I’ve used Robinhood sparingly, over the last few years. I used it initially to buy some Twitter stock several years ago, and enjoyed how seamless the process was.
I have a few other stocks, but I wouldn’t call anything I really have a portfolio or a plan. It’s mostly been exploratory. Maybe speculative is a better word.
Lately, I’ve used Coinbase to buy a few different cryptocurrencies. I keep an eye on the price, and have used Robinhood mostly as a quick way to check in on the current market prices of each.
The thing is – I’ve been checking rather obsessively, the last few months. I don’t really have plans on selling anytime soon, so none of this is really time-sensitive. But I’ve enjoyed watching the rise of various cryptocurrencies these last few weeks.
And as a result, I’m firing up the app, several times a day. Which feels… kinda not healthy? Mostly it’s been a process of “Open app, look at prices, mutter ‘well that’s crazy’, close app.”
I think with stocks, they’re longer term investments. And it’s not something you really want or need to check pricing on, day to day. Unless you’re doing some crazy day trading stuff, stocks are a slower, longer term investment strategy.
Cryptocurrency though? Given how volatile things seem to be, and how wild the fluctuations can be, it makes some bit of sense to be checking in often. But is it really healthy to do, given that I don’t have any plans of selling anytime soon?
I don’t know if the behavior I’m exhibiting is common for those new to crypto, or if it’s common/understandable. My main concern is that I’m somehow developing bad habits, and should try more actively to reduce how often I “check in” on prices.
Note: If you want to try out Robinhood, you can use my referral link and we both get some free stock out of the process. You can read a bit more about how Robinhood’s referral program works if you’re curious about the details..
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