You call this a bloodbath?
The recent drop in Bitcoin price has caused a lot of panic amongst new investors and of course in the media, who has compared the 20% price drop to an actual human Massacre. Yes thats right! Traders are so self-absorbed that they actually think losing money on cryptocurrency is similar to being slaughtered to death in Africa!
Image Source
Well, to calm people down and put everything into perspective I have made this image, I think is pretty self explanatory:
I hope you feel better now and please whatever you do...
Keep in mind that most people who entered the crypto markets have NEVER seen nor experienced a true CRYPTO BLOODBATH! People have no idea how hard Bitcoin could correct. We must sacrifice more noob blood to really scare people. LOL.
My strategy is simple. For all you noobs out there. Don't panic sell the blood, buy more on a set schedule and don't sell. You will regret it several years own the road.
And if you did buy BTC or ETH at $3000 or $400 then you learned a good lesson (at a possibly high cost). Take that knowledge with you into the future and learn from it.
I've survived to tell stories from past crypto blood baths and if it happens again, I know what to do..... MEH
Thanks for the post
:0)
True story. The best strategy for small fish like us is to buy, put in a wallet, sell every couple of months, if the price goes down, buy again with what you sold. HODL is always the best way!
Haha😁😁
Haha nice one!
Excellent intervention
@bitinformant so do you think that BTC and ETH will not get back to this level?
Lol, comparing crypto to massacre. I think that you can't be an investor in crypto high priced coins. You must daily trade to cut the potential loses and avoid the bubble in the future. You just can't lay back and chill. That's why everyone is going daily trading which will increase the volatility even more. I don't really care for Bitcoin. I care for Steem currency which is still vulnerable to market manipulations due to low price and outside-Steemit Steem whales.
hahaha GREAT post! Very funny and so true. Upvoted and resteemed :)
hehe, thanks!
Great chart - thank you.
I'm a trader of fiat currencies, commodities and options for a long time and although these fluctuations are difficult to handle emotionally, letting your emotions get in the way will be your demise.
Stay focused on the long-term even if you are attempting to "trade" on the shorter term.
Thanks for your insight, totally agree!
Easier said than done... we're in such a volatile moment and we're pretty high now, that is so easy to sell and buy impulsively and to lose real money. The easiest way is to always diversify your portfolio and to rebalance it once a month. An example of a good portfolio today is 20% Bitcoin 40% Litecoin 20% Ethereum, 5% Namecoin, 5% other cryptocurrencies. Of course, this is just one strategy, you're welcome to share any other.
Good thoughts for sure and diversification can be helpful. But with broad-market ups and downs, the pain can still be the same.
However, managing your emotions when trading and investing is among one of the most important elements people miss when starting out. Especially if they are lucky enough to have started in a secular bull market and caught the uptrend. They just think; "this is easy, I'm going to make a fortune."
It's important to "know yourself" and the type of trader you want to be. Day-trader, (being in and out of trades on the same day) Swing-trader (positions that last a few days or weeks) or a Position-trader (taking a position weeks or months at a time). Personally, I've done all in different markets, but choose to be a Position trader in Crypto.
Not knowing how you want to trade when you start will likely get you into trouble.
Volatility is a "traders" friend; however, in Crypto, the "rules" are not the same as in other market, in many ways. These are fledgling markets that really need time to evolve. The relative liquidity is small, thereby allowing for these monumental swings.
And as many are seeing, volatility is also the enemy.
Making emotional decisions, whether they be trading or personal will very often lead to disaster!
Be careful out there and know yourself and what your objectives are.
You need a strong stomach in these early days of Crypto!
I am just chillin it out and relaxing.
EVERYONE PANIC!!! SELL SELL! IT'S MORE BRUTAL THAN THE HOLOCOST, STALIN AND RWANDA COMBINED! NOTHING THIS HORRIBLE HAS HAPPENED TO ANYONE ANYWHERE SINCE THE BEGINNING OF ALL THINGS! THE STREETS ARE BEING PAINTED RED WITH THE BLOOD OF THE INNOCENT
NOOOOOOO!!
...jk
very nice post great thoughts.
great buying time
remember about predictions..
Very good post! I agree, after gains like the crypto market has seen a correction was needed. Now the markets have an excuse to run again! Can't be all roses all the time. Followed you.