Importance Of Good Habits – Cryptocurrency Version!

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All successful investors know the importance of good habits. There are habits to be cultivated and maintained, and there are habits to be carefully avoided. Every success story, with the exception of those achieved by blind luck, is gained by the collective results of good habits.

That is why good habits are so important. Do you want to succeed or fail or be mediocre? The end results are based on the habits you have now.

Habits To Cultivate

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Eyes On The Screen

Unless you are just dropping a few bucks into some online currency to see what happens, a good habit to avoid is NOT being on your computer. That’s right. You need to keep an eye on your online investments at least one study session per day.

I don’t mean study in the grammar school sense. I mean go to your wallet, portfolio, exchange platform, graphs and charts, and live updates to see where things are going.

Keeping tabs on where your money and investments are is paramount to any successful strategy. Are things generally moving upward or downward? Is your investment strategy paying off? Did you panic and sell too soon?

Books About Cryptocurrencies

Read The Books

Take a look at the author in question before spending money on a book you may not benefit from. Is he a success? Did he get lucky or work hard? How much experience is under his belt?

Experts write books based on their habits and strategies. They write down the lessons they’ve learned. What mistakes did they make and how did they correct themselves.

Some go into more personal details than others. Get a variety. Read the reviews. Perhaps you’ll write your own literature someday.

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Talk To Other Investors

New and experienced investors alike have success stories and failures. If they aren’t the secretive type, ask what they’re money is in now. Have they switched favorite currencies?

Somewhere through the real-person grapevine, you’ll learn of an individual who gained and/or lost a million dollars. Why did that happen? Learn from the stories of others.

I’m not always bright enough to stick with this or sell that when the time is right, but I know people who make better decisions. Don’t be afraid to be a copycat. Anyone who gets mad if you follow their strategy is not to be trusted. Eventually, they’ll quit talking or mislead you.

That being said, don’t become parasitical. No one wants a starving leach hanging on their every breath. Follow but don’t call every five minutes to see what’s changed. It becomes irritating.

Think Positively

Something you learned in the early days of bike riding or driving is that you go where you’re looking. If you go off the road and look at the tree you will hit that tree.

If you look just far enough ahead on the path you’re taking, you’ll stay on course and reach your destination safely, barring unforeseen accidents.

Your mind is the same way. If you always focus on the negative, that is always where you’ll be. If you tell yourself you always make bad decisions, those are the ones you’ll primarily make.

Embrace positivity while maintaining a sense of realism. Positivity says that Bitcoin will rise again! Realism says it’ll take a while. Stupidity places all your fiat (government-backed) money in XRP. Realism says never invest what you can’t afford to lose.

I know there are people whose synapses are wired differently and these people honestly can’t think the same way as people with properly wired brains. I happen to be one of those people. That’s why I talk to and learn from those with a better sense of direction.

There’ll be losses and gains. I’ve given myself both praise and facepalms. It’s a volatile market. Don’t get overly stressed. Take deep breaths. Read something encouraging. Meditate. If your brain is on the brinks, your money will follow.

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Habits To Avoid

Hasty Decisions

Hasty decisions are fraught with stupidity and regrets. Think before you buy or sell. Why are you selling? Did your favorite cryptocurrency just take a 10% dive? That is definitely something to be concerned about. After all, it could keep diving into the valueless depths.

Examine why it dropped before you make a panic sale. Has it been stable before? Had it been rising regularly? Are other coins moving with it as a general trend? Give it a few days, or at least a few hours. If it shoots back up think about whether to sell or hold at that point.

What about that new currency that just jumped up 8%? Exciting isn’t it?! Don’t break the bank. Excitement should be a part of investing, but don’t get carried away and throw your cable bill money into the upward moving currency.

Pay your cable. See what’s happening with the new currency and put a little into it. Bitcoin was out for years before it went anywhere exciting. The market tends to have trends. Learn what they are before dashing around with your savings.

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Put All Your Money In One Currency

That’s right. If your overall investment stash is $1000, don’t put it all in one thing, no – not even Bitcoin.

Over the course of time, a while back, a friend of mine made his way up to over a million on Stellar Lumens. The next day it crashed. He made it out in time with a healthy profit of over a hundred thousand dollars but lost out on what he could have had if he would have seen the crash coming.

Unlike the regular stock market, which has real and touchable items backing your investments, cryptocurrencies’ values are based largely on collective mood. Why did Stellar Lumens have that big crash? Humans decided they wanted something else while other humans didn’t know. Poor Stellar Lumens. It may just rise again.

I’m not saying you shouldn’t have a favorite. Mine has changed from time to time; right now it’s Bitcoin, with a dab in BAT. Oh sure, a few articles I was big on Tezos. And I forgot about Dai, which brings us to…

Forgetting About An Investment

Here I go, acknowledging another personal flaw. I have over $20 in DAI … somewhere. I did a little trade with it in a company whose name I can’t remember and I forget exactly who it was with and when I did it. How can I cash it out or turn it into something else if I don’t know where it is?!

The good news is I can trace the trade through the wallet grapevine since it isn’t a long trail yet. Most wallets keep tabs on the last wallet you sent a certain coin to. I will offer the exciting story in a future article so you can learn from my stupidity.

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TAKE NOTES!!!!! Jotting things down now that you think you’ll remember later is the wise habit to never forsake. Doesn’t that ring true for just about everything?

 

What about your habits? Are there some you’d like to share? What are your best and worst habits? What have you experienced that we can learn from? Share your thoughts and questions in the comments below!

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32 Thoughts to “Importance Of Good Habits – Cryptocurrency Version!”

  1. Scott Penton

    Some very good advice here. Thank you for sharing. Yes it can be confusing at first for beginners, but you have to jump in, a little here and a little there. The Robinhood app as well as The Cash app are good ways to get started. I have a little bit of  BitCoin, LiteCoin, and DoggieCoin. 🙂 

    1. Cattington

      Thank you for stopping by, Scott. I did an article on Robinhood. I wasn’t ready for it, but it has its benefits. Thanks for sharing. 🙂

  2. MrBiizy

    Looks really cool to be successful by blind luck but unfortunately, only a tiny portion of the total population are successful by blind luck. A larger portion can only succeed with good habits portrayed over time. I agree with you 100% that it is important to watch how our investments are rolling and should be courageous enough not to panic at all.

    One of the best ways to succeed is to be in contact with both new and old investors as we can learn from their experiences. That’s exactly what I do in all business I am involved in. I have learnt a lot from people and I have learnt to be positively minded and to remain courageous.

    Thanks for sharing…

    1. Cattington

      Thank you very much, MrBiizy. You are definitely on the path to success!

  3. If you keep doing the same thing expecting different results it’s a form of insanity. Trying different options to make sure things turn out alright is good sense. Don’t ever be afraid to broaden your horizons. Know that a power greater than ourselves is doing for us what we could not do for ourselves. As long as you are doing the right thing to do because it is the right thing to do.

    1. You are correct, Paul. Thank you for sharing your insight!

  4. Sonny

    Hi. This article resonates with me very well as I’ve had experience with trading stocks and stock options. There is a pre-requisite to trading stocks or cryptocurrencies and that is to develop the ability to control your emotions. This is difficult for most people, even for seasoned traders. A stop-loss or trailing stop loss order is a trader’s best friend. Thank you for posting this. 

    Sunny

    1. Cattington

      Hello Sonny! I agree with you about stop-losses. I learned about them while studying Forex and options trading. I know some Forex brokers are starting to deal with crypto, too. They know where the money is. Thank you for commenting. 🙂

  5. raztouched

    I love this article, your introductory images captures my attention makes me jot down what are written in the image. I will surely apply this good habit. I’ve been into cryptocurrency investment and yes you were right that keeping an eye where your money and investments are is paramount to any successful strategy, and I am one of those people who are panicking and sell the crypto my greatest regret. Thank you for this article it really help me and wakes me up to be vigilant on my crypto investment.

    1. Cattington

      Thank you very much for your comment. I made my share of panic sales when I first started. Best wishes!

  6. Rodarrick

    Dedicating time and efforts towards self development when it comes to crypto investments is really the most right thing to do and I must say I truly fancy this. Thanks so much. Having a positive attitude towards one’s investments alone has on its own, a positive effect towards investments. Besides, this is a very volatile investment, so much more attention is required towards it. Thanks

    1. Cattington

      Thank you very much for commenting, Rodarrick. Best wishes!

  7. Paolo

    This simple post has been useful. I also went through a similar experience, investing some money somewhere, but now I have no idea where it was. I just remember I invested that money and didn’t point it down in my agenda.

    Another of my takeaways here is not to leave all my money in one currency. I have done this, in very specific occasions, but not for long. And still I haven’t suffered consequences. But I’ll avoid doing it from here on.

    1. Cattington

      Hi Paolo, I hope you find your lost investment! It can definitely be tempting to put everything in something that’s moving upward at a quick pace.

  8. Feji ben

    I must tell you that you have done a very nice job on this article as it’s very interesting and informative too…the most vital thing to do I to get the right morals then when it comes to business having the right  habits really matter as they determine whether you would succeed in that line or not…thanks for those tips they would really help us all

    1. Cattington

      Thank you for your kind words, Feji!

  9. PurpleLioness

    Hiya Cattington

    Thank you for your informative article about the importance of good habits. I was inspired by what you said about being successful as a result of good habits rather than blind luck. I need to work on developing good habits in my business to help me to succeed. Do you recommend anyone who has good blogging skills and good investment habits that I could emulate? Jeff Bezos seems to be doing alright, does he crypto? I’ve also read about the Winklevoss twins who have been very successful in the crypto space. 

    Probably Ross (Dark Web founder) is not one to follow! I hope to succeed within the crypto space and online marketing so I could do with more articles like yours detailing best practices in business. Thank you for some useful tips to help me with that, krs PurpleLioness 

    1. Cattington

      Hello PurpleLioness! I’m glad you found the article useful. I don’t know about Jeff Bezos doing crypto. Satoshi Nakamoto is now doing videos. I find them to be inspiring. Best wishes!

  10. Thank you, I was looking for more information on crypto as investing in something intangible scares me so much. I did not know anything before I read your article, although I was curious as I have heard it in the news often lately. Thank you for the information.

    1. Thank you for your kind words, Curlycue. 🙂

  11. zac

    Very good advice to forming a good habit. These are important things to consider, especially for your business. Developing good habits is essential to getting work done. Im curious of this crypto currency, but I have no clue what it even is. Do you have a basic article explaining what it even is? I would like to learn more.

    1. Cattington

      Thank you for reading our article and leaving a comment, Zac. This article is a good place to start. We are always open to new suggestions, as well. 🙂

  12. Kingsking

    Wao, this is amazing. You can never know it all. The most popular mistake since Andriod went viral is that many people now have the habit of not reading and writing with pen. So many people have been cheated by their own mobile phones. Years back I use to always moved along a free Jotter with me wherein i write down any new ideas as they come that I may need in the near future but these days no more. ideas usually popped in when I am driving but very reluctant to park aside and write them and at the end of the day I couldn’t remember many of them. Do you also receive new inpirations why driving?

    Thanks for the post

    1. Cattington

      Hello! Yes, ideas do tend to come at some inopportune moments, don’t they?

  13. Pentrental

    Good habits are always a good idea especially when it comes to cryptocurrencies, and I like your graphic at the top, as it paints a nice picture in a fun way. Great questions in asking if things are moving up or down and panicking too soon. I agree I think it’s important to diversify when talking about investing and great reminder here. Taking notes is also wise advice for sure. This is solid information for those looking to get into crypto trading, well done!

    1. Cattington

      Thank you for your kind words, Pentrental. We appreciate your time. 🙂

  14. Selenity Jade

    Excellent suggestions on good crypto investing habits, ESPECIALLY the last one!  Doh!  Definitely don’t forget an investment!  That means you didn’t check on it or anything like you suggested in your first habit of checking once a day and your other suggestion on studying.  Hopefully, when you find it, you earned a nice profit.  Thanks for the suggestions!

    1. Cattington

      Thank you for stopping by and commenting. 🙂

  15. Tariqul

    Good habits make a man perfect. I like your article. Your ideas are totally unique and very helpful for our life to be a successful person. I will obviously apply these good habits, as well as everyone, can apply these habits for getting a bright future. I noticed that some forex brokers are making business with crypto. They know that money begets money and where the money is waiting for them. This article helps me as well as others to know about crypto investment.

    Finally, I love your article very much. That is an awesome article about crypto.

    Thanks for your unique article.

    1. Cattington

      Thank you so much for your kind words, Tariqul! You’re right about Forex brokers; that’s for sure!

  16. Randy

    The first I remember of hearing about bitcoin was a few months ago. A friend was all excited. He invested early in the day, and he kept up with the progress several times during the day. He reported several gains.

    If I can remember, I will ask him the next time I see him where he stands with his involvement nowadays.

    Your advice on reading the books, talking to other investors, and thinking positively is certainly sound.

    The habits to cultivate are good too.

    Hasty decisions can be detrimental. You just want to make sure that, after having done due diligence, you don’t miss any opportunities you should take.

    The proverbial picture of all the eggs in one basket is important too. In any investment, you need to keep something in reserve in case the investment goes the wrong way. Having you investments spread across several vehicles is wise too. Hopefully, they would not all take a downturn at the same time. I am glad that you realize that it is OK to have favorites too. Just don’t let your preference cloud your obvious judgment.

    Forgetting abut an investment can result in a pleasant surprise–just as long as you don’t forget about it forever. Therefore, it is good, as you said, to have a system of remembering each one.

    Thank you, Cattington, for your sound advice. I wish you well in your investing future.

    –Randy

    1. Cattington

      Thank you so much for your thoughtful comment!

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