Topic: My Coping Strategy for Bitcoin Price Crash (Read 568 times)
Nobody needs to panic about the price dropping, this is what bitcoin does. We are in a bear market, it is what it is. This is an opportunity to buy cheap bitcoin. Try to always look for the positives in any bad situation. Bear markets are opportunities, this is how the smart money gets rich.
As long as we are alive and breathing, there will always be hope and that's the best coping strategy for what is happening right now nothing else. Me, what I always do whenever things are not going well is simply just forget about what is happening because I know everything will be alright soon and just focus on learning and gaining new knowledge either crypto or not-crypto related. Most of the time I like reading articles, researching new technologies, and finding coins that have the potential to become something big in the future bull market. And also, I like playing games, they are stress relievers, especially if you are playing with your homies who are also at loss. Lol.
My strategy is simple, I just like to see the volume, it doesn't matter how long it takes, trying to get the most out of it in terms of information, it's all about long-term, then I analyze it in the medium term and I only see it in the short term and I don't do much depth in understanding it because volatility already has more range, but if I find dispersions in it and I don't know how I can interpret it, I don't do anything, I'm not one to read charts or do analysis with chart figures, I think qeu all dip should be studied to see if it is feasible to buy, although all dips are always good for it.
Good strategy to monitor volume before taking entry but it is also important to see volumes are rising because of buying or selling pressure. I think Technical Indicators/charts are never 100% correct however they can help us to make better trading decisions to turn our trades into profit. MACD & RSI Indicators if used in combination can give us enough information about general sentiment of market to trade efficiently.
My strategy is simple, I just like to see the volume, it doesn't matter how long it takes, trying to get the most out of it in terms of information, it's all about long-term, then I analyze it in the medium term and I only see it in the short term and I don't do much depth in understanding it because volatility already has more range, but if I find dispersions in it and I don't know how I can interpret it, I don't do anything, I'm not one to read charts or do analysis with chart figures, I think qeu all dip should be studied to see if it is feasible to buy, although all dips are always good for it.
There is only one strategy for me to that is to hold bitcoin for long term and don't panic sell in these cases as have seen worse than this.Moreover abiding by the rule that invest what you afford to loose help me gain some confidence that I have not gone above my losing limits.Family support is necessary at this time as some people become too aggressive in investing that when they loose at dips they sell off without having any further patience which can lead to further losses.
the steps you take are very good. ie invest money which you are prepared to lose. This is a good lesson for novice readers. because often greed overwhelms a person in investing so that they invest excessively. so that when they experience losses, they seem unable to face reality. and stress, frustration, even to the point of hurting yourself.
I think bitcoin is going through its preparatory phase of mass adoption. The fall in bitcoin is induced by fall of international economy. With the fragmentation of international economy where it has become imperative to find alternate mechanisms of international payments. Especially the countries dealing with russia. I believe the crypto is set to benefit from this and more and more traders will look at bitcoin as an alternative currency.
This war of ukraine is going to last longer than we think. Not in terms of on field war but off field in terms of financial sanctions and economic war. I believe bitcoin can also be used as a shield by russia to overcome the economic weapons of west.
So in my opoinion there is no need to panic at the current fall of bitcoin as there are multiple reason to believe that it will show a rebound trend in future.
I keep myself happy thinking like that only
This war of ukraine is going to last longer than we think. Not in terms of on field war but off field in terms of financial sanctions and economic war. I believe bitcoin can also be used as a shield by russia to overcome the economic weapons of west.
So in my opoinion there is no need to panic at the current fall of bitcoin as there are multiple reason to believe that it will show a rebound trend in future.
I keep myself happy thinking like that only
There is only one strategy for me to that is to hold bitcoin for long term and don't panic sell in these cases as have seen worse than this.Moreover abiding by the rule that invest what you afford to loose help me gain some confidence that I have not gone above my losing limits.Family support is necessary at this time as some people become too aggressive in investing that when they loose at dips they sell off without having any further patience which can lead to further losses.
my strategy is
1. reduce panic.
because panic will only slowly destroy you. because as we know the market is used to moving down and up. realize this and you will calm down.
2. keep patient waiting for the best moment to enter and exit. and do DCA.
3. remain grateful to still be given breath and given health both physically and mentally.
keep calm and re-strategize.
1. reduce panic.
because panic will only slowly destroy you. because as we know the market is used to moving down and up. realize this and you will calm down.
2. keep patient waiting for the best moment to enter and exit. and do DCA.
3. remain grateful to still be given breath and given health both physically and mentally.
keep calm and re-strategize.
It is best if you have long term strategic investment and if you can turn off Internet, it is good too.
Sometimes, it is impossible to control emotion so if you connect to the Internet and see price crash, you can not control your fingers. You can also get headache and heart attacks in worst time. I don't want anyone to get health issues because failure in investment but it is what traders and speculators have to carry in their lives.
Bitcoin is good one for investment, deflationary, decentralized and you have your keys to protect your coins. Nobody can seize your bitcoin it they can not have access to your wallet or your account on exchanges; or can freeze your Bitcoin in your wallet (non custodial wallet)
That passes after a while. I mean I have some bitcoin investments that dropped 40% or so since I invested, and I do not even care about it, in fact I am quite happy that it dropped so that I could buy some more from this price as well. It's just clear to me that we are not going to see anything major changed in the crypto world just because it dropped, we are going to be fine and it will recover and everything will be fine.Sometimes, it is impossible to control emotion so if you connect to the Internet and see price crash, you can not control your fingers. You can also get headache and heart attacks in worst time. I don't want anyone to get health issues because failure in investment but it is what traders and speculators have to carry in their lives.
Bitcoin is good one for investment, deflationary, decentralized and you have your keys to protect your coins. Nobody can seize your bitcoin it they can not have access to your wallet or your account on exchanges; or can freeze your Bitcoin in your wallet (non custodial wallet)
This is mainly because price crashes and then skyrocketing all happens in cycles and it is not a big deal for me, it is the common thing in all markets. Just wait for this phase to be over and you will see increases in the price again.
What happens is that people have an unrealistic view about the markets since they do not understand them, they believe that somehow the price of an asset that is currently going through a bull run is always going to keep going up, not understanding the price is going up due to an increase on the demand, and once the rate of the demand slows down or stops completely then a bear market will follow, for us this is logical but most people do not understand a concept as simple as that, and it is because of this they get surprised by the sudden crashes that we can see once in a while in this market.
That unrealistic view comes from the influencers of the world. There are so many people who are pumping their profits even today that they are basically telling people that they made money by shorting bitcoin or even Luna right now and that is how they made their money. Unfortunately most of that is not true but they are capable of tricking people into thinking that they are great traders and they made a lot of money.This in return created a community where everyone shares how much money they made and that caused everyone to be a bit different. Nobody sees the losses anymore and they always talk about how much they made, so it's looking like just a place to make money.
The most important these days, in tough times is our mental health. To be honest, it's just money, we should be careful and love our body because we can make it all back.
I'm just really sad for those people who lost everything and decided to end their life or hurt themselves.
What OP shared is really helpful, try to take a break from the market and make your mind clear first before getting back.
those who commit suicide are ambitious and gamble because they cannot patiently accept reality. In fact, to invest the main choice is bitcoin with the largest portion, so that no matter what happens, you will not lose all the money as it is today. many people just want to get rich quick without taking into account their future risks, so if it happened like this time, they would be very frustratedI'm just really sad for those people who lost everything and decided to end their life or hurt themselves.
What OP shared is really helpful, try to take a break from the market and make your mind clear first before getting back.
You can borrow and gamble it, on crypto to think you can get rich easily but if ever it fail, you will be disappointed and would come to the point of ending your own life. The best thing is to accept the reality and accept your own conditions now if you aren't fortunate enough. There are still other ways to be happy, not just money and they are more safer.
I like the op's strategy. It's indeed good to remind ourselves of something good that we have, to be grateful. Because it's typical to take things for granted and only realize their value when there is a danger of losing them, if not later.
I'm not thrilled with the current prices, but I'm not wrecked by that either. I was worried a lot during 2018 when the price fell and didn't recover for a long time, but then I stopped caring that much and putting too much thought about it, so I became less sensitive to volatility eventually. And I have no doubt Bitcoin will recover, just like it did before.
I'm not thrilled with the current prices, but I'm not wrecked by that either. I was worried a lot during 2018 when the price fell and didn't recover for a long time, but then I stopped caring that much and putting too much thought about it, so I became less sensitive to volatility eventually. And I have no doubt Bitcoin will recover, just like it did before.
There's no gainsaying that there's panic everywhere. Some people have likened the 2022 Bitcoin and crypto market crash to watching their house getting burnt down. And at this moment, it doesn't matter whether you invested $100 or $1000 in the market, everyone is feeling the heat. Today, I woke up feeling sober. I was thinking deeply about how much stress, anxiety, depression, and the toll the recent market crash has on the mental health of those who in the crypto community. I also thought about what strategies people are using to cope with the loss.
For me, practicing gratitude is my number one go-to-coping strategy. So, every morning, I look in the mirror and say aloud three(3) things that I am most grateful for.
Today 12th May 2022, I am most grateful for:
1- The gift of Life: So long as I am alive, I have hope for recovery, regardless of how much I lost.
2- Family: I have received so much love and support from them in past few days.
3- Roof over my head: I have lost so much but at least, I still have a roof over my head.
What are your strategies for coping with the Bitcoin and crypto market crash?
True that and most importantly, I have been in this space for a while and after some of the market dips I have witnessed, I had somehow gained more confidence that regardless of how dip the market has gone, it will always recover and this is a fact so I have learned to be less stressed about it. Bitcoin is the best crypto you will want to invest in it is just that most investors stall haven't come to terms with its volatile nature hence the panic. For me, practicing gratitude is my number one go-to-coping strategy. So, every morning, I look in the mirror and say aloud three(3) things that I am most grateful for.
Today 12th May 2022, I am most grateful for:
1- The gift of Life: So long as I am alive, I have hope for recovery, regardless of how much I lost.
2- Family: I have received so much love and support from them in past few days.
3- Roof over my head: I have lost so much but at least, I still have a roof over my head.
What are your strategies for coping with the Bitcoin and crypto market crash?
Don't focus too much on bitcoin because bitcoin or anything doesn't always run smoothly or keep going up, there will definitely be ups and downs and even ups and downs just like life.
You focus on your life by having a real job or other business that you have to think about and even then you can create after profiting from bitcoin and you manage it well which will continue to make money without having to focus on bitcoin.
What I mean is. I invest bitcoin for the long term and future and also don't care about bitcoin movement until it really makes maximum profit to take it on the condition of only taking profit, and to create the business you want and can.
and don't be afraid bitcoin will return to zero because it is impossible considering the continuous development of bitcoin and will definitely go up again, the most important thing is to be patient because there will be times when bitcoin will go up again and have to learn from the trail of its journey, after a new ATH occurs there will definitely be a decline and it's always been like that which will eventually go up again and make new ATH again and always will be, because bitcoin is for the long term.
You focus on your life by having a real job or other business that you have to think about and even then you can create after profiting from bitcoin and you manage it well which will continue to make money without having to focus on bitcoin.
What I mean is. I invest bitcoin for the long term and future and also don't care about bitcoin movement until it really makes maximum profit to take it on the condition of only taking profit, and to create the business you want and can.
and don't be afraid bitcoin will return to zero because it is impossible considering the continuous development of bitcoin and will definitely go up again, the most important thing is to be patient because there will be times when bitcoin will go up again and have to learn from the trail of its journey, after a new ATH occurs there will definitely be a decline and it's always been like that which will eventually go up again and make new ATH again and always will be, because bitcoin is for the long term.
There's a reason why they say that "Only invest what you can afford to lose" and the current situation is pretty much why they keep saying this.
But seeing bitcoin give massive returns people tend to ignore it's history. Even though bitcoin gets us some nice profits there are times like this where it's a bloodbath.
People have to keep this in mind at all times and invest accordingly. This is how volatile bitcoin is and this is how crypto behaves.
My current strategy and probably most of the others' as well is to HODL strong and keep buying at dips to enjoy the profits in the long run.
But seeing bitcoin give massive returns people tend to ignore it's history. Even though bitcoin gets us some nice profits there are times like this where it's a bloodbath.
People have to keep this in mind at all times and invest accordingly. This is how volatile bitcoin is and this is how crypto behaves.
My current strategy and probably most of the others' as well is to HODL strong and keep buying at dips to enjoy the profits in the long run.
Acceptance and gratitude definitely, I always am thankful I got in when I did and not later. Happy to have witnessed two ATHs, and happy that even when forced to liquidate savings for emergencies (you know how it is, real life loves to strike) that it was in nett gains.
And always, I think, focus on living life. Then when the markets are down and we set in for winter, we've still got plenty of building and improvement to do. Your art, your career, your loved ones. Even forum camaraderie.
As mk4, vapourminer, etc. point out, then this just becomes part of the cycle of (Bitcoin) life.
And always, I think, focus on living life. Then when the markets are down and we set in for winter, we've still got plenty of building and improvement to do. Your art, your career, your loved ones. Even forum camaraderie.
As mk4, vapourminer, etc. point out, then this just becomes part of the cycle of (Bitcoin) life.
I was thinking deeply about how much stress, anxiety, depression, and the toll the recent market crash has on the mental health of those who in the crypto community.
To be sincere it something everyone felt the move directly or indirectly and as a matter of fact it has been what has cost many lots of financial asset loss, but still yet it's not the end of life, one has to move on, being worried about it does not bring any change but rather some would have developed a high BP at the course of which i believe their precious life is better than any loss in asset.
I also thought about what strategies people are using to cope with the loss.
Reinvestment is the key, not only is it required to just make an investment but on bitcoin, make a new buy now that its dip and expect more better days ahead.
You only need to cope with something if you see it as a problem, not if you see it as an opportunity that you had been waiting for.
This is the basis of how I manage, when I see bitcoin going down, I prepare the USDT on exchanges ready to buy at even lower prices. This in turn gets filled or does not get filled, either way, I am the winner, because I buy bitcoin at discounted prices and dont get any panic in my head. When I run out of USDT to spend, I set the sell orders at multiplied prices and then shut down the console of the exchange to move on to the rest of the things in life.
Bitcoin is not everything in life, so keep that in mind and spend only what you can afford to lose.
This is how most traders should function. If you are glued to the charts, you will face anxiety and take the movements as problems, not chances to seize.
This is the basis of how I manage, when I see bitcoin going down, I prepare the USDT on exchanges ready to buy at even lower prices. This in turn gets filled or does not get filled, either way, I am the winner, because I buy bitcoin at discounted prices and dont get any panic in my head. When I run out of USDT to spend, I set the sell orders at multiplied prices and then shut down the console of the exchange to move on to the rest of the things in life.
Bitcoin is not everything in life, so keep that in mind and spend only what you can afford to lose.
This is how most traders should function. If you are glued to the charts, you will face anxiety and take the movements as problems, not chances to seize.
I thought it was something like TA analysis strategy that I can use in trading but it is more than that. That was really good strategy in coping loses and a good way start up a day and look forward on the opportunity and a positive outlook in life, I will try this strategy as well as strategy that I can personally use such as doing things that I like or that will keep me calm.
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What a wholesome thread, OP. I hope other people have the same mindset as you. What I usually do during these days especially just like in 2018 when Bitcoin was like around <6k is just never open any crypto related site. The more you think about it, the more it consumes you causing psychological effect on you.
When I was starting up just yet back in 2017, a single reddish charts would drive me into insomnia. Good thing Bitcoin rebounded and almost went 20k that year, and there was sign of relief for me to never overthink too much about the market.
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