Investing and dealing in cryptocurrencies may be one of the most lucrative things out there today but it isn't an easy task expecially for those just starting and even sometimes for those already into cryptos for a while. Sometimes, the process of investing / dealing comes with losses and these loss could come is so many forms, the list is endless. Sadly, many people have had losses that led to the loss of their lives and some have had losses they never recovered from, but over the years, I've learnt a couple ways to handles these losses whenever they come and I think sharing them may be helpful to anyone experiencing them or perhaps if it happens to any of us.
Understanding The Cause
Knowing what led to the loss, knowing what you could have done to avoid it would help massively in overcoming that loss. Sometimes when things don't work in our favor, we tend to blame the entire system, but most times, it really is the fault of the system, but our actions and could've been avoided if only we took/ didn't take some certain actions. I know quite alot of people who exited the cryptospace because of the loss they've had, but the reality is that the best way to save a ship with a hole isn't by jumping out, but by fixing the hole. Understand the problem, seek the knowledge or more experienced people in the field about situation and make sure you're more careful or it never happens again.
Find Ways To Counter The Loss:
I visualise loss as a subtraction to whatever I have and the way out of the loss is to equalise and make more than we've lost. This is a tough stage and requires alot of work, but it pays off in tbe long run because you'll not only end up overcoming the loss by making more money, but you'd also be well experiences in how to overcome losses and would keep growing from there. The cryptospace has loads of opportunities and finding other ways to make money would allow us overcome the loss gracefully.
Hope:
When there's life, there's hope. So many great things can still happen regardless of the loss experienced. Thankfully, the cryptospace is one with many opportunities for creation of massive wealth and by sticking around, we would also win and the losses will be nothing but tales of the past.
Thank you for reading and I hope you find this useful.
You can mitigate or minimize your losses by doing your own research and not investing what you can't afford to lose. That was some great advice given to me by my mentors, @jongolson and @blainjones when I first started on this journey into crypto. They also said not to sit on the sidelines. There are many ways to get involved.
!CTP
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Yeah, doing out own research will definetly help reduce or stop the losses made via cryptos. When these loses for some reasons have happened however, these are some ways to overcome them faster.
Always nice to have other options! Thanks again for sharing your strategies.
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For a beginner, one way to look at our crypto losses are like tuition fees we paid to learn something. Unfortunately, it is that learning that most of quitters failed to see. You cannot just go to school, pay the fee and expect the rewards. We need to work for it. :)
Thanks for sharing.
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