The last few days have been tough for most crypto investors. We started by watching BTC go below $30k and then the Luna saga came up, a dip that many investors have seen to be a coordinated attack. At this point, whatever action we take can affect us positively or negatively in the next few months. I know that most of us have even lost the funds we used to buy some dip and that some have to cut their losses at some point. In my little way, I want to share helpful tips that can be effective within this period.
Don't cut your losses if you can hang in there for a while.
We have seen this type of trend some years ago and we survived it. There are indeed signs showing coordinated manipulation of the market but this manipulation will soon reset and the market will gradually return, and we will recover what we lost and more. Nevertheless, if you feel that you are losing your sanity and that you can't hold the site of seeing your three-digit portfolio turn two digits, go ahead and cut your loss, but understand the consequences of what you did, because you can't regain those funds. The difference between one who cut losses at some point and another who held his coin for a long time is that the former has lost forever whatever he lost when he sold his token at a loss while the latter has a chance of making it back with some profits or losing it all*.
Do what gives you joy.
Many of us have not been to do the things we love doing because we are always glued to the charts. Use this opportunity to do those things you enjoy doing. See movies, play games, create time for your family, etc. You can even learn a skill. Just take your heart off the charts most times.
Take this period to re-strategize.
Some of us have seen errors in our modus Operandi. Sit down, and re-structure your investment strategy to do better henceforth. Sometimes we have to learn things the hard way, in the crypto world, LEARNING NEVER STOPS.
Don't be tempted to borrow funds just to buy the tip if you don't have other offline sources of income. This is because we don't know how long the dip will be. You might end up losing the money you borrowed to further fluctuations.
Try as much as possible to avoid visiting your portfolio.
I pray for myself and everyone in the crypto sphere. We will get back strong. We will surely recover even though we don't know when. Don't allow negative thoughts to come to your mind within these periods. Remember, IN THE GAME OF CRYPTO, YOU ONLY LOSE WHEN YOU SELL. Say to depression because it can birth suicide. I bleed deeply but am confident that the bull will put a smile on my face.
That's a great piece of advice, also when you try to buy a dip, just don't deploy all your capital at once
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DCA usually works for me.
Yes, risk must be allocated wisely.
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Most importantly, do not do what bears do during hibernation)
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I'm going to be focused on stacking cheap Hive during this period.
There's is no time to panic as I can remember how events like this unfolds later, take 2018 market for example.
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This is a beautiful write up, you've spoken well and your advice are on point.
I'll want to suggest that next time when making any post related to finance, make sure to post to the leofinance community using their Mobile app or the site.
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