What to do during market down time

in #cryptocurrency7 years ago (edited)

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  1. Understand it is not the end of the world, tomorrow is going to be another day regardless... and you should always have emergency fund set aside.

  2. Do your home work and research, discover the true value, look beyond the marketing promotion. They are open source projects, which means any innovations in one project can quickly spread to others. But also, on the other hand, anyone can have his/her own fork, lot of projects are just a copy&paste and tweak a few little things and does not have much innovation, those will be abandoned by the market. Do not use leverage (I hope you haven't) and make sure you can hold long enough for it to recover (yes! it will!). It's better than future contract or warrant as it does not have expiry date. It's also better than stock because its limited supply and you don't have to deal with balance sheet. Crypto market is fundamentally different from stock market in a sense that stock market is set up to raise capital (take money out of investor's pocket), but crypto does not have such intention, I think crypto is created as an alternative to fiat currency which is manipulated by crooked politicians and excessive money printing. Crypto has world-wide support and trades 24/7, but it does not have support of government or central bank, which means that central bank will not come to rescue when it crashes.. and yes, it needs to prove that it can stand on its own feet without central banks which it intends to challenge.

  3. Learn a lesson and write it down and do better next time. Market always fluctuate, sometimes violently, the same applies to stock market...crypto is still relatively new to many people, its value and existence need to tested before more investors can be convinced.

  4. Keep your full time job and have a steady income.

  5. Turn off computer and device and try to spend some time on something else, you can listen to your favorite music, watch a movie or do some physical exercise.

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