FUD you!
It gets really interesting to see how the general market reacts to FUDs that ripple (pun intended) through the news of late. For the record, I will be first to admit I do not know the direction the market is headed towards in the light of such events. I can only make an educated guess from history what such FUDs have done and will likely do for the future of cryptos. I'm actually quite thankful I've kind of established myself a fair bit since the beginning of my journey here. I still remember the day the China FUD happened. I was at work as usual, checking my blockfolio from time to time (a habit i highly discourage unless you are a trader). When the news came out, I witnessed my portfolio melt away a good 40-50% within hours! I rushed home to sell my NEO (that bled really hard). That was the start of an intermediate bear trend for BTC as well as the alts.
Fast forward a couple of months and look at where we are today! Nobody would have dreamed the China FUD was not just contained, it was totally neutralized and everything broke through to the upside. Most could not imagine living without China at that time and look where we are without her?
My personal view is that Crypto will keep marching on with or without SK. Granted, the market will likely bleed out for a while (thanks to the noobs). But looking at the big picture, this correction was way due for some time. So rather than cry over the damage done to the charts thanks to SK, let's look out for good opportunities which arise from this FUD. To be really really fair, if you took the time to study the facts rather than the FUDs over the media, there is little basis for the panic that has gone on. There is still no concrete evidence the authorities have put a ban on cryptos in SK. It is partly the fault of the mainstream media and partly the fault of the crypto community for spreading the misrepresentations. Had everyone taken the time to analyze the situation instead of re-tweeting and sharing, there would less likely be panic selling that escalated into further panic selling in the first place.
This is my issue with the crypto community at large. The general crowd is so concerned about the next big win they hardly spend time diving into the psychology crypto investment. I'll admit I used to be one of them. But thankfully, I've matured a fair bit since. It has really helped stabilize my emotions when dealing with such a volatile market. Here are my 2 recommendations going forward:
Think long term. Seems to happen to all of us when we happily buy into a token almost immediately it dips. But if you have a long term perspective and think dollar cost averaging, there's little to fear unless you are really buying crap.
Really take the time to read up and listen to the space. I don't mean listening to the next big win even though it should be a part of your study. But focus more on technical analysis and fundamental analysis as well. These will help you remain more stable in the midst of turbulence.
Okie, think that's all for now. Till next time,......
