Hello Community, a pleasure for me to be around again for you guys, I would like to share some thoughts I have had recently around the current price drops in cryptocurrencies. There is a reality in every market, and that is the fact that no one knows exactly what is going to happen, I have some tokens saved in my Binance wallet, a couple of days ago I went to bed to sleep, and when I woke up, what a surprise, practically all coins were down up to 25%, and of course, that directly impacts the total amount you might have saved, or e Holding.
Well, What to do in those cases?, do we go into chaos and sell everything?, well, I think this is always going to have as many visions as there are minds, and that is why we should always have a plan, about what we are going to do if this happens, and even, with a more long term vision, to avoid strong negative emotions such as fear, anger or frustration, that can make you make very bad decisions.
Considering the above, another point to keep very much in mind is the fact that this crypto market, which is highly volatile, is not for everyone, at least not if we look at it as traders. If we are going to write and generate something from this, well, sure, it is for everyone, but the emotions and mental fortitude that you have to have in order to be able to face trading without a doubt I can say that it is not for everyone. There are those who do not understand that this market is like this, and that at the slightest drop in price, they go into chaos and think that this is the end. Being here implies knowing that there are always price corrections, which obviously imply a decrease, for an undetermined time.
This is the point that many omit, that if you bought a crypto at its maximum ceiling you must know that the possibilities of it going down are many, and that it could touch it again or surpass it soon, in view that we are in a bullish run, however, it can also happen that you have to wait for a long time to be able to see some profit and even, to be able to have your investment back. I am one of those who think that in times like this, when most of the cryptocurrencies have dropped up to 20%, the ideal is rather buy, if you have the possibility, and never forget that famous phrase of "do not put money at stake that you can not afford to lose ", and with this I do not mean that you will invest to lose, but we can not forget that it is always within the possibilities.
When the currency of a project you believe in drops in price, the logical thing to do is to bet on it, knowing that even if it has dropped, it will always go up in price, of course, this is my opinion, this is not a financial advice, it is good to have that very clear, because everyone must do their own research.
So, to take care of the capital, to think very well where we are going to invest, to determine a plan, that is necessary, are you going to keep for long term?, or are you just going to wait for the currency to go up a little to sell? do you want to convert it into voting power as in the case of this platform?, these are simple questions, that we should always consider before investing, don't you think so?....
Thank you very much for reading my post.
HOPE YOU ARE HAVING A GREAT WEEKEND.
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Trading in cryptocurrencies without having a plan is the perfect recipe for bankruptcy...
Thank you for sharing your thoughts @josevas217
As it is, I totally agree.
Thanks for commenting
Greetings @josevas17, thanks for this post because in a way it will reassure many people who do not know what to do at this time where cryptocurrencies lose value in its price due to market volatility.
Excellent post.
Yes, I know you are new, this usually happens, but see, today's reality is different than two days ago, already improved market. But just as it goes up, it can go down.Hi @carlir
If you want to make money from crypto then you have no other choice but to adapt and wait. If you rush out and in at every opportunity you would be loosing money
However there are people who live in that, entering and leaving when they should not, end up losing money, and then say that cryptocurrencies made him lose ha ha ha.Hi @valchiz
Currently I am new in the crypto market but I can see their is huge fluctuations going on in the market which is good and bad also as in market one earn one lose. We need to be very careful before investing.
I believe that this volatility will never be lost, so it is up to us to adapt and study in this regard. So that we know how to take advantage of these variations.
Excellent post thanks @josevaz217 with your articles I learn more about the foreign exchange market every day.