Diamond hands have taken hold of the internet. Simply put, diamond hands-ing is holding something until it hits the moon.
Diamond hands sound great. The moon sounds awesome. The problem is what the diamond hands are holding. Lately they have been holding $GME and Dogecoin. Those have extreme volatility, but not really for a good reason. You shouldn’t diamond hands trash. Squeezing trash really hard just gets your hands messy. If anything, ride the wave up then get the hell out.
I love the idea of diamond hands. It’s essentially buy and hold! But let’s apply diamond hands to quality assets. We can buy and hold an S&P 500 index. We can buy and hold $AMZN stock. Or better yet, $SPOT. The market is filled with quality assets… let’s not waste these diamond hands on $GME and $DOGE.
Yes… I understand diamond are formed under pressure. But trust me, the market provides plenty enough pressure, even on quality assets. Amazon is one of the most quality assets you can buy, yet it has endured 14 dips greater than 20% (and 1 dip greater than 90%). Volatility will find you, no matter which stock or crypto you own.
Getting rich quick is always tempting, but rarely works. Let’s get rich at medium speed while spending our time and effort trying to increase our income. Start a side business, add a new skill, etc… then invest that extra income.