What to do in a Down Market
Anyone that has been keeping up with crypto has seen the red slide that has many panicking and even more rethinking their decision making of the last couple of months. If you are new to crypto I imagine that these feelings are even more intensified. I see a lot of crypto Gurus on steemit advocating for those with these feelings to "stick with it and to buy the dips". In my opinion this is great advice, but how do we sit with these feelings of anxiety and dread?
I think that this picture exemplifies how I have been dealing with these days of dropping value.
I know it can be easy to connect one's happiness and feelings of worth with one's material (or digital) gains/possession, but I find that this can actually lead to more feelings fear, uncertainty, and doubt. When we connect so much of our self-worth with our ability to be successful in such a narrow and volatile financial environment. My advice is then twofold; Hustle other avenues and diversify your self-worth portfolio.
Hustle:
Don't quit your day-job. Keep up that weekly/monthly paycheck so that you can buy the dips when they hit. And boy do they hit. Keep pursuing goals and dreams! As the tale of the rabbit and the hair tells us, slow and steady does in fact win the race. Make goals with small, incremental, and achievable steps that will help you move towards these loftier objectives. Don't let setbacks get you down. Learn from what didn't go well and keep on keeping on.
Diversify:
Just like you would ideally want to diversify your crypto portfolio you should also diversify your self worth portfolio. Find things like dogs, friends, and drinking responsibly that give you that sense of personal happiness. Don't get lost in stoicism or hedonism but find that balance that works for you. Keep building social relationships through meetups and take care of past relationships.
Let me know how you are dealing with all this red!
-Peace and Love fellow steemians
I love the red!
@extrospect red is good, when we have prepared our bitUSD or backup to buy the dips fast, isn't it?
I was wondering if you had the chance to check Chapter 9.
By the way, I wanted to let you know I mentioned you in the Early Adopters section of Chapter #9. Looking forward to your thoughts on it if you get the chance.
Chapter 9 of 11: The Art of Giving Value - Learning from Experts of Specific Topics on Steemit - This is part 9 of 11 Chapters (Full Guide) to help new people make their way on the Platform
https://steemit.com/steemit/@gold84/chapter-9-of-11-the-art-of-giving-value-learning-from-experts-of-specific-topics-on-steemit-this-is-part-9-of-11-chapters-full
And here is the mention about you:
@extrospect
@extrospect has been on crypto almost when BTC was a couple of dollars worth. He is one of those early investors that have seen the growth of cryptocurrencies from the very beginning. His experience and knowledge is very valuable. He started to be involved with new people on Steemit by supporting their posts for around 45 days, and his help is amazing for the growth of the steem blockchain. Because his support makes people feel in reality that Steemit really pays if we post valuable things for the community, and for people on the platform. It makes people to get motivated and be more active from the very beginning! Thanks for your huge efforts.
He has also created posts on cryptos educating people about important cryptos from early stages, and the ones who followed some of his posts, are perhaps sitting with a good portfolio now.
Here are some quality posts from @extrospect :
Regards, @gold84
@magmadrome26 I totally agree with what you mention about crypto and the dips. Once we learn how the market works, we just need to prepare ourselves for a portfolio rebalancing, and always leave a 10 or 15% of crypto in bitUSD so as to be able to buy on the dips.
Regards, @gold84