Dogecoin taught me one of the biggest lessons in investing which is that if you believe in something, don’t sell it!
A year ago, the coin was worth 0.002 cents and I put in $100 just as a random investment when I was deployed overseas.
Could you imagine seeing this thing actually gaining traction and being worth something? I saw my $100 turn into $600 so of course, I was thinking, damn. I just 5X’d my money, let me just pull it out and secure profits.
The hardest part about investing is not getting too emotional. You’re going to see your money go up, down, and sideways, but you have to maintain the long-term perspective that it’s going to continually rise.
In the Facebook groups, I’m part of, there are people who had millions of dogecoins and sold way before it blew up. I wouldn’t have become a millionaire if I secured profits at the top, but I would have had $24,000 exta dollars.
It’s hard to tell when something is going to the moon and when it’s going to hit a brick wall. When you’re up, it’s hard not to get too greedy, and it’s even harder not to leave when you’re down.
When investing in anything whether that be cryptocurrency, stocks, or real estate, you can’t lose your long-term vision.
Cryptocurrencies have gone up 100,000% before (AAVE)
Stocks have exceeded expectations (Tesla by far)
Homes have appraised more than 100% (neighborhoods improve)
Anywhere you look, there’s an opportunity. It’s your call when you want to sell out and enough is enough.
My goal is for everyone else to cut their emotions and trade with a dead personality. Don’t make the same mistake I did. Just average down and buy more.