As the Hitchhicker's Guide to the Galaxy says, "Don't Panic"

My First Dip - Where's my towel?

By Happy_rouge | Happy_rouge | 26 May 2021


"A towel, it says, is about the most massively useful thing an interstellar hitchhiker can have."

"Don't Panic"

  - Douglas Adams, The Hitchhiker's Guide to the Galaxy

The stock market goes up and down. Everyone is used to that for the most part. Being new to crypto though, this was the first real dip I went/am going through.  A little timeline of how things went:

  • Saw things were dipping. Used what fiat I had left in my accounts to buy some more coins.
  • Saw things dip even more. Put in more fiat and bought even more. Checking Reddit to see what was up and not finding too much and need to do my actual day job.
  • Came back and saw it dip even more. And now the anxiety kicks in. Is it dipping more? Should I buy more? Did I buy the wrong things? It will rebound right?

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Well thankfully I was busy that day at work and did not have too much time to stare at all the charts. I finally decided to not sell anything and put in a buy a bit more to lower my averages.

A run down of what I own with its high and low from the past 7 days. All values in USD

  • Algorand (ALGO):
    • Last week high: $1.31
    • Last week low: $0.68
    • Current: $0.98
  • Ethereum 2 (ETH2):
    • Last week high: $3238.69
    • Last week low: $1728.00
    • Current: $2780.81
  • Telcoin (TEL):
    • Last week high: $0.0433
    • Last week low: $0.0095
    • Current: $0.036

Yeah. Things got bad there for a bit. But as I normally do when the stock market crashes, I do not sell and try to buy a little bit more. Another important note is my Algo and ETH2 are staked (5.8%APY for Algo and 6%APY for ETH2) , but ETH2 is locked away until later this year. I could not sell ETH2 if I wanted too anyways.

My next step is to go back through and figure out what my average is for these coins as I have not done that and Coinbase does calculate this on its own. I do know from looking at stuff at a glance I am still ahead in all of my positions.

Moral of the story, DON'T PANIC! Grab a towel if you need to wipe your tears away in during the dip. Most importantly, close the graphs and do something to take your mind off of things.

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Happy_rouge
Happy_rouge

Trying to understand the world of crypto and what it takes to play the long game.

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