Yet a member asked me but each time they say it is going to fall, the price miraculously goes up higher. I don't want to miss the action. This is a lifetime opportunity to make good money and make it fast !
In a way, he is not wrong, the numbers speak for itself. What I am advocating is NOT NOT to trade cryptocurrencies but trade it with money you can afford to lose. When you mortgage your house, it is the bank who has a right over the asset now. Should the coin falls hard the next time and you are not fast enough to get out , what happened ?
Not only are you stuck with heavy losses, you may also lose the ability to service the mortgage interest. And that would affect your work performance, right ?
They often say trading is a psychological game and one who can manage his emotions well can stay longer in this game. It says stay longer not necessarily win, it still depends on his strategies, risk management, etc. But I concur emotions is a huge part of it (having busted accounts and lost plenty of money before)
The need to be right - this is one area that many traders trade other than making profits. Like football, we make predictions which team would win even before the matches start. It's the analysis that is the fun part, the on the spot watching live and having that adrenaline pump knowing our "foresight" is right and others is wrong that matters.
The thrill of catching your prey , hunting him down is more exciting then finally catching it that is FUN and exciting. That motivates many traders to stay in the game.
To be socially accepted - On a deeper level and invisible to many is the need to be accepted socially. Think of how you hate drinking but nevertheless succumb to peer pressures and did it eventually. The pressure is huge and you can't seem to find another way out. It is the thinking of "Do it or I won't love you" mindset which is of course very wrong to begin with.
I guess we all go through this phase somehow and over time, we matured in our thinking and looking back, most would not do it again. As humans, we triumph over animals in that we do not live by natural instincts alone, we possess the power of CHOICE. It is the CHOICE that makes us supreme, unique and making decisions to do the right thing than doing things right.
Remember, when you pick up one end of the stick , you pick up the other. Our actions will lead to consequences and we may not know for certainty it is good or bad. We have to be responsible for it.
Some say to use 1% of your capital to trade cryptocurrencies, I don't know if this figure is right or wrong. It really depends. I have friends who have never trade a single stock in their lives and many good profits from cryptocurrencies and they are now touting themselves as the "gurus" and "go-to-guy". Do they use 1% or 100% ? Do they have a choice? Will they listen to me?
Probably not! They would label me as the party pooper, wet blanket, jealous, envious of their outstanding results and to the extent of unfriend me, haha. How I wish when I was head over heels in trading years back, I have mentors an good intention people warning me. But honestly, even if there is , would I listen to them? Likely not. So , I know how my friends feel, they are in a state of ecstasy, too high to come down.
They say I am a coward, playing so small and can never get wealthy with such tiny positions, they laughed,sneered and make a joke out of me. Yet, they followed me in my charting. Some take on additional jobs. These extra income become their next level of capital to pump into cryptocurrencies. I think it is scary and crazy, working yourself almost 24 hours to feed this monster or money making machine as they would called it.
We all have a choice. Use it or lose it.