HODL may not be the only way to make money in cryptocurrencies
I first got into cryptocurrencies when Bitcoin was near its peak in 2017. Just as soon as I bought Bitcoin, I watched the price go down. The next few years were painful as the price kept decreasing.
Some people who I knew invested in Bitcoin, they lost the love for it. They weren’t used to the price going down. They quickly lost the love for Bitcoin and digital currencies in general.
Investing is not an easy game. You have to do your homework and understand the signs that come with investing. Additionally, you need a strong stomach to handle the pressure of the price going up as well as down.
Your emotions will tell you to sell, but your brain needs to kick in and tell you to be patient. Without patience, you won’t survive in the cryptocurrency world.
This isn’t like winning the lottery. You need to be prepared to wait several months, or possibly years to see a return on your investment.
Fortunately, investing was not my first go-around with cryptocurrencies. I have seen the worst in the stock market as well as real estate. Having made some mistakes, I learned from them to prepare me for the run in cryptocurrencies. It truly is a different game compared to the other asset classes.
Recently, I made a move that went against what I normally did. Usually, I like to buy and hold or in the cryptocurrency world, HODL (Hold On For Dear Life). Making this move went against my principles but I was willing to take a chance. The move I made is paying off.