Crypto Bloodbath- follow your mind

The most talked-about topic right now on various groups and platforms is the crypto crash. So many experts give their verdict and in the end, add the usual “DYOR”. The whales are also trying to salvage something out of the ruins and the best way to do that is to lure the small investors into taking decisions that will favour them.

“Keep on hodling”

“Swap all to fiat and look for a favourable re-entry”

“We haven’t seen the last of the dump sell what you have”

We’ve heard many of these and in the coming days, we will hear more. One thing I love about this present market is that it has made everyone experts. Your prediction be it positive or negative have a 90% chance of coming to pass.

I went on my own little adventure yesterday. Anytime there’s a market scare like this I try as much as possible to have enough cash in hand to cover my basic needs and I’ll hide my wallet app till things get better but yesterday’s was different. Remember some days back I talked about checking out NFTs on the Solana chain. To do that I sent 292 USD to my phantom wallet. At that time BCH was also 292 USD. I did that in order to be able to monitor the growth of my portfolio and be able to compare my BCH growth to my Solana growth.

While BCH was $248 the 3.19Sol which was equivalent to 1BCH before was $165 that’s a $83 difference from what 1BCH was and $127 lesser than the initial deposit. As I mentioned earlier I do not need to convert any of my assets to fiat except if I wish to cut my loss in the bear market. However, the rate at which the Solana in the wallet was reducing was frightening. If it was in BCH and was dipping, I wouldn’t mind for I have the conviction that it will surely rise back. It might take years, I don’t care. I only need to focus more on earning during this dump and also take physical jobs serious- Crypto isn’t that reliable.

Back to yesterday’s activity.  I calculated my loss as $83 (net loss on Solana with respect to BCH) and thought of ways to get this back. In general, I’ve lost over $500 in the last couple of weeks but most are due to activities beyond my control but this $83 was due to the test I wanted to carry out on Solana and I was filled with regrets. I decided to pick up my old habit and hastening searched for the login details of my Bityard trading account and did a series of spot trading.

The first was a 1.2 BCH buy order at $205 Price limit. I thought this would be hard, though I was tempted to make the Limit even lower, maybe $200 or $190 but no one knows how the market will behave if I have a single idea of how the market will be today I would have cut my loses weeks back and wait to buyback today. The trade was successful but BCH got dipper and I tried a few more. I’ve cut back the loss to $20 or so but most importantly I have it back in BCH and not Solana.

Conclusion

There is no perfect strategy or way of navigating this present market. You might try Plan A and it works perfectly now, but try it again and it fails, also though there are people with deep knowledge of the market either due to experience or studies, there is no perfect person to advise you than yourself. Do what you think will be good for you and if you make a profit from your decision, you’ll know you deserve all the praise and if things turn out bad, you have no one but yourself to blame. You owe no one duty for how you spend your money or an apology for how you spend your money.

Is there a perfect way to end this than to write "DYOR"? Okay, please do your own research. lol

Thanks for Reading! 📈💚📉