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As I continue to learn about cryptocurrency, I have come across the term HODL. Initially I was not sure what that meant, but then found out it means "hold on for dear life." I find it kind of funny to think bout that term. Riding a roller coaster comes to mind for the use of the term, but no for cryptocurrency. Then, as I have read more and more about the volatility of the market, it makes more sense.
I believe that if one is in control of their emotions, there is no need to HODL. Trust in the market ups and downs, and make educated and logical decisions. I was talking to a co-worker of mine about the recent downtrend in the market. They stated how they "lost" a lot of money in there traditional retirement account. They did not plan on retiring for 20-plus years. They did not lose money, they lost value in the short term but they gained buying power with each dollar invested while the market is down. This is a good thing right?
I do not get emotional when investing, though at times I want to "panic sell" and "euphoria buy."
HODL they say, I say just make a sound and logical decision that is best for you. If you can afford to lose money, have fun, if not, don't invest. I'm what they say HODL'ing for a long time on some initial investments in cryptocurrency, and am looking for more solid projects to buy for the long term.
A project or business is as good as its foundation and those who run it. Invest in something solid, and there is nothing to worry about.
Again, a reminder. This post is a process form the mind of an individual who is new to the cryptocurrency world and marks my thoughts as I go on a journey of discovery. This should not be construed as any type of financial advice, or any other kind of advice.
