I almost made a bad investment decision today, i was at the verge of investing on a low value market cap altcoin not to mention the name.
I was just searching for a coin that I can invest a little funds on to hold for the next five years, I had already picked up my phone to complete transaction before it occurred to me that I should always make informed decisions, it was then I found out that I was just carried away by the price of the coin ☺️, with this conciousness I decided to do a little research and analysis, I found out that the coin is on a massive decline with a strong double top pattern heading towards the neckline ,which is a strong indication of a future down side move. So in cause of this experience, I learnt a very important lesson , always do an in-depth research and analysis before committing funds to an investment decision.
If you chose not to mention that's fine, am happy that you realized yourself early, most people make this kind of mistake, investing in a coin is not a bad idea but the problem is, how well do you know such coin, what's the possibility of such coin being well recognised in the market in the next 4 to 6 years of your investment, if you notice that the profit of a coin in terms of long term hodling is zero, why then investing in such coin, I think trading towards that lane will amount to high level of foolishness, I must congratulate your courage and resilience to even think of investing in altcoin at this time, since you know the approach to follow already, continue doing so, to avoid being a victim of circumstance.