Has Bitcoin hit the top of this cycle? Is the crypto bull run over? Are we now in the bear market?
If you’re anything like me, then you probably learned some lessons the hard way when the market seemed to head south. Hopefully, like myself, you learned your lesson the first time… or maybe the second time, and now this time you won’t be repeating them.
What are some lessons that you absolutely won’t want to make again?
First and foremost, ALWAYS take profits.
Take profits and hold onto them. Do not get greedy and do not let FOMO guide your decisions. If you want to ensure some profits, then set a stop loss.
Use a STOP LOSS
If you haven’t found out already, anything can happen in the crypto market. Prices can drop just as fast as they can go up. Stop-losses are so important as they prevent large and uncontrollable losses. Stop-losses are so easy to set up and can save you a lot of emotional stress.
BUY THE DIPS
There will always be dips. Correction waves are normal and healthy. It is impossible to time the market correctly and sell at the absolute top and buy at the very bottom.
When buying the dips, spread out the purchasing of said dips over a period of time. Do this so that in case the price happens to go even lower you’ll still have the funds to purchase the even further discounted price. If the price goes up at least you still locked in a lower price overall.
The worst thing is to have your asset down at its lowest and not have any spare funds to buy the bargain deals.
The most important lesson I learned overall is to not get greedy. Greed has played a part in nearly each and every mistake that I’ve made. Fortunately, my mistakes were not as costly as others. I’ve made plenty of mistakes in the past and will likely continue to make mistakes. Try and view these times as opportunities to improve and get better. Do not give up.
“The most successful people are the ones who learn from their mistakes and turn their failures into opportunities." -Zig Ziglar
Thank you for your time! If you found this article interesting or helpful in any way please let me know in the comments below. Feel free to follow me for more articles on how I invest or how I earn other free rewards such as crypto, stocks, or gift cards.
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*Disclaimer- I am not a certified financial planner/advisor, certified financial analyst, economist, CPA, accountant, or lawyer, or anything important for that matter. The contents of this article are for informational, educational, and entertainment purposes only and do not constitute financial, accounting, or legal advice. Always do your own research.*
