Bitcoin: Investor, trader, gambler or idiot?
In the last few months we’ve received inquiries from several about Bitcoin and various similar things, often referred to as cryptocurrencies. In essence many of these folk are the ones who missed out on making millions by not buying a few Bitcoin when it was dirt cheap. Now, they don’t want to make the same mistake so are looking around for a second chance. You can’t blame them of course – if the missed opportunity for financial freedom slapped you in the face when Bitcoin hit $USD 22,000 at peak in December 2017, that’s bound to be a wake up call. If they had bought $100 worth of Bitcoin years ago, they would have been sitting on….. at December 2017? If that’s you, cry now!
These second-chance folk are making the same fundamental mistake. Firstly, they were asleep back then (- and they are still asleep). Then when they began to see price movement many ‘knew‘ it was gonna crash. They had no methodology to determine an optimal entry point and an optimal exit point. So what’s gonna happen now? People who missed the first big pump on Bitcoin are gonna jump in because they don’t want to miss out. They ‘know‘ that there is another big move up. How? Because Google picks up loads of people chuntering about Bitcoin reaching between $100,000 and $500,000 in the next 10 years. Driven by the herd instinct – unknowingly – they come to a position that if everybody is saying the same thing then they must be right. Stupid!! Stupid! and Stupid!
But then they don’t want to feel more stupid – like before – when they didn’t follow what everybody was saying between February 2017 and December 2017 (the main pump period). So now they’re thinking, “Well, if I was stupid back then, I don’t want to be stupid again and not follow the crowd.” Who is this crowd? They’re largely a bunch of idiots! They have no methodology for assessing where a trend is actually heading. They know nothing about analysing price movement for trends, finding the optimal entry points, exit points and limiting loss. All they know is that, “There’s never a right time.”
Well if you’re expecting me to say what’s the right thing to do, you’ve just wasted your time. This site has been very clear that we don’t ‘give the word’ or advise or predict anything. We don’t teach or counsel anybody. Instead all you get is our sheet below (clickable) where you can categorise yourself if you so wish – and at your own risk.
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