Let's say you wake up one morning, let's say a wednesday morning maybe and you see the crypto market is down 10% you shrug because that's no big deal you got diamond hands baby but what about when 10% turns into 15%, 20%, 30%, 50% you log on to coinbase but nothing is working your friends are blowing up your phone with text messages bitcoin haters on facebook are sneering and laughing twitter is somehow even more toxic than normal. what do you do? well first off take a minute get calm make yourself a tea get on youtube and watch a five minute video of korean street food vendors making barbecue the exchanges are probably down anyways or there are volatility halts so you can't move your money anyways markets tank all the time as recently as 2008 the dow nasdaq and s&p 500 all tanked 50 percent it wasn't the end of the world and if this is money that you can afford to lose why would you all the losses that are staring you in the face are unrealized.
1. Play Dead
There's a saying in training that when the bear shows up you play dead so when the panic starts to dissipate the market will bounce off the bottom and that's your chance to move your portfolio into stable coins finance coins that give you interest while spreading out your risk or find a staking program making small moves keeps you anchored during a cold winter.
2. Accumulate
Using the very unsexy and boring but effective dollar cost averaging think of it this way your buying power has increased relative to how much the market has dropped
top 10 coins are good targets or dca and they'll fatten your portfolio up so that any further losses can roll off your back so using dollar cost averaging is the
smart way to keep accumulating quality coins even while the bear is on the prowl.
3. Say no to emotional trades
Third strategy is similar to the first there's an old saying on wall street that applies to pretty much all financial markets the dow climbs a wall of worry as the bear market drags on remember to keep your cool and not make any emotional trades once the dust settles and consolidation takes over it's amazing how much financial pain you can avoid by not following the herd also take this time to evaluate your exit strategy does it still make sense do you need to adjust separate the worry from the equation and use logic to keep your exit strategy robust if you can move your money into other hard assets like real estate land or even precious metals all these have value and should be a part of anyone's portfolio investing is about timing research and control during a bear market it's even more important to remember these
4. Mark your targets
Once the market is settled and you've been playing dead for a bit use this time to scoop up handfuls of the quality coins that you've had your eye on polka dot 50 off yes please bitcoin under 40k i'll take some of that thank you but only consider this strategy after you secure your portfolio from any further big swings or losses if you have the means to do so you'll be able to set yourself up for the next bull market and your gains will have the potential for parabolic upside while crypto old timers have seen dips and dives before my heart goes out to those of you who are new to crypto and are seeing your gains get wiped off the map for the very first time. After all but crypto is a new disruptive technology and with that newness comes a lot of volatility
Thanks for this content.
I recently created another one about Financial freedom and resources management.
I would love to have your feedback about it
https://hive.blog/hive-167922/@mikezillo/what-really-is-financial-freedom
I'll check it! π
As with any form of investing, having a plan and playing the long game by sticking to that plan will help see you through the tough times and you might also profit from them. As for that dancing bear of yours, it's excellent.
I'm glad someone noticed the dancing bear! π
All excellent tips! In summary, don't freak out.
Another good strategy would be to find an actual crypto job rather than just hodl, blockchain is always hiring! I hope you don't mind me sharing a link to this blockchain job board I recently created, I think it could help some people.
Thanks for the tips. Good read.
!PIZZA
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