Greetings fellow crypto traders and enthusiasts. It has been hell of a week in the world of crypto especially bitcoin and ethereum. The market has not been so favourable to so many people because the bulls took people by surprise!
Over the past few days or weeks, we experienced an astronomical increase in the price of bitcoin and ethereum which also directly or indirectly affects other altcoins positively, most traders smiled to the banks wishing it would continue that way. But the truth is, nothing is 100% certain in crypto world
One thing is certain, however, what goes up must come down. People should have thought of that when they invested all their money in crypto currency especially the newbies, that's why you're always advised to invest what you can afford to lose. You shouldn't go investing all your money in crypto, that's a no no
I believe by now, a lot of investors who got affected by the deep dip that took place are gradually getting relieved though things are not back to moral but the green flags are visible
During the red season that encapsulated the entire market, I saw people panicking, rushing to sell everything in their wallet not minding the loss as if crypto market would cease to exist after the corrections, this is the worst that can happen to any trader.
How can you sell below cost price?
You should know that it's normal for currencies to fluctuate and we know a number of factors that can affect goods, services and currencies, learn the basic principles of economics before venturing into a business as volatile as crypto
Don't allow fear to affect your decisions, be resolute and strong willed!
The major fear that grabbed people during the redt season is FUD, Fear of Uncertainty and Doubts, and FUD usually occurs when an investor investor invests much money than he can lose or when he invests money that he wants to use for another thing soon or borrowed money. When this happens, the investor becomes scared because he doesn't know what will happen if he leaves the money in the market for a longer time, he eventually resort to pull out his money not minding the loss
On the other hand, FOMO, Fear Of Missing Out occurs when a coin or token which an investor didn't invest in suddenly starts increasing in value, the investor becomes afraid that if he does not invest at that time, the commodity will continue to increase and he doesn't want to miss out, he will rush and buy at a high rate, out of fear!
Which ever way, the bottom line is that fear is the controller of both conditions and the best way to get rid of fear is by
Do a thorough and detailed research before investing in a crypto:
If you do a thorough and detailed research about a crypto you want to invest in, it will help you to know when to buy and sell, it will also boost your confidence so you won't be unnecessarily moved by your emotions when the markets go crazy, you'll always stand your ground
2. Invest what you can afford to lose:
Every business has some element of risk and crypto is not an exception. No matter how much research you make there will always be some percentage of uncertainty, your research will only minimize the risk percentage. Do not invest so much money at the same time that you can't insure if you eventually run at a loss
3. Be patient with the market:
Every business has an up time and a down time, if you really want to make profit, don't panic sell when the market is experiencing a down time or dip as is the case with crypto. The aim of every business man is to make gain, let that ring in your head always, no matter what happens do not give in to the temptation of selling below what you bought. If you can be patient enough to weather the storm of the down time, better days will come when you will smile with your profit
Don't get too emotional:
Do not make the mistake of always following the crowd. Sometimes people say things they're not sure of, if you listen and believe everything that people say, you are bound to make mistakes. Also market influencers and some big influencers have a way of using people to create fake value and panic sometimes to their advantage. Always be at alert and on a look out, keep your emotions in check and remain resolute and strong willed. Be disciplined!
Above all and once again, say no to fear of any kind, avoid panic buying and selling, it is very bad for crypto trading
The market will once more return to normal and will favour every investor, I wish every investor a profit filled month. I hope this helps. Bye for