What is happening with securing large contracts? We have been waiting and waiting with all these little accounts.
You are the mass marketer with two hundred thousand reach and the 1 billion dollar man but you cant lock down a ten thousand dollar contract in the crypto world where ico's raise thirty plus thousand in a few days regularly.
You are doing something wrong. I will hold a bit longer but then I will sell.
Lemme tell you a story, which takes place in the dark depths of '08-'09. Once upon a time, before it was taken over in '14, there was an NYSE-listed company called KKR Financial Holdings LLC (symbol KFN). It was one of those companies that had been shot down by the '08 crisis. In its specific case, its price was wrecked because it suspended its dividend ( for reasons I'm sure you can guess.
) Granted that it had been a gut decision, but I bought 3000 shares at ~70 cents per share on Dec. 29th of 2008. My original intention was to order up the physical certificate and sit on it until it restored its dividend. I got to the point where a broker working at my discount service verbally discouraged me from doing so because American exchanges no longer issued physical certificates: instead, they issued "certificates of value" which would take several weeks to process once I sent 'em back to my account.
I shouldn't have been dissuaded. Since I had planned to sit on the thing for a year minimum - and sell it when the dividend was restored and paid regularly - waiting less then 2 months to sell the thing shouldn't have been a problem. But I had "assertion issues", and so I backed off. Or, if you prefer, I chickened out.
Long story short: as things turned out, KFN did restore its dividend - but not before it sunk to the dark depths of 40 cents per share in the awful March of '09. Luckily for me, it had rallied to $1.60 in mid-February before plummeting in the last but brutal gasp of the '08-'09 bear market. $0.70 to $1.60 wasn't bad: not bad at all.
But it was piddling compared to KFN's price when it did restore its dividend at the end of '09. At that time, it was trading at $5.50 a share. Had I gone "yippee" after insisting on the Certificate of Value, I would have sold in mid-February of '10 - when it was ~$6 a share and rising.
But, because I got "nervous in the service," I didn't. Since I fancied myself a trader at that time, I began whacking around with it - buying and selling repeatedly until August 4th of '09 - and wound up with a much smaller profit from all my labours. Had I had the courage to HODL until my forecast was met, I would have bought 3000 shares for $0.70 and sold them for ~$6.00 for a close-to-$16,000 profit. But I threw it away and had to content myself with something much smaller.
The moral of the story? When you've got a solid long-term scenario for a volatile instrument, you have to accept large temporary losses along the way. That's the dark tunnel you have to go through in order to reach the bright light of a huge profit. At a minimum, you have to make sure that you have enough money to live on so you'll never need to sell your haunch.
But you also need a kind of fatalistic courage ( along with the courage to stand up to a discount-broker broker on the phone.
) You need the kind of quiet phlegmatic courage that turns passivity to your advantage. You need the psychological armour to HODL, especially in the dark times when the whole world seems to have descended into the Dark Ages. You need to quietly slog along and
wait. Huge profits come along seldomly, so seldomly that they might as well be treated as one-off windfalls. If you've got one in your hand,
mirabile dictu, you have to have that fatalistic courage to reap the most from it.
Oh yeah, I forgot Moral #2: "You can either learn from my mistakes, or you can duplicate them: your choice."
