This recent crash of the market made a big impact for most of us especially those small traders as they suffer from more than 50% loss in their portfolio.
And I think the most affected are those new in the game because they don't know when to convert their assets into stable coins to avoid major losses in their portfolio.
I've seen a post of new traders where he used their savings just to buy crypto and when the market crash he didn't manage to full out his investments which lead him to 30% or more loss base on his post and the other one took the money of his wife just to invest in cryptocurrency and just like the other he didn't manage to full out his investment too which lead his him to losses too.
These people are convinced into crypto because of the hype post of other traders and investors of cryptocurrency. This newbie believes that they will make a bunch of money when they invest in cryptocurrency without studying the possible consequence or the pros & cons of crypto.
These people just jump into the battle without bullets that why they reap what they sow.
These are maybe the reason why they lose that much:
They didn't study the possible effect of their investments or maybe they did but not enough
They didn't check the background of the coin they buy.
They don't know when to pull out.
They didn't use the stop limit to avoid major losses.
They got hype and just buy what others suggest to them without studying nor checking the background of the token they chose to have.
High hope lead to losses because they don't know what they really up to.
We see cryptocurrency as the future of money and the world can't avoid it that's why we still battle with governments to accept it and legalized it.
This recent market crash also gives me a lesson that I can use in my future trades. I am also experiencing a loss of about 20% or more I think to those coins that I hold and kept for the long run.
One of these is #Bitcoincash which gives a huge impact on my portfolio but I never lose hope because I know #BCH will reach new ATH soon I also believe what our BitcoinCash enthusiast says especially to sir @MarcDeMesel. I believe our BCH will reach a value more than what we expect just give it more years.
BitcoinCash is one of the best cryptocurrency that builds it core first before the value which soon gives a big impact to BCH.
Bitcoincash has a lot of merchants and partnerships that ready to accept BCH as payments in their stores etc that's why I am confident to keep my BCH for the long run and hopefully adding more in the future.
My Thoughts
Cryptocurrency is indeed can give you a bunch of money but don't depend on it. Cryptocurrency trading cannot support your daily needs because it's very unpredictable even professional traders are experiencing major losses in minutes.
There are worse scenarios so don't quit your daily job for crypto trading. don't go home and brag to your wife quitting your job without fully studying and understanding what you about to do.
If your not financially ready don't ever think of quitting your job for crypto.
The cryptocurrency market is very unpredictable and before you jump into crypto be sure to study and understand the possible effect on your finances.
What you must do is study and Learn.
It's good to explore but always make plans for it. If you want to trade hen be sure one of you is still working for your daily needs. We can expect gains but sometimes it took months or years before we experience it. So be wise.
This market crash is really hurting our gains