Maybe that's why I can't be rich?

By Smendel | Allaboutcoins | 24 May 2021


Crypto market keeps on going spiral down, most of the coins have lost its value by over 50% in just few days! The downtrend doesn't seem to stop soon... The brake is malfunctioning, nobody knows when the market will go back up. We all heard about how volatility crypto is, this type of drop may still catch you off guard completely! 

credit: coinmarketcap.com

Twitter influencers are divided. Strong believer think this is nothing compared to what they'd experienced. Some used historical chart to confirm how resilient BTC has been. 

twitter snapshot

Some have bought up at "dip" and confirmed they won't sell. 

twiter snapshot

 

Some crypto enthusiast simply told you" if you can't hodl, you won't be rich!"

Not sure about you, but as minnow retail investor whom doesn't have a lot money, I panicked. I know the golden principle of "Be greedy when everyone else is panic". But when Mr. market keeps on crashing your hope and proves that your HODL isn't paid off, what will you do? Of course, I am panic, I sold like most other people do. And I regretted that I didn't act quick enough. 

Mr. Market taught me a lesson hard way. I should have had set stop-limit price, instead, I continue to be loss aversion by selling good assets(BTC/ETH) and holding onto other alt coins since they are deep in the red. When can I actually learn from the past? 

What I need to do going forward is: 

1. set stop-limit price, no matter that price they are, whenever the target is hit, sell!

2. buy NO alt coins, only invest in BTC & ETH.

3. only put in the money that I can lose! 

Holding onto coins are hard, maybe this is why I am not rich. But if I can follow the basic rules above, I think I will be in a much better situation going forward. Or will I? 

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