Studying successful investors is the best way to become a great investor. Warren Buffett; who is considered one of the greatest investors of all time, started his career by studying another investment legend – Benjamin Graham.
Therefore if you want to succeed at cryptocurrency investing, you should study the most successful altcoin investors. Identifying the behaviors and thinking that make those people successful and emulating them can help you make money in cryptocurrency.
some of the most important lessons that you can learn from great investors include:
Patience and Persistence
Most people lose money in the markets because they refuse to wait for investments to pay off. When they do not get the instant payday; these people sell out early, and end up complaining how somebody else made a lot of money on what they sold for peanuts.
Patience and persistence certainly paid off for Tyler and Cameron Winklevoss. The legendary twins were laughed at when they bought $11 million worth of Bitcoin back in 2013. By October 2017 that invest was worse around $231 million or 21 times their initial investment, Money reported.
Having the patience to wait and the persistence to stick with an investment can pay off. Unfortunately, most people lack the confidence self-discipline to do that. Instead, they sell the moment the price falls, or negative press coverage begins.
Learn to Ignore the Media and the Experts
Vast numbers of people lose money because they pay attention to the media and markets. For example, lots of people dumped their Bitcoin investments after the Mt. Gox exchange was hacked back in 2013.
Since then, cryptocurrency has been condemned as a fraud; a fantasy, and a Ponzi scheme, in an almost unlimited number of blogs and articles. To make matters worse, many people pay a lot of attention to the cryptocurrency media with its hysterical stories about hacking and forks.
Buffett admits he lives in Omaha, Nebraska, in order to stay away from Wall Street and its experts and often ignores the press. The Winklevoss Twins; and venture capitalist Tim Draper, ignored the investment experts, and the media, and bought Bitcoin when it was unpopular. Draper invested $19 million in Bitcoin in 2014 that was worth $171 million in October 2017, Money reported.
Smart investors; like the Winklevoss Twins, Buffett and Draper, ignore the media and trust their own judgment and their guts. One of their secrets is having thick skins, which enables them to shrug off criticism.
Believe in Yourself and Think for Yourself
The greatest investors, like Buffett and the Winklevoss Brothers, often make moves that are counter to the market. Buffett famously buys stocks when everybody else is selling them. The Winklevoss twins bought Bitcoin when everybody else was selling it.
All three men made a lot of money because they trusted their own judgement and ignored the experts and the markets. The secret to their success was having the self-confidence to believe in their opinions and trusting their own judgements.
More importantly they thought for themselves, and did not let the media, experts, friends, family, and skeptics and others do their thinking for them. Always think for yourself.
Do the Research and Think Like a Geek
Warren Buffett’s favorite hobby is reading corporate earnings reports. He spends hours on end studying companies and their earnings in an attempt to spot the moneymakers.
You should do the same and devote as much study to cryptocurrency as you can. Read everything you, research coins online, and study all the numbers related to coins.
Most successful investors are boring geeks that talk and think investment. Becoming a geek and knowing as much as you can about cryptocurrencies, can help you make money.
These behaviors are just the tip of the iceberg. If you want to develop the mindset of a successful cryptocurrency investor you should study the moneymaking altcoin investors and emulate their actions.