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First thing I feel the need to say is that the markets have not been crashing.
The Bitcoin price entered the current range on the 12th of February and has been consolidating ever since.
If you only look at the price on a day by day basis you’ll get the perception that everything is burning.
However if you zoom out a little bit, you can clearly see that the Bitcoin price broke above the key level of 8300, rallied up to 11,300 and has been going up and down within the range ever since.
Like I’ve said before, these are the ideal times to buy the coins you believe in because you know you are getting a fair price.
That is in contrast to when prices are booming or busting, when you have no idea if you are getting a good price or not.
Further to that, and I’ve said this before as well, you want to be positioned before prices take off, not after the begin to take off.
Jumping on the bandwagon because you get the fear of missing out is ultimately going to cause you to lose all your money.
What has been most delightful for me about this consolidation period is that I have been able to continue loading up on EOS.
In fact yesterday when it hit $5.50, I put in an extra chunk of money before the price recovered.
Final point on the market roundup. I have seen some people complain about this advice to buy when prices are down.
Think the biggest objection to that advice is that you have already committed all your spare funds to crypto and don't have any cash on the side.
I have 2 things to say about that.
Read the book The Richest Man In Babylon by George Clayson
I’ll put links to the book in the video description
https://www.amazon.co.uk/George-S.-Clason/e/B000APM8VY/
One of the laws of wealth in that book is to set aside one tenth of your earnings as soon as you get it. That’s the money you use to build your wealth. Then you do whatever it takes to live on the remaining 90%.
When people say they need all of their earnings just to live, I say that you need to go looking for savings, make some cuts, be creative. It’s ultimately your job to figure out how to make this law work for you. My job is to make you aware of that the law exists, which I have now done.
The 2nd thing I have to say is that you may want to consider making some money on the side, specifically for funneling into crypto.
It doesn’t have to be a lot, an extra $100 per month consistently invested and compounded over time will make an enormous difference to your wealth.
Better yet is to earn crypto and then just save up those earnings until you hit your goal.
That way the prices won’t affect you as much since you didn’t pay for the crypto that you earn, it doesn’t have the same emotional effect.
Trust me, it’s possible and you can do it.
How do I know? Because there was a period of time that I was on government welfare because I do so little money.
That may come as a shock to most of you who have only ever known me after I broke through. But that just proves that there is a lot more to me than meets the eye. Which is the same for everybody you meet, so don’t judge.
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Richest Man in Babylon is a book I just ordered on my kindle. One of those classics I've never taken the time to read until now. Nice to see it referenced here... a little reminder to start it!
Great tips on setting aside 10% of your earned money! Not a lot of people set aside anything, because they fail to manage their money. They spend all of their money on shit they don't even really need, but they label it as a MUST have. It's all in the ability to manage it! By managing it properly, you will have more opportunities to make more wealth.
I only wish I could load up on EOS right now however all of my money is going into my business and I can’t pull anything out at this stage.
I was watching EOS when it hit $5.50 and was wracking my brain trying to think about how I could find some funds to buy up some more as well. Sadly I missed out. It’s still so cheap though. I really want to grab some so am still trying to find some spare funds... anyway. Onwards and upwards!
Crashing or correcting, either way, @marketingmonk, which do you think is more likely: $14,000 BTC or $5,500 BTC by the end of March?
Thanks for reminding us of the longer-term perspective.
bit coin will go little bit down in coming days, but one day i will rise rise and rise
but its a good time for buyers when bitcoin currencies are down
Great post sir..Thanks for the good information
For me a crash is relative. What constitutes a crash in the stock market is a just an average bad day for the cryptocurrency market. If downside volatility is expected is it really a 'crash'. Everyone has their own interpretation I suppose.
Thanks for the post.
Like the idea of adding some earnings on the side in Crypto. I imagine #Steemit is at the top of your suggestion list! Great way to make #Steem and participate in great conversations about the Crytpo space!
Great advice Sir. It's difficult as a noob to survive this downward movement and I am just learning about the law in book of Babylon. Cryptos were so promising December that I invested hugely, call me greedy and now I'm broke and never want to sell at loss. I'm taking comfort in believing that market will rise again and this bullish trend would end.
Hope the best #fingerscrossed
I am one of those who constantly have no dry powder - but not due to a lack of saving. My personal savings rate hovers around 30%, but I am typically 100% invested. The majority of investments are on auto pilot and automatically funded, mostly in tax advantaged accounts. I have a hard time not putting capital to work as soon as it is free. I have many more opportunities than I have potential free capital. Even if you gave me 2-3-5k just for crytpo, there are plenty of projects I want to get or increase my exposure in today and would most move 90-100% in.
Saving cash "for the dip" had high oppertunity cost last year, now I just stay invested. Wishing I had cash and time to day trade!
when you seen bitcoin at 2k, nothing seems like a crash anymore lol
Just bought the book! We'll see if I read it :P
Well yes, you do then have to read it :)