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- Cryptocurrency is a riskful cynical token that has extreme ups and downs. During the bull run in 2020 and 2021, it was not a surprising event to say the value of cryptocurrency is growing by double digits overnight.
- Web3 investor Tyler Reynolds says: “Don’t risk your lifestyle because of a HODL meme. No one went broke taking a profit,”.
- ‘Don’t take advice from someone while investing; go according to data.’
Missing The Good Old Days
Okay, be honest. You all are missing 2020 and 2021, aren’t you?
What?
No, I am not talking about the covid-space. I am talking about the crypto market. Remember those days? A few months ago, Not a very distant past, a considerable percentage of the population was buying cryptocurrencies, earning enormous profits.
But it’s not a very new thing for the early crypto adopters, is it?
Because this is something, they all have witnessed before. Cryptocurrency is not like a regular coin which remains stable every day,
It’s a riskful cynical token that has extreme ups and downs. During the bull run in 2020 and 2021, it was not a surprising event to say the value of cryptocurrency is growing by double digits overnight.
On the other hand, it was also common to see the prices of some coins falling by 90% in just a single day.
But trust me, there are a few tips for you if you want to survive in the bear markets, or as we like to call them, the recovering markets.
ALSO READ – Argentina’s Minister Resignation Surged The Prices Of Stablecoins
Take A Profit
In this world of the internet and memes, we are going towards extreme corners of philosophy; either we can completely love or hate someone. Therefore, we are either utterly bullish on HODL idealogy or entirely against it.
Wise advice would be to be a mixture of both, somewhere in between.
HOLD refers to the thought process of buying some coins for a lifetime and holding it forever.
Web3 investor Tyler Reynolds says: “Don’t risk your lifestyle because of a HODL meme. No one went broke taking a profit,”.
So, to be safe, it is good advice to decide on a minimum bar below which you will feel no hesitation selling your cryptocurrency.
You can tell yourself, “I will sell all of my currencies below the price of $X.”
Don’t Panic-Sell, Also Don’t Greed-Buy
“Avoid panic selling unless you’re in urgent need of money,” Fedor Linnik, builder of several NFT (non-fungible token) projects, said. And in retrospect, he said, “being greedy and being afraid to miss the top” was a mistake he made in 2018.
This implies the statement- ‘Don’t take advice from someone while investing; go according to data.’
Investing In An Ape Fund
“Aping” is an everyday activity in crypto. It refers to investing in project tokens without much due diligence simply because the tokens are new and shiny and could soon rise in value.
Don’t Build Your Life Around Crypto.
Remember, it’s just an investment for you. Play with your kids, watch Netflix, and read romance, action, and mystery books.
Remember to be a person who enjoys their life and investing smartly and not a person who lives according to the numbers in the stock market.
Chill Dude! You only live once.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
