Hey Everybody!
Rough weekend for sure and for many - it might be their first time experiencing such a violent and mentally straining pullback! Just wanted to provide a little perspective to the community (my intentions are to reassure/calm such a turbulent swing of emotions) - examined the Coinmarketcap chart 10.31.2017 - 03.19.218 and found a WIDE spectrum of opportunities to enter this space - the majority of us who entered the space in this time frame are in a VULNERABLE position emotionally or psychologically - to succeed in this space, your mind and emotions must be an iron fortress. Hoping that my content helps get some of you out there on the right track - the smarter and more disciplined we are as a community, the more united we become.
While it looks like an overarching correction - some of you out there bought @ the ATH (All Time Highs).. and if you purchased Altcoins - you are likely getting served. Make no mistake, I am there with you. The disheartening/frustrating process of holding investments in a bear market decline is unsettling and rife with HINDSIGHT regret. This is NOT the state of mind you want to be in when it comes to Investments in Emerging Markets, ok Guys ? Just saying - I am as masochistic as the next Investor but.. does this regret/perseveration strengthen our Fundamentals and Discipline ?
Unfortunately - I am not perfect and definitely bought above "discounted prices" but during the bloodshed, I found peace and reassurance by weighing my investment portfolio and being HONEST with my allocations. Wanted to share a brief couple questions that I used to screen my confidence level and formulate strategy moving forward.
Do I have BTC/any large caps in my portfolio ?
Do I have Ownership Bias towards any of my current holdings ?
How long am I planning on HODLING these positions ?
Are there better/safer projects out there currently in the Cryptocurrency space ?
AM I READY TO LOSE EVERY LAST $0.01 ?
If those positions go to $0.00 - will my mortgage/rent + living expenses be jeopardized ?
DO I HAVE A RESPONSIBLE BUDGET OUTLINE OF MY CURRENT LIVING EXPENSES/FAMILY EXPENSES ?
#5 and #7 are the MOST important part of this post. Being New to STEEM - I understand this post may not necessarily reach the MASSES or the community as a whole, but if my message can resonate with 1 member of this community out there, then I'm doing my part to contribute constructive advice!
My Advice for Peace/Perspective -
Be Honest with yourself and your budget -
Rent/Mortgage, Utilities/Groceries, Gas/Insurance.. etcTake that $ amount and multiply it by the # of months you plan to hold your current portfolio.
If @ this point, you start to get queasy or feel sick... you are OVEREXPOSED - this overexposure is what compounds the pain in downward markets like this.Once you have this Fiat # of amount for living expenses X #of months/years holding - it's time to screen your holdings.
@ the risk of being labeled a BTC Maximalist - just try and be open to the fact that we peg almost all our investments in Altcoins against BTC/ETH so if you bought 0.00008BTC and now it's 0.00005BTC or @ 0.0015 ETH and it's at 0.0008 ETH ... these are LOSSES.
I don't care if it was @ $2.00 and it's at $1.25 and that's not so bad - STOP trying to JUSTIFY the losses.
Acceptance is Freedom!
I know I threw a lot @ you guys but the most important detail to take away is to not put yourself or your family at a disadvantage because it leads to making decisions out of a sense of fear, instead of confidence. I want you guys to have a strategy that allows you perspective - something past the 1 min, 30 min and 8 hour charts.. think about the 6 month, 18 month and 2 year charts with your projects!
The best part is - 1) if you have your life budget in control 2) weigh your risks and accurately/unbiasedly evaluate your holdings ... all you gotta do is sprinkle a little time on your seeds and you might wake up in Q1 2020 under some money tree shade
Thanks for your time everyone and please let me know how you feel about my advice - I'm here to help and don't hesitate to reach out if you have questions/concerns or want additional information!
Have a great start to your week
Great post, followed!
I really like the last point about budget control, makes a huge difference.
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