Passion, Emotions and the Market


It has been 2 months and the adventure continues.  My portfolio has grown from 2 tokens to 13.  It has been euphoric for the most part.  I got in at the right time it seems.  There were record highs in BTC and ETH, ADA is on the rise and my protfolio's profit margin went parabolic (a term used to describe the quick ascent in crypto currencies). That's until last week.  It was rough as a newcomer to watch my portfolio go from a 45% increase in valueto then come crashing down to 2%. 

There were some mistakes made on my part, mostly due to letting my emotions dictate purchases. Reading and watching videos became a part time job during Chinese New Year.  I decided to join my mentor Uche Ejiogu and become a member of IM Academy.  Through the academy I have been able to learn quickly.  There are online calls and walkthroughs, as well as videos teaching all there is to know about crypto. Value is a term I would use to describe the academy.  

The Passion I have for learning this skill is what drives me.  One of my friends said it best when he found out I wanted to start trading the price action.  "It's not for the faint of heart." I agree whole heartedly.  My passion for this comes from a few places.  I've been down and out.  Lost it all more times than I can count, plus having a young son and no savings is a scary place to be.  I want something more and an opportunity to take charge of my finances. I want to take my money out of the banking industry and make it work for me.  

Emotions run high when trading for a newcomer like me.  I watch the market and my heart goes haywire sometimes.  I choose a token I want to purchase and I look at the screen and mark my charts as my heart races, before hitting the purchase button. Then I remind myself of my goals and they are simple.  Long term.  Projects I believe in.  Buying at the right time. The first two are easy to track in my head.  The last one has been a challenge at times.  Especially when seeing my two main targets reach all time highs.  When you watch your favorite Youtubers talk about their predictions, you might forget that they are for the most part crypto rich and that they are making money from their claims and video titles (clicks get money).  I let my emotions get the best of me 2 times and I regretted it right away.  Not because I lost money, but because I had veered from a very basic principle.  I know that crypto and its tech are the future and I know that this is where I want to invest my money.  On those two occasions though, I had bought at the wrong time. I had forgotten to be patient.  I forgot that to build and sustain a healthy portfolio, you must learn to dollar cost averageThe emotions got me.  Not again though. 

The Market never sleeps but you need to. It is merciless and blind.  This is why strategy and knowledge are key.  In my short journey so far I have invested more time than money.  It's what IM Academy teaches you.  Take your time, because this isn't going anywhere. Learn all you need to know before you drop your savings into anything.  Your mental health depends on it and without a healthy mind, knowledge and strategy, failure is most likely imminent. 

 

Still jumping the wall,

 

AlaChine

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AlaChine
AlaChine

Just a man trying to change the world


Passion, Emotions and the Market
Passion, Emotions and the Market

This is a little bit more about my journey, things I've learned and what drives me to continue.

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