What To Do When The Crypto Market Falls :(
These couple of days have been quite difficult for holders of small caps cryptocurrency. Coinmarketcap has been showing red numbers since the beginning of this week.
The hardest thing about your cryptocurrency losing value is that sudden doubt that develops as you see your numbers go down. There's that voice in your head pressuring you to sell all of your positions, take a loss and wait for another opportunity.
But, don't worry! I am here to help! I'll give you my tips to stay motivated during all of that and I'll even share my own personnal experience.
FIRST ADVICE
STOP BEING A NOOB AND CHANGE YOUR WAY OF THINKING ABOUT CRYPTOS$ !
When you invest in cryptocurrencies, you should think of your investment as an exchange between your $ US and your coin just like you would if you would have bought a product. Whether or not the coin's Dollar value goes down, you should think of your coins with their number! If you accumulate more coins, you may make a bigger homerun when the coin start recovering!
My own personnal example of this would be with EOS! I bought the coin at 1.76$ back in the summer. Shortly after I bought the coin, EOS dropped at a low of 60 cents. I was down more than 70%! However, I did not panick in the slightest. I knew the coin had a good following and was a needed improvement to the cryptospace! So I held and even accumulated more of that coin! Now, EOS is worth close to 14$ making me 23 times the money I invested on it. However, it took a good 5 months before the takeoff! Always believe in your projects and DO NOT SELL AT A LOST A WINNING PROJECT! You'll kick yourself for it, trust me.
SECOND ADVICE
BUY BUY BUY BUY BUY!
Every dip in the market is an opportunity. Even if you only make 10-20% gain, you're still gaining! Monitor good projects and have a back up budget saved up for cases of huge lows. In that case, if your coin gets back to the price it was, you would have profited from it with your new investment!
THIRD ADVICE
STOP LOOKING EVERY 30 SECONDS AT YOUR PORTFOLIO!
If you know the market has fallen, stop stressing yourself by looking at your portfolio. That will only lead you to make a rash decision like selling to cut your losses. Go for a walk, watch TV, go out with your friends, etc
If you decide to sell, do it with a clear mind while knowing that you may be shooting yourself in the feet.
The altcoin market can be very slow especially in the case of a brand new low cap crypto! You don't have a choice but to be patient and let the storm hit before going away!
THANKS FOR THE READ
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