The ups and downs of the Crypto market
2 months back a friend of mine had visited me in Muscat and we were talking about the Cryptos. Me and hubby have been advising him since the last few years to invest in Cryptos, but he has been so skeptical. When it was 6k and 7K, were asking him to invest. At that time, he would tell us, all this is a scam and even we should not invest. Then when it was 20K also, he said the same. After that when it crossed 50K, for the very first time he felt like he missed the bus.
2 months back when the BTC price was below 30K we were suggesting him that he should buy. At that time he got into greed. He challenged me that the price will go down to as low as 15K and then he will buy. I too challenged him that time, that the price will never go below 25K and he is again going to miss it. He made fun of me saying, I am talking like as if I can predict the future. I too told him that he can wait and watch. And exactly that happened, the price never went below 25K from that time and now it's 40K plus.
He is hubby's best friend so we really wanted that he would consider his decisions. A few days back we had a talk and I told him that see he missed it again, and still it is not late to buy. Now he is unsure, because he feels the price is too high. Indeed the price is too high but then still there is so much scope of growth also for the price so why not consider.
This is so common with many people, that they keep anticipating a fall and then miss the chance. We also told him that he can buy in parts and average it out. But he wanted to hit the bull's eye which is not possible in the crypto market.
In my case also it has happened so many times. When I wait to buy at a lower price, the price shoots up and never comes down again and when I buy at that moment then suddenly the price falls. I did miss like that on Solana. Hubby was advising me to buy it when it was at 18 and 20, and then it jumped to 65 and then 115. I have been feeling so miserable about it. Finally I bought at 93, because he still feels that even that will give good returns. Now I am leaving it to my luck. My hubby always makes fun of me saying, he never wants to buy any coin that I invest, because it kind of gets jinxed up...hahaha. But I have proved him wrong on certain occasions on that which makes it clear that there is no spell on me ;-)
Yes one thing I have learned is that there is never the exact right time to buy and we cannot even predict the exact time when market will move up or down. So it's best to average it out by buying at different points.
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It was around April 2019 when I started to know and learn about crypto. I even tried simple crypto trading. I remember btc was around $5k
In 2019, I had a major loss from my portfolio and I build it up again from there. I am happy I could do that.
Glad you had the chance to build it up again
This can be pretty annoying! Most times I’d have to beat myself up for weeks but then again it’s the crypto market and it’s unpredictable.
Hehehehe girl power!!💃🥳🥳
Haha, yes. I beat myself up all the time
Cryptocurrency can be annoying and there are times when I feel like it disliked me cos the price will come down after I have bought at an expensive price
And sometimes I usually feel like trading is better than investing
Trading has never been my cup of tea.
It happens with me all the time, I just keep a long term vision and then not bother much about those little ups and downs
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There never an 100% in the crypto or financial market. Predictions can fail and opportunities can elude us if we don't grab them as soon as they appear. I guess your family friend has learned this lesson. If you had gotten Solona at the right moment earlier when your hubby told you to i think that's nothing less than a 500% ROI or times 5 of your investment. I hope you get other opportunities. Thanks for writing. I hope you are enjoying the weekend.
You are right, I missed it in anticipation of the price coming down, which never happened. I hope now it gives me good profits during this bull run.
Wish you a wonderful week ahead
It is really hard to convince, peoples to invest in crypto. Most of them are worried to invest. I do consider DCA is the best strategy and most of the time it is a good way for long term.
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True, you need to have a long term vision in this market. Thank you
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The Crypto market is highly volatile thereby making it so risky to trade