Down Market: Actions to Take with Bitcoin
Those of us who have been around for a while in the crypto space have learned many patterns. When a coin loses a lot of market cap it is time to consider putting more weight in that crypto. When there are sharp falls there can be sharp corrections. When you sell to wait until it goes down further you often miss a flash rise and you are left chasing.
Here are the steps I do when I'm frustrated at a longer term dip:
Transfer funds to security. This is when I am getting funds off the exchange and moving them to secure cold storage or hardware wallet. If prices are lower often times fees are as well. This also allows you to do something to minimize your fear besides selling. Do not sell after the big move has happened if a correction may occur.
Re-allocate. Which crypto coins has moved up significantly and which have moved down significantly. Re-balance your weightings so you are in position for a weak coin to move upwards.
Trust in your first decision. Unless the true reason for buying crypto currency has changed do not get scared and sell.
Circle the Wagons. Take time listening to what the people who have given good advice in the past has said. I have favorite content creators on Youtube whom I follow. Catch up on the advice from those who have consistently seemed correct.
Markets will go up and down. Make your own decisions but do enough work that you are confident and you do not get upset if you make the wrong decision.
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