Winter Is Here For Crypto: Here’s What Not To Do
The Bear market is here but this time but no worries, this is a phase, except no on can tell when this dip will end.
Cryptocurrency, once perceived as a failed project and a ponzi scheme, has come a long way since the introduction of Bitcoin back in 2009 by Satoshi Nakamoto. An ecosystem with a market cap of $1.27 Trillion according to coinmarketcap.com, has over the past month, lost nearly $800 Billion . As at the time of this article, the market is currently in a storm as crypto assets keep dipping. No one knows when the bleeding will be over but there’s high confidence of huge recovery during the bullish season. This is the period where the feeling of paranoia and fear creeps into the minds of investors and traders. For those new into the crypto system, these emotions are quadrupled. But don’t worry newbies, stay calm and follow the three tips to avoid losses in your portfolio:
Don’t buy high, and sell low
People see a coin pumping (bull or bear) then decide to jump on the trend, hoping to cash out but don’t be deceived. It could be a trap. There are high chances that the coin will dip again, even lower than when you bought it. Follow this strategy: wait for the bear market and find a good entry to buy. And don’t just buy any coin, make sure you do your research before taking that decision.
When the Bear market starts, don’t jump in yet
When the dip starts, make sure you observe the market for a few days or weeks. Otherwise, you may buy a coin and it further dips. Master the game of patience, it is one of the easy skills to learn as a crypto investor.
Take a break from checking your portfolio
The first thing most people do when they wake up is to check their crypto portfolio to see their profit and losses. In the bear market, logging out of your crypto exchange platform is the best therapy. It keeps your feelings in check and prevents you from making a mistake like selling your coins.
Stay strong my friends, THIS TOO SHALL PASS