Besides screaming, crying and indulging in other self-destructive behaviors. You can do two things!
- Overeat Ramen Noodles.
- Lie in a fetal position and rock yourself back and forth.
We’re just kidding! Please don’t do either one of those. Although we love ramen noodles, but still. You know, the crypto-world is an emotional roller coaster ride. Just like after a bad break up. But, it’s worse because money is involved. At least we feel that way. Sounds pretty shallow. Hmm. Who cares? The point being even if you’re the most experienced investor in the crypto-sphere. It still gets pretty emotional to see the market crash. But, the key is to not let your emotions rule you over. Stick to the STRATEGY! Always remember why you bought the coins and don’t panic sell! NEVER!
Buy the Dip
In the crypto-world there is a term “BTFD.” Which means “Buy the F**king Dip.” It’s one the most popular and winning strategies for Bitcoin investors ever since we can remember. It means you have to buy when the price is going down and down and down. The concept as you know isn’t something new at all!
Crypto-Investing = Grocery Shopping!
It’s the best approach, when you’re going on a crypto-investment quest. Step into the market like you’re grocery shopping. You have to look for the best deal! The best that is out there. You know when you are going grocery shopping and you know what you’re supposed to buy. It pretty much should be the same when you’re purchasing crypto! For instance, you know when you have to buy oranges, but they are out of season and are being sold at 25% more than they are sold in season? You will just skip the oranges! Won’t ya?
That’s exactly how you buy crypto my friend. If something has value and will increase more in value in the possible near future, you buy it. If you believe a crypto is overvalued or if the market makes it look like it has great value, but if it’s beyond what you’re willing to spend. Skip it!
Learn From Your Mistakes
If you find yourself in a position where you’re watching your crypto lose value, sit back and learn from this valuable time. Don’t be too stubborn to accept the loss. Don’t delude yourself thinking it’s a “local correction.” Acceptance is key my friend. The best thing any investor can do for himself is to properly study the indicators and the cycle of the market. Look for inspiration and learn from the influencer’s all you can.
The best thing is to start studying charts when you’re thinking of buying something. Look into its history, check out how it has reacted to positive and negative news and how does it move between the channels. So, what will you do? Study the chart, figure out what you think will be a good entry point, set a limit order to buy at that price and then just walk away. Walking away is the most difficult step ever! But, it needs to be done!
The thing is, you’re going to want to react and behave differently when the market crashes. When you’re sitting in on a lot of cash and waiting for an investment opportunity and when you’re all invested are two different things actually!
Let us know if you’ve had any downfalls when it comes to investing? If you’ve more ways to deal with a market crash drop in those tips!