And so I stick to my methodology. Now, if I have an idea that doesn't exercise, and I look at that idea, and I say, "Okay, was there a problem in my process?" Mm-hmm (affirmative). Right? And so if there is an issue in my procedure, or if I was subject to FOMO which has definitely happened, then I state, "Okay, you got sucked in by FOMO, that's a rookie error, discover from it." So I would state, if I take a look at where I have, a couple of losers that I have actually had, I would say I was most likely a victim of FOMO, rather than it being a bad project.
Right? An excellent job purchased the incorrect price, is still a bad trade. Yeah. So it simply returns to, once again, controlling feeling. And in anything to do with money, feeling is normally the most significant culprit. Yeah, we call it riding the worry curve, right? Okay. So you desire to purchase when there's a lot of fear, and you desire to offer, or take some profit, at least, when there's a lot of greed.
So what we've really done, and this is through my own hard-learned lessons, is we've developed a series of tools that will tip us off when worry is truly high. Okay. Which's when we'll take benefit of trades. So 3, 4 weeks ago, China was banning ICOs, and there was huge worry in the market.
We bought it, and after that when the world didn't come to an end, and after that we began climbing the greed curve, it was $32 a week later on. Yes. So that's putting the fear/greed curve to work. Now, again, I will tell you it's tough to do. You're bucking a million years of development, of breaking the herd, going versus the pattern.
Right? But so I have actually trained myself to, if the concept of putting on the trade absolutely frightens me if my insides seem like they're entering into liquid, and I seem like I'm going to vomit by buying it, you've got to buy it! Mm-hmm (affirmative). You've got to buy it.
Because it normally suggests I'm pretty high up on the green curve. Yeah. And let's speak about purchasing for a second due to the fact that there are various handles this. So there are folks that think that generally you require Bitcoin to purchase some of these other altcoins. You can in some cases use on some places, purchase a few of them without Bitcoin, with dollars or something.
However how does somebody prepare themselves to benefit from these fear-based chances? Because undoubtedly with this pullback, if I would have had, say I had $10,000 sitting there all set to enter into the marketplace, however I had it kept in Bitcoin, I would have experienced it being drawn back as well, still opportunity, but I'm losing some of my value.
Do you recommend individuals do one thing versus the other? See, this once again, this is difficult today, due to the fact that there's a lag in between where you buy your Bitcoin and really get it available. Yes. Teeka: You have actually type of got to have just Bitcoin sitting there, ready to opportunistically trade. Now Coinbase has said that they're going to offer immediate purchases.
So you can buy your Bitcoin instantly and have it offered immediately. I don't understand when that's rolling out, or what limits they're going to place on that. However I believe that's an excellent action in the ideal direction since that's a scenario where I can see something opportunistically, I can transform my fiat into Bitcoin and then buy it.
I resemble, well fine, so my Bitcoin's down, I desire to purchase this other thing, however I really don't want to eliminate my Bitcoin, 'cause my Bitcoin's cheap. Right. However then if I purchase Bitcoin, I have actually got to wait a week for it to clear. So then the math I have to do is I have to state, "Okay, over the next 2 to four weeks, which one do I believe is going to move up more?" Right.
And here's what I have actually been doing, simply to kind of show folks. This is another technique, and it depends on your availability of funds, and just how much you're dealing with position sizing. But what I've been doing is I do position sizing as you discussed, so state I desired to buy $1,000 of some coin.
If I have actually got to trade the Bitcoin to do that, what I'll do is I will buy another $1,000 of Bitcoin and have that entered into my account. It won't show up for another seven days or two, but a minimum of I'm getting it at the same price, and I'm sort of swapping the two out.
Yeah, I do the exact same thing. You understand, I have a core Bitcoin holding, and after that I'll have extra Bitcoin for trading. And if I have actually used up all my extra Bitcoin that I have for trading, and I've got to go into the core Bitcoin, I always change the core Bitcoin.
Yeah. So to keep my core position constantly at this specific level that I desire it to be at. Terrific, fantastic. Well once again, I value the time. Prior to we begin to finish up here, I wished to ask you, exists any final suggestions, thoughts, over the last a number of years of what you've found out that you would encourage, simply sort of your normal, average folks who might not be early adopters yet, to understand about Bitcoin, Blockchain, cryptocurrency, in general? Yeah, I would state, start.
Last year, I bought my daughter for her birthday, $400 worth of Bitcoin. And it's worth $6,000 today. Yeah. Right? I mean, just get going, just get your feet wet. Go to Google, checked out some articles, go on Bitcoin. com. Just understand this, and I would say if you're sitting there and you're listening to this, and you're stating, "Oh, I'll do it later." Or, "Ah, this sounds fascinating, but I think it's type of BS." You've got to ask yourself, what if you're wrong? Right.
Right? What if this is Apple computer system at $5? What if this is Microsoft at $10, pre all the divides? And somebody sat down with you and stated, "Listen, this business's going to change the world, it's going to be among the most rewarding business in the world." And you're like, "Eh, Nah, we'll see what takes place." Right.
And if you utilize what you're speaking about with position sizing, doing it consistent, you have really little downside. Correct. So at the end of the day, I imply if it is Apple at $5, or Microsoft or whatever, and you're putting in a total of $5,000, of a number of thousand dollars, I imply that might be actually life-changing money.
And it doesn't even take ten years. I suggest, consider where we could be in 10 years, and I take a look at it, you sort of said, "What if this is another Web?" And it advised me of my ideas on this. And I think that this kind of motion is really bigger than the Web, due to the fact that we're more gradually advanced, and I believe it's going to be a larger disruptor.
I indicate, extremely basic things like you discussed with making documents no longer tamper-proof, and all the way to changing currencies. So do you feel that method? I imply, do you kind of get that sense that the interruption is that huge? I do. I have to be cautious, Ryan, about being branded a zealot, and I have to be You understand, I have to work out a step of restraint.
I've seen things occur that I never ever believed would occur. And as I pull the electronic camera back, and I see the development of this technology, I'm with you. It will touch every element of our life. The cryptocurrency market will end up being one of the world's largest property classes; it will match the equity market, which is over $60 trillion huge today, versus the current $200 billion.
Yeah. And but it will unfold gradually, and there will be panics, and there will be fraud, and there will be government crackdowns, and there will be all this fear, unpredictability, and doubt throughout this process. Similar to we saw with the Web, much like we saw with the rollout even of electrical power, of autos, of the railways.
But the bottom line is, if you got in early any of those significant trends, and were just smart adequate to do nothing but just hold, you made a goddamn killing. And I believe that's an essential thing, just recognizing the power of standing your ground. Imitate Warren Buffet, you know? Do not sell.
And it's incredible what might begin to occur. And like you stated, therein, there's going to be so much of this disturbance. And to me that leads me to believe that there might be a new front-runner, there could be a different Bitcoin, or there could be some other cryptocurrency that hasn't even been considered yet- Hasn't even been created yet, yeah.
Which leads me to, first I just desire to be so grateful for your time, ideally, everybody's taken pleasure in all this info and insight, but your journey's just getting going. And I'm no specialist, I have actually put in the time to educate myself and check out a lot about it, see a great deal of it.
However the next step is you can just click on the link listed below to discover more about what Teeka is doing, and how you can gain from him, follow a few of his recommendations, get his insights into what's happening within the cryptocurrency area. And I highly suggest you do it, simply since I have actually followed several of his ideas, and I understand the outcomes that I have actually experienced for myself, and I see what other individuals are getting too.
And I fully think that you can trust Teeka and his group. Not merely because I understand him exceptionally well, because I don't, however due to the fact that I see how he prepares research study, and I see that he's doing the best things. Like, he's flying somewhere, fulfilling the business, talking with them.
He's not simply like a scratching the surface area type guy. Which's what you desire. That is what you want, and most significantly I see my history, my roots of all the way because 2003 when I first found out to trade stock options, I constantly took a look at it from, how can I protect myself? If somebody states, trading alternatives are extremely risky; they might state the very same thing for cryptocurrency.
We discussed a few of them today. You understand, diversity, consistent position sizing, protecting by only investing a particular amount. All of these things are once again the tip of the iceberg of what you might be discovering from Teeka and his team. So again, have a look at the link listed below, examine out his details, I extremely recommend you invest in his products, they're extremely inexpensive for what value you're getting, and we'll see you on the other side.
I believe in building genuine long-term services online and I'm the happy creator of Perfect Organization Code (PB Code). I got my start online back in the early 2000's and I have actually seen our neighborhood grow and progress over nearly decades. I'm delighted to share my philosophies, concepts, method and even some tactics on creating a growing and long-term online company.
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