by Rushali 
Bitcoin and cryptocurrencies are one of those asset class for which a 40% dip in a year is customary, those who have not studied the history…not to mention, which is fairly short to be even called history tends to do the sell on the panic mistake. The term panic selling is specifically opposite the HODL philosophy of the crypto space.
Panic selling is the term given to an emotional state where when you see the value of your investments down and your mind tends to think, this might be the “burst” people were talking about and this always affects masses leading to huge selling of assets, stocks, and cryptocurrencies while in panic and only a few people emerge from this panic selling and holding the investments as winners. Short-sellers tend to use this opportunity as a profit-making machine to short the underlying asset in the panic situation adding more fuel to the fire.
Let’s understand the “ winning mindset” by an example
Suppose the people who have early invested in bitcoins panic sold their assets in times of huge dips which happened almost every year, they wouldn’t have made any money, instead of the people who are clear with their intentions hold the already invested and use this opportunity to buy even more on dips are the winners in the longer term.
You need to stop the urge of selling when you see your portfolio in red and try to buy even more on those dips which might lead to multipolar returns in the longer term.
The trader mindset works too…you hold your investments and while there is a dip you short sell too and also buy the dips which will lead to three times the return you were already getting.
You need to understand the crypto space before getting your feet wet, This is an extremely volatile asset and if you can see the 400-4000% returns then you should also expect a mere 40-50% dip too.
The biggest investment firms use these buying opportunities up to their advantage and the retail investors get trapped.
I always recommend the readers to invest only the money you are ready to lose, in turn, these dips then won’t even bother you.
Today we will be talking about an extremely interesting mind who has lost it all and learned from his whole experience now owns two most listened podcasts and over twenty published books also named by Forbes as “The most interesting man in the world” Mr. James Altucher.
Let’s dive deep into his life and see if the statement is true, as per the drill of this space we will also write about his modest net worth.
Introduction
James Altucher was born in a middle-class household in January 1968, in New York, USA. He is an entrepreneur, angel investor, and hedge fund manager.
Presently hosting two world-famous podcasts as his day job and is the best-selling author of more than 23 books.
James is also a column writer in many newspaper publications.
It all started after he completed his education in 1989 from Cornell University getting a bachelor’s degree in computer science.
James started his career by joining the IT department of HBO and also hosted a show named III: AM, It was an interview show which included but not limited to interviewing prostitutes, junkies, and homeless people at 3 in the morning.
In the year 1998, he founded “Reset inc” in which he designed websites for Warner Bros, MGM, and other huge clients but, sold it for around 15 million US dollars due to the overwhelming workload, with that money in hand he started investing in penny firms, gambling etcetera and lost almost all of it.
In the year 2000, Jim Cramer hired him as a stock market financial writer for “thestreet.com” in which he wrote about stocks and started trading. I have no idea where does the knowledge about the Stocks came from all of a sudden.
He started trading for hedge funds and also founded a fund for hedge funds. James found the “Stockpickr” in 2006. Which was his first step towards a better life as it was listed by Time magazine as “50 best websites of 2007”. He eventually sold this website for around 10 million US dollars and started his journey on writing books and authored about 23 books which also included the best-seller “Choose yourself” and also built a community around choose yourself, believers.
He is also known as a chess master and a crypto genius with paid newsletters and crypto buying bits of advice.
In 2015, James started his podcast known as “Question of the day” in which he picked up questions from Quora and tried to answer them.
Also, starting “The James Altucher Show” podcast which is a huge success with almost close to 40 million downloads.
In 2017, he started advising in the favour of cryptocurrency investment, also, starting his paid newsletters which advised people about cryptocurrency buying and investment process.
Publications (source: Wikipedia)
What To Do When You Are Rejected? (2018)
Reinvent Yourself (2017)
My Daddy Owns All of Outer Space (2016)
The Power of ASK: Ask for What You Want, Get What You Want (2015)
The Choose Yourself Guide to Wealth (2015)
The Power of No (2014)
The Choose Yourself Stories (2014)
Choose Yourself: Be Happy, Make Millions, Live the Dream (2013)
The Seven Habits of Highly Effective Mediocre People (2013)
Faq Me (2012)
40 Alternatives to College (2012)
How To Be The Luckiest Person Alive! (2011)
The Altucher Confidential: Ideas for a World Out of Balance, a Round Table Comic (2011)
The Wall Street Journal Guide to Investing in the Apocalypse: Make Money by Seeing Opportunity Where Others See Peril (2011)
The Forever Portfolio: How to Pick Stocks That You Can Hold for the Long Run (2008)
SuperCash: The New Hedge Fund Capitalism (2006)
Trade Like Warren Buffett (2005)
Trade Like a Hedge Fund: 20 Successful Uncorrelated Strategies and Techniques to Winning Profits (2004)
Also Read : Anthony Di Lorio Net Worth
James Altucher Networth
James has a modest net worth of around 50 million US dollars which is not at all small but, considering the crypto space it is not humongous as well. He lives a minimal lifestyle with only 15 belongings as reported in news outlets. James considers himself happy and living a better life than ever before. He is also being called “the self help guru with only 15 belongings” several times.
