If you don't have any source of income then you can't succeed in the world.
First you need to earn and save before investing. Since investing in cryptocurrencies requires you to accept risk, you cannot invest money in such a way that if you lose the money, you will suffer in life. So you cannot invest money which you may need anytime.
Turns out you invested in a token for a long time but suddenly after a few days you need the money but then the market bearishness has come and gone. Your property i.e. invested money has reduced a lot.
So before investing you must strengthen your own funds so that you don't have to monitor the investment after you invest.
Well it's a common knowledge. On
crypto space, having no source of income will pose a lot of risks.
Crypto is on a riskier side of investments, if you put the money you shouldn't lose, it is a mistake obviously.
If somehow you invested your money on
crypto that supposed to be for another purpose, you will forcefully sell your
crypto on a losing side at worst. One of the basic rules on
crypto is to invest money that you can afford to lose, it isn't wise to invest money that aren't allotted to investing.
Hopefully no one is investing in crypto. .since that is a meaningless term, which largely means shitcoins and/or trading and/or gambling. Fuck shitcoins, at least when it comes to investing;;; however, if you want to trade them, that is another story.. you can trade shitcoins and potentially make a lot of money if you know how to play those kinds of games.. .. though I personally am not into trading and it is not necessarily easy to trade, since trading takes a lot of skills and perhaps luck too.. but there may be ways to set up trades that are not so much luck based but more about locking in profits and having more winners than losers.
Now if we are talking about investing, which seems to have had been more the thrust of ideas underpinning this thread, then we need to use the word bitcoin if that is what we are talking about.
If you are fucking around with shitcoins, then that involves other theories and practices involving when to get in and when to get out which is largely about trading.
If we are talking about bitcoin and investing, then you don't really need to focus very much on ideas about when to get out.. but you do likely need to make sure that your getting in strategies are sufficiently solid in order that you will be able to hold and perhaps even continue to invest for 4-10 years or longer.
Sooner or later, you would really be able to find out those main differences on which it would really making out such realizations on which one would really be worthy on holding and which one would really be just that good for making trading but of course you could still be able to both apply if we do speak about Bitcoin investment or trading as long you are capable off. It would really be just that depending on how well you do hover yourself into this market whether you would be deciding on being that passive or would really be that active or simply matters on how you would really be doing such acts as long it could generate out that possible income or profits,
but if you are someone whose really that afraid on when it comes on taking risks then holding would be your best choice.You would really be only needing on having that kind of problem when it comes to emotional aspect and discipline towards your thinking on how long you would be holding
and on when you would really be planning to sell on which this one would really differ into each other.
If someone chooses not to invest in shitcoins or to limit his exposure to shitcoins to less than 10% of his bitcoin investment, that does not mean that the person is "afraid" to take risks.
there is no need to imply that there is some benefit towards fucking around with shitcoins by adding more risk to an already risky investment.
Another way to describe the matter is that shitcoins are all reliant upon the success of bitcoin otherwise they would not be able to stand on their own, so if they are already correlated to bitcoin, then why add more risk by investing into them.. and without limiting your investment - absent some extra-ordinary circumstances.
Another thing is to think about investment versus trading. .. so you can invest into bitcoin, but if you get involved in any shitcoins, you need to think about your in and out strategy because you cannot invest in them, except for a short period of time.
Now if you come to some kind of an assessment that you are able to feel comfortable with some shitcoin, then surely that is on you to come to such a conclusion, invest into it and hopefully it works out for you.. and I am not claiming that there are no shitcoin projects that might rise to that level of scrutiny, and so hopefully you have some clues about what it is that you are measuring if you do actually come to that kind of a conclusion about any one (or more than one) shitcoin.
[edited out]
That's true about shitcoins; I had never bothered until recently; I always stuck to Bitcoin, which became my first priority for long-term investments. I wouldn't have bothered if it weren't for the large number of Binance Launchpool projects that have been flowing in in the past few months, which were basically providing me with free passive earnings.
I wouldn't call that investing, though; taking advantage of certain circumstances and messing around sounds more appropriate.As long as you recognize the difference between investing and "messing around," there is nothing wrong with involving yourself in some of those kinds of projects - but it could devolve into a slippery slope and also a big waste of time and brain power, yet if you know how to moderate your involvement with those kinds of likely inferior products, then you may surely be able to both outperform bitcoin and also get some enjoyment out of the process of spending some of your time, money and energy in that direction.
I believe that if you can hold a bit longer, then you will make a lot more profit when bitcoin price goes to 100k+ levels. I do not know when that will happen, but I am sure that eventually one day that will happen and that should be 4x profit for you. Considering how that is not that easily possible in the stock market or anything else, if you can do that within 2 years that should be great for you.
I also have an average purchase price of $27.000 to $28.000. Just like @Learn Bitcoin mentioned, no one wants to miss the bull run. Even though there were better opportunities in the past, $27.000 is still a decent average price that can easily return double or triple yields within the next few months. I'm not sure when and if we'll surpass $100.000 anytime soon, but personally, a decent amount to consider selling would be between $60.000 and $65.000, but that depends on one's priorities and goals.
Historically a lot of folks have sold at or around prior ATHs and come to regret it.. but you can do what you like.
kind of reminds me of a lot of the smarter than everyone else folks who were selling their BTC in the $900s to $1,200s in early 2017, and also the ones who were selling $17k to $21k in late 2020 and early 2021. I wasn't around for the early 2013 sales between $40 and $80, but surely they would have existed and they would not have faired too well
Part of the reason that some of us label those prices areas around the previous ATH as no man's land is for those very reasons that they do not tend to be great places to exit your BTC position in any significant way.. but again, hey do what you like.. By the way no man's land this time around is about $55k to $82k, and sure it might vary.. and we will see what happens...and maybe I can just say "sorry for your loss" in advance for those of you cashing out significant amounts of BTC in this range... even though there may well be somewhere in the ballpark of 40% odds that you could end up being correct.
Each of us are responsible for our own choices, and whether you sell some or all of your BTC or not, don't come crying to me if you either sold or you failed to sell and the price direction does not work out for you.
