Crypto markets Panic Mode: 10 things to always remember
Alright! you just fell in love with the blockchain concept, you went straight after do some research and you sat there waiting for the first dip to get in...You bought some good coins, probably more than what your risk tolerance can bear. At start your Blockfolio was showing everything green until the volatility kicked in...You start seeing blood everywhere...and you start panicking...Please Please, before you turn into a delicious panic seller for the whales, remind yourself the 10 following facts:
- Crypto is much more volatile than you can imagine
- Never sell a red position, never ever!!!! a 5 min spike can turn you back in green, been there done that
- These coins matter to you, you feel they are adding value to the real world, why sell them cheap
- Never ever keep your coins in an exchange, HW wallet my friend will help you sleep well
- Technical analysis can't help preventing the future movements, it is non sense
- No fear no greed, your SL set at -100% and your TP should be no less that 150% per coin
- Think of number of coins you have, Learn to love the dips and Hold for at least ONE year
- Keep in mind that Mass adoption is still at its infancy, lots of room to grow, I wouldn't be giving this advice in 2020
- Fat whales exist, their favorite meal is the panic seller, don't be one ;)
- you can short only if you are a fan of blackjack
There are lots of other good things to do in life, go and do them...Your crypto investments portfolio is safe as long as kept in cold storage and you back keys are well safeguarded. You will be rewarded for your patience sooner than you can imagine!!!
Good luck!!!
I'm fairly more moderate on that one.
Yes, a true hodler will never hold coins on an exchange. Exchanges are cracked, exchanges do go bankrupt, it has happened several times that people lose all their holdings due to this.
At the other hand, exchanges are typically the best gateways for getting in and out of crypto; it does make sense to use those gateways, hence the recommendation should already be modified to "keep your coins as shortly as possible on the exchanges".
I'm selling crypto locally and domestically, on Localbitcoins and other sites - quite often I meet customers face to face and talk with them - I'm of course asked all kind of questions, and I have actually started to recommend people to keep their Bitcoins on Localbitcoins rather than in personal wallets, because:
Localbitcoins has been around for a long time, they seem fairly security-conscious, they are for sure raking in bitcoins, they for sure have a huge cold storage of coins. Of course there is always a risk that an exchange will pull the plug and disappear ... but I think Localbitcoins is one of the least likely candidates to disappear.
Keeping the bitcoins in a personal wallet also have risks. For people like me, those risks are mostly manageable - but I actually believe that for the average of my customers it's safer to keep the bitcoins on Localbitcoins than in a personal wallet. I usually recommend hardware wallets (even if I've never used one myself) or paper wallets, but there are even stories on people losing their bitcoins due to problems with hw wallets or compromised paper wallets.
Due to the capacity ceiling, the cost of moving Bitcoins around has been very high. Right now it's very cheap to move bitcoins around, but this may change again, and there seems to be no upper bounds on the bitcoin transaction costs. Keep the bitcoins on an exchange, and one can exit without having to pay any transaction fees. Personally I keep most of my bitcoins on Localbitcoins - I prefer to do my outbound bitcoin transactions from Localbitcoins those days - they are very good at getting their transactions out for cheap and one can still be reasonably sure the transaction will be confirmed. (I also prefer to have my Bitcoin Cash in my cellphone wallet, ready for spending, like in the good old days).
I wrote my own post around the same topic the other day, but with a bit different tips.
True. When the price is dropping buy more. Sell only when the price is goin g up. Buy low and sell high. Not buy high and sell low.
Exactly as long as you believe in the concept, buy as cheap as you can and hold it....the ups and downs will add up positively netting each other...Patience the key weapon to win the crypto battle
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