importance of long-term investment strategies in the cryptocurrency market. He highlights the risks associated with trying to maximize profits from every trade and emphasizes the value of holding onto assets for extended periods to build wealth. The speaker advises against getting caught up in short-term market fluctuations and instead encourages viewers to focus on projects with long-term potential. He cautions against allocating too much of one's portfolio to risky trades and underscores the benefits of earning tokens through activities like staking, even during a bear market. The video concludes with a reminder that while there will always be market cycles, it is crucial to approach trading with a long-term perspective to avoid significant losses.
Detailed Article:
The speaker delves into the common mistake many traders make, which is overtrading, leading them to miss out on opportunities as well as giving back profits due to impatience. He emphasizes the volatility of the cryptocurrency market and how new traders often fall into the trap of chasing short-term gains at the expense of long-term success. The speaker draws attention to the billionaires index released by Bloomberg, noting that many wealthy individuals achieved their status by holding onto assets for extended periods, pointing out success stories like Jeff Bezos with Amazon and the Walton family with their fortune.
Furthermore, the speaker advises viewers to approach trading with caution and only allocate a small portion of their portfolio to trading activities. He stresses the importance of focusing on projects with long-term growth potential rather than chasing quick profits. Mentioning cryptocurrencies like Bitcoin and Ethereum, he prompts viewers to consider the longevity and potential of projects before investing, questioning the sustainability of tokens like Shiba Inu compared to more established cryptocurrencies.
The speaker warns against being lured by short-term gains and reminds viewers of the cyclical nature of the market, with both bull runs and bear markets. He acknowledges the challenges of market fluctuations but highlights the benefits of activities like staking to enhance holdings, even during challenging market conditions. The video concludes with a reminder to stay mindful of the risks associated with trading and to adopt a long-term perspective to navigate the market successfully and avoid significant losses.