When cryptos go red, a lot of us may feel down. A lot of crypto enthusiasts often start to abandon certain projects, platforms, mining, trading, etc. We cannot deny it, it’s a fact. Some people can’t handle the bear market and they stop to see a good chance.
I learned a big lesson in 2018:
I should have bought Litecoin when it was below 30 dollars, Bitcoin Cash when it was around 100 dollars, Ethereum when it was flirting around 80 dollars and Bitcoin when it was around 3,200 dollars. Sometimes when you feel so overwhelmed, you don’t have chances to think clearly and you wait too much time and suddenly there comes the big bull run.
FOMO begins. Bitcoin pumped in 3 months (from March to June) over 300% of its profit. And you feel like you missed your shot.
And today we are focused on the news such as: Crypto platforms aren’t profitable or we see the news such as red blood on crypto markets. Well, the lesson I learned: What ifs don’t exist. You take it or drop it, but don’t regret about it.
As the bear trend has been recently declared, it may take few more days or even weeks. But let’s start analyze from now, and observe which cryptos started to consolidate on the bottom, check the white papers, monitor each project.
Your new crypto is like your new date. When I started to date my fiancé few years ago, both of us investigated each other, by Google and by common friends. It’s not a joke! And I discovered a lot of her work being published on Google.
Even if the market still falls, monitor your new crypto, check their Telegram groups, Twitter, be pending on Coingecko trends and look also for professional trader’s advice.
What will I do?
1) I will observe at least 7 out of top 30 cryptos: my picks are: BAT, BCH, DASH, BAT, LTC, BTC, ADA.
2) I will observe some lending cryptos: Nexo, LBA, Celsius too.
3) I will be checking emerging cryptos such as: Hydro, PAR, PRE, etc.
4) I will diversify more. When my portfolio was diversified, even during some dips I was losing less money.
5) I will have at least 7% of stable coins such as DAI or USDT.
6) I won’t panic when I lose small amounts, my strategy will be oriented to long run investment.
7) I could also pick trading between crypto pairs: For example BCH/ETH
8) I will buy a nano ledger, it’s important our cryptos.
9) I will have less coins, I would procure to exchange them into top cryptos.
10) I will do more frequently audits.
During our crypto hodling a lot of us can make certain mistakes, it’s OK if we make them. But it’s important to learn from them, in order not to repeat them or at least reduce them.
Besides buying certain crypto, go also for earning free cryptos:
- Uptrennd is a good answer for this.
- Publish0x is another option.
- Use Brave referrals.
- Earn Presearch.
- If you are a gamer, you can earn crypto by gaming.
- If you like other apps, such as BravoCoin – that is another possibility.
- And explore other options.
- Remember trivias of Parachuters, Tipping rooms, etc.
Now another mistake that I also made; sometimes I was doing so many crypto activities. It’s better to do less but focus in the really profitable ones. If there is something what hasn’t worked out well for you, don’t waste your precious time. Pull out your crypto and convert it or hodl, it’s your choice, but don’t hold it forever on that crypto platform or certain exchange. Hodling on exchanges might not be that secure.
Another tip; a very important one:
Learn crypto trading, even if you are emotional and it affects your mood, it’s important to count on these bases.
Remember there is a great Trading community on Uptrennd; check Jules’ videos, MrBullishSail Cryptotrader, Paul Scrembo and other traders’ videos. I personally know some very few basics. I really want to learn more about it for 2020. I really wish to become a very good crypto trader.
Be also down to earth. Even if we like Bitcoin and bull runs, don’t expect that Bitcoin will get to 100 K in 2 months. It may take at least 1.5 year or 3 years.
Those were some tips that I identified from my own mistakes. What are your insights or suggestions?