Reflection of 1.5 Years in Crypto - 2018 Edition from Harry

2018

#1

As we’re getting to the end of the year I’m taking a bit of time to reflect and share some of my thoughts on what I’ve learned and what I’ve conclude based on 1,5 year of trading and not trading (hodling).

  • Just because statistics show that HODLing is in general the best method, it doesn’t mean that it is for you. Of course HODLing is great if you got into cryptos when BTC was 100 USD or less, but if you started when it hit 20 000 USD and you need the money back within a certain time frame, hodling might not be the best method for you. I earned more money with active trading than with hodling, of course that is balanced on the other end with how much time do you want to spend / how much stress you want to endure (it is not for everyone).

  • The big one for me was to be less greedy. Nowadays I’m happier with taking a couple of % profit compared to hoping and expecting things to get a lot bigger. As many I could have had insane money in my pocket now, but I thought things will go up higher. This was also linked to my first point, I really believed that things would dump from 19 000 to low, I just expected things to recover way quicker, I thought by Feb/March we’d be in the lift again and continue where we had left off.

  • The past is not necessarily an indicator for the future. There were certain events where almost “certainly” the market would go up or down and the opposite happened.

  • TA can be great, but it is not holy. In a way it is a big gamble, because all the TA in the world might say it will go up, if a 2008 nerd with a big bag of BTC decides he wants to cash out, we going down.

  • I still believe it is the early days, I think many people that are now part of this community and stick with it will be rich or wealthy in 10 years down the line. I don’t see cryptos going to 0, but I could be wrong.

  • Many people whine about red days, I see red days as opportunities to buy more.

  • Always keep some fiat on the sidelines in case of a very juicy drop.

  • Coins that were all the hype before, won’t necessarily always be the next year (TenX and many others)

  • When the market goes down, many people in this community turn on each other, but personally people that I thought were a cunt, a couple of months later aren’t that bad and in my mind “bad blood” is gone and forgotten. End of the day most of us are on the same mission here, get rich, share info, get informed and have fun.

  • Don’t always blindly follow what people say. It might work and you might be lucky, like I did when Peter said buy ICX, I went to 6 figures in no time. But I also listened to people saying that “now” is the right time to buy when it was not. Like they say, read about it online, draw your own conclusion and follow your gut (even if you follow your gut you might be wrong). But at least when you follow your gut, you can’t be blaming anyone else on having made the wrong choice.

  • Even though I believe in the market, on the daily it is still a crap shoot. Just because most Fridays are red, doesn’t mean that the day that you hope to get a discount day that you’ll get one, you might be up 20% on a Friday as well.

  • Peter is the fucking man, I’m surprised with how often I think something and he says the same thing (this is scary). It is often as if I see myself but in an Asian jacket.

Just same random thoughts, I’m sure I have more thoughts as I think more about it.

Curious to hear other people’s reflections.


#2

Another one is, don’t wait for events, “Ow if China drops the ban NEO will go up” this has now taken so long that probably nothing will happen to NEO if China drops the ban, or it might :wink:


#3

Keeping it super simple, the key things I’ve learned this year:

Long term

  • Don’t FOMO when you know in your gut where the market is headed.

  • Developments and building out an ecosystem are more important than price. Price is reflected through a long term effect.

  • Use this time to learn and grow with the blockchain ecosystem. Even being knowledgeable will go a long way if development isn’t for you.

Short term

  • Become a day trader if you’re looking for profit. There’s money to be made whether it be up or down.

  • Announcements don’t guarantee profit.

  • Don’t be impatient and buy off of emotion. There are still ways to win if you miss the ride up or down. More than one opportunity.

Overall

  • Enjoy life and don’t worry about what your portfolio looks like short term (unless trader).

  • Do what works best for you to win as a trader or long term investor. This isn’t a “one size fits” game.

  • Profit is a profit. Don’t get burned by buying the top. Don’t get burned by waiting for the absolute bottom.


#4

Thanks for the props my man. This is the long haul. I’m glad to be here with YOU!


#5

great reflection, tnx! lkadsjf lsdfj


#6

Long term: Own BTC, rent everything else.
Short term: The reality of your life is always right now.
Overall: This guy nails it, listen starting at the 1:30 mark. https://soundcloud.com/cernovich/what-is-bitcoin-by-mike-cernovich-podcast


#7

I’ll throw in my 2 satoshis too

  • If you are new in the crypto space, learn from the mistakes of others, listen, hear what people have to say specially with the should haves and what ifs.

  • Never trust every youtuber just because he/she uploads videos, a youtuber does not make him an expert in any form or mean just because.

  • Dont go full BULL & Dont go full BEAR … never ever ! Listen to both sides always.

  • Set goals & profit taking

  • Just because something dipped, doesnt mean it will go up anytime soon (LOL) dips also dip even more.

  • Be patient

  • IF you do not know how to trade, then do NOT trade, you dont have to, just buy when low prices and keep whatever you buy, if you are bothered with big swings then set a stop loss and dont torture yourself if price goes down by a lot. > set a limit to the downside too, HODL is not the answer for everything, it can ruin you too big time.

  • Use 2FA on everything you can.

  • If you are in a long term, get a cold wallet.

  • Buy projects with a feasable goal, use case, projection, future … not everything in the world needs to be tokenized or try to implement blockchain with it.

  • Ignore shillers, they are most likely to be paid or have personal interests in whatever they shill.

  • Dont hesitate in asking for help and different opinions, acept when you are wrong too.

Merry X-mas!


#8

I’ll be doing my 2018 year in review as well… but for this thread… the biggest thing I re-learned:

Building an scalable enterprise-grade platform like bloomberg is really really hard.


#9

Keep on building…and remember, excuses only satisfy those who make them. Just messin with you…I look forward to seeing it grow, as it certainly will. With any great idea, the downs are temporary, the ups inevitable. Yen cannot be uninvented. Do it.


#10

Great advice manuel gracias


#11

#12

Years should always be reflected on by donuts


#13

Slowly building my portfolio, take small gains when I can, when it becomes more mainstream I will be ready


#14

I have 1 year in crypto now and I still have no clue what is going on. I thought BTC was a steal at $6K lol. :beetconnect:


#15

It is if it reaches 100K :slight_smile:


#16

My take: The number one way Bitcoin hodlers lose everything is by their coins getting stolen. Get a nano s if you’re serious or split your coins over multiple established exchanges with 2fa.