With the current crypto market, there are some things you should do. To handle the erratic prices, it’s best to go in with a game plan rather than reacting to changes in the market.
Recently, Tyler and Cameron Winklevoss sent out tweets for investors not to miss the current dip.
It is too easy for a new investor to not understand the market. I know because I was once one of those investors.
In 2008, I had no idea what the stock market was doing. The bad news was everywhere. Even the so-called financial experts were preaching doom and gloom.
If you’ve been watching or reading the crypto news lately, then this applies to you. You are probably unsure what to do.
Most crypto investors just entered the market in the past year. Just like in 2008, I talked to some friends who sold and didn’t return to investing for years.
Don’t let that be you.
Then the same thing happened in the crypto market in 2018.
Bitcoin reached its previous all-time high in December that year. Then the price plummeted for the next two years.
Some people left the market because they weren’t used to the price dropping. If they had referenced Bitcoin’s history, this was a normal part of the process.
If they had held, they would have seen a 100% or more increase in their holding.
Investing is a long-term game. Be diligent, block your emotions, and you need to ignore the bad news.
The market will change but you have one trait to get through this. Not everyone has it and it could cost you a fortune.
The one trait is patience.
You need to be patient to ride out the ups and downs of the market.
Spend more time on other activities than watching the price every hour. Take a break from watching your favorite cryptos.
- Go for a walk.
- Limit yourself from checking the price as often.
- Spend more time reading.
It is too easy for you to sell your cryptocurrencies and walk away. That could be the biggest mistake you’ll make and never forgive yourself.
As the Winklevoss twins tweeted, you should buy rather than sell. You don’t get this many opportunities to buy when the market corrects.
You need to look at this as a sale at a store. When a store has a big SALE sign you understand what that means.
Well, it’s the same in cryptocurrencies when the price goes down.
You should buy rather than sell. You need to change your understanding of the market.
Wealthy investors love to buy when the market corrects. In the long term, the price of their cryptocurrency will rise over time.
This is a game of patience. Try not to miss out on these opportunities. The price of Bitcoin could go up before you know it.
Are you buying or are you selling?
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.