Influence vs Independence: Finding Your Crypto Investing Balance

Recently I've started doing this one mistake on repeat after facing the consequences of the same thing three years ago. It costed me a lot back then and is going to cost again but I've started working on fixing it already.

This one mistake I'm referring to is listening to influencers more than myself. In crypto majority of people make investment because of someone else said it can move higher and can move mountains.

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Having influence of someone experienced is fine and make sense
to follow but relying completely on the other person words is the worst possible mistake in this field.

There are people in crypto who's influence can move market and people can trust with their life savings like GCR - used to talk in riddles without even saying a coin name but some facts and opinion was enough reasons for people to find a coin amongst 1000 coin matching the bias and moving it to top 500 and so on.

This is the blind faith on someone else with investment in crypto and 80% people are like that - they follow someone else.

I did that too till I saw the dark side and it's consequences. After reading this you won't listen to influencers more than yourself in crypto.

The Panic Phase: How People get on sidelines

It's not the bear market PTSD alone but the influence of someone else is the reason why people get on the sidelines.

From the beginning when they see this person said "I'm short and strong" that thing stays in your mind, you see one or two more people agreeing with that is how you become the third one to agree with it.

_{Image by ErikaWittlieb from Pixabay}

Just about today I saw couple of influencers I used to follow creating the bearish scenario in my mind and I had to reconsider what I'm going to do.

I was about to panic than did a reality check "how many time they were right and saved me" not a single time, so I gotta stick to my own plan instead of panicking.

The Harm of relying on others more than yourself

In life it's a fact that more you rely on the other person, the more harm you're doing to yourself.

Same goes with crypto, follow other experienced one to get their point of view to build your own thesis or for more conviction.

When you're relying on others:

• you put blame on that person if investment went wrong
• you can't improve or find your own edge in market

_{Image by 3844328 from Pixabay}

Thing I do now is if some influencer have a better idea and plan than me to make a trade I consider that as a quick scalp.

I don't hold x coin for this bull run because X person said it'll go 100x unless I do my own research to decide if I should go for it or not. It's something majority of people in the crypto neglect and than regret.

Wrapping Up...

In these last couple of days I felt like X aka twitter is brainwashing my mind into believing that a nuke like market crash is going to happen before halving and it all became too confusing till I realized I'll be wrong if I'm following the same crowd and came up with my own idea since i trust myself and can blame myself if I'm wrong. Don't believe other's in this bull run!

So in the end it's better to trust on yourself than someone else while making financial decisions, it teaches valueable lessons that will help you for the rest of the life.

fin.

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_{Thanks for reading.Greetings.}

All the content and images are mine except indicated. No copyright infringement intended. 22/03/2024.

Posted Using InLeo Alpha