When BCH recovers
I have been in this platform for a year now, and yet I know that I am still a noob about a lot of things involving crypto. It is not that I have no interest in learning more about it, it is just that I do not have energy to learn more about it as of the moment.
Yet, I still try my best to learn what little I could understand. Mostly from other writers here on read.cash. For that, I am forever grateful to the writers who take their time to research and write an article about cryptocurrency.
Some Lessons I learned
I have come across many things that did not make sense at first. And I admit that back then, I did not care whether I understood crypto slang or not. I was just here to write and hopefully improve my social skills a bit.
Buy low, sell high
This one might be common sense to others but for me, it was a good lesson to come across. I am after all more inclined to do things based on emotions. So I used to find myself buying things when they are a hype and feeling incredibly sad when the inevitable dip comes in.
But due to the repeated articles that mentioned not to do this, I have learned to be calmer when it comes to buying and selling.
Although, I make a mistake in buying some BCH when the price was still at around P9000. I thought that it would not go lower than that but I was so so wrong.
HODL
This is what I am doing right now with my BCH, and I also have a small amount of XRP and SLP.
I am just waiting for the market to recover while also accumulating more.
DYOR
This is supposed to be a given but my impulsivity and fear of missing out (FOMO) controlled most of my actions in the past.
Oh how, I wished I was not too greedy before. Even though I always get my investment back, I am sad about losing the profits. Well, it is not yet lost since I have yet to sell but seeing the price of them now does not give me happy feelings.
Invest what you could afford to lose
This is the most important thing I could have learned early on. If I had heeded this advice, I would not be feelinf sad about the losses nor regret that I did not do my research. Well, I am sad since the profit I got from my investments is what I used to invest more and they ended up not as successful as I had hoped for.
Despite my unwillingness to study crypto on my own, the number of articles I have come across in my stay here gave me some basic ideas that helped me realize the mistakes I have been making and what I plan to do to rectify these mistakes when the market recovers.
I wait for the green
Right now, the market is bloody and I have no idea when it will become green again. But I know and believe that it will recover again.
So I want to apply what I learned when the market recovers. I will no longer just HODL my BCH and let opportunities pass.
First thing I would do is wait for the price where I feel happy with. As of now, I am thinking of waiting for the BCH price to go back to P30 000 but that might change in the future.
Anyway, when the price reached my desired set point, I will be converting half of my BCH HODL to fiat.
Half of the coverted BCH will go to stable coins. I learned the importance of holding stable coins this red market. If I had stable coins, I would have been able to capitalize on the dip and accumulate more BCH, but since I had none, all I could do is use spare fiat to buy BCH and grind more on read.cash and noise.cash.
1/4 of the converted BCH would be left to my coins.ph wallet for other crypto that I might want to buy.
The other 1/4 would be for me to spend. After all, I feel like I deserve to enjoy the fruits of my grind.
It would not be a worthwhile thing if I just let the green market pass without even tasting a bit of its sweetness.
I would hope that the 1/4 converted BCH would be enough to buy a new phone. I am not looking for expensive phones since I barely use my phones fkr anything other than scrolling.
I want to buy a new phone since the ohone I am using right now was originally my father's. I traded my phone with him since he needed a later phone than this one. This phone is android 7, while the phone I was using before was android 10.
So yeah,the phone I have right now is old and it has a lot of cracks on the screeb which makes it harder to type since sometimes the are random touches which closes the tabs or apps.
Closing words
My coping mechanism during this bear market is to imagine how much I could get when the bulls wake up again. It makes me feel like all this waiting and believing will all be worth it.
Thankfully, I could still afford not to convert any BCH since I am lucky with my crochet business this month.
Thank you for reading this article!
If you want to read some more articles of mine, I have monthly summaries here:
December 2021 Articles Summary
November 2021 Articles Summary
DYOR is really the supreme! When I was still new to crypto, I just follow the crowd on whatever they are hyping. And then blaming game is on. It is always our decision when to make a move on crypto.