Posted 2w ago
So I have been on the sidelines of crypto. I first heard of BTC and ETH when it was around 24k and $700. I didn't do anything. Then at the start of the year when it ran up a lot, I told myself to wait for a correction. The correction came but I thought to myself that a bigger correction would come and then it ran up and the cycle repeated a few times...so I have not entered crypto till now. How do I get myself to let go of the fear of losing my money & risk it? What mentality shld I have?
Well, I guess one method that helps is to just split your money in two (or 3 or 4, it's up to you) and to invest one part of it immediately. If it drops, just keep adding more.
But honestly, if you're a buy and hold kind of guy for crypto, just buy in now, close your browser/app, and check back in a year.
If you're so afraid of losing money on crypto, it might not be the right investment for you. And that's ok. Not every investment is within everyone's risk appetite. Cryptocurrencies can drop a large amount in a single day. On 12 Mar 2020, BTC dropped 38%. If you can't handle such swings, it might not be the right investment for you.
Alternatively, reduce the amount you're investing until you don't feel afraid. If $100 is the threshold, then so be it. Start with $100 and build up your crypto portfolio from there.
The fear of losing your money stems from you viewing the process as a gamble. When you've done your due diligence and you understand what you're doing with your money, then you can start calling it an investment. The same way you don't worry about losing your dollar when you put it into a vending machine - because you know something's going to come back in return.
If I may add, don't start with crypto. Not wise to kickstart your investment journey by eating at the big boys' table. To start investing with crypto is like learning swimming in the ocean - chances are you'll drown.
Also, don't mess with GME. heheheheehee
Advice to buy a little with the amount you are ready to lose first to try it out. See how this thing...
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