Since my school days, I've been trading in the crypto market. I enjoy taking chances since life is a risk and a gamble in and of itself. What will you term a scenario where nothing is guaranteed, including life itself, if you don't agree? You see someone today, and then they're gone the next day.
As a result, I've come to the opinion that life is a gamble, a bet, and nothing more, whether we like it or not.
Business is a game of chance. I consider crypto trading to be a form of gambling as well. Buying low and selling high when you are unsure that prices will eventually rise cannot be described as anything other than gambling.
My cryptocurrency investment began in 2020 (uh yeah, I began late) with a $144 investment that increased by 50% in two days. I was so excited that I began borrowing large sums of money from friends and family to buy more coins. I borrowed about $1500 and invested everything I had, including my modest savings, and voila, the prices of those coins began to fall within a week, so I panicked and liquidated my investment at a loss.
Similarly, when I win at sports betting (okay, I do it occasionally for fun), I like to believe that I am invisible to the bookies. When compared to the prior amount I bet on the first game, I prefer to bet a bigger amount. However, in the end, I lose everything.
In all of these, I want us to take away one or two lessons regarding fear and greed in investment, and in general, in life circumstances. If you want to invest in any business, especially cryptocurrency, think long term. Don't think of it as a get-rich-quick scheme where you put in one dollar and expect to make two dollars the next hour. This will cause tension, which will lead to you continuing to make mistakes.
Whenever it relates to crypto investment, remain calm, remain courageous, and also be compassionate. Put money into crypto that you know you can live without for a long time. Because in investments like stocks and crypto, what goes up must come down, and what goes down must come up, it's like riding a roller coaster. It can be aggravating to see a chart approach our expectations just to fall short by a few winy counts.
When prices fall, we expect them to rise again, so we wait. The lesson is that we should not let greed consume us; instead, we should learn to remain disciplined and humble when we win and focused when we lose.
Sports gambling is even riskier. The main point is to gamble sensibly. Use funds that, even if we lose them, will not impair our ability to meet our financial responsibilities.
There's no need to be scared of anything; the only thing we should be terrified of is fear. Please let me know what you think, and thank you for taking the time to read this.