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Greetings!
Hi Distinguished. I am very optimistic that your day has been filled with glad tidings thus far.
Its I Prince Princewill 'the guy that never gives up'.
Main Issue
Before I go into the main issue, I will make for a better understanding by saying (to my utter regret) that I am one of those who followed through when bitcoin was been introduced and did nothing about it. I let my past investment experience get in the way of an investment opportunity.
A Critical Question
How many of us saw the need to buy more when the cryptocurrencies were sliding in value few weeks ago? The critical thing is while some are busy speculating the value of their investment in the wake of a sliding market, a lot of savvy investors were busy buying some more cryptos.
The big question therefore is what really changed in the weeks before?
The answer to this question is absolutely nothing! You heard me, absolutely nothing!
I know a some folks will find this hard to believe. Let me answer this question in another form. Looking at the life cycle of every instrument in the [financial] market, you will notice that all things being equal, its either its bearish or bullish.
A bearish market or a bullish one are not opposite each other but are complimentary. So back to the answer I gave, its now clear to you that nothing changed but you yourself.
Why was there panic all over?
There was panic and chaos in the investment space because folks allowed their emotions to get in the way.
Why this is not an investment advice, but there is some trends that keep repeating themselves anytime the market is sliding.
These trends present themselves in the form of fear [of loss], unbridled emotional rise, the what ifs, heightened greed, etc.
Fear has proven time and again to cripple most investors among other factors like the ones mentioned above. It is responsible for the fact that most folks buy at some high price and sell almost at nothing when the reverse is suppose to be the case.
As for unbridled emotional rise, many a folk gets so attached to their 'portfolio' to the extend that they make similar if not worse decisions than those crippled by fear. They become one with their portfolios in an unexplainable way. These get so engrossed to the point they miss out in very many opportunities.
The problem with the what ifs is they ask questions but usually the wrong ones. 'What if I sell now what happens next?' 'What if I buy can I take out a meaningful profit soonest?' Why these questions appear valid, the what ifs always ask them in the wrong time and occasions.
The famed billionaire investor Warren Buffet once said that you need an amount of greed in business. This can't be further from the truth. The problem is some can't control or have a healthy dose of greed. I was once told of a brother that lost hundreds of dollar in bitcoin investment that he bought at higher rates expecting to sell even higher but was wiped out when its price declined.
What can be done?
Like I said earlier, why this is not an investment advice but there are some helpful cue one can get from it. The best thing to do at any point in time as regards investment (or any worthwhile venture for that matter) is self mastery. Master yourself; what are the factors that usually get you to become impatient? What drives your greed (we all have it!)? What factors inspire patience in you? In what situation were you able to be patient for up to 10years or so?
As for the later part of this article, what to do next is solely up to each one themselves.
After all has been said, is this the best time to buy or sell? Please leave your comments below.
Disclaimer: As has been earlier stated, this article should never be taken as an investment advice. The services of professionals should be sought after should there be a need for one
A much big thanks to sir @janton for his continuous inspiration. I bless God for meeting you here