a reminder for the newbies

[Husires]

Bitcoin prices continue to change 24 hours for 7 weeks.
You like to make profits  it is not necessary to look at the bitcoin price all the time, when you wake up, morning, afternoon, in the shower.
You need to stop. Good profit does not happen overnight.

Stop tracking prices take a break for several days, and you will find some good profits.

[Mighty_crypt]

Probably a good advice for investors? But not traders because crypto traders need to be on top with crypto price and where market is heading, good advice though, I'm into mining, investing and trading so I can't take my eye off the market chart

[janggernaut]

Jeff bezos ever asked Warren buffet like this , "Warren, your investment style is simple, Why doesn't anyone just copy you?" Then Warren answered, "Because nobody wants to get rich slowly"

We must admit it, if we can become rich quickly, why we need to wait long time to achieve that? Unfortunately, that's 90% from most of people thinking, that's why there are always more daily trader than investor.

[mk4]

While I don't look at the prices as much as I looked at them pretty much like a hawk in the 2017 bull market, I'll be totally honest that I'm FAR far more productive in a bear market lol. Bitcoin hitting all-time highs and with people celebrating in various Bitcoin/crypto communities is just really really distracting. Yes, I can turn off my social apps, but I'm just really really happy seeing the people who held from the $20,000 top of 2017, finally be in the positive.

[tranthidung]

Bitcoin prices continue to change 24 hours for 7 weeks.
You like to make profits  it is not necessary to look at the bitcoin price all the time, when you wake up, morning, afternoon, in the shower.

Bitcoin and crypto markets are the most energy-consumed one as it operates 24/7, without a second of break. It is different than stock market in each nation. The more time you see the chart, the more time you read news from any source, and the more time you spend with groups (trading, signals, discussion), the higher probability for wrong decisions you will make.

Your mind will be affected by the others and you will no longer believe in your initial thoughts and give up your original plans.

You need to stop. Good profit does not happen overnight.

Stop tracking prices take a break for several days, and you will find some good profits.

Sure it is a thing to do. Furthermore, leave unnecessary crypto groups (Telegram, Facebook, etc.) to keep your thoughts as most unbiased as possible. I left all groups since 2018. 

[sujonali1819]

Probably a good advice for investors? But not traders because crypto traders need to be on top with crypto price and where market is heading, good advice though, I'm into mining, investing and trading so I can't take my eye off the market chart

I'm agreed with this point. Yes, it's mostly a advice for the investors. Because most of the cases people invest for long terms. And in this period if they do hurry and check price movement every several times then most of the cases those investor miss the high profit or even fall into lose due to over panic.

Personally, I am also the man who check price everyday, many times if I have a open trade or invest. I know I have to change myself. But it does not happen to me. Lol

[sheenshane]

It's a good reminder and I tend to agree with it.

To be honest, there's nothing wrong if you regularly visit the crypto market price for tracking the price, at least your can hold your emotion to be calm whatever you see.  As real crypto enthusiasts, they know and understand how the market will work and when to sell and buy our crypto-asset with our perspective way of gaining profit.  We know that Bitcoin is good for long-term holding and had witnessed several times of achieving the all-time high of the price.  No doubt it's worth it to wait for a long term.

[BevNation]

I see looking at the prices of bitcoin daily as a necessity, one needs to be always aware of the changes in the market environment, it keeps you aware and not just the profit aspect from tarding of coin.

[Claudio99]

As a holder it's not healthy to avoid watching the crypto market from time to time, most especially now that we have so many new altcoins, you can't invest in new altcoins and not keep a serious watch on them because anything can happen, I've been able to pull out my money from a altcoin before it collapse because I'm on watch

[Jawhead999]

As a holder it's not healthy to avoid watching the crypto market from time to time, most especially now that we have so many new altcoins, you can't invest in new altcoins and not keep a serious watch on them because anything can happen, I've been able to pull out my money from a altcoin before it collapse because I'm on watch

That is why crypto/altcoin is different with Bitcoin.

Altcoins are recommended for short term holding since it's full of pump and dump scheme, it's why you need to look the market what will happen with your coins... just like trading.

When you missed the opportunity to sell at the peak, the price will goes down significantly. While Bitcoin even it's dropped, surely in the long run the price will recover and that's the opportunity to buy the dip.

[jseverson]

Bitcoin and crypto markets are the most energy-consumed one as it operates 24/7, without a second of break. It is different than stock market in each nation. The more time you see the chart, the more time you read news from any source, and the more time you spend with groups (trading, signals, discussion), the higher probability for wrong decisions you will make.

I understand what you mean, but I don't necessarily agree. Second guessing your decisions isn't necessarily a bad thing.

IMO, having more information can help you make better decisions. This does mean you should never take anything at face value though; you'll need to identify which pieces of information are actually worth taking into consideration. It may even be worth reading some negative press just to help you see things from a different perspective, since most crypto groups are overwhelmingly biased towards one side.

But yeah, checking prices every few minutes isn't productive, and doesn't actually help you be informed.

[hatshepsut93]

You don't have to look at prices if you're using some notification service that will tell if you the price changed by a lot in short period of time. With that you can safely assume that if no notifications came, the price didn't change much.

If you find that Bitcoin price is negatively affecting your productivity, then yeah, you should take some steps to better control yourself, but if not, there's nothing wrong with occasionally checking it a few times per day.

[tranthidung]

Bitcoin and crypto markets are the most energy-consumed one as it operates 24/7, without a second of break. It is different than stock market in each nation. The more time you see the chart, the more time you read news from any source, and the more time you spend with groups (trading, signals, discussion), the higher probability for wrong decisions you will make.

I understand what you mean, but I don't necessarily agree. Second guessing your decisions isn't necessarily a bad thing.

IMO, having more information can help you make better decisions. This does mean you should never take anything at face value though; you'll need to identify which pieces of information are actually worth taking into consideration. It may even be worth reading some negative press just to help you see things from a different perspective, since most crypto groups are overwhelmingly biased towards one side.

I understood your implication. News can be real or fake and crypto market is manipulated through news.

I don't say that read news is bad but good or bad it depends on how a person read it and what (s)he interpret from the news. Verify validity of news based on data you can have with the bitcoin's public ledger and some blockchain analyses. If after a verification, you conclude that news you read before is a fake one and fits with the point for something big on the price chart should happen. You can draw a conclusion and make decisions for coming days.

News are not the reasons of price rise or fall, the things behind the news are. News are tools to satisfy curiosity and give people the answer they try to look for.

Newbies should not read too much news and being overwhelmed by news.

[Oshosondy]

Stop tracking prices take a break for several days, and you will find some good profits.

The timing of the right time to invest is very important, if you invest at the wrong time when the price of bitcoin is high and fall abruptly, it can lead to panic and selling, the timing is also very important, it is good to invest when the price has recently decreased already in order to be part of the people to take the next gain.

[Coyster]

There are quite a lot of reasons for checking the Bitcoin price often, even long term holders check the price of Bitcoin quite often and it doesn't mean they have any intention whatsoever of selling their stash of, I check the price of Bitcoin just to be aware of what the price is at that particular time, and also to guide me as I post about Bitcoin or discuss it with my friends.

The thing is, the problem isn't checking the price of Bitcoin regularly, it's believing in the network not to be lured into panic sale that matters and also to delimit the sort of trader you are, if you are 'rooting' for the price of Bitcoin to appreciate so you can sell and keep your ROI, then checking the price to be aware of when the time will be right for you isn't a bad thing to do, and then for the longtimers, whether you check the price or you don't, it doesn't really matter.

[Johnyz]

I think its fine to look at the price most of the time (I'm guilty with this and I'm not a newbie anymore), as long as you don't make any decision based on your emotion.

As a trader, its a must to monitor the price movements of the market so this won't apply to them. Its normal for a newbies to look for the price every time, they're free to do that. My advice is that, they have to build a strong emotion towards this market, they really need this one.

[LogitechMouse]

You need to stop. Good profit does not happen overnight.

Stop tracking prices take a break for several days, and you will find some good profits.

TBH, I'm doing the opposite of it. I'm always tracking the prices of crypto everyday. When I wake up that is the first thing that I'm doing and I'm doing it for more than 10x daily.
Sounds bad right?? There is a twist on it

I'm tracking all of the crypto prices everyday yes but I know that profits doesn't come overnight. I already put it on my mind that there is no such thing as "overnight success". If there is a thing like that then we must be rich by now . For me there is nothing wrong with checking the prices of crypto everyday as long as you know what you are doing whether the market is down or up. For the newbies out there, be patient enough for the profits to come.

[akirasendo17]

if you are trading and investing to crypto history and tracking of the price is very important, imagine if you have invested 1BTC bought at 56K USD, your investment is now down, monitoring and checking every time in crypto is crucial, unless you are long term investor where you bought 1BTc and forget it for another 10 years, but that's not the case that investment alone is a big amount of money, what you need to do is research resting is not for the crypto you will be left behind if you do.

[Furious 7]

As a holder it's not healthy to avoid watching the crypto market from time to time, most especially now that we have so many new altcoins, you can't invest in new altcoins and not keep a serious watch on them because anything can happen, I've been able to pull out my money from a altcoin before it collapse because I'm on watch

That is why crypto/altcoin is different with Bitcoin.

Altcoins are recommended for short term holding since it's full of pump and dump scheme, it's why you need to look the market what will happen with your coins... just like trading.

When you missed the opportunity to sell at the peak, the price will goes down significantly. While Bitcoin even it's dropped, surely in the long run the price will recover and that's the opportunity to buy the dip.

Altcoin ownership I think is much better in the short term even I see someone who shares it in altcoin trading only for a massive 24 hours depending on the movement of the coins we have even with the slightest profit they will sell because it has reached the target.

Altcoins with a pump and dump would be made to create hype and it would be bigger to pump like that but I'm not really sure of a longer hold on altcoins.

Obviously bitcoin is only intended for the long term so not every time you look at the market every day.

[CryptocurencyKing]

I see looking at the prices of bitcoin daily as a necessity, one needs to be always aware of the changes in the market environment, it keeps you aware and not just the profit aspect from tarding of coin.

I couldn't agree more. I find it necessary and helpful that you should be aware of the price fluctuation of the market should you consider bitcoin a major investment. This is how you get a clear picture of the market and is able to determine when you would consider a best opportunity to invest or get the dividends of investment from the market. Though, looking at the charts could be an eye opener and you've got history to use in referencing what price has done in the past but, it pays to be in the moment at least daily with the market.