I have to admit to being a newbie investor as ETN has been my first foray into this mad world that is crypto. I, like a lot of others, only started taking much interest in cryptocurrencies around the turn of the year when the last bull run was saturating the media and decided that I wanted to be involved. I tried to do my research on projects that interested me and I narrowed it down to Electroneum and a couple of others that seemed promising, projects that I have now let fall by the wayside in favour of ETN.
We all know how the market has behaved since January and I have been, over the course of the last six months or so, cost averaging my buys so that anything over 2 cents has me in profit. This is now a great relief as it seemed for so long that good money was being thrown after bad when the prices were staying so low. I have great faith in the project but that doesn’t mean the occasional wobble doesn’t happen.
With everything progressing nicely and all the good news about the coming partnerships, KYC compliance and the start of mass marketing soon I’m looking forward to seeing my investment increasing over time. But what I’m worried about is how to manage a significant increase in wealth if and when a bull run happens. I’d imagine a lot of us are looking at prices and thinking that when ETN hits, for example 10 cents, they’ll cash out because that could mean paying off a mortgage or student loan etc.That would be great as that would mean someone is debt free, or 25 cents could mean early retirement for some. I, myself, know that 10 cents pays off my mortgage 1 dollar means both my wife and I could jack in work and live a life of leisure. But we don’t come from money, we don’t have experience of being wealthy and the idea of paying off a mortgage seems like more than we could ask for at the moment.
With the future of Electroneum looking so bright over the next five years I want to ride this price all the way but I know how tempted I will be, when I see my investment reach the same value as my mortgage, to cash in and pay it off. But if I do cash in and the price X10 after that I know that I’ll be sick that I cashed out just to pay off a debt. I have developed good HODLing muscles as I refused to sell at a loss during the summer months but I need to have different muscles to HODL during a bull market and I don’t want to disappoint myself by having weak hands and letting go of my ETN too early.
So what I’m asking, basically, is for advice from experienced investors to us newbies on strategies and tactics on how to keep strong during the next run up and not sell when we feel that our investments have made us rich in relation to our starting off point.