4 Ways to Profit During a Crypto Bloodbath
Wake up. Bathroom. Make coffee. Pet dog. Turn on Bloomberg. Open Blockfolio and...
What's the quickest way to lose money in the crypto market?
"Invest" in Bitconnect.
Er...I mean...panic.
And, much like your college girlfriend (if you're lucky) it goes both way.
Both panic buying out of FUD and panic selling out of FOMO will usually lead to disastrous results.
So here a couple of quick, practical tips to help you keep calm and profit on...
1.) STAKE DAT ISH
Remember all those coins proof-of-stake and return-yielding projects you researched?
Remember how amazing they sounded?
Remember when you first read how to stake them, thought to yourself "eh...that may take longer than 30 seconds...I'll do it later" but never got around to it?
Now's the perfect time to distract yourself while still playing banker.
Take the time to "jump through the hoops"
Download the wallet, create new, download the blockchain, token swap ahem...Wahala.Today...ahem, etc.
Even if you're only staking a tiny amount the knowledge gained, practice achieved and, perhaps most importantly, time you're distracted, are all worthwhile investments.
2.) ALLOW YOURSELF LIMITED TRADING
If you're anything like me (DNA hard-coded with impulsivity) you likely have no chance at simply stopping trading.
So why try? Well, just because you already poured the drink doesn't mean you have to finish the bottle.
Allow yourself to trade but minimize how much.
Portion control...you glutton.
Take whatever % of your total investment you allocate to actively trading and slice it in 1/2. Or in 1/4. Or in 1/3.1415926535898... (you're welcome math nerds).
The exact amount's not important...minimizing losses caused by your own psychology is.
3.) DUST OFF YOUR OLD TRADES
You know all that cyptodust you filter out of your Binance dashboard by checking "Hide small assets"?
Time to turn that .0023 $QSP into usable coin!
Many exchanges allow trading of smaller quantities and/or lower decimals when using a different trading pair and/or by making market rather than limit trades.
Take the time to consolidate all those bits of crypto just lying around into a small position in that your fav coin!
Here's a great article with tips to clean up the "dust"
4.) YOU CAN HAZ MEMES
Memes are hilarious.
Take the time to laugh a little.
It's just money(ish) after all.
Don't take life so seriously...not like it's permanent.
For more tips, some technical analysis, and a lot of shit-posting follow me on the Twitter
@Du33leT4p
(Long time lurker, first time poster. Both constructive and destructive criticism welcome)
Hey Bitconnect is still a bargain, to the moon... and Cryptodust keeps me going... otherwise great stuff
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