5 things I learned from the financial crisis

The Financial crisis. It taught me a number of things about the market and myself. First of all, I had almost all my savings in stocks that time. About 100k Dollars. Mostly oil stocks and some pharma. I saw my holdings dwindle up to 20% several days in a row. In the end I could not sleep because of it. At the most, I had a 90% loss. On paper. I managed during one of the pullbacks to ease myself out of some of the oil related stocks. With a realised loss of 30k. It was the first time I slept during the financial crisis.

It is safe to say I learned a lot through those years. Here are some of them. it can easily be applied to crypto.

1. Don't panic. Turbulence is normal in a functioning market. To see your favourite asset fall to depths you never thought possible doesn't necessarily mean it is worthless. A few years after the financial crisis, I figured I could have just held on to my stocks and gained from it.

2. Keep cash at hand. The best buys I ever did was during panic sales. Some times triple digit profits.

3. Diversify. Going all in in in oil is a stupid thing to do when it is produced at a loss. At least 3 different assets. I prefer more. One will recover faster than the others.

4. Don't get submerged in graphs, news and trader forums. Connect to friends and family. The market will be there tomorrow too, though it might be depressing. Your friends might not.

5. Be in the know. Knowing what it is you have in your portfolio makes all the difference. The market will always weed out the weak and Ethereum will probably recover faster than Pinkcoin. Quality before shit.

It sounds easy, right?

Trust me, it is not. But I find crypto more forgiving than stocks. And I find it fascinating to look at all the possibilities.

Writing for steem dollars is very forgiving today, since SBD is the only green coin at Poloniex at the moment.

So write up something nice, wait for the pay and buy some quality at discount prices. And don't forget to get some sunshine.