Just a gentle reminder that after we hit ~$400 the first time, we corrected all the way back to ~$150. The equivalent right now would be a swing from the top (of $517) down to roughly $200. Yikes!
Rules to remember:
* Nothing goes up ONLY. Everything goes up and down.
* In crypto, volatility (both ways) is much more violent than, say, stocks.
* NOBODY knows what the price is going to do. By definition, the current price is the sum of all bulls and all bears agreeing where it should be right now.
* Short term logic (e.g. “Well I think ICOs are going to dump soon”, “Crypto cats are exposing network congestion issues so the price may tank”, etc) is largely speculative, irrelevant and useless.
* Never invest more than you can afford to lose.
If you disagree with any of this and want to day-trade, please be my guest. I tried.
“The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett