Important Takeaway from Today's Crypto Bloodbath
I got dangerously close to panic selling earlier today. I literally had my finger on the button of a sell order for my Ripple XRP. It got very close to my entry price but started to recover decently well. I started looking around on Reddit for different perspectives and ran across a great picture that really helps to put today's action into perspective:
People get emotional when they make money and when they lose money. Its normal for human beings. Unfortunately, these responses don't lend themselves well to actually making (and keeping) money in the markets, whether its crypto or traditional stock markets. You have to act, and transact, like a robot devoid of emotion in order to avoid rash decisions. Clearly from this picture, uptrends and downtrends have been happening for years and will continue to happen. Its cyclical like just about everything else.
If you truly believe in the coins you are invested in after doing your due diligence, ignore the latest drop, BTFD and HODL tight. It's never as good (or as bad) as it seems.
@doggedfi
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Selling high and buying low is always the goal. I'm new to crypto and haven't experienced the "ride up" like most probably have recently, but imagine it's difficult to hit the sell button when all you see is green. Sometimes that may be the best time to do it though.
I've tried buying in to the most recent dip a couple of times, and keep getting surprised with the "bottom" getting lower and lower!
Thanks @doggedfi, it certainly has been quite traumatic watching the price of literally every one of the coins I have stake in, drop significantly. This morning my portfolio had dropped by a huge 25%...
Its good to see those graphs how they represent standard rise and fall of these prices.
I like what you wrote, and have followed you :)
When at loss always HODL. Spread the word.
You have to look at the long term picture unless you're a day trader. In that case, I don't have any advice. Thanks for the long view!
Sell
Or you could see it as a buy opportunity :)
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