Nowhere To Run During A Cryptocurrency Correction? WRONG!!!! Deploy One Of These Options
"Nowhere to Run"
.....is probably what you are feeling right now and it's also "The best Van Damme movie ever!" (David Sheeham's words, not mine).
Crytocurrency downturns can be brutal and bloody. We are in one right now.
You probably think that you don't have many choices when the whole market is tanking. At least with traditional stocks you can just sell and go into a cash position.
Luckily you have a few options:
Find losers to move into. Sell winners and hold losers holds true to crypto just as in traditional investing.
Find cryptocurrencies that don't move much or have a lot of volume and park balances there.
Find winners - Not all coins lose money. Some gain. Search them out and jump in with everyone else.
Tether. Perhaps this is the safest option when you are uncertain when the bloodbath will end.
Tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD. This means its stable and it doesn't go up or down (price can fluctuate but stays around $1)
When to deploy to tether:
- when market is tanking and you unsure of the bottom
- when you are in a long bull run and you have a feeling that things can go bad any day. You can hedge your bets and move little by little in tether. No market goes up forever. Better to be safe than sorry.
- Some traders keep a portion in tether to deploy when they see a correction and jump at the opportunity using Tether funds.
5.Stay the course and wait. In crypto everything will eventually pop back. Usually hard and fast. Sometimes the best plan is to ride out the storm with strong hands.
Remember....
Good luck with whatever option you decide. Let me and the community know if you deploy a different strategy.
Kryptonaut
I've been a holder for a good time, I started in the stock market and moved out to crypto and it may sound weired but I dont sell any crypto unless it loss value, Im talking about fundamental value, not price! And whenever A correction happens I buy some more! It might not be tue best strategy for everyone, but I think its the best for me!
Good point. Downturns are perfect opportunities to buy buy buy! As my friend always says: you have to have drops to get more people in.
Probably the biggest chalenge for any crypto trader. Finding winner is a really hard thing to do, as they all go down and up at the same time. Tether is for sure the best option, but you have do it while the market is going up, or have just a great timming.
There are other options, such like,trading platforms that allow trading against fiat money. Etoro, Avatrader even allow shortselling. You can also trade on Bitstamp. But of course only avaiable with the major cryptocurrencies.
Thanks for sharing. I'll have to check out those platforms and your other suggestions.
No problem, most people don't know about this, and they just dive into the hype. Beware that some of those trading platforms act as marketmakers, when they see fit(it's in their terms and conditions), and it can be really anoying to have to deal with huge spreads and diferent prices from everywhere else. That's the reason why I go out of etoro. Studie the best option before you decide to do it. Good trades.
Quality post. Most people need to learn to have strong hands.
Yes. I even have to remind myself. I don't sell but I should use Tether strategy more often.
Tether is an excellent resource for being defensive when market falls.
Dealing in crpto requires patience,nice points!
Indeed! Thanks for commenting.
Great post! I try to HODL, but I have never tried the tether method! I'm going to try that out, as I fear the market will be this way for a while!
Funny...when Tether came out I had no idea why someone would use it. I finally asked someone ha.
The art of money is not in making it but in keeping it. - Proverb
Perhaps an art to both? :)
If you are using the BitShares DEX for trading/hodling, you also have the option to move your funds to bitUSD which tracks the value of USD but is actually has collateral set aside in the form of BTS. Whereas, Tether supposedly has $1 for every Tether but in my opinion it's questionable whether that's actually the case.
I have a feeling that one day I'm going to wake up and see that Tether = $0.
Tether had $ stolen last year? Since then I haven't heard anything negative. Thanks for flagging the BitShares DEX option.
we've upvote @agus.goes I wait for the next post.... *)
2.23% @pushup from @kryptonaut
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