These are my personal views and opinions and should not be confused for financial advice!
I've been around the crypto industry for two bull markets so far.
My first, like so many others, happened AFTER Bitcoin had gone parabolic. Upon entering, I quickly decided that Bitcoin was old and slow, and and it's best days were done, and like so many others, I decided I would find the coin that would be the 'next' Bitcoin. This led me to XRP. I bought it and it went up, and it kept going up, I thought I was a genius. I believed everyone when they said 'diamond hands make millionaires', I believed everyone when they said hold! The inevitable happened and Bitcoin crashed, I believed everyone when they said 'you don't lose if you don't sell' and that it was just a healthy correction... it wasn't. The bear market had arrived, and with it a 90% drop in the price of my coin. All my gains and also a large percent of my initial was now gone. Crypto winter was here, and there was no sign of recovery. I dumped what I had left into a small coin on Binance and vowed never to buy XRP again.
I was done with Crypto.
The next bull market came around and I started to hear rumblings about Bitcoin again. I had been completely out of all crypto for years at this point. I had not forgot the pain of the crash I endured, however, the gains Bitcoin was having were too strong to resist. I downloaded Binance and had a look, the coin I had bought had survived, not just survived but was thriving. I swapped all this for a coin called BNB because I liked the idea of the vault (farming coins on Binance). BSC launched and BNB ended up going parabolic, I knew this time however, that I was no genius and that it was luck that got me into this position. The pain of the last cycle was still strong and I was determined this time would be different. I decided this time I would trade. I learned some basic TA and made a few successful trades, all was going well. Then on one trade I had swapped into a stablecoin but the price of BNB kept going up, this was the second leg of the bull run and I was sitting in stables. I decided to buy back in higher for another trade which ended up going south, I managed to jump back out into a stablecoin, but the damage had been done. Some of my gains were eaten into, I decided then, that trading was not for me. I was still well in profit so was relatively content, but the truth is, if I had of just held I would of been better off.
During both of these bull markets I thought the exact same thing.. I wish I was around during the crypto winter. Well this time I am, and here we are. What seems like endless sideways action, followed by a 10% pump/dump, followed by what seems like more endless sideways action. Alts bleeding out while Bitcoin rallies, then when Bitcoin dumps alts bleed out even more.
So how do you trade in a Crypto Winter?
You don't.
Crypto winters are for accumulating, for placing your bets as it were. The aim should be to DCA into your chosen coins daily, weekly, or monthly and hold until the next bull market. In theory, the only thing your chosen coins should have to do is survive, and that is just completely down to luck. You can DYOR as much as you can, but there are just some things you cannot predict. During peak bull market, if your coins have survived then it won't really make a huge difference if you bought at 20c, 25c, or 30c (for example), as the price by then should be x10, x20, or hopefully x1000+ higher, so trading to get a better price entry doesn't really make a lot of sense.
There are ofcourse exceptions to this. Pepe was launched not long ago, and if you managed to get in early enough, you have made a lot of gains. XRP had a nice pump when they got a positive ruling from their court case against the SEC. Bitcoin itself was at 16k at it's low this cycle and is sitting around 30k. All these would be good trades for any trader, but are you really going to sell for profit this close to a halving? I not sure I would.
Remember.. Diamond hands make millionaires' haha.
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