What to do during a market correction? Apply for airdrops, dig for gold and HODL the rest

Free money? Do you have any?

So I thought I'd share a few tips for newbies to the cryptomarket that are experiencing what could be a first major market correction for some.

Last summer I HODL'd during this market correction as well as applied for eCoin airdrops in October. As I wrote the other day, I recently sold some airdropped coins worth $1.5k. Interested? Keep reading!

If you're not a newbie to the cryptocurrency market, which I'm presuming is most of my readers, then you should move straight onto gold digging.

Like right now!

If you applied for airdrops even in the last few months then these free coins could be worth quite a lot at the moment, the trick is to dig deep. You never know what you might find.

Bare in mind a lot of airdrop participants are digging at the moment, with already the token I made $1.5k out of decreasing in value over 50%.

The gold hunt is on!

How to dig for gold?

Those tokens you applied for but never registered the contract address for in MyEtherWallet or your MetaMask extension, then do so now, you could be quite surprised.

Personally I find it best to not register the contracts, as then I'm not following the price of free coins, therefore only discovering them during a market correction or when I notice them again because their price has soared. If you're like me, then go through your emails, any files of airdrop information or your mindspace if that's where you keep things.

Good luck digging!

What are crypto airdrops? Is it free money?

To put it simply: Yes!
Should you apply? Of course!

If you're a daytrader like me, who HODL's very little - for me, I only HODL Steem Power - then it's well worth playing the crypto free lottery during market corrections. Unlike trading, there's nothing to loose.

You can find signups from Airdrop Alerts, Crypto Airdrops as well as Steemit's airdrop category. It's best not to get bogged down on the details, speed clicking is the way forward.

How to sign up for airdrops?

You'll need an Ethereum address for ERC20 token, which can easily be set up with MyEtherWallet or otherwise a Chrome extention such as MetaMask - that also I'd like to point out has a friendly fox that wags it's head regularly, therefore I'd recommend the latter.

Don't forget to backup private keys!

In my opinion the best way is set up a fresh email address just for these airdrops, even "spam" accounts on Twitter, Telegram, Facebook and Discord, as many signups require social media spamming. Otherwise, you'll find your social media accounts being overtaken by airdrop announcements which might not be to your liking.

As mentioned above, you can then register the tokens in ERC20 wallets to include your airdropped coins. Usually I will do so when the information is already available, but sometimes it's not. In honesty, I prefer it when it's not, as then I'll receive the coins but haven't registered them in MetaMask - so I don't know that I have them.

If you don't know you've received free coins, it's much easier to HODL.

As shown above, you'll need the (smart) contract address and the decimal to register the token's ticker symbol. In this example, it's QRL - Quantum Resistant Ledger. As I said, this isn't necessary in order to claim your coins, it's only necessary in order to see that you have received them, and in order to sell them.

It's also less "maintenance" not registering the contracts, so you spend less time checking your free coins and more time applying for them.

Forgetting about them is how you'll make the most profit!

What to do with the rest of your investments?

HODL! It's as simply as that, although much more difficult in practice.

Like many daytraders, I've made the mistake of selling in the dips, only to find these dips were the lows, and that I had effectively just sold before substantial increases.

I you haven't sold profit already, then quite frankly you've missed your opportunity, as the market could easily recover at any moment - regardless of current FUD conditions.

We saw this regulatory FUD back in September, it was short lived and now seems like an irrelevant distant memory. This current FUD situation looks to be the same.

And finally, my last piece of advice:

Did you end up with a small gold nest courtesy of this post?
Feel free to donate Ethereum or gold nest coins!
MyEtherWallet: 0x8cE696CBf94c5Ee83d76F9Bb3A0D164aBf7D287A