You should be more 'zen' about it. The price could go up, it could go down, it could go sideways. As long as you take the right action at the right time then it's winner winner chicken dinner, Lambos for breakfast !
Anticipate, react. Anticipate, react. Breathe in, breathe out :-)
Serious though, have you ever considered trading derivatives so you can also make money when the price falls ? Maybe something to consider, double your options of being profitable. You must be able to work out which coins are going to fall as well as which ones are going to rise, it's the same thing.
It's worth considering. I don't have the time to trade full time (or the skill set - at least not without further study). That will have changed by the end of the year. Thanks - I will consider looking into that.
Doesn't have to be any different to what you do now. I trade short term because I trade on margin, with huge leverage. That's why I can't hold a position for too long or let a position go too far the wrong way.
But you don't have to use leverage at all, and just trade 1:1 like you do now, but with the exception that you can short as well as go long.
My longest short trade was about 15 months for example, during the last recession when I shorted the London Stock Exchange. That was with a lot of leverage as well, but it was a unique opportunity.
So YOU helped crash the LSE! tut tut. Naughty naughty! :D
Okay, I see what you mean. I just can't see myself avoiding a learning curve that I really don't have time for yet (I wouldn't want to try it half-cocked). I would also need to find some sort of suitable trading platform, though I suspect that my bank may be able to assist there.
Well...technically I helped them... Because I shorted them, that means my broker had to hedge my trade and go long in them, which should have pushed the price up... lol
Actually it was a good learning experience. Next time there's a recession, short the stock exchange itself, don't bother with individual banks. Next crash due around 2020-2021.
Not a bad idea. I don't follow the exchanges, but I do glance at their charts now and then. Your timeline for a crash sounds realistic. Better get into crypto quick! 😉 Come to the dark side, we don't even need brokers here...
When it comes, and people are losing their houses and can't afford to feed their children, which do you think of the luxury investments are going to be liquidated first ? ;-)
Some things are recession proof, like gambling and entertainment. Gambling is an obvious one, but people spend more money on entertainment during recessions than at any other time, for the 'pick me up'. Crypto though ? who knows, time will tell.
I suppose that the "when" is the (literal) million dollar question. Depending on its state of adoption at the time, crypto could either be the obvious solution in such a crash, or the "luxury" to give up.
For now it is still deep in luxury territory. The indicator will be how closely crypto remains linked to traditional financial assets and indicators. The more divorced crypto becomes from the performance of things like USD or the Dow Jones, the better.
It'll be interesting to see what happens for sure, it could go either way. People could dump it because they need the money (if it's still mostly amateur investors by then), or maybe the pros will put money into it as a safe haven away from FIAT.
Sounds like a sniper preparing a kill shot!