If anyone that's not into crypto would ask me right now what's the most important quality he/she should develop to make this crypto revolution that's currently taking place a great experience, from almost every point of view you can think of, I'd definitely say patience.
Due diligence is definitely a must too, so you won't find yourself trapped in a Bitconnect ponzi scheme, eager to make millions over night, but patience pays and it pays a lot.
Was thinking a bit lately over some of my 2017 trades, and I have already wrote a few posts about the mistakes I've made during my first months in crypto during that year and I realized that if I had enough patience, even during a mania phase such as the one of the end of 2017, when I bought my first crypto, I could have at least 10X my initial investment.
I remember that I bought some XRP at some point at the end of 2017 and if memory serves me well, I believe that my entry price was $0.23. $0.23 was almost 40X the price this shitcoin was at the beginning of 2017 and whoever has managed to score an entry price of $0.006 for XRP has made a tons of money even if dumped it all at almost a quarter of a dollar.
$0.23 was a bargain though as this shitty coin with absolutely no intrinsic value has gone parabolic reaching up to $3.40 as a top at the beginning of 2018. That's a bit over 13X my initial investment. I guess I had something like $1,500 invested in crypto back then. $15,000 to $20,000 profits made in less than half a year is huge money.
The history might repeat once again, but who has the patience to HODL? Who has the vision, faith and strong hands to not get shaken out of the market? I tell you for sure that not too many. I bet there are plenty of crypto investors capitulating as I'm typing this post, due to the never ending China FUD that's once again alive thanks to Evergrande.
On paper everything seems easy. You just look at a chart, draw some lines, have a look at past patterns and set your exit price targets, but is it that easy? Hell no... If it was that easy most of us around here would be millionaires. Psychology drives markets and the market manipulators are using it for their benefit.
Same thing happened with Hive(ex Steem) community. There were talks of $100 HIVE and above since I can remember, but how many of the ones bringing such targets into discussion have actually overcome the 2018-2021 bear market, as HIVE has had quite a long one... Not too many have had the patience and will have the patience to make it to that milestone(the $100 HIVE).
What will make a $100 HIVE even possible?
I have no clue honestly. There are basically endless possibilities and factors that could cause such a price appreciation, but it's going to take time and a strong psychic to make it there. Patience is key and often times so undervalued. One year in crypto can change lives, it can either insanely grow your account or bankrupt you.
Talking of all of this doesn't mean I have mastered patience and am a good example of crypto investor, but it's also a way of auto educating myself. We're not done yet with crypto, this thing is just getting started and there's so much to be built and grow, it won't happen over night though.
So yeah, I'll stick to my introduction line as a word of advice for newcomers and myself as well by saying that patience is definitely one of the most important qualities one should develop if trying to "do good" in crypto.
Thanks for attention,