Have you ever had a feeling that you are somehow an unlucky crypto investor? If you answered yes, then you are not alone. I did have this kind of feeling too and I'm pretty sure a lot of investors feel the same way sometimes.
When you buy a token and see its price dopping moments after can be very frustrating. You might ask yourself if you are unlucky or whether there is an invisible force working against you in your crypto journey.
No, be reassured that there is nothing wrong with how lucky you are or whatever. You are just being by your emotions and other factors you can control like the current trend in Crypto.
Wong Time, Wrong Place, and Wrong Buying Entry
As a crypto investor, you need to be mindful of where you search for new tokens to buy. Where you discover your tokens may determine the outcome of your investment. Some websites like Dexscrenner or Dextools have no barrier to entry for new token listings. To attract more visitors to their sites, they prioritized trendy tokens on their home pages.
When you see a trendy token doing so well, you are most likely to be tricked by your emotions and FOMO into it. Eventually, the trend will start fading away, trading volume will start dropping, and the price will also start dropping. If you are most attracted by trendy tokens, you may end up in this cycle of buying tokens and seeing them drop short after.
The same goes for feeling like every token you sell starts increasing in price shortly after. Again, your emotions are to be blamed here too. Every token has a price cycle where it usually pumps, dumps, corrects, and then the accumulation process starts. The price pump and dump are usually short-lived and exciting, but the price correction and accumulation phase can be very long and boring.
The longer you hold during the price correction and accumulation phase, the more bored you get. If you let your emotions get the best of you, you say "Fck it" and sell everything. Usually, this happens near the end of the accumulating phase and you could see the same token you sold jump in price days after.
Learn To Be a Smarter Investor
As you see, emotions and crypto buzz can lead you to bad investments over and over again, making you feel like an unlucky investor.
Instead of focusing your tokens search on low-barrier sites, try searching on sites that have some requirement for token listings like CoinMarketCap or Coingecko.
Instead of focusing on trendy tokens, focus on those that are not trending and buy them when the price has already been corrected. (Not financial advice of course).
Instead of buying tokens based on your emotions, buy them based on a good strategy after you have done your own research (DYOR). You can learn more about DYOR (Do Your Own Research) by reading this blog post. Link
If you discover a token that is trending and the price has already increased a lot, you can wait for a price correction before you buy some. (Still Not financial advice of course).
