Disclaimer: All of the opinions on this blog are my own (and if you ask my wife, some of my opinions are incorrect). I do not have the ability to predict the future and my suggestions or recommendations are in no means a guarantee. I have no control over the markets or the world and I am just sharing my views on the topic at hand. Please make sure to do your own research and make your own choices. If I help you make a bunch of money, I ask that you pay it forward to someone else (or send me a bottle of nice bourbon).
There are always a ton of amazing success stories that are posted by people buy and selling cryptocurrency. They make us feel good and can teach us a thing or two along the way, but I have always found I can lear more from a mistake than a success.
So let’s talk about an investing mistake I made a few weeks back.
I had some profit I earned in LiteCoin (LTC) and I was looking for a long term play that could have some serious upside. As I was doing my research, I noticed a coin called EmberCoin (EMB).
It had some serious upside. Back in October, it was running at 0.00000200 and it was priced at 0.00000001.
I knew something had to be up with it, but I didn’t do any hardcore research and figured I would take a gamble and buy some (note: This isn’t a smart strategy – Always do your own research).
So I bought roughly $100 worth.
And then I got antsy. This was supposed to be a long term play, but I kept checking the charts every few seconds and I couldn’t wait to see my major payday.
The big issue I had with this trade was I had no strategy in place. I was literally buying something and hoping for the best. It was like betting on the long shot at the horse track and hoping the horse finishes first.
So I started to freak out.
I started seeing other coins with major increases on the day and I wondered if I had missed out on other opportunities.
So I did what any person would do. I looked at the shiny object and sold off my EmberCoin to chase the other “profit.”
Ends up, I picked a few coins after that and actually lost 20%. I was quick to jump on trends and didn’t take the time to look into anything else other than a green or a red number.
Now what happened to the price of EmberCoin?
If I would have kept my initial investment and sold the EmberCoins today, I would have made $900.
Yeah. I feel like an idiot.
Without a plan in place, I got distracted and missed a huge opportunity.
Always have a plan when you decide to invest into a coin or token.
CW (Chris Wilkey)