When it comes to investing, or any part of life really, managing your emotions is critical to your success. Whether you’re investing in crypto, NFTs, the stock market, or anything else, you must set a limit to the amount of risk - and the amount of loss - you are willing to accept.
Creating boundaries in life is critical to everyday existence. We have boundaries in our relationships - whether they be personal or professional. These limits we place on our interactions are healthy and they enable us to communicate successfully with others.
Investing can be similar, in a way. By setting limits by which we operate, we give ourselves the rules by which we play the game. Winning or losing, there have to be rules. Without them, ruin is never far away.
Garen Phillips joined us for one of our weekly Crypto For Mere Mortals weekly calls and he had an amazing story to tell about being invested in Terra just as it was about to crash and slip into irrelevance.
“You’re more likely to do stupid stuff when you’re losing money then you are when you’re making money.”
Being heavily invested, Garen was already down 10%, but because he’d set limits for himself, he was already divesting from the troubled token. Then a slight rebound happened and the thought struck, “Maybe it will rebound enough so that I can recoup my investment…”
If you want to take part in our weekly live calls, Q&A, and take our full course on all things crypto, visit the Crypto for Mere Mortals website to take advantage of an amazing offer: CryptoForMereMortals.com
Find out what he did by watching below... (or click here)