Bitcoin (BTC) achieved the myth: it reached $100,000 per unit. When I entered this market in 2017 and the digital currency was just shy of $1,000, that figure seemed crazy, like a kind of fairy tale, too far away to be real. 7 years later, after celebrating several historic prices and suffering harsh bear markets, the 100k is a reality.
With this round price and mythical, renewed concerns are presented to us: Bitcoin will continue to rise? When will it go down? If I want to make profits, should I exit now, tomorrow, in two months or never? These are questions that every person who has spent a cycle or more in the bitcoin and Cryptocurrency market has asked themselves at least once. Unfortunately, The answer is not as simple as reading an oracle’s crystal ball or throwing some tarot cards at each other..
There is no correct answer to these questions, it is what I think today after having been wrong and right on different occasions about when to buy or sell my bitcoin. Those who have planned hold Until tomorrow they will surely say that by the simple fact of having sold I made a mistake and, quite possibly, the passing of the years and the increasingly higher price of Bitcoin will prove them right.
However, not all of us can afford to keep our BTC immobile until “2 thousand forever”. In each person’s trading strategies and personal monetary needs, there are many who have plans and the desire to take advantage of the rising moments and collect profits. It is in this area when certain demons can play tricks on us. Yes I’m talking about fear and greedtwo emotions that we have talked a lot about in CriptoNoticias.
When we marry fear when making investments or trading, we can sell our assets purely on impulse and without a clear strategy. This can expose us to loss of better opportunities and even to a disorganized or poorly applied strategy. On the other hand, if we allow ourselves to be governed by greed, we can end up prolonging our luck until we run out of rope and miss the moment to sell. Then, the trader is defeated as the price falls and the potential profits achieved vanish.
I have been in both situations. The feeling of defeat is unpleasant and bitter. However, it is part of the beauty and learning of trying to generate profits in any financial asset market. The crucial thing is to take these mistakes and then turn them into wisdom so as not to make the same mistakes again. This thought is what led me to write these lines today, because the more time I spend in the Bitcoin ecosystem the more I realize that The best sales opportunity you can have in your hands is the one you create yourself..
What do I mean by this? In order not to go crazy in the process, it is necessary that those who have bitcoin (or some other cryptocurrency either token) get psyched up and honest about what price they are really comfortable with losing or winning. I’m talking about a number, it can be a resistance or support level, an amount where you know that if you win you will leave without regrets and if you lose you will leave without tears.
What I mean in more technical words is have a real strategy risk management. The main thing we must keep in mind when trading, or any other type of investment strategy, is that there will always be a better price to sell that we will never be able to discover in advance. At some point we will be God’s darlings selling at that round price, but other times we will simply miss the opportunity and have to be prepared (calculations in hand and all) to get out of the market when things get too dangerous.
How is this achieved? Well, it is more of a mental state, not exact numbers or complex mathematical calculations. Perhaps for me the ideal price, to be calm, is to sell at $102,000 per bitcoin, while for others it will be to wait for it to reach $110,000 and many others will want to risk it falling to $96,000 to be able to remove themselves from the equation. . It is an agreement that you make with yourself.with fear and personal greed, and of course it is consulting at what point we have entered, at what price we have bought and if we are really making profits.
What happened after or before that “ideal” price for us, that opportunity that we created for ourselves, should no longer be of interest to us. And yes, I understand that it bothers us all to see bitcoin going higher and higher after we have sold. Or, on the contrary, we have felt relieved to get out before the collapse became unsurmountable. But, if you have your opportunity already made in your head, If you have created a “comfort” amount in your mind and you are comfortable with that decision, then it will be very difficult to feel disappointed with your decisions..
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of CriptoNoticias. The author’s opinion is for informational purposes and under no circumstances constitutes an investment recommendation or financial advice.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
