If you’ve been following my work, you know I’m a big believer in a disciplined approach to building wealth. Over the years, I’ve seen countless investors succeed and fail.
And, it wasn’t because of the market, but because of what was going on between their ears.
My own journey started in the stock market over 28 years ago, and for the last 8 years, I’ve been investing through the volatile and exciting world of cryptocurrencies.
If there is one crucial lesson I can share from all that time, it’s this…
Your mindset is the key to investing success, especially in crypto.
The Illusion of Chasing Quick Money
Like many of you, I’ve tried different styles of investing. I dipped my toes into the high-risk, high-reward waters of penny stocks and even gave day trading a shot. Let me tell you, it was a rough wake-up call.
Australia’s crypto day trading program said:
“Crypto day trading involves buying and selling digital currencies within the same trading day to capitalise on short-term price movements. Unlike long-term investors who hold assets for months or years, day traders aim to profit from intraday volatility by opening and closing positions within hours or even minutes.”
I quickly learned those day trading strategies weren’t my strengths.
They required a level of emotional detachment and a tolerance for stress that I just didn’t have. I realized that chasing quick profits led to impulsive buying or selling, which usually ended in painful losses.
I had to be honest with myself about what worked best for me.
The Power of the Long View
The strategy that worked for me — the one that allowed me to sleep at night — is long-term investing.
