Qualities worth developing as a crypto enthusiast (Investor).

pooya87

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Quote from: CryptopreneurBrainboss on August 03, 2020, 03:32:48 PM

In my example above, instead of calling holders greedy investor, I think it'll be more appropriate to called them patient investors.

when talking about patience in an investment one must also think about the investment itself.
i have seen so many people both on this forum and in real life that have "invested" in something worthless then waited for a long time for profit while calling that "patience".
in fact there was a popular trend mainly during 2018 and partly in 2019 when everyone was talking about patience, you can even find their topics in altcoin board. they were encouraging newbies to baghold their shitcoins, mainly ICO tokens, and not sell and were calling that "having patience". it is not greed nor is it patience, i call that stupidity.

CryptopreneurBrainboss

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Quote from: TheUltraElite on August 01, 2020, 01:19:56 AM

Quote from: CryptopreneurBrainboss on August 01, 2020, 01:12:41 AM

Isn't been patience associated with greediness? Aren't bitcoin holders address to be greedy Investors,

But comparing patience to greed would a gross mistake in applying these terms. Greed is something that is a wrong emotion.

Thanks for this indepth insight, took some time to Google each word differently and later compared them, got the message clearly couple with your writings. In my example above, instead of calling holders greedy investor, I think it'll be more appropriate to called them patient investors.

In summary one can say, 'In investing, patience is good while greediness is bad'. Been patient is a skill developed overtime while greediness is an emotion.

Rikafip

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Quote from: Charles-Tim on June 16, 2020, 07:02:10 PM

Patience is the key to success, if an investor is not patient, he will also be greedy and this can build a wrong mindset. Patience is one of the keys to success. It is also good because to be knowledgeable and learn from experience, this is a great tool to be used with diligence in achieving greater success.

Patience is a virtue especially if we are talking about investing in BTC (for example dollar cost average method, where you buy BTC constantly over longer period of time ) but when it comes to altcoins it can be a problem. In that case, patience will actually do more harm than good, as people often find it hard to cut their losses and move on. Instead, they hold for a too long, and in the end they become nothing more than a shitcoin bagholders.

jademaxsuy

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Quote from: Smartvirus on July 31, 2020, 06:28:41 AM

I'll like to add that you should be flexible and always watch out for new innovations and smarter ways of doing this as the cryptosphere is a highly dynamic environment coupled with a variety of scam and hacking techniques on the web.

Yes, scammers and hackers now were becoming innovative these days. They too know how to scam other users may it old school or new trick in scamming. Old school in scamming is still very effective knowing that it could get a number of users getting scam because they were just very creative that it could not be assess as scam activity.

Hacking is way too advance also for the average users. This mean that a hacker is a techie and most likely can be able to get a huge money for their talent and skills in hacking.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: CryptopreneurBrainboss on August 01, 2020, 01:12:41 AM

Isn't been patience associated with greediness? Aren't bitcoin holders address to be greedy Investors, some don't even sell irrespective of the spike in price and so far it has been profitable for them and the future also holds more profits to come.

Patience is an important thing when it comes to entering and exiting not exiting alone. Some people lose money by buying at the top seeing the pumped up buzz from social media and getting the FOMO feel they do that.

So if you are eyeing an asset, keep patience to wait for it to dump. This may take years but eventually you might get a chance. Also building a portfolio in my opinion takes generations and if your next generation is willing to continue to build on your saved assets, give them the advice to watch those assets in case they never dipped in your lifetime.

That is a very long term and sustainable system to grow your money across generations.

But comparing patience to greed would a gross mistake in applying these terms. Greed is something that is a wrong emotion. Also if you think gaining a 10% is greed then you should not invest in risky assets at all. There is a thick line between being diligent and being greedy.

CryptopreneurBrainboss

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Quote from: Smartvirus on July 31, 2020, 06:28:41 AM

Probably you're trying to say, we should watch out for new ways of keeping our sensitive details safe as the space are filled with tricky ways of stealing our information. If you read the main OP you'll see a quality highlighted that said be skeptical, having this quality will prevent you from falling victim to any of the new ways introduced by scammers to either directly scam you of your funds or steal your sensitive information.

Quote from: Charles-Tim on June 16, 2020, 07:02:10 PM

Patience is the key to success, if an investor is not patient, he will also be greedy and this can build a wrong mindset.

Isn't been patience associated with greediness? Aren't bitcoin holders address to be greedy Investors, some don't even sell irrespective of the spike in price and so far it has been profitable for them and the future also holds more profits to come. My advice of been patience mostly has to do with bitcoin and not them altcoins although there are few that could be worth your patience, just do your research properly.

Smartvirus

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I'll like to add that you should be flexible and always watch out for new innovations and smarter ways of doing this as the cryptosphere is a highly dynamic environment coupled with a variety of scam and hacking techniques on the web.

Charles-Tim

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Patience is the key to success, if an investor is not patient, he will also be greedy and this can build a wrong mindset. Patience is one of the keys to success. It is also good because to be knowledgeable and learn from experience, this is a great tool to be used with diligence in achieving greater success.

Savemore

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Quote from: Rebisco on October 30, 2019, 11:01:57 AM

Patience is important but be sure that you are being patient in a project that will give you high returns. You will just waste your characteristics of being patient if you participate in a not good project where you will lose your money.

For me, it is knowledge that is the most significant factor. An investor must understand digital market, bits of blockchain technology and bitcoin in depth. No matter, even if pans to choose some altcoin, things wont make a whole lot of sense to him if he ignores bitcoin. This way, he will be able to choose the right coin, most probably bitcoin itself. Then he needs to show some patience and hold for a good duration.

Knowledge is very important because you cannot grow your funds and you may lose your capital if you do not have this. If we want to make profit then it is good if we will have knowledge that we can use to secure our capital and make profit. Right education can give us right knowledge, it is important to study in order to gain knowledge that we will use in the cryptocurrency market.

agentx44

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acdc

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Intelligence is a very abstract and difficult thing to measure, all want to do everything very well and bring high efficiency but it is very difficult.
I can contribute that cryptocurrency investors need to limit their emotions because Emotions are enemies of cryptocurrency investors.
Investing in cryptocurrencies is a really stimulating game: the price goes up, the price goes down continuously, the numbers are constantly dancing on the electronic board. New investors will be excited when the currency hit the ceiling, anxiety will appear all day when the currency is falling. Emotions will drive you to the wrong decisions. So be careful with your emotions

agentx44

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Drai

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9. Know when to move on: Many investors are left holding bars of shitcoins because they lost a little fund when an investment they made don't pan out, for example some people would invest in an ICO because the hype was massive and they know that there is likely to be huge returns but after the token is listed in an exchange, the token didn't meet expectations but they refused to just dump and move on even knowing fully well that the token has no utility and is basically a shitcoin but they just don't want to accept that loss and move on, so they keep holding until it gradually fades to nothing and they start regretting not dumping at the beginning when they would have retained a large chunk of their investments.

panganib999

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Quote from: nakamura12 on October 20, 2019, 04:02:57 PM

Patience is really important but I still see some people who will get angry to the other person because of what he/she posted that made those people get angry at you and you didn't even know the exact reason why. Same goes to the other people. Patience, it will help you construct great project and security cautios.

You're right and this issue is very common, people are acting opposing to the way they talk and we can't do anything with especiallybwe are talking about patience. We all have different lenght of patience, boiling points and sensitivity so other's words might be hitting the wound of others making it sting and leads to anger and lighting up arguments. Hoping people could learn what the real patience is and also have sensitivity to balance everything.

Baby Dragon

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Quote from: Rebisco on October 30, 2019, 11:01:57 AM

Patience is important but be sure that you are being patient in a project that will give you high returns. You will just waste your characteristics of being patient if you participate in a not good project where you will lose your money.

For me, it is knowledge that is the most significant factor. An investor must understand digital market, bits of blockchain technology and bitcoin in depth. No matter, even if pans to choose some altcoin, things wont make a whole lot of sense to him if he ignores bitcoin. This way, he will be able to choose the right coin, most probably bitcoin itself. Then he needs to show some patience and hold for a good duration.

Well they are both needed to be a crypto enthusiast because if you have enough knowledge and understanding then it will be easy for you to make wise decision for yourself because you are thinking the possible outcomes of your decision and you are looking for some ways to avoid the possible problems that you might encounter. Also being patient is required why? because if you absolutely want to earn huge profit then you have to wait patiently. If you undoubtedly wanted to achieve your goals as an investor you should've think about your future and being successful takes so much time so be patient enough because it needs some effort and time, its also very speculative.

maxreish

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Most of these qualities are being forgotten. I will not disagree bout those qualities that are mentioned above. Just to add some,

Passion

If you are really passionate enough with what you are doing, then continue to acquire your goal. I mean if you are being a crypto investor by heart, there is a positive outcome to become a successful crypto enthusiast.
Stand on your ground and stick to your plan.

How many times did I change my plans and regret it afterwards? Many times. That is why I have learned from my experience that sticking to my own TA and decisions is really great gaining profits.

adjed

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1,3 and 4 are definitely very important and many people tend to lack that trait, you also have to learn how not to be moved by the sentiments of others especially when it comes to their choice of project to invest in, everyone is looking out for their pocket, that is the mindset you should always have.

Rebisco

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Patience is important but be sure that you are being patient in a project that will give you high returns. You will just waste your characteristics of being patient if you participate in a not good project where you will lose your money.

Obito

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Smartness I think is pretty hard to acquire. Though not all the traders are able to adopt such quality. I suggest to add be flexible, it might be a big help on while trading or if it there will be a drastic changes over the market. And I as well think of security be more generalize since focusing on specific security isn't advisable as though investors or traders does need to work on more general security not just to secure once specific stuff. Lasty, is that I highly want to suggest that a trader or an investor be always open for learning not from the mistakes but from the suggestion and tips out there, and self-taught knowledge so that they'll improve even more.

Pearls Before Swine

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I don't necessarily think 'smartness' or intelligence is a prerequisite for being into crypto, though it certainly would help if you're trading. It doesn't take much brains to buy and hold, so I don't think you'd need that quality.

Patience is probably the most important characteristic, followed by the ability to learn from mistakes, and I'm actually glad op listed the latter. Looking at the ico space, it appears to me that many people don't have that ability to see what they did wrong and not do it again. This is why they're continually getting scammed, whereas the scam methods don't really change that much.

While not necessary, I would think that honesty and having a good sense of community would be important, and I wish more crypto enthusiasts had those traits. There is a glaring lack of honesty in particular in the crypto community and at times it seems that the majority of people involved are scammers. Excellent thread, op. You are the man.

Topic: Qualities worth developing as a crypto enthusiast (Investor). (Read 1121 times)