I think you have to be a good psychic to be able to make good decisions on when to take profits on gold and crypto investment.
Yesterday I rushed to sell my small gold bars at my friend’s gold shop down town. I saw gold price stood at the highest spot at $1,886 per ounce. I was a bit hesitant when the kind staff at the shop told me that gold price should still go up and that I should wait! But,I decided to sell my fifteen grams of gold any way.
Today, gold has gone up to around $1,893 per ounce. I lost some profit by selling my gold yesterday!
I am quite new on investment in gold and crypto; I do not have regular job since last year. So, I hope my investment in these two things will help me to survive a bit longer while looking for a new job. I have been reading quite a bit on analysis concerning forthcoming run away inflation and how fiat would go back to its intrinsic value ie. zero.
I found it quite hard to follow all the technical analysis on crypto but I believe blockchain and some crypto are the future. Crypto Lark’s and Chico Crypto’s videos are quite educational for me. I have never taken any profit on my small amount of crypto before and Larks’ video on how to take profit really played a large role in making me start trading to make some profit. So, three weeks ago, I sold some thirty ChainLink tokens. However,three days later the price went up almost forty percents! I have very mixed feelings about my judgment and timing of my decisions!
I thought there must be something missing or wrong with my analytical skills or my perception. This does affect my confidence and makes me feel discouraging. So, I wonder if there are some articles or books that I should read to get on the best possible track of decision making.
Yesterday, there were so many people waiting to sell their gold jewelry at the gold shop next to my friends’ shop. They were thinking the same way I did, they have been waiting for the whole month for this high price. But today, all these people would feel a bit sad thinking that they should have waited one more day. On the other hand, I had been waiting a few days in the past, only to see gold prices tumbling down by $20 per ounce.
Perhaps the worst thing was FOMO when I bought gold at much higher price. So, it took me several months before I could take some profit. I wish I had some friends who could lecture me about this whole matter of investment for future survival. Most analysts would tell you that you should invest as much as you could afford to lose. They always say they are not financial advisers! So, after all the reading and listening, I feel that I have been left hanging in the air with my hands clutching this rope while yelling ‘help!’ I really look quite a pathetic figure floating up there.
But at least I am learning new thing everyday and I learn to take profit and do some basic trading. I wonder if I have really good psychic ability, perhaps I could sell my gold and ChainLink tokens at a better timing so I could make the extra 10-20 percent profits!? Is this a sign of being a bad investor or a greedy person, I wonder. However, I did put the small profit from selling my gold bar into a small one gram gold bar; the profit from selling my ChainLink was put back into Cardano. Mind you, I have a small amount of fund which should help me to survive till I get a new job; I have more than 50% chance of getting a new job next month. I just have to pray that my wisdom and luck will grow fast to support me till the end of this year. I still need some good advice on how to navigate through all of this novel field of experience and learning process.
Above is my friends’ shop specializing in selling gold bars of up to one kilo bar! This shop is rather empty of customers. Below is the famous old Chinese gold shop with focus on gold jewelry. Most people still have not heard of gold bars and cryptocurrency!
During the last two days I have been urging some people and old friends to look into crypto and small gold bars. The future is so uncertain; the prospect of financial chaos really unnerves me sometimes. I was so lucky to have stumbled on blockchain and blogging on the old platform after reading a short article in a newspaper.
Wishing you all a very nice and prosperous weekend.
Cheers.
May I ask what you do for a living? Maybe I'll need your services in the future. Thanks!
It’s well nigh impossible to perfectly time your trades. Don’t beat yourself up for failing to do so. It’s counterproductive. Just focus on the large timeframe moves. A lot less stress.
Really! Impossible?! I thought people do it all the time!!
Thanks for the information! Much appreciated!
Cheers.
Think about it this way: If people generally timed the market perfectly being in massive profit, then who would pay for those profits? Practically everyone times their trades imperfectly and for most traders trading is a loss-making activity. Only a small minority of highly skilled traders can turn a profit consistently. For most people, it's a casino where the odds of losing are much greater than the odds of winning.
It comes down to knowing or understanding what most other traders don't. If you only buy every four years in a bear market and sell only when the general cryptocurrency market has gone parabolic like in January 2014, January 2018 and maybe December 2021/January 2022 etc., you can profit relatively easily. That's because most people who buy cryptocurrencies have no such long-term plans or awareness of what moves the market, which is the Bitcoin mining reward halving every four years.
Thanks for the detailed explanation. I still have to digest this slowly, this is very enlightening to me.
Cheers.
The right decisions are always easier to make for those who have no financial difficulties ...
And if money is urgently needed, then there is no choice ...
Yup! You are right! Sometimes people have no choice. But I should our weight on the analysts’ article. They all say that gold price will break 1900 dollars!
Now you will know what to do when there is no urgency to hand over gold.
It's already 1900 now,lol, i think the higher the price the more people would be buying, so i wouldn't sell now. I remember in 2011 when it reached 1900, i see people who are not investors start fomo-ing, that's the time to sell i think to those newbies.
Thank you very much for your advice! Yep! I think gold abs silver will go much higher!
You should be my tutor on investment issue!
Cheers.
Congratulations, your post has been added to Pinmapple! 🎉🥳🍍
Did you know every user has their own profile map?
And so does every post as well!
Want to have your post on the map too?
Thank you very much for your good work.
You're welcome @kaminchan