CRYPTO MINDSET
I believe whether you've been in the cryptocurrency world for a long period of time or a shorter one, it shouldn't be a new thing when people talk about how volatile the market can be. Volatility in this sense means that the market can vary erratically a lot, so it shouldn't be a surprise when you see a lot of fluctuation in price.
Whether you know very good trading strategies or not, one thing that always stands out between making profits or losses is the mindset you bring. For many individuals when the market continues to stay green and we experience rises then it's all well and good, but a little bit of dip and the panick starts to spread and you see many hasty decisions flying around. You only need to realize that it can't be a sustainable market if there are no fluctuations in price.
When i try to explain the little bit I know to other newbies, alot of the time I get asked questions like if I invest a $100 how much do I get back in a week or two weeks. This shows there is still a lot of misconception about what cryptocurrencies actually are, and although basic human nature will always want only profitable ventures. We need to realize that it is not a 100% get rich scheme, as market can go both ways.
Constantly buy the dip gets thrown around, but what happens when the dip you bought continues to dip?. Firstly I know there are some individuals who have amassed years of experience in trading, but my experience has taught me never to invest funds meant for other projects. Whenever i invest, I do it with the mindset that i could easily loose that money. So a coin dipping is never an issue as it's an opportunity to bag more.
Secondly the market can be quite risky and by entering you need to develop a strong mindset. An example is the case of LUNA dropping drastically ( I heard a few rumors of suicide cases, but I don't know how true they were) and people lost quite huge sums of money. Then some people bought at this dip and made quite a lot when rose around +1800% overnight. You can see that the same market that was a loss to someone became profitable for another.
A strong mindset is what is needed to enter the cyrpto market. Thanks for taking your time to read my piece.
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