Avoiding This Bitcoin Portfolio Mistake Will Make You Feel Better!

Avoiding This Bitcoin Portfolio Mistake Will Make You Feel Better!

By johnwege | johnwege | 26 Jan 2021


If you have been infected by the bitcoin bug there is a very good chance that the very first thing you do when waking up, and the last you thing you do before going to bed is checking the price of bitcoin and your other cryptocurrencies. On green price days perhaps it is a little difficult to sleep because you have so much excitement running through your veins and you want to see what everyone is saying about the price movements. But also on those ill-fated red price days perhaps it becomes difficult to sleep and you might begin to wonder why you didn't trade out of your position earlier, or wished you had waited just a few more days to purchase so you could have taken advantage of the dip.

Personally I must admit that I find great enjoyment in both of those times.  During the green days I'm ecstatic that portfolio is growing, but on red days I can't wait to take advantage of my favorite coins being on sale as well!

But there is always one thing that I struggle with in the bitcoin, ethereum and cryptocurrency markets and I haven't been able to shake this trait off.  In fact, as the price of these coins have skyrocketed during the last few months this "bad" trait of mine has only grown. 

You are probably wondering what possibly could this be.  Have you been able to guess it yet? I would wager that a good share of you reading this will probably share the same trait as me.

It is the urge to constantly compare your cryptocurrency portfolio to the portfolios of others. This could be comparisons to people on the internet, famous people in the industry, family and friends; basically anyone. 

It could bring about regrets for not getting into the industry earlier after first hearing about bitcoin when prices were much cheaper, or perhaps you might begin to look down on your own portfolio feeling that it just doesn't compare to other.

This is something that I admittedly dealt with when I just began investing and felt I would never be able to build my portfolio into what I was hoping for it to be.  Which is the cornerstone of my overall financial assets and hopefully something that greatly helps me to retire early. There were some days that I wasn't feeling very positive about what I had. 

But how did I overcome this feeling?

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I came to the revelation that what is a big amount of holdings for one person, might not be a lot for the other and vice versa. After talking to some of these bigger players I learned that they also had their own regrets.  Almost everybody regretted not buying more bitcoin earlier, or more ethereum earlier.  This is when I came to the conclusion that I just needed to make my own personal portfolio goals.  Writing down short term and long term targets.  By becoming closer to reaching my goals, and eventually passing them I was able to feel much more positive about my own progress. Often it is very difficult to see your own progress, even though you actually are making great progress.  This is why it is so great to keep a record of what you have and keep track of it from month to month. Not only did this work for me, but it helped give me even more motivation to continue my march towards my goals. 

But admittedly as the price recently jumped up some of those old feelings and thoughts returned to me.

"Why didn't I buy more bitcoin when it was $4,000!?"

"Why didn't I buy more ethereum when it was $100?!"

But I just needed to remind myself that I did take advantage of those price dips, and lower price days and that is why I'm in the position I am today. While I am not rich, because of my financial investments into bitcoin and ethereum my financial life has completely changed. And who knows, if bitcoin goes to the price points that many analysts have predicted; then I very well could be rich in the not so far future.

What do I recommend? Because I was an athlete, I compare this situation to playing in sports games.  During the game in order to be successful it is essential to tune out the crowd. And in this example, the crowd would be other people's portfolios.  Just tune it out, and concentrate on your own goals!

So I would love to hear how what you struggle with regarding to bitcoin and ethereum!? And have you ever felt "small" comparing your portfolio to others?!

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As always, thank you for reading!

 


johnwege
johnwege

Hello I'm John Follow me on Twitter! https://twitter.com/johnwege


johnwege
johnwege

Living day by day, stacking sats and trying to retire early. Check out my substack blog https://johnwege.substack.com/ Follow me on Twitter twitter.com/johnwege

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