Master patience while investing in cryptoPosted on: July 20, 2018, by : Dan Muresan
Patience is key in every aspect of our life. No matter what you’re focused on right now, whether it’s investing, saving money, getting new sources of income, paying debt, patience is essential. And the more patience you have, the more it pays off in the end. It becomes more rewarding. Same thing it applies in crypto investing.
Here is an example of an investment I made, where I didn’t had any patience and it cost me a good deal:
- I bought 15k worth of XRP at $0.21 / XRP (amount invested $3.150)
- A few days later I sold my XRP at the price of $0.26 (profit $750)
- A few months later, 15k XRP was trading at $2.9/ XRP, so if I was HODL-ing my investment, I would have sold it now for $43.000 with a profit of $40.350
Lack of patience can bring us lots of disadvantages, even if we are not aware of them. In other words, having patience can bring us gains that we can’t even imagine. Look at my example above. I was happy with a $750 made in a few days, just from one transaction. But I wasn’t patient enough so I can get the real benefits just for HODL-ing a few more weeks.
Be patient. Learn to master patience.
I mean, what is there to lose, right? You should never expect overnight results (even if sometimes you think you got them), or you can be disappointed and even stop investing. If you stop investing, you can lose awesome returns. If you are investing, but you are not patient, just like I did with my XRP, you can also lose on the long term. Pretty straightforward.
Learn to have patience and invest as much as you can each month, building your wealth step by step. Play the long game and don’t sell to get small gains that can be insignificant in a few months.
The main issue we have as humans, is that we are not able to invest (may that be crypto, shares, ETFs, whatever), if these investments don’t bring us gains for a long period of time. And it’s wrong.
We must learn to be patient and wait.
What stories do you have, when patience would have helped you to get more than you did?