Crypto is a very diverse space with a frenzy crypto market always buzzing with crypto trading going through uphills and downfalls. It is estimated that about 90% of crypto traders lose their assets. Make no mistake, only the daredevils enter this market. However, regardless the speculation, crypto is new and unique, and inevitably attracts new traders, plausibly because it sends people in awe with its ability to make minuscule numbers in cash, enormous.
Although some would consider the crypto market a place where chance succeeds, most are of the view that trading is a game where one needs to play their cards right. Strategy and luck, both are needed.
BlockPublisher spoke to David Gokhshtein, an entrepreneur and a well-known crypto analyst, when he made this statement in a tweet:
I’ve said this since the day I joined
#cryptotwitter. If you don’t have the patience, you shouldn’t be investing into #crypto.
When asked how long one should wait for before reaping the benefits, David replied:
It all depends. For me, it’s two to five years. That’s because this industry is so young.
When it comes to investing and trading in crypto, people are often impatient, and so many are driven by the thrill and adrenaline that the market frenzy gives them.
Being so highly unpredictable and relatively new, how should one invest in the crypto market when it comes to trading? Most gurus and experts go for the notion of holding cryptocoins till they reach a value which ought to give one a considerable profit, a well-simplified way to follow the golden advice: buy low, sell high. But these cryptocoins fluctuate so immensely, how should one know how long to hold for? What if BTC drops by another grand next week? Or on the contrary, what if BTC rises by 1000x again?
Too many ‘what ifs’.
Crypto is a young industry, backed by the technology of blockchain, and the market is expected to see new ventures. Early adoption but with a long-termed patience would play well, in David’s perspective – a view that is also held by many other advisers.
Trading is not based upon luck only and a mindful investor who plays it right with a well-established goal in mind will take with him/her the grain of the harvest.