How to survive a crypto crash!
So today many of us can see there's been a big crash on a lot of top cryptocurrencies. People are connecting this to the news coming from China that they're banning all new initial coin offerings (ICO). So we've compiled a list of things to help you get through the crash until things recover.
Don't keep checking your portfolio, seeing all red often causes weak hands and means you'll sell at a loss and lose money or positions once the market increases again.
Zoom out of the charts, put it on 30 days, 90 days, or 180 days. This should help you relax a little bit as it shows you how much the coin has increased and makes today's dip look insignificant.
Buy more. Now this only applies if you have some BTC, ETH, FIAT, etc aside ready which you're wanting to put into some new alt coins. It's kind of like going to the store and there being a 40% off sale.
Research your investments, join Slack chats, Reddit threads and groups. Have a look at what news is set to come in the coming days, weeks or months. As we all know a good piece of news can dramatically increase the value of a coin.
Take this time off from watching the charts to read up on other coins you've seen recently, check out their whitepapers and teams. This is crucial to finding successful coins before the shoot up in value. You may be down a little bit on your investment this second, but you could also get well ahead for the next one.
We know it can be tough when you're in the red, if you've broken the golden rule 'Only invest what you're willing to lose' and you're scared of being completely wiped out, set alerts on Blockfolio or create a stop loss. Just be warned this can backfire if there's a sudden flash dip as you could liquidate your position and then the price instantly increase. Just be careful.
HODL we know this gets thrown around a lot and the day traders and the HODL'ers are always arguing.. But if you trade now you could lose more unless you know exactly what you're doing.
Take this time to sign up as a member of Steemit and give this post an upvote. It's crucial to support projects based on blockchain to help spread the word and create mass adoption quicker.
Great post. followed you...you offer some terrific insight.
I agree completely. Nobody should really be upset about what is going on...a pullback was long overdue. markets do not go up in a straight line. Th ebb and flow process is needed.
My timeframe is long term so I am not worried about a 20% pullback. To me, this is a good thing. I will look to add as the charts give a buy. Anyone who buys here might experience a bit more downside but, if you look long term, that is fine.
Upvoted and resteemed. Keep up the good work.
cool to know @george. like especially the 8th point...
Totally agree. Not thinking about selling but getting more!
https://steemit.com/bitcoin/@alefernandez/pope-francisco-measuring-in-bitcoin
No. 8 is the best. Upvoted!
I strongly recommend generating a new wallet id (If the wallet software allows it) at the start of each month....and put the fiat investment amount in the wallet name. I add in money each week, then amend the name of the wallet. For example: 1706-100 means that I have invested GBP 100 in the month of June in 2017. My wallet tells me the latest price in GBP - so I can tell in an instant that what I invested in June is in profit. I see the wood through the trees, I can see instantly that it's only the last month or two that are in the red, while the rest are all in profit. It also helps keep me motivated to keep investing each week and each month.