"Wishful Thinking"
You want something to be true even if it isn't true and you ignore the real truth because of want you want to be truth.
Does that happen to you to?...
I sure know I often find myself in this trap and I'm probably not the only one around here. Maybe someone reading this post, if any bothers to do that atm, will ponder a bit on the first paragraph of this post. I suppose wishful thinking could define the crypto investing strategies of many of us which in reality are absent strategies.
I am definitely guilty of such attitude. My behavior throughout all the bear market in crypto is a mirror of that, and if I'd have the time and patience to scroll through some old posts I'd definitely see this wishful thinking transpiring in the way I treated the bear market.
What's certain though is that wishful thinking is simply lying to yourself. Like for example believing that just six months after BTC fell from $20,000 and kept on falling will continue its uptrend above $20,000 for like forever. Or after buying the top on NXT on December 2017, like I did, and see that it's actually a pure shitcoin deserving to burn hell, you'd still hold for a recovery to get your initial investment out.
Wishful thinking, as a poisonous ingredient in investing, is reflected quite obviously in the case of quite many users on the chain who were flooding to buy STEEM at $1 about two years ago considering it to be a bargain and a bottom at the same time. Looks like it wasn't any of them and a 10x fall from there on followed. The most valuable lessons are the most painful ones and are to be framed and never forgotten.
I once owned a few thousands XRP during the bear market and due to whatever price manipulation was taking place at that time XRP was spiking like hell, the only cryptocurrency to perform for a few days at that time, the rest of the market being flat. Had I sold the hype at around $60 cents before Poloniex and many others went down I would have made a few grands in profits easily during a bear market.
Wishful thinking was instead inflating my portfolio bubble to higher levels, that have obviously not occurred, and after the bubble burst I was back down to where I left. Back in the lines with the rest of the market that was just a witness of the pump.
When you get this character flaw out of the way you could also get more for the same money, like waiting for the bubble to deflate, have a confirmation of a bottom and then enter a position. Not my case thus far. If you're a bit smarter, like for example @empoderat is, you are dollar cost averaging and there's no room for wishful thinking screwing anything for you as a crypto investor.
Having a vision is not wishful thinking though. A vision relates to where some project might head, setting "potential price targets" not your wished ones, growth in value of a project and mass adoption, and so on. Wishful thinking translates to a $10 LEO by the end of July, while a healthy vision involves tens of CEX and probably DEX listings as well by the same time. A vision is not an expectation.
This post is probably prematurely launched, as we are not even half way through the bull market, but I couldn't stop myself from writing it. It's a note to myself and others that bull markets as well as bear ones are not endless. If that one coin you HODL hasn't reached your price target it doesn't mean that it really has to. You'll probably lose thousands over night for some wishful thinking sell orders that will not be filled.
Same way can happen catching falling knives and missing better opportunities once the knife has really reached rock bottom. Nerves of steel and mental clarity is highly required to make the most out of your investments in this space and wishful thinking is not doing miracles in that regard. You have to have vision though, while being grounded in reality.
I wish LEO will get to $10 this year, I wish UNI goes to $300, HIVE to at least $3, Leofinance microblogging climbing the Alexa ranks like a mad lion and my portfolio to get to over $100,000, but I'm fine even if none of the above becomes true. I still have the vision that kept me around here though and pushing me forward, but trying to kick out wishful thinking at the same time.
Thanks for attention, Adrian
Posted Using LeoFinance Beta
