Many fail because they lack the patience to wait for things to develop. This pertains to both trading and investing.
In this video I discuss the idea of not succumbing to our emotions which push up to be impatience. Patience is crucial to market success.
▶️ 3Speak
I'm feeling alluded. I have not been patient at all loading LEO today...
Now seriously, when we talk with 'regular'-people (not related with the world of investment/crypto/etc) patience is (very often) one of their perditions.
Somebody wise said: ''The markets are a machine designed to transfer wealth from the impatient to the patient...''.
Hope you had a good monday taskmaster :)
It is a tough call. When you see something believed to be seriously undervalued, such as LEO (in my opinion), you load up when you can. At some point, it will run away from everyone and a bunch of people will be wishing they had more.
That said, I have been patient in that I was buying all the way down. I look at this as a long term development project. It isnt where it is today or in 3 months but in a year or two.
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Of course! Didn't bought to sell in a couple of months. 1-2 years of holding at bare minimum (maybe I'll sell a part of the rewards, but not the main stack).
Looking to see how 'we' evolve in this timespan :)
It is one of those projects where we each can help our own return.
By being extremely active, we set the foundation for more people to join, thus helping out our holdings here.
Try to do that with some stock that you hold.
We can assist the value with our activity.
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@tipu curate
Upvoted 👌 (Mana: 18/30)
Totally agree, which is why anyone that is serious about trading / investing has a trading plan to help with consistency and keep emotions in check.
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It is like a quarterback in the NFL throwing an interception. If he is afraid to throw the ball the next time and is emotional about it, he will fail.
Bad trades happen. It is a matter of taking a solid approach and being as "robotic" as possible. The next trade is the only one that matters.
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Interesting topic there. I would say that patience is quite a veritable tool for the user h=that has invested in crypto and hoping for a good ROI. However, for a user wanting to onboard cryptocurrency, I think its terrible to wait further. We have to make critical look at projects and see which has the potency to grow. We can see what's happening around LEO. many that were waiting for things to down further are regretting. LEO is already bulling and we don't know where it'll cap.
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Summary:
In this video, Task talks about the importance of patience in trading and investing. He emphasizes the need to avoid acting impulsively and jumping into opportunities without proper confirmation. Task highlights the impact of emotions on decision-making in the market and stresses the significance of being patient and allowing trades to develop. He provides insights into approaching cryptocurrency investments with caution and waiting for confirmations before making decisions. Additionally, Task discusses the role of politics in the market and the benefits of automation in trading to eliminate emotional bias.
Detailed Article:
Task starts the video by stressing the critical role of patience in trading and investing, highlighting how overlooking this characteristic can lead to financial losses. He explains that whether one is investing for the long term or trading, patience is crucial in identifying entry and exit points, as well as allowing time for trades to develop. Task points out that impatience often leads to FOMO (Fear Of Missing Out) in markets, where investors feel pressured to jump into opportunities without adequate confirmation.
Task then delves into the realm of cryptocurrency, specifically focusing on Bitcoin's price movements. He discusses the risk of the price hitting a triple top and emphasizes the need for patience to see how the situation unfolds before making investment decisions. Task advises caution and waiting for clear signals before taking action, mentioning that a breakthrough or bounce off resistance levels can guide investment strategies.
The discussion shifts towards emotional trading, with Task sharing his own experience of overcoming emotional biases in the market. He warns against letting emotions drive trading decisions and highlights the success of automated trading systems in eliminating emotional impulses. Task underlines the importance of sticking to predetermined parameters and avoiding emotional justifications for trades, as emotional decisions can lead to substantial losses.
Furthermore, Task addresses the impact of politics on the market, noting that while certain political decisions can have effects, overall, the market remains driven by other factors such as economic indicators and policies. He advises traders to focus on market fundamentals rather than getting caught up in political news that may not significantly influence market trends.
In conclusion, Task emphasizes the need for patience in trading and investing, advising viewers to avoid impulsive actions, especially in volatile markets like cryptocurrency. He shares personal strategies like selling parts of a position as profits rise and waiting for clear indicators before making trading decisions. Task also highlights the importance of being patient with long-term investments, referencing projects like Hive and emphasizing the gradual development of such investments over time. The key takeaway from the video is the significance of patience and strategic decision-making in navigating the complexities of trading and investing markets.