The overall euphoria associated with
#Bitcoin hitting all-time highs is extremely perilous for market newcomers.
Yes, I look positively towards the future of the crypto industry, but having experienced the volatility "burns," I cannot help but caution you as follows:
ā The market is driven by fear and greed. Fear arises when everything seems to be going down, and new market participants rush to sell during corrections and rebounds.
#Greed emerges when "To the moon" seems just around the corner, and it's time to invest everything in crypto assets worldwide with a 500x leverage.
Currently, the market is on the verge of simple and extreme greed. Based on logic and experience, it would be wise to lock in some of the earned profits.
Jumping with a run onto a departing train on slippery ice is a questionable venture. Usually, trains come and go. Strive to confidently catch your own.
ā Forecasters and signal providers. The most dangerous profession in the world.
Especially perilous for those who act based on others' forecasts. Remember the end of 2017 when we compared the forecasts of experts, banks, and analysts.
For 2018, there were extremely optimistic expectations from almost all public sources. Bitcoin at $100k, $200k, and so on. Let's look at the price facts of the "father of cryptocurrencies": January 2017: $960, December 2017: $20,000, December 2018: $4,000.
Is it worth copy trading based on forecasts and signals? Not sure.
ā "Dad, I'm a crypto expert." In every person, there's a certain level of uncertainty, caution, and fear.
Even the most renowned artist feels a slight nervousness stepping onto the stage for the thousandth time. A skydiver making his millionth jump must check the parachute folding and all attachments.
So why do new crypto enthusiasts, after their fourth successful trade, rush with their entire "meatball" into the market?
The answer is excitement and the aforementioned greed. Be prudent.
What to do? Have a "cold mind," study the fundamentals, learn. And the moon will be yours. Remember, it's better to earn less than to lose big.