Qualities worth developing as a crypto enthusiast (Investor).

[CryptopreneurBrainboss]

Picking interest in the cryptocurrency industry is one thing, been able to profit from your stay in the space is another thing. The industry is a host to many distractions (disguise as investment opportunities) that can lead to lost of capitals but with the help of some disciplines, you can navigate your way around. To enjoy & profit from your stay in the industry, there are some qualities I deem fit you should develop. Most of this qualities, I have been able to develop personally and have seen encouraging results. Each of this qualities have their rewarding benefits, below are some of these qualities;

1]: Be Patience: Wikipedia defines patience as; "the ability to endure difficult circumstances such as perseverance in the face of delay; tolerance of provocation without responding in annoyance/anger; or forbearance when under strain, especially when faced with longer-term difficulties". This definition can be related to the current market situation of the industry. Having patience with your investment especially when it comes to bitcoin is a key habbit an enthusiast will have to developed in order to record success from the industry. Our predecessors that didn't possess this qualities one way or the other, had all regretted their decisions made back then to sell their bags causing them to miss out on the current profits of holding bitcoin. It's quite easy to develop this habbit, if you can take your mind of the frequent movement of price of bitcoin and concentrate more on buidling your investment portfolio. Many veterans in the space will tell you, this is the best strategy you can engage the market with and without any doubt, they're right.

2]: Be security cautious: Humans in general aren't know to be security cautions when it comes to finanace that's why they entrust the government, bankers etc to handle their financial security. You can also observe this trend making its way into the cryptocurrency industry as  Investors are entrusting the safety of their investment to exchanges. From recent development, you can observe the exchange has gone beyond just holding Investors coins but now recommending what to invest in and what not to (AKA initial exchange offering). More power has been given to the exchange therefore as an enthusiast you have to understand, the security of your coins and choice of investment is a personal responsibility which shouldn't be assigned to any entity. Making security of fund you number priority goes beyond just safe guiding your coins in your personal wallet, it also involves been cautious of the exchanges you're patronizing and the level of private information you give out to this exchanges. Most individuals will argue that, this is the number habbit a cryptocurrency enthusiast should develop and they're not wrong as the benefits associated with this qualities is what will determine the success rate of been patience with the market.

3]: Be teachable: The moment an enthusiast feels he/she has gotten to a stage they're no longer teachable that's the moment that enthusiast is doom for failure. The cryptocurrency industry is constantly evolving (improving and growing). What might be the right decision today might become absolute tommorow. Staying updated with the latest trends in regards to security etc is a very important quality an enthusiast has to possess to enable profitablity from the industry in regards to not getting left behind while the industry continues to grow. e.g Back in the early days, participating in faucet would had been a good alternative to earn some bitcoin but currently they're a waste of time.

4]: Smartness: This quality us mostly for the short term profit seekers which might involve trying to outsmart the market by trading or capitalizing on new trends. Understand that this is quite a tricky quality to possess as sometimes your stupidity might be mistaken for smartness and unless you have the required skills and abilities to perfect this quality it's advisable you abstain from trying to leveraging on it. If you're interested in outsmarting the market then staying informed and been able to act smart should be a quality you should possess.

5]: Learn from experience: Be able to learn from experience is one of the most important qualities you should develop as a cryptocurrency enthusiast. There's nothing wrong in making mistakes but the inability to learn from those mistakes becomes a problem because it'll cost you, your opportunities to profit from the industry. If you made the mistake of chasing after the ICO hype and was unsuccessful then you didn't learn from that mistakes to improve on your investment decision making but decided to repeat same mistake by chasing after the IEO hype it simply means you aren't ready to learn from experience. Same goes for entrusting your funds to management sites which are just "scammers"  Ponzi operators disguise as "whatever they claim to be". Experience is rge best teacher therefore as a cryptocurrency enthusiast that intend benefiting frim the industry, been able understand the lessons taught by your mistakes should be a quality you should develop.

PS: Understand that the bitcoin and altcoin market works in different ways, while the bitcoin market works in cycle that can't be assured with the altcoin market in general since most of the current altcoins won't last long therefore while been patience is a quality you should develop while Investing in bitcoin, that can't be said with altcoins instead your smartness might play a part when it involves the trading approach.

Note: The numbering wasn't done in any specific order.


Additional qualities worth developing:

6]: Be skeptical: Most of the claims that you will read are misguided, unsupported, or just wishful thinking.

7]: Being firm in your belief along with patience is also important: I will try to explain this with an example:

Say a person bought bitcoin at a certain price and now the altcoins are going up while bitcoin is down. The person loses patience here because they were not firm on their belief of bitcoin's future. What happens is that because of the panic they buy altcoins, but this again the wrong move, because those coins are at all time high now. Very soon the price of altcoins come down and bitcoin goes up, but this person is now holding these altcoins and crying because they didnt firmly hold on to the bitcoins.

8]: Passion: If you are really passionate enough with what you are doing, then continue to acquire your goal.  I mean if you are being a crypto investor by heart, there is a positive outcome to become a successful crypto enthusiast.

9. Know when to move on: Many investors are left holding bars of shitcoins because they lost a little fund when an investment they made don't pan out, for example some people would invest in an ICO because the hype was massive and they know that there is likely to be huge returns but after the token is listed in an exchange, the token didn't meet expectations but they refused to just dump and move on even knowing fully well that the token has no utility and is basically a shitcoin but they just don't want to accept that loss and move on, so they keep holding until it gradually fades to nothing and they start regretting not dumping at the beginning when they would have retained a large chunk of their investments.

[Wexnident]

You should probably change security cautiousness to being cautious instead. There are a lot of things to be cautious about and security is just one of them. Being cautious with your website entries, with your wallet address placements and the like. It's pretty much how we should be careful of anything we do that is related to us investing in crypto. Also, having the capability to capitalize from your mistakes should be adopted as well. Simply learning from mistakes is not enough, you should have the ability to adopt and somehow be able to turn that mistake into a move that could potentially lead you to either a win or at the very least zero loss. Of course, at times, you wouldn't be able to do anything about the result and that is where Learning comes from, but if you can do something about it, you should.

[pooya87]

at the very least "Be Patience" must never be your first suggestion! it should be the last one after at least 2 dozen other things to consider. for starters the investment must first be wise and real not bag holding any garbage and hoping for a good profit and calling that "patience".
this obviously works for bitcoin because even if the investors don't realize it, bitcoin has a good long term potential. but that is not what newbies do, instead they extrapolate it to altcoin market, buy bags of garbage, bag hold them and then keep telling themselves that they should be patient to see profit. the result is a lot of people with 80 to 95% losses because they were "patient". you can find at least a dozen topics in altcoin board every month telling others to be patient for the past 2 years that altcoins have been dumping consistently!

[panganib999]

@pooya87 thanks for the observation & very important point you highlighted.

Note: The numbering wasn't done in any specific order.

Because being an enthusiast is such a big deal and will require you to develop so many qualities for you to be able to handle and keep up with yourself during being inside the crypto space. Patience is indeed a necessity upon being an enthusiast for the market cap will test you and your patience until the end, until there's almost nithing left in the thread of your patience due to the unpredictable movements and events related to cryptocurrency,
  Next to being patient is being security cautious for crypto's or anything that has cost has the high risk of beibg targetted of cybercrime and every way will be done and use just to fool you and get what you have. Take note of these otherwise you'll regret being a crypto enthusiast.

[nakamura12]

Patience is really important but I still see some people who will get angry to the other person because of what he/she posted that made those people get angry at you  and you didn't even know the exact reason why. Same goes to the other people. Patience, it will help you construct great project and security cautios.

[odolvlobo]

You forgot the most important one: be skeptical. Most of the claims that you will read are misguided, unsupported, or just wishful thinking.

[Coyster]

Number 5 is probably one of the most necessary quality to imbibe,for example it would be foolish if I hear that scammers are everywhere in the network, and I fall for a cheap ponzi scam. Learning from the experiences of others have helped shape me in here, I've learnt of past experiences that have burnt some other users and I've also used the positives to improve myself.

Every newbie should learn, most especially through experiences of others, it should be the apogee of their interest, if one learns thoroughly all that is ncorporated within the network then in the end they'll surely be grateful they did.

[mu_enrico]

To be an investor, accredited investor to be precise, (1) you need to learn a lot of things about financial management, economics, risk management, etc., to be well equipped on the battlefield. Or (2) you need to be rich so that it can be said that you already a "veteran."

Investing is different from trading (speculation) or putting your money in ICOs. In the broadest sense, you can invest in yourself.

Hence, knowledge and that hunger to pursue knowledge, is the most important thing if you want to be an investor. You can invest in your own crypto business, not just casinos or exchanges, but something more significant that hasn't been invented yet.

PS: I'm only an educator, so my job is only to inspire (bullshit) you guys. LoL

[TheUltraElite]

Being firm in your belief along with patience is also important. I will try to explain this with an example:

Say a person bought bitcoin at a certain price and now the altcoins are going up while bitcoin is down. The person loses patience here because they were not firm on their belief of bitcoin's future. What happens is that because of the panic they buy altcoins, but this again the wrong move, because those coins are at all time high now. Very soon the price of altcoins come down and bitcoin goes up, but this person is now holding these altcoins and crying because they didnt firmly hold on to the bitcoins.

Maybe it will be temporary but the mental trauma that happens to every newbie cannot be assessed unless you see them happening. But consider if this person had been firm in their belief, they would not have sold bitcoin and they would have profited.

Same would have been true from the altcoin side if he had bought some when they were low. But here again the belief to be made firm is tough.

[royalfestus]

Being firm in your belief along with patience is also important. I will try to explain this with an example:

Have been looking for word to describe this, this top the list in my view for my years spent here. Not swayed by the market sentiment or rumor, just do the right thing, dont be too greedy  of gain but of knowledge alone, know when to run without being emotional. Everyone can lose at some point but being firm in your belief will save in most days.

[leowonderful]

An addition to patience that I would add would be resisting the urge to FOMO into a long-term position or even just a trade. It's extremely tempting at times to buy into a coin that's already been pumping for a time or into a coin that has been dropping for months on end, but unless you're doing some sort of analysis into why the pumping or dumping's going on, don't immediately enter a trade or buy. Human emotions are often the catalyst for some of the worst decisions you'll ever make, including ones outside of trading, and you shouldn't let them override what's really going on in your brain. If you do happen to buy into some sort of top and you recognize that, be flexible with things and cut losses. You're trying to minimize losses and allow gains to grow as much as possible, and you should have some sort of threshold where you stop holding something because the risk relative to reward just isn't worth it anymore.

[xiboothrezi]

I am most interested in point 5. After playing in cryptocurrency since 5 years ago, I got a lot of lessons in controlling emotions, mentality, and courage in making decisions, not only that, I also learned to make peace in a situation that is very out of control. In short, this trains us to be more mature and not greedy. Always be grateful and receive any profit obtained, however, this is a very profitable opportunity.

[gensol]

First quality worth developing is the acquisition of knowledge, an unending thirst for knowledge. Everyday new ideas and innovations abound in cryptocurrency knowledge about these stuffs is key to surviving. Patience is another good quality which should be used wisely. The major mistake of patience is catching a falling knife and holding onto it forever. Knowledge helps to understand when to cut loss and let go.

[chaoscoinz]

It is true, patience is a virtue, when I realized I had passed Bitcoin up a few years ago, choosing not to speculate and purchase some, I feel deep regret now that I did not dive in and buy a few while the market price was really low.
  I was uneducated about investing and didn't even know what the blockchain was, if only I would have spent a little time to research what it meant.
   Looking back, I feel a little better about not investing, I've learned to practice my Due Diligence better now, still needs a lot of work though.

[taufik123]

All investors explained must be owned by all investors to become more professional and wise investors. Patients must have patience to benefit from each investment and must be smarter in deciding which projects to follow. Then learn from the experiences that have been lived when becoming an investor so as not to get caught in the same trap so as to minimize losses that have been experienced.

[masulum]

I will add something

Be yourself and make decisions on your behalf: many new crypto investors start to invest in something they didn't know about that project. They follow others to make a decision. Believe in yourself, be yourself is the key to make a decision on your behalf. Don't believe something that you don't know about it, doing research will help you to be a good investor and good decision maker for investing in the future.

[Strongkored]

I feel friends with whom will also determine how invest. Friend with someone who is knowledgeable and has a good perspective will help determine what kind of good investment.

Discipline is also important, discipline in developing the knowledge that we have or can also be said continue to upgrade themselves, in order to become smart investors.

[Pearls Before Swine]

I don't necessarily think 'smartness' or intelligence is a prerequisite for being into crypto, though it certainly would help if you're trading.  It doesn't take much brains to buy and hold, so I don't think you'd need that quality.

Patience is probably the most important characteristic, followed by the ability to learn from mistakes, and I'm actually glad op listed the latter.  Looking at the ico space, it appears to me that many people don't have that ability to see what they did wrong and not do it again.  This is why they're continually getting scammed, whereas the scam methods don't really change that much.

While not necessary, I would think that honesty and having a good sense of community would be important, and I wish more crypto enthusiasts had those traits.  There is a glaring lack of honesty in particular in the crypto community and at times it seems that the majority of people involved are scammers.  Excellent thread, op.  You are the man.

[Obito]

Smartness I think is pretty hard to acquire. Though not all the traders are able to adopt such quality. I suggest to add be flexible, it might be a big help on while trading or if it there will be a drastic changes over the market. And I as well think of security be more generalize since focusing on specific security isn't advisable as though investors or traders does need to work on more general security not just to secure once specific stuff. Lasty, is that I highly want to suggest that a trader or an investor be always open for learning not from the mistakes but from the suggestion and tips out there, and self-taught knowledge so that they'll improve even more.

[Rebisco]

Patience is important but be sure that you are being patient in a project that will give you high returns. You will just waste your characteristics of being patient if you participate in a not good project where you will lose your money.