Topic: WHAT KEEPS YOU SANE IN THESE CRYPTO BLOODBATHS? (Read 910 times)
This is a pretty nice list you know. Might be useful. And what keeps me sane? My faith in the good future. I believe that bad time will pass and it keeps me here.
That your first point in particular is what makes me sane. See, one thing is to be investing in a space and the other is to have all the necessary knowledge you need to make the best of it. Knowledge guides us in most part of it and most especially the knowledge of making trading decisions. Bloodbath to me since I learned how to trade effectively, seems more like an opportunity than a problem if you know what I mean. With learning, persistence and good experience, it is always worth it at the end.
However, for those who may find it hard, I guess just sticking with the idea of investing what you can afford to lose to at least douse any unnecessary emotional stress, and keep holding for as long as you want to is the best bet. At least, those were my moves until I found out a better way to take advantage of the market fluctuations.
However, for those who may find it hard, I guess just sticking with the idea of investing what you can afford to lose to at least douse any unnecessary emotional stress, and keep holding for as long as you want to is the best bet. At least, those were my moves until I found out a better way to take advantage of the market fluctuations.
This is a very informative response. I can't say that I am that knowledgeable in trading yet but I agree with all the points you mentioned.
I have simple way of investing in cryptocurrency. I invest only some part of my savings in Cryptocurrency and whenever price go more lower, I buy more. I have sold any coin at loss before. Rather than doing so, I add more to it.
One of my ugliest experience and seems to be my biggest regret is the fact that some of the coins I have were once upto 2X higher that their ICO price but I refuse to sell and now they are about 5X lower than their ICO price. Although I have not give up on them because of long term holding mentality that I have.
- Risk management
- belief that crypto is something of value and it is just the beginning
- old charts showing how many times BTC was dead
- belief that crypto is something of value and it is just the beginning
- old charts showing how many times BTC was dead
I laughed at the "how many times BTC was dead"
Yeah, looking at the BTC's history, it can be easily seen that it's far better than where it was before and I also think it hasn't reached it's full potential yet due to these bans and regulations.
- Risk management
- belief that crypto is something of value and it is just the beginning
- old charts showing how many times BTC was dead
- belief that crypto is something of value and it is just the beginning
- old charts showing how many times BTC was dead
What keep me sane when a bloodbath, and peoples panics happen is to buy
Yes, those who made the right calls are pretty sane and really excited during crypto bloodbaths since they can buy undervalued coins/tokens.
In crypto trading you either hodl or sell. But like other experts says if your not fund of holding then don't expect to be rich. Rich people has long term mindset and actually they buy cryptos when opportunity knocks off
A friend of mine told me that when they started crypto business or investment, having as little as $1 reward was like winning a Grammy award. so that type of individual is not bothered about the red market because in their very eyes, those coins that was less than a dollar or even up to a dollar has multiply over the years to even thousands and millions of dollars. those who gave up are the ones that loss but for him and few others that stayed, they have experience to share and have all the knowledge to guide us in patience. He advises us all the time to invest during down-tides and he is not afraid of anything you throw at him in crypto. He has paid the price. I follow same. Whatever goes down will always come up. According to an African saying, "there is nothing you will eat that your hand will stay permanent in your mouth" Somewhere somehow, things will fall into pleasant places.
Wow! Strong hands there. You are lucky to have a friend who has thru maybe the worst of times in crypto and giving you some advise.
I think this an important advice but some of them is not too correct in my opinion, like holding until grave or moon, a traders supposed to be having a buy and sell limit, and you can become expert by building experience, the most important thing to keep you insane is always invest the money that you can afford to lose, crypto investment is very risky, people need to understand this before invest
Thanks! Great tips.
On hodl until moon or grave is referring to the tokens you plan to keep for long term, not those you plan to trade soon. Atleast that's how I understand it.
A friend of mine told me that when they started crypto business or investment, having as little as $1 reward was like winning a Grammy award. so that type of individual is not bothered about the red market because in their very eyes, those coins that was less than a dollar or even up to a dollar has multiply over the years to even thousands and millions of dollars. those who gave up are the ones that loss but for him and few others that stayed, they have experience to share and have all the knowledge to guide us in patience. He advises us all the time to invest during down-tides and he is not afraid of anything you throw at him in crypto. He has paid the price. I follow same. Whatever goes down will always come up. According to an African saying, "there is nothing you will eat that your hand will stay permanent in your mouth" Somewhere somehow, things will fall into pleasant places.
I think this an important advice but some of them is not too correct in my opinion, like holding until grave or moon, a traders supposed to be having a buy and sell limit, and you can become expert by building experience, the most important thing to keep you insane is always invest the money that you can afford to lose, crypto investment is very risky, people need to understand this before invest
The key is to look at the long term outlook, don't expect to get rich after just a few weeks of trading. It will take a long time to build up a nice portfolio keeping the ones that are worth hodling and dumping the rest. If you're not a pro, don't check prices everyday. You'll get down from the red candles and these are common in every coin
Great List! These guidelines should be the ten commandments in cryptocurrency investing and trading. My favorite on that list would be number eight. It is important to understand that.
These 10 guides have kept me sane. I am lucky enough to have read them when I was starting in crypto. I believe new bloods in crypto should read and understand this.
1. Commit yourself to becoming an expert in all aspects of cryptocurrency (mining, fundamental & technical analysis, etc.)
2. Only invest what you can afford to lose, and be okay with the fact that you might lose it all.
3. Learn/Experience altcoin bubbles & herd behavior. Remove your emotions from the process.
4. You can't be correct 100% of the time. Expect to lose sometimes. It's about optimizing your percentages, not perfection.
5. Always keep your mind set on the end goal (no more salary/slavery) and focus on how to achieve that.
6. Become a master of reviewing altcoins, learn how to spot a scam so that its almost instant when you look at a shitcoin.
7. Diversify into as many quality altcoins as you can. That way you can experience market bubbles thousands of times over. If you hold all the coins and accumulated them for cheap, you've lowered your risk and win every time there's pump.
8. You must understand the time dimension. All losses/profits are temporary until you've made the trade. All altcoins are related but on their own market cycle. Most of your coins are winners but u need the patience to wait for the right time to make each trade.
9. HODL until moon or grave. Store your top cryptocurrencies for long term gains. You need strong hands to hodl through shakeouts.
10. Find or create a group of like minded individuals to share your research and investment ideas with.
1. Commit yourself to becoming an expert in all aspects of cryptocurrency (mining, fundamental & technical analysis, etc.)
2. Only invest what you can afford to lose, and be okay with the fact that you might lose it all.
3. Learn/Experience altcoin bubbles & herd behavior. Remove your emotions from the process.
4. You can't be correct 100% of the time. Expect to lose sometimes. It's about optimizing your percentages, not perfection.
5. Always keep your mind set on the end goal (no more salary/slavery) and focus on how to achieve that.
6. Become a master of reviewing altcoins, learn how to spot a scam so that its almost instant when you look at a shitcoin.
7. Diversify into as many quality altcoins as you can. That way you can experience market bubbles thousands of times over. If you hold all the coins and accumulated them for cheap, you've lowered your risk and win every time there's pump.
8. You must understand the time dimension. All losses/profits are temporary until you've made the trade. All altcoins are related but on their own market cycle. Most of your coins are winners but u need the patience to wait for the right time to make each trade.
9. HODL until moon or grave. Store your top cryptocurrencies for long term gains. You need strong hands to hodl through shakeouts.
10. Find or create a group of like minded individuals to share your research and investment ideas with.
Those all things are good, but take my advice,
Invest and leave it, find something else to keep you busy, get a life, learn something new, expand your skill set. Just observing market all day will not make any difference, going outside meeting people will create a connection and you can learn something new.
Ideally, this is the best. For people who are just starting in crypto, it is difficult to tell them to just leave it. They are more prone to mistakes in choosing where and what to invest into.
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As for me what has kept me sane in this crypto bloodbath is that i participate in bounties and airdrops, so i am using bounties and airdrops to build up my falling cryptos asset, the more my cryptos asset goes down, the more i bring it up with my bounty rewards
I try to make money with ways except trading/holding etc. I think if you trade you would lose sometimes that's not bad. But you trade not stocks but shit tokens so there is very high risk.
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