Topic: Mindset and personal expirience, how important is it in crypto? (Read 537 times)
personal expirience is more important in crypto, because its your own experience, but Mindset is more important for market, because market is a live thing like a human
Everyone who is investing in altcoins is actually investing in busines. What previous expirience can help you? Are we all starting from the same point or do someone have an advantage on the level of mindset? I've been thinking much about it lately. Looking at the people I know, I can say that we all are on very different position.
I came to an idea that thre are 2 major archetypes of people in crypto world: bussinesman and average people. I've made a small article on this topic: https://steemit.com/cryptocurrency/@cryptohumster/mindset-archetypes-in-crypto-world
To tell my thoughts short:
There are two main categories of people here: those who work for themselves and hired workers. I don’t want to say that any category is better than the other, but it looks like one gives you mindset more suitable for crypto world.
People with business background
They invest their money and time to their business and count only on themselves. They understand several important things:
- nothing valuable is given for free
- invested money doesn’t return immediately
- you always need to have a plan/strategy
This expirience and skills help a lot in crypto world. This knowledge always comes at a price and these people already learnt it before coming here.
Average people
Hired workers, students and etc. Such people don't usually have much expirience in investmaent. They learn about crypto from news or from friends and see crypto currency as lottery ticket to a bright feature. They don't usually understand the following:
- cryptocurrency is business in the first place
- you just can't really become reach by chance without working on it
Such people do silly mistakes (I did them too, a lot actually), the FOMO into coins, make decisions based on some youtube videos, follow the hype buying at ATH and sell in the middle of correction because they haven't become rich in first 3 weeks and etc.
What do you think? What was your expirience/skill that helped you in the world of crypto?
Yes experience and skill have helped me a lot in crypto world as there were many a times that someone would have scammed me or would have stolen my coins but my experience helped me identifying a potential scam. But when I was new to this world then I made pretty stupid mistakes of falling into scams like HYIP and ponzi schemes in gambling section here and lost about 0.5BTC in the process. And now I stay away from that section in the forum just in order to stay away from the temptation of winning big without any hard work. I came to an idea that thre are 2 major archetypes of people in crypto world: bussinesman and average people. I've made a small article on this topic: https://steemit.com/cryptocurrency/@cryptohumster/mindset-archetypes-in-crypto-world
To tell my thoughts short:
There are two main categories of people here: those who work for themselves and hired workers. I don’t want to say that any category is better than the other, but it looks like one gives you mindset more suitable for crypto world.
People with business background
They invest their money and time to their business and count only on themselves. They understand several important things:
- nothing valuable is given for free
- invested money doesn’t return immediately
- you always need to have a plan/strategy
This expirience and skills help a lot in crypto world. This knowledge always comes at a price and these people already learnt it before coming here.
Average people
Hired workers, students and etc. Such people don't usually have much expirience in investmaent. They learn about crypto from news or from friends and see crypto currency as lottery ticket to a bright feature. They don't usually understand the following:
- cryptocurrency is business in the first place
- you just can't really become reach by chance without working on it
Such people do silly mistakes (I did them too, a lot actually), the FOMO into coins, make decisions based on some youtube videos, follow the hype buying at ATH and sell in the middle of correction because they haven't become rich in first 3 weeks and etc.
What do you think? What was your expirience/skill that helped you in the world of crypto?
It is very important especially in a market like crypto which is still immature and is largely manipulated, people should learn to patiently hold the good coins for maximum benefit and profit, no need to sell for cheap price.
i think that investment in the cryptocurrency market needs to be planned and most of the short-term speculation will be lost . investing ia a coin requires long-term research , at least half a year . you must believe it . if you invest it . the market will rise and fall .you must keep it , until it reaches you expectations .
You do not need to research a coin for half a year that is simply too long and many people to not even take 10 minutes to research it, you need to find a middle ground make a deep research that takes a week or two if after that time you are still not feeling sure about investing in a coin then you should never do it, and also you need to keep track of it so that you do not do the same work again. Mindset is none emotional and is setting what is good to be done. Easier said than done though as sometimes we fall into greed and worry because of our emotions. Experience on the other hand is very helpful in both mindset and our emotions. I myself is a bit tough now because I have decent experience already. I saw and observed the market up and down.
Yes it is very important to have both good mindsentr and experience,because you cannot learn these things from any books,your mindset will be deciding factor if you are going to open and close some trades when we are talking about trading,experience will give you the best intuition about the market's situation so these two are very important factors.
The mindset is critical, this is what separates those that make profits and those that make losses, think about the holders there are many people that think that they can hold for long term and as soon as the price began to go down people began to sell, only a few have been able to hold despite the huge crash in the market and those that are still holding are the ones that are going to get profits in the future. 
Having those aspects as you are into cryptocurrencies can help a you a lot in many ways. If your mindset is that you will hodl no matter hard the situation is, then you will survive. Your experience will also dictate you not to be shaken in times of crisis because you already know that's crisis are just normal based on your experience.
The most important quality is the desire to learn. Abilities can be developed in oneself. Experience also comes with time. But if there is a desire only to receive money, and at the same time not to delve into the process, the result will not be.
What kind of mindset should we have to survive the purge? Everuthing bought since the begining of December is pretty much desroyed now. I think we need to take a break and stop checking the market until monday. Spend some time with family and friends perhaps...
for me it doesn't matter your background we are all here for the profit this is the thing that make the space to grow this big, the denominator for everyone is the money. Though having invested in stock market before now and seeing the way the market moves helped me a lot in decision maaking
Having the right mindset and having the right skill set is integral to anybody success at crypto. Best part of it all, is that since the industry is fresh and new anybody can learn these skills and anybody can become a successful trader. Main reason why people aren't is because they think crypto is some get rick quick scheme and that couldn't be further from the truth. You need to have a lot of discipline, mainly in emotional and money management skills. And that is much easier said than done, in actual execution it is hard to not let our emotions get involved because we are human.
Ah that's a great one!
Emotions is a very good point. Markt dip is the best time to invest and growing market can be a trap. I think people understand it mostly. But then market is bleeding again and we just look in fear to invest more.Ah that's a great one!
Another point is that you need to have plan for any case. Be like batman and have "no plan situcation" plan. For example to to invest your fiar fight away but keep some ready to buy at a right time, like avaerage whale does. i still can't lern this lesson.
i think that investment in the cryptocurrency market needs to be planned and most of the short-term speculation will be lost . investing ia a coin requires long-term research , at least half a year . you must believe it . if you invest it . the market will rise and fall .you must keep it , until it reaches you expectations .
Mindset and personal experience both are very very important in crypto. Crypto market rise slowly, so mindset is essential.
Personal experience help to work in crypto, so it is essential.
Personal experience help to work in crypto, so it is essential.
Yes of course,if you dont have enough experience you wont get good results in trading,the experiences will teach you how the market behaves and im sure you will get familiar with the movements you are facing to,mindset will give you peace of mind in every trades you are doing so these two are imporant factors besides the technical and fundamentals.
Im sure if you dont have good mindset your mind and decision making wouldnt be that effective,experience will improve your trading instinct and decision making so yes,it is very important to everyone of us,if you mastered these two factors you will be making a lot of money from the cryptocurrencies,im sure you will be rich.
I'm pretty sure that the simplest way to earn from crytocurrency are investing to the high profile in the market.
Yes it is very important to have both good mindsentr and experience,because you cannot learn these things from any books,your mindset will be deciding factor if you are going to open and close some trades when we are talking about trading,experience will give you the best intuition about the market's situation so these two are very important factors.
Yes,the two plays an important part,an integral part to this crypto world,you must be mentally and physically fit for this.meaning,your intellect will always set focus on pumps and dumps and to learn more,technically.
That is very important,mindset and experiences will be needed if you are making big decisions in your investments,experiences cannot be learned in books and any technical books out there,mindset will give you goals which your references in making decisions,that is why it is very imporant to most of investors,weak mindset will always fail at the end.
Of course it is,because good mindset will give you peace of mind when you are doing any investments,experience? yes it is very needed when yoi are making decision because experiences will teach you how will you do in every investments you are planing to,successful people has a good mindset and lots of experience.
Jump to: