“I’ll buy on the next pullback”

There are countless people out there who told themselves they were going to buy Bitcoin the next time they got the opportunity to do so at lower prices. I can’t prove this, but I’d bet good money that most of them aren’t doing what they said they were going to do.

If you were too scared to buy on the way up, you’re definitely going to be too scared to buy on the way down. 

It’s funny how people tell themselves, “I’ll buy on the next pullback,” without considering the news that drives prices lower will scare you away from buying them. 

Prices don’t fall 30% for no reason. Never have. Never will.

Whether it’s crypto or stocks or anything else, buying on weakness is way easier said than done.

It’s not good enough to say you’ll buy the dip. You need a real plan. Write it down. Stick to it. Use real numbers. “I will buy $1,000 worth of X when it hits $Y.” If you don’t write it down, it’s never going to happen.

One of Richard Feynman’s greatest quotes is, “You must not fool yourself, and you are the easiest person to fool.” Don’t be a fool. Have a plan.

 

(Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers click here.)