17/04/2018
IS INVESTING IN BITCOIN RUINING YOUR LIFE?
Here are 12 RULES that I personally follow so that I can keep my emotions and sanity in check around this crazy volatile world of making and losing money in Bitcoins
For the next few days I'll be sharing simple lessons I've learned after the bull run, after the market crash and during the long period of bear market to help our community understand how to approach investing in Bitcoins during this bear market trend and at the same time live a stress free life of crypto investing.
RULE #1: INVEST COMFORTABLY
Invest only what you can afford to lose
Invest and Forget
Invest the money that you usually throw away
People throw away money everyday on useless stuff like:
- buying something junk online
- buying ci******es or softdrinks/soda everyday
- buying junk foods everyday
After buying these junk you just accept that you made a wrong decision, accepted that you wasted money and later on just forget about it.
The main reason Iām sharing this is because some people are investing in Bitcoins the same way. Instead of buying a pack of ci******es everyday, they just save it and buy Bitcoins at the end of the month. If you lose money then it is no different than buying something junk and forgetting about the loss.
RULE #2: DONāT LOOK AT BITCOIN PRICE EVERYDAY, IT WILL JUST RUIN YOUR DAY
Before, I used to look at Bitcoin and crypto prices before I go to bed and first thing in the morning and this literally ruined my life. I even have the home screen of my phone filled with widgets of live prices that I get to see every time I open my phone.
I canāt go to sleep right after knowing my investment is in the red and Iām having a hard time working the whole day or even spending time with my family after checking the price and getting emotionally drained just by looking at it.
RULE #3: HODL AND PLAY IT LONG-TERM
This is not a fad that everyone is shouting now, Hodling or holding your investment no matter what for the long-term is still the best investment strategy.
Bitcoin should be at least a 5 year holding game plan
I use the following rules before I check the Bitcoin price
- I will only check the price if I will be trading at that point in time
- I will only check the price if I have enough time to sit down for at least 2 hours to make trades, decisions and wait for confirmation times
RULE #4: DON'T RUIN YOUR DAY
Thereās no point in looking at Bitcoin prices:
- when you are spending time with your family
- when you are on a holiday
- when you are on the road travelling
- when you simply canāt take any action to open all the exchanges and make an investment decision
Thereās no point in simply ruining your day just by looking at the price if you made gains or losses. If you are investing for the long-term then making gains or losses should not affect you because you should realize by now that anything crazy and volatile can happen anytime.
RULE #5: KEEP YOUR DAY JOB
PASSIVE INVESTMENT WILL NEVER BEAT YOUR DAY JOB
Did you know that the fastest way to earn money this day, this month or even this year is not really from Bitcoin or cryptocurrencies, but from your day job!
Yes you heard me right, thereās no point in looking at Bitcoin or cryptocurrencies as your āknight and shining armorā that will rescue you from your boring and mundane day job to feed your family in the short term.
Remember no amount of passive investment (investing with no work required) that can beat your regular day job where you move, sweat and get migraines working the whole day to make money at the end of the month.
Look at investing as a passive form of income that may give you minimal returns or in some cases will lose money in the short term. This is why you should always refer to rule #1 to live that stress free life of crypto investing.
RULE #6: ACCEPTANCE IS THE KEY
ACCEPT THAT ITāS RED THIS YEAR AND GREEN 5 YEARS FROM NOW
If you will invest in Bitcoins it is very important to psychologically prepare yourself that if you invest today expect that it can be a red (loss) tomorrow, next week or even for the next 6 months because no one can really say if the price will go up or down.
Will it go even further down? No one knows
Will it go up tomorrow? No one knows
You are not Nostradamus and we are not in the business of guessing, we are in the business of scientific and fundamental investing strategy for the long-term.
This is why if you will invest today it will really help calm your nerves if you:
- You have psychologically prepared yourself for a loss this year for a gain in the long-term
- You have invested only an amount that you are willing to lose and forget
RULE #7: DO PESO COST AVERAGING STRATEGY
Buy on a regular schedule when you have money ready regardless of the price, you may buy more when the price is low and buy a few when the prices are high.
In this way you donāt stress yourself in looking at analytics the whole day and trying to guess the market.
Save your time and energy in trying to look for all the signs on the internet on where the market will go, just invest on a regular schedule and set a price target if you will buy more if itās low than your target price and just a few when itās higher.
Again your time and energy will give you more money in the short-term spending it on your day job than wasting and stressing your time and energy in looking all-over the internet some clues if the market will go up or down.
Spend more time and energy on your day job so you have more money to invest, donāt pull your hair out by trying to make money in the short term doing day trading.
RULE #8: HOLD YOUR HORSES
Donāt panic buy or panic sell
Bitcoin is not going anywhere and stop getting carried away by all the morons shouting to the moon on social media.
All things that go up will come down and vice versa.
Be conservative, be calm and be pragmatic.
You are a very smart person, listen to your OWN intuition and stick to your game plan of long-term investing.
RULE #9: PLAY BITCOIN LIKE A POKER PLAYER
Donāt cry if you lose money and donāt celebrate if you made gains in the short term.
You are not safe in your Bitcoin investment until it makes x30 five years from now.
If you see a red stay calm
If you see a green stay calm
Stop crying about it
Donāt even brag about it if it goes up, just stay steady, relaxed and keep your investment decisions to yourself so you donāt get rattled by other people when they heckle you when your Bitcoin investment goes south.
If you have been in the crypto market since last year you would know by now that anything can happen over-night and if you have psychologically prepared yourself and followed all the rules above then you would be as calm as a poker player whenever you get a good hand.
RULE #10: LOSE THE MONEY BUT GAIN THE LESSON
Donāt come out empty handed, thereās always something to be gained every time you lose in investing. Make sure you keep on learning from mistakes and you keep on educating yourself throughout the entire process.
Lessons and education are deeply understood and learned whenever you make painful mistakes.
RULE #11: DONāT BEAT YOURSELF UP
You are not dumb and you are not stupid when you lose money.
Losing money will always happen even to the best investors on this planet. This is why itās called āinvestingā, gains and losses are just a binary process.
I have lost money several times and losing money will always be part of my psychology, the only way to make sure I recover my losses and make gains is by playing a long-term investing strategy.
RULE #12: KEEP YOUR PEACE OF MIND FROM HACKS BY STORING YOUR BITCOIN IN A HARDWARE OR COLD-STORAGE WALLET
- Do not leave your Bitcoin in exchanges if you are not a day-trader
- If you will HODL for the long-term keep it in a hardware wallet or cold-storage
- Make sure to safely keep your private keys (please see a more detailed tutorial on BitcoinsMeetup.com)
In summary:
Hereās how to live a stress-free life in the world of crazy and volatile bitcoin and crypto investment.
- Set trading rules and schedule in your life
- Look at prices when you can only take action
- Donāt whine
- Donāt brag
- Accept the loss this year
- Play it long-term
- Donāt get in trouble with other peopleās money
- Mistakes should always be a gain
My apologies for being inactive for the past few weeks posting on social media, I run several businesses and I've been fairly busy during the first quarter of this year. But rest assure our trading team is always active and provides the most competitive rate in asia for bulk and wholesale Bitcoins trades 24/7 non-stop.
visit www.bitcoinsmeetup.com
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Disclaimer:
This is for educational and reading purposes only and should not be taken as an investment advice. This is not a financial advice and I am no financial advisor. Consult your own financial advisor or do your own due diligence before making any forms of Bitcoin or cypto investment.
Before you make any form of investment or When you buy Bitcoins there are four things you should be careful about
1) Be careful of scammers
2) Buy Real Bitcoins only
3) Buy through meetups
4) Secure your bitcoins in real wallets with private keys
We cover all topics on our website
1) How to safely buy Real Bitcoins
2) How to get Real Wallet for Bitcoins with Private Keys
3) How to safely store bitcoins for the long-term
4) How to sell for profit in the future
Visit bitcoinsmeetup.com
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