As I have mentioned in some of my previous posts, I am not a pro trader and I do not have especially long experience. But, there are some things I have learned, for example, to keep my head calm and to follow my plan when it comes to selling and buying.
But, today I would like to write about another aspect that I have found to be very important and useful when it comes to trading and holding, and that is, to do your own research, and to only invest long-term in projects that you actually believe in. What do I mean?
Have you read a bullish post about something?
There are many of us investing money in cryptoprojects based on posts we find here on Hive, on Steem, on Medium, and on other platforms. Some are objective, while others are written by people who brag about a project in hope that the price will go up, and they can make a fortune. Throughout my short career as a trader, I have invested short-term and long-term in many projects, and here you have an important lesson.
You can trade short-term in projects you don’t like and don’t believe in long-term!
I have invested in crazy stupid projects for different reasons. Some of them I do not believe in, but because if information about exchange listings, airdrops, and other cases, will make it possible to invest, even though you don’t really believe in the ultimate case. It can give you a short-time profit. For example, I once existed in eBoost for a short-time profit, a project I didn’t actually have much faith in.
But, if you do such trades, do not forget to SELL! If it doesn’t boost as you hope for, sell! There is nothing worse than being stuck with a SHITCOIN because you didn’t sell, especially if you have no actual faith in the coin.
Invest long-term in projects you believe in!
Here is the case, if you want to invest long-term in projects, make sure to believe in the case. Do you know why? Because the coin might dump, but if it does, you will still be safe and secure because you have done your own research and you believe in the case and the project.
I bought my first Steem tokens when the price was 1,5 USD per token. That is depressing considering that it is only worth 10% of that price now (almost). But, I have faith in the project, and now I got some Hive tokens in addition, making it a bit better. But, I haven’t been depressed about my investment, simply because I have long-term faith in the platform, in the project and so on.
In the same way, I bought Vechain tokens at the price of 4 USD. It has reached much lower levels since then, but luckily, I trust the leadership, the platform, and the project. That makes it easier to cope with, even though the price is falling.
Unfortunately, I am also stuck with tokens that I bought for short-term trading that I didn’t sell, and now they are worth nothing and in my long-term holdings.
Once again, a short summary
It is important to know where you place your money, and once again, stick to your plan! You can move things from long-term to short-term, or from short-term to long-term as life moves on. Maybe there was a leadership change and you don’t trust in the life of a crypto anymore… move it to short-term. Maybe you have done some research on a short-term project and you want to move it to long term? Go for it!
But, make a plan and stick to it! I wish you all good luck and happy trading!
