I have been investing in cryptocurrency for 5 months . I am buying some icos and holding coins. I started with 5000 usd. And sometimes my balance went up to 30k and down to 12k . I feel very uncomfortable when my balance is dropped.
So i want to know is there any strategy to protect your balance before the dump?
Anyone can help please.
Thank you so much.
The massive volatility is just part of trading crypto I'm afraid. That is why you need strong hands to do it successfully.
It is this volatility that allows us to make to make our huge gains, so its not all bad - even though it is hard to watch your portfolio shrink by over 50% as we have over the last few weeks. Think of it as a lesson in patience.
There is no way to truly know when a dump is coming, unless you're a proper whale, or unless you are part of some big coordinated pump and dump effort. All traders/hodlers are suffering from shrinkage right now, so you're not alone.
You just have to learn to ride the waves my friend and just know that if you are invested in solid, long-term projects, your portfolio will recover..
If you're holding bags of shitcoins however, now may be the time to consider cutting some of your losses and move into better projects/investments.
As they say, if you can't stand the heat - get out of the kitchen..
Or more relevantly, if you can't handle the 50% dips, you don't deserve the 200% gains