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Everybody loves roller coasters. They’re an opportunity to really get the adrenaline going in a completely unique way.
However, that same pleasure that we receive from the rises and falls of a coaster do not translate to the major ebs and flows in the market.
Crypto has taken an absolute beating over the past couple of weeks.
The major dip was incited by a single tweet from Elon Musk reporting that Tesla would no longer accept payments in Bitcoin due to environmental concerns.
Now, we can debate exactly how true that is or not – as has been widely done by YouTube channels across the globe – but the fact is if you’ve got skin in the game, things aren’t looking so good for you.
So what can you do? What do you need to know?
I’m going to give you some personal advice that my business partner, Dan Young, gave me.
Get Your Head Straight
When you see your portfolio drop 30, 40, even 50% in a matter of hours. Things get real.
Especially when you’ve put significant amounts of money into these coins.
From sad experience, Dan told me, the key is to not let your emotions rule you or you will incur major loses.
What you need to do is first compose yourself. You cannot make an emotional and brash decision.
Make a list in your head of everything that you are grateful for for a couple of minutes.
It makes a difference.
According to Inc.com focusing on things you’re grateful for is going to put you in a better mood, make you more popular, more resilient, more generous, and you’ll live longer.
After you’ve done that, exercise.
Take control of your body by going for a walk or jog before you even touch your crypto.
The more things you can get under control the better off you’re going to be.
Look at the Charts
Corrections are natural in a given market, and even more so with crypto.
When you sell during a correction you’re going to regret it.
History tells us that the market will eventually bounce back up, but if you sell while it dips you’ll likely lose large chunks of money that you invested.
Patience is going to be key.
Something that Dan has implemented as a solid investment strategy is that once you’re hitting high returns, he takes out his principal and lets his profits ride.
That way you avoid this problem in the first place because you won’t lose any of the money that you invest in the first place.
As you’re monitoring the dip it’s important to begin to invest in almost a trickle fashion.
The reason for this is you can’t be exactly sure when the dip is going to end. You may buy at what you think is the low point, and it could potentially drop an addition 40-50%.
You’ve got to avoid this buy not putting all your chips on the table at once.
Conclusion
When the markets dip you’ve got to stay level headed.
Never sell, or buy, because your heart rate is up. That’s never going to pan out well with Crypto.
Study the charts to tier your investments as the market goes through its correction course.
It’s going to be a wild ride, but if you keep a straight head and stick to your thesis, you’ll see the results you’re after.
With time.
I know it’s a gut punch guys, but keep the faith.
Follow these steps that Dan taught me.
Take Care,
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DISCLAIMER: This content is for educational and informational purposes only. It is not to be taken as tax, financial, or legal advice. You should always consult a legal professional before taking action. Furthermore, this is not a recommendation to buy or sell any security. The content is solely just the opinion of the authors.
