Sticking With The Slow Progress: You Leave, You Lose
Have you ever been in the position where you are on a bank ATM queue, there are two lines, you are on one of them, but you notice that the next line is moving faster than to line. Your line is moving but the progress is slow, because people are either finding it difficult to operate the ATM or they are withdrawing far more than expected. All of a sudden you decide to switch to the next queue because you are in a haste and can’t wait to leave that position.
You switch to the next queue and start feeling better, unfortunately the new queue gets stuck because there isn’t enough funds to dispense, so everyone has to go to the other queue that you just left. But you can’t request for your position back, so you have to go back to the queue, and guess what? The queue is longer now, you have no other choice because you need the money so badly. So you stay, remember the queue was long before you left initially, now it’s longer because people on the other queue have moved to the only functioning queue.
People that were behind you in the queue initially have withdrawn because they stuck with the queue, now you are far behind hoping the money in the ATM doesn’t finish before it gets to your turn. You are in this position because you weren’t patient, you couldn’t stand the slow progress because you were focused on the other queue with fast progress. This can be related to the crypto game and investment, you are invested in a crypto project unfortunately they are having a slow progress so you are busy comparing the progress with another project.
In investment patience is always more important than other decisions. After making your research and investing, waiting is the next thing to do. Lots of people are impatient with investing, they might get out of an investment because they don’t feel interested anymore because it’s uninteresting now. Some people can quit for the most unserious reasons, it has happened before and history will always repeat itself.
Some people might quit it now because it’s uninteresting and the hype is not there anymore, then plan to come back when the hype is back, forgetting that the market and the cycle doesn’t care about them. When they come back in the next cycle, unfortunately it would be too late, they will just have to spend more to get less crypto.
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Impatience has always made people miss opportunities that would have been of importance but since it was taking longer than expected they could not wait. I hope crypto holders shouldn't find themselves in this situation. Nicely illustrated
Yep, crypto is all about speculations. Reasons they said don’t put all your eggs in one basket, I hope we all get to the moon. Thanks a lot for stopping by.
You are welcome @readthisplease
I am not knowledgeable enough about crypto investment. I am open to learn though.🙃
It's amazing how this simple scenario reminds someone to be patient and trust the process. 🙂 After all, small progress is still a "progress". Love this .❤
Glad to see that you are open to learning, you just have to take it one day at a time. You are quite still early to the space
Slow but sure, I prefer to slow process that has an exact result rather than a fast process that has a gambling result. Same as an investment.
I agree with that, no need to fast if it's an investment. You need to fast if and only if it's your work. Patience and deep research are key to success.
People 🤣. When it's hype, I just think that's the wrong timing to go there smh. It'll be good if joined before the hype because from what I see some projects are going really bad after the hype is missing.
1 month of hype
Nice post 👍 Hope people will learn more to be patience 🤗
😂 humans and always buying the top.
Yes and some of them are mad because they lose money after buying the top 🤣
It's not only regarding crypto sef. Even businesses. You see people switching left and right, changing partners and moving from one brand to another. It's like a norm. Slow things are not worth my time. While slow is not always good, it takes time for a really good project to take off! Hehe.
I was once the always fast things guy, life taught me better, now I don’t want unnecessary fast things.
Yep. You can crash in the twinkle of an eye...😂
The patience game is important or you will get back to your original position.
Nice description of what it means to invest/speculate. And you only know the outcome once/if you reached that ATM.
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I nice analogy on investing - always tempting to jump queues, but often staying put after doing your due diligence and research is the proven way to make profits, those who flip/flop constantly often lose to fees and what ifs in the long run. Do your research and dollar cost average in the same amount every month and you won't go too far wrong..
Exactly, doing your research is one of the most important thing to do