Crypto Tip: Some Buys Best Left For Days W/O a “Y”

This is the fourth of seven in a series of quotes by Investor Warren Buffett.

Let’s face it. There are some cryptocurrencies you simply should never buy.

• It doesn’t matter that your brand-new-to-crypto friends are sure that it’s the greatest next buy.

• It doesn’t matter if all the analytical YouTube crypto-gurus are telling you it’s the next BTC.

• It doesn’t matter if there’s an initial offering of ten for every one you buy.

In the words of Warren Buffett:

"THE ONLY TIME TO BUY THESE IS ON A DAY WITH NO 'Y' IN IT”.

For those of you pondering what daY that is, allow me to help you out:

N-EEEEEV-ERRRRRR!... N-E-V-E-R…NEVER. ;+)

There comes a time when you should get weary of people selling you something, with an invisible ‘oops clause’ attached. This is what happens when you accept word-of-mouth of every seller, without doing your due diligence to learn for yourself.

If you are an archive-venturist as I am, you are aware that for every new crypto, there are many more that, as a kite, never quite got off the ground. If you read the charts, it had pumps that led to dumps, leaving many with lighter wallets; excluding the coin initiators, of course.

For this reason, it is important to apply your knowledge and inner-gut (Wisdom) when making a buy or a sell.

But for the sake of this post, let’s talk buying. If you look at the numbers of a highly-touted coin, and clearly see that things just don’t add up; that’s a red flag. When I stand on the sidelines, and hold off on a ‘never’ buy, I’m rarely, (okay never) disappointed.

On the other hand, when I buy in on a crypto heavily touted by others, yet the numbers just don’t add up, I find it becomes a frustration to watch week after week as this buy upticks and downturns like a daredevil roller-coaster…

I try to HODL for at least a quarter. One reason is to watch the stability or volatility of the currency; and, secondly to remind myself that I ignored the knowledge AND, even worse, the internal Wisdom so generously warning me not to partake.

Before long, I painfully watch the crypto inch up bit by bit, almost to the initial purchase price; only, to insult me by plummeting back to near zero. I will admit, I believe in cutting ties with things that just aren’t working; kind of like Buffett says about the sinking ship I mentioned in the third post of this series.

And occasionally with trading, I’ve jumped ship and cut my losses. I’m learning to not personalize money. And, as in life, I’m learning to respect that little small, HUGE Voice, within that warns me when I’m about to pay a ‘stupid tax’, as financial-guru Dave Ramsey calls it.

Well, that’s about it. To summarize, remember, in the words of Buffett, there are some investments you should only make on days without the ‘y’ in it.

Monday…nope there’s a y. Tuesday…that y again…Wednes…okay you get the gist.

Btw, here’s the link to the original article:

http://www.businessinsider.com/warren-buffett-quotes-investing-advice-2017-9

And, if you’d like to read another quote in this series here’s the link:

https://steemit.com/life/@spiritualmatters/buffett-jumping-ship-sometimes-more-cost-effective-than-patching-leaks

Peace.