Surviving a Crypto Crash
I am not going to lie, even though I have been through multiple crashes now, even one that lasted for few months but each time it takes me through a different train of emotion.
I remembered feeling nauseous one day during May when something I invested in just a month before, for $19.5/coin and now worth $4. I went for a long walk, about 5km and feeling like I would pass out. At the time I wanted to exit Crypto and I thought to myself this is it for me. But someone said to me, just remember the pricing was xxx a month ago, so it could take a month or so to reach that price again. Instead of taking a loss, I waited and now it came out stronger than ever. I am glad that I stayed calm and didn't exit the market then; Considering the community fud was craaazy at the time, a lot of people was saying we could go back to March 2020 event. This too shall pass.
Some of the things I would do these days during a crash
- Stay away from Social Media, or your FUD level will be 10x 20x worse
- Only talk to people who are on the same level as you, meaning if you start sharing your feelings to someone who does not believe in Crypto then consider your life over, nothing will be nice coming out of their mouth.
- Take a deep breath, unless you have your assets as collateral, leave the chart instead of watching the market going up/down
- Go for a walk
- DONT think about exiting the market and sell your coins at a loss to exit, if it takes that many days/hours to cause a crash, then vice versa, it will be that quick for the market to recover. A crash is often a market manipulation urging people to sell at a loss, pushes the price down so other people can #buythedip.
- If you bought something at $18 and quickly sell it when it drops to $17, I’m sorry YNGMI. Stay calm, it will go back up unless you purchased a shit coin or SHIBA (like I did, just for fun)
- Enter the Crypto market with an amount that you are willing to lose. As there are risks to every investment, it is better to play safe.
- If the cycle has been bullish for days or weeks, prepare yourself for a dip as people tends to take profit then buy back at the dip. So at this point here, the rich become richer and the poor like me panic LOL, my point just rides with the wave and you will be rewarded.
- Unless you are trading, don’t watch the market too much as there are literally things that are impacting the pricing each day whether it is the SEC interfering with DeFi protocols laws and regulations, China banning BTC mining, Musk accepting BTC as a form of payment then unwinding the decision etc….
To the people who survived May, congratulations we are going to the moon ❤