Have a Plan, Stick to the Plan, Adjust... You Will Be Tested
Have a Plan, Stick to the Plan, Adjust... You Will Be Tested

Have a Plan, Stick to the Plan, Adjust... You Will Be Tested

By BryRi | BryRi Method | 22 Jan 2021


Have you heard this before;  today is the 25% dip you wanted but will not buy? Either way,  Have a Plan, Stick to the Plan, Adjust... You Will Be Tested

 

Keeping Perspective is Everything

Most have experienced a bit of FUD (Fear Uncertainty & Doubt) over the last couple of days whether just for a hot second or hours on end.  Perspective is everything. It can be startling to look at the last 7 days.  Key word is "can"...

Have a plan stick to the plan adjust you will be tested

It truly has been amazing how over the last quarter, increased growth, conversation & focus is rampant. The crypto bull market is starting to truly dominate the focus of everyone around the world.

So it is not surprising how a sudden and arguably expected 25% dip has rattled many investors in the crypto sphere. We could debate the definition of an investor, rather let's look at another aspect of this situation.

 

What is Really Happening...

Oddly enough, the 10%, 15%, 20% and even 25% swings that are seen on any given day have been happening for the last decade.  Today there is more focus, so the movements seem hyper driven.

Whether you look at BTC over the last 8 years on the graph or the overall crypto market capitalization in the second image you can see that on a big scale, the last couple days is a drop in the bucket.

Have a plan stick to the plan adjust you will be testedHave a plan stick to the plan adjust you will be tested

Even with a bigger time horizon or look at the markets, it doesn't change the fact that a 25% retracement turns $100 into $75.  The feels not so nice, no matter what way you cut it when you look at it in a vacuum.

Here's the thing;  you can actually see the entire situation in a much different light and from a much more productive perspective if you take just a moment and read further.

 

Having a Plan

Everyone who enters the crypto space says that they have a plan. 

  • Buy low & sell high. 
  • Another is enter at one level and exit with more $.
  • Here's an exceptionally common one;  Improve my standard of living.
  • Provide for my family.

Now take a deep breath before you read this next sentence.  

THOSE ARE NOT PLANS!

They are intentions, goals, outcomes & achievements. A plan is something different that can include any number of components. Let's take a deeper look.

According to the Cambridge dictionary;

Have a plan stick to the plan adjust you will be tested

So in the most simplest of terms I read the following as what is needed for a plan;

"A Set of Decisions About How To Do Something In The Future"

What do you think about that?  Seems pretty straight forward right.  So you need a list of decisions that will help you execute a handful of actions so that you achieve your intended outcome right?

 

Stick to Your Plan

Do you remember Colonel Hannibal Smith from the A-Team? I'm sure you remember his often used quote;

Have a plan stick to the plan adjust you will be tested

The point of it is that you have a plan and stick to your plan.  Stuff happens, then adjust.  So what is your plan and what do you do when invariably "stuff happens"?

 

What is Your Plan?

The beautiful thing about a plan is that it can be individual for you.  More often than not we all get wrapped up in the uber specifics which have nothing to do with what we are intending to achieve.

How often have you heard someone say; I will be successful?  Then, you see the same person doing something that is not in alignment with their plan.

For example you see someone with a plan of achieving marathon running health conditioning, yet you see them binging on the tele with a bag of crisps and a pint.  How about the person who is setting out to become a 7 figure wonder, yet they carry extensive unsecured debt for clothes and other products that absolutely do not support their stated intent?

Don't worry, I like nice clothes too & who wouldn't want a bag of chips and a pint in front of Pineapple Express? 

Have a plan stick to the plan adjust you will be tested

Well alright, maybe a few wouldn't.  But the point is, that if it's part of your plan, then stick to it.

 

Now When it Comes to Crypto...

It's not that different.  When we look at that original list of quasi plans at the beginning of this article, I suspect that readers now are seeing things a little differently.

So when you see a 25% dip, do you immediately go to a place where you are wanting to run from danger or is the term that comes to mind;  Dollar Cost Average?  In addition to your expletives that could be valuable.

What also may be valuable is a list of decisions that you can tailor to your own situation.  See what you think.

Decision Point Questions
  • What is the financial situation you will achieve?  Break that down how ever you like, it could be a nest egg status, or even a daily, weekly or annual income result.  \
  • What are the requirements for you to enter a position with a crypto project? Size, market cap, focus area of the project, team, social status, resonance... The list can be exhaustive and when starting out, it should be.  You can always trim it down.
  • At what points do you exit?  After a 2x do you take out 10%.  Do you wait for a 5x movement and completely exit to another position.  Contrary to popular belief, they all work.
  • How much time will you spend on executing your plan? You could always spend 24 / 7 glued to the charts and all sources of news, but we all know that's not the answer.  Do you want to spend 5 minutes in the morning and evening review or do you spend 1 hour a day.  You can make all scenarios work.  It's your plan.

Finally, let's add a note of importance here;

Comparison of your current situation will give poor results.

Don't compare yourself for the sake of comparing.  If your mate jumps 50x and you have made 5x on your crypto portfolio, be happy for your mate.  Also, be grateful that you don't have your money in the bank making 1 or 2 percent at most. The more you compare yourself to others, the more you will drift away from your plan.

This brings us back to what we started out with;

Have a plan, stick to the plan, adjust...  You will be tested.


BryRi
BryRi

Exploring Adventures in Life & Crypto


BryRi Method
BryRi Method

Runner | Crypto Enthusiast | Writer on Publish0x.com/bryri-method & Read.Cash/@BryRi | Fan of Dogs

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