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Author Topic: WHAT KEEPS YOU SANE IN THESE CRYPTO BLOODBATHS?  (Read 790 times)
Bttzed03
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August 03, 2018, 05:43:35 AM
Last edit: May 11, 2019, 12:18:41 PM by Bttzed03
Merited by rosezionjohn (1)
 #1

These 10 guides have kept me sane. I am lucky enough to have read them from https://twitter.com/SecretsOfCrypto when I was starting in crypto. I believe new bloods in crypto should read and understand this.


1. Commit yourself to becoming an expert in all aspects of cryptocurrency (mining, fundamental & technical analysis, etc.)

2. Only invest what you can afford to lose, and be okay with the fact that you might lose it all.

3. Learn/Experience altcoin bubbles & herd behavior. Remove your emotions from the process.

4. You can't be correct 100% of the time. Expect to lose sometimes. It's about optimizing your percentages, not perfection.

5. Always keep your mind set on the end goal (no more salary/slavery) and focus on how to achieve that.

6. Become a master of reviewing altcoins, learn how to spot a scam so that its almost instant when you look at a shitcoin.

7. Diversify into as many quality altcoins as you can. That way you can experience market bubbles thousands of times over. If you hold all the coins and accumulated them for cheap, you've lowered your risk and win every time there's pump.

8. You must understand the time dimension. All losses/profits are temporary until you've made the trade. All altcoins are related but on their own market cycle. Most of your coins are winners but u need the patience to wait for the right time to make each trade.

9. HODL until moon or grave. Store your top cryptocurrencies for long term gains. You need strong hands to hodl through shakeouts.

10. Find or create a group of like minded individuals to share your research and investment ideas with.



Source: https://twitter.com/SecretsOfCrypto/status/1105587091214233600

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August 06, 2018, 06:03:03 AM
 #2

Being coolheaded in Cryptocurrency can make you an experienced man in this world making a handsome amount of money. Patience, wisdom and learning from your misdeeds help you to gain in this mysterious market. A nice discussion indeed.
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August 06, 2018, 09:33:43 AM
 #3

That's a very useful guide for people who easily loses their cool by facing slight loss. To be honest, to keep yourself sane, the best idea is to invest on short period with small amount of money which won't harm your financial situation. In that way, you are minimizing the risk of making a huge loss but can earn few coins if you are profitable.
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August 06, 2018, 09:40:00 AM
 #4

That your first point in particular is what makes me sane. See, one thing is to be investing in a space and the other is to have all the necessary knowledge you need to make the best of it. Knowledge guides us in most part of it and most especially the knowledge of making trading decisions. Bloodbath to me since I learned how to trade effectively, seems more like an opportunity than a problem if you know what I mean. With learning, persistence and good experience, it is always worth it at the end.

However, for those who may find it hard, I guess just sticking with the idea of investing what you can afford to lose to at least douse any unnecessary emotional stress, and keep holding for as long as you want to is the best bet. At least, those were my moves until I found out a better way to take advantage of the market fluctuations.
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August 06, 2018, 10:48:41 AM
 #5

Your guides are spot on. I think people who are mentally weak in crypto need to stay strong and emulate your recommendations. It will keep their minds sane during this period of bloody dips

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August 06, 2018, 11:04:59 AM
 #6

My approach to cryptocurrency has always been to continually take a portion of my savings and allocate it to investments in cryptocurrency. This means that these periods were the price has fallen are simply an opportunity to add to my position at lower prices and reduce my average cost. I can see how if you had invested at the end of 2017 or early 2018 with a substantial sum the current environment might be stressful but you can also start correcting that by investing manageable sums at regular intervals to reduce your average cost and get above water sooner.

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August 06, 2018, 11:13:41 AM
 #7

These 10 guides have kept me sane. I am lucky enough to have read them when I was starting in crypto. I believe new bloods in crypto should read and understand this.


...


Or something much easier: Lear to use the stop-loss and contiditional buy orders instead of hdling things that sometime should not be hodled at all. It is an agressive market.

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August 06, 2018, 11:33:20 AM
 #8

I think you  forgot to add something... Which is eradicating greed... People should learn to always keep some funds in fiat for the dark days...Cryptocurrency is still in its infancy so everyone should be ready for some ups and down.

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August 06, 2018, 11:56:24 AM
 #9

These 10 guides have kept me sane. I am lucky enough to have read them when I was starting in crypto. I believe new bloods in crypto should read and understand this.


1. Commit yourself to becoming an expert in all aspects of cryptocurrency (mining, fundamental & technical analysis, etc.)

2. Only invest what you can afford to lose, and be okay with the fact that you might lose it all.

3. Learn/Experience altcoin bubbles & herd behavior. Remove your emotions from the process.

4. You can't be correct 100% of the time. Expect to lose sometimes. It's about optimizing your percentages, not perfection.

5. Always keep your mind set on the end goal (no more salary/slavery) and focus on how to achieve that.

6. Become a master of reviewing altcoins, learn how to spot a scam so that its almost instant when you look at a shitcoin.

7. Diversify into as many quality altcoins as you can. That way you can experience market bubbles thousands of times over. If you hold all the coins and accumulated them for cheap, you've lowered your risk and win every time there's pump.

8. You must understand the time dimension. All losses/profits are temporary until you've made the trade. All altcoins are related but on their own market cycle. Most of your coins are winners but u need the patience to wait for the right time to make each trade.

9. HODL until moon or grave. Store your top cryptocurrencies for long term gains. You need strong hands to hodl through shakeouts.

10. Find or create a group of like minded individuals to share your research and investment ideas with.


These tips are quite inspirational and is relevant to everyone both new or old cryptocurrency enthusiast. I'm particularly in love with the 9th tip. Which tells us to hodl until moon or grave. Though, this is a very difficult tip considering the market psychology and individuals reaction, but I 100% agree with it.
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August 06, 2018, 12:05:48 PM
 #10

These 10 guides have kept me sane. I am lucky enough to have read them when I was starting in crypto. I believe new bloods in crypto should read and understand this.


1. Commit yourself to becoming an expert in all aspects of cryptocurrency (mining, fundamental & technical analysis, etc.)

2. Only invest what you can afford to lose, and be okay with the fact that you might lose it all.

3. Learn/Experience altcoin bubbles & herd behavior. Remove your emotions from the process.

4. You can't be correct 100% of the time. Expect to lose sometimes. It's about optimizing your percentages, not perfection.

5. Always keep your mind set on the end goal (no more salary/slavery) and focus on how to achieve that.

6. Become a master of reviewing altcoins, learn how to spot a scam so that its almost instant when you look at a shitcoin.

7. Diversify into as many quality altcoins as you can. That way you can experience market bubbles thousands of times over. If you hold all the coins and accumulated them for cheap, you've lowered your risk and win every time there's pump.

8. You must understand the time dimension. All losses/profits are temporary until you've made the trade. All altcoins are related but on their own market cycle. Most of your coins are winners but u need the patience to wait for the right time to make each trade.

9. HODL until moon or grave. Store your top cryptocurrencies for long term gains. You need strong hands to hodl through shakeouts.

10. Find or create a group of like minded individuals to share your research and investment ideas with.


Those all things are good, but take my advice,
Invest and leave it, find something else to keep you busy, get a life, learn something new, expand your skill set. Just observing market all day will not make any difference, going outside meeting people will create a connection and you can learn something new.

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August 06, 2018, 12:11:38 PM
 #11

Would agree with most of the above, just to add the old trading adage about not putting in more than you're willing to lose. New investors may take this with a pinch of salt but, speaking from experience, it's probably the biggest advice to give a newbie.
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August 06, 2018, 01:59:30 PM
 #12

You have given very effective advice. I think every crypto people should follow these suggestions. Before investing in the crypto market, we have to study more about this. Knowledge and skill will take you to a good place.
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August 06, 2018, 04:38:43 PM
 #13

This does seem like a useful guide for the people to really keep their sanity intact during these times. It is highly believed that the entire process to strategize the plan is the main adrenaline rush and what keeps the users hooked, despite the risks associated in the market.
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August 06, 2018, 05:17:41 PM
 #14

Thanks for this wonderful guide, I am implementing just a few of them and after reading your post i find more to implement, I wish all the members of the forum will get to see this post and learn a few things from it. it will really help some people.

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August 06, 2018, 05:27:15 PM
 #15

The major thong that keeps my sanity is the fact that I have always been aware that there will be a moment like this and that it will also pass away.
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August 07, 2018, 06:20:42 AM
 #16

Thanks for the article. Having a proper goal and staying stuck to that is very essential as investors to make profits in crypto currency. But before everything doing research on it is must and having patience too.
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August 07, 2018, 06:22:54 AM
 #17

Very beneficial post. You have said it right before coming to cryptocurrency and investment. A crypto user must analysis about mining, transaction , market price properly. Otherwise it is not wise to get involved  here.
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August 07, 2018, 06:31:21 AM
 #18

I  agree with you. I also think if anyone makes up his mind for investment he should also keep in mind that the crypto market is volatile so he should invest what he can get back if he lose it
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August 07, 2018, 06:50:00 AM
 #19

These 10 guides have kept me sane. I am lucky enough to have read them when I was starting in crypto. I believe new bloods in crypto should read and understand this.


1. Commit yourself to becoming an expert in all aspects of cryptocurrency (mining, fundamental & technical analysis, etc.)

2. Only invest what you can afford to lose, and be okay with the fact that you might lose it all.

3. Learn/Experience altcoin bubbles & herd behavior. Remove your emotions from the process.

4. You can't be correct 100% of the time. Expect to lose sometimes. It's about optimizing your percentages, not perfection.

5. Always keep your mind set on the end goal (no more salary/slavery) and focus on how to achieve that.

6. Become a master of reviewing altcoins, learn how to spot a scam so that its almost instant when you look at a shitcoin.

7. Diversify into as many quality altcoins as you can. That way you can experience market bubbles thousands of times over. If you hold all the coins and accumulated them for cheap, you've lowered your risk and win every time there's pump.

8. You must understand the time dimension. All losses/profits are temporary until you've made the trade. All altcoins are related but on their own market cycle. Most of your coins are winners but u need the patience to wait for the right time to make each trade.

9. HODL until moon or grave. Store your top cryptocurrencies for long term gains. You need strong hands to hodl through shakeouts.

10. Find or create a group of like minded individuals to share your research and investment ideas with.



This really inspired me. Thank you for sharing it. What has kept me in sane is that this crypto market conditions is only just happening for  the first time, It has gone through this conditions many time and survive. And i know the HODLERs are the winner at the end of the day.

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August 07, 2018, 06:51:28 AM
 #20

What keep me sane when a bloodbath, and peoples panics happen is to buy Grin

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