My Coping Strategy for Bitcoin Price Crash

[logfiles]

3- Roof over my head: I have lost so much but at least, I still have a roof over my head.

What are your strategies for coping with the Bitcoin and crypto market crash?

You haven't lost anything, brother... Unless if you decided to sell your Bitcoins. Selling them means you have given up and accepted the loss.

If you look at the Bitcoin price history, you get to realize that Bitcoin gets higher and higher after every huge dump. If you were here in 2020 March when Bitcoin dropped to 3K. Those who did sell off are still smiling, even if they did sell up to today.

Those who sold at 3K could be cursing themselves to this date.

[fortuner]

Thanks OP for sharing your strategies.
Without a doubt we are all experiencing distressing moments due to the surprise crypto market crash.
Staying calm and thanking God for the opportunity to fight for a new day is paramount with the ideal that after the storm comes calm.
It's been frustrating the last few days but thanks to our community all together we will get ahead.
When I remember the uncertainty caused by the pandemic that paralyzed all the markets, it makes me convince that bitcoin will have a new ATH and we will forget this bad moment.

what the OP presented is more than enough to remind ourselves to keep on surviving no matter what the obstacles or pain we are experiencing right now. there's hope as long as we are alive. we may lose our savings or any other material things, but those can be replaced in time. just remember, it is not the reason why we exist. we have other people that are relying on us, so don't feel so bad, because you have other good things to be grateful for.

Indeed there is no other way for now other than we are patient and grateful.
Of course there are good things after this just believe it because if it is our sustenance then it will never be lost from us.
Just like what we are currently going through, of course there are many losses that we get but just be patient and wait for a good time that will change back what we hope for now.

[lienfaye]

What are your strategies for coping with the Bitcoin and crypto market crash?

Its really depressing to see the market crashing and its normal for us to have worries. But as I have said before, even the price of Bitcoin and alts that I hold plunged, as long as im not selling then I have nothing to lose. Plus I dont monitor the market often, it can help to prevent myself thinking negatively.

Anyhow, its a good thing for me that the money I spent to invest in crypto is something that I can afford to lose just incase worst case scenario happened.

[GreatArkansas]

The most important these days, in tough times is our mental health. To be honest, it's just money, we should be careful and love our body because we can make it all back.
I'm just really sad for those people who lost everything and decided to end their life or hurt themselves.
What OP shared is really helpful, try to take a break from the market and make your mind clear first before getting back.

[Darker45]

There are more ways than one to cope with the stress that is brought about by this bear market. For one, like you said, you could appreciate more the abundant blessings that are immediately around you-- life, family and friends, shelter, complete meals each day, a soft bed to sleep on at night, and so on. I also do this. I'm always grateful for each day and I always wear a smile when I wake up each morning, after I pray.

Another strategy that I use is to be aware of the price history of Bitcoin. While it is true that everything's possible, that this market is a wild wild west, that there's high risk here, and so on, the fact is that Bitcoin has gone through this market cycle a number of times since its existence and it has always recovered. I didn't flinch when Bitcoin fell from $20k to $3k; why should I panic now?

Another approach is to focus on Bitcoin itself and not on its price. Regardless of the price, Bitcoin remains the same Bitcoin that translates to freedom more than anything else.

And there's also a lot of options to divert your energy and focus. You've got your hobbies, your work, new skills to learn, and others. But what I think is my unique strategy is that whenever the market I'm heavily invested in falls hard, like what's happening right now, I always go back to the fact that I was born poor, currently living a very simple life, and that not much will change even if Bitcoin will fall to zero.

[nur rochid]

The most important these days, in tough times is our mental health. To be honest, it's just money, we should be careful and love our body because we can make it all back.
I'm just really sad for those people who lost everything and decided to end their life or hurt themselves.
What OP shared is really helpful, try to take a break from the market and make your mind clear first before getting back.

those who commit suicide are ambitious and gamble because they cannot patiently accept reality. In fact, to invest the main choice is bitcoin with the largest portion, so that no matter what happens, you will not lose all the money as it is today. many people just want to get rich quick without taking into account their future risks, so if it happened like this time, they would be very frustrated

[molsewid]

There's no gainsaying that there's panic everywhere. Some people have likened the 2022 Bitcoin and crypto market crash to watching their house getting burnt down. And at this moment, it doesn't matter whether you invested $100 or $1000 in the market, everyone is feeling the heat. Today, I woke up feeling sober. I was thinking deeply about how much stress, anxiety, depression, and the toll the recent market crash has on the mental health of those who in the crypto community. I also thought about what strategies people are using to cope with the loss.

For me, practicing gratitude is my number one go-to-coping strategy. So, every morning, I look in the mirror and say aloud three(3) things that I am most grateful for.

Today 12th May 2022, I am most grateful for:

1- The gift of Life: So long as I am alive, I have hope for recovery, regardless of how much I lost.

2- Family: I have received so much love and support from them in past few days.

3- Roof over my head: I have lost so much but at least, I still have a roof over my head.

What are your strategies for coping with the Bitcoin and crypto market crash?

You are right about these, it is better to be positive despite of everything even you know it is kinda hard and frustrating to see your port is bleeding , and for me I always keep in mind that whenever I feel sad because of sudden changes, unexpected events that will hurt me or make me feel sad there will be a time that I will always remember this is normal it is just that I am stuck in the valley of disappointment (if you knew plateau of latent potential) . Soon if I will keep on accepting that I might have some losses tonight, soon I will get used to it, and it will help me to have a good decision soon.

[South Park]

We are born with nothing and we will die with nothing.
Material possessions,money and financial assets are temporary.They just come and go.One day you have them and the other day they are gone.Unfortunately,we live in a system,where money and financial assets determine our social status and our artificial value as human beings.
A buddhist monk once told me "Life is like the stock market.There are ups and downs" I guess that we have to embrace the downs,not just the ups.The bad times are an opportunity,not a reason for pointless drama.
The panic on the crypto markets will come and go.We just have to HODL and wait for the panic to go away.

What happens is that people have an unrealistic view about the markets since they do not understand them, they believe that somehow the price of an asset that is currently going through a bull run is always going to keep going up, not understanding the price is going up due to an increase on the demand, and once the rate of the demand slows down or stops completely then a bear market will follow, for us this is logical but most people do not understand a concept as simple as that, and it is because of this they get surprised by the sudden crashes that we can see once in a while in this market.

[m2017]

What are your strategies for coping with the Bitcoin and crypto market crash?

Its really depressing to see the market crashing and its normal for us to have worries. But as I have said before, even the price of Bitcoin and alts that I hold plunged, as long as im not selling then I have nothing to lose. Plus I dont monitor the market often, it can help to prevent myself thinking negatively.

Anyhow, its a good thing for me that the money I spent to invest in crypto is something that I can afford to lose just incase worst case scenario happened.

Any situation can be perceived both negatively and positively. This is from the category when the glass is half full or half empty. In the current situation, no matter how difficult and unpleasant it may be, you can try to step back from the losses mentally. Try not to think about it and not dwell on it. As long as you haven't sold your assets at a loss at a discounted price, all is not lost. Try to focus on the positive. This means that any non-standard situation, which is a market collapse, creates new opportunities. You can try to see these opportunities and take advantage of them. The easiest one is to buy bitcoin at a discount price.

[Welsh]

My best advice is if you're in Bitcoin for the long term, you don't need to know the price in the short term. I've gone months, potentially even a year plus of not checking the price before, and while I don't particularly get emotionally attached to the current price anyway, I just did it because I didn't need to check it, there wasn't any point. I only get the price now from the forum, and users talking about it. I think a lot of users here would find it as a good coping strategy. Have a sit down, ask yourself why you're invested in Bitcoin. If you're invested in the long term, and you believe in the fundamentals of Bitcoin. Then, I personally think you have nothing to worry about, and checking the price is just a unhealthy obsession at this point. Check it closer to when you want to use it for something.

Obviously, this advice could mean you miss out on the upward swings too, but trust me if Bitcoin dives like it has or smashes up in price, you'll know about it through this forum. However, at that point you don't need to keep checking the price every day or week. Usually, these dips, and rises take time to sort themselves out, and checking the price is just going to compound that doubt you might have in your mind.

[KingsDen]

Since I joined the crypto world, at every crash I always have a coping or consolation strategy. I was scammed of a huge amount and I was practically sent back to zero or to start afresh. So anytime I lose money I'll make reference to the scam and say to myself it's not even upto 30% of what I lost then but I survived, so I can survive now aswell. Those where my consoling words when I was blowing my forex accounts day-in-day-out.

But I wish to state this. No body lost money in this dip unless you sold at lost or you are holding altcoins that may not recover again like Luna. But if you are holding btc you don't have problems. At the height of this adversity, the king also tested $30k dollars today.

[sklopan]

To be honest, I don't like to use such strategies. I prefer to work manually, because this way I can obviously earn more.

[FatFork]

What are your strategies for coping with the Bitcoin and crypto market crash?

My strategy is simple, if I do not like what I see on the chart, then I zoom out. If I still don't like what I see, then I stop looking at the charts altogether. My goal here is not to make a quick buck, but to build a portfolio of investments that I can continue to grow over time.

I also try not to get too excited about things I cannot control as I get older and more experienced.

[vapourminer]

What are your strategies for coping with the Bitcoin and crypto market crash?

Nothing. After being in this industry for 6 years, you simply just get so accustomed to being down by huge percentages. .

very much this. ive gone through several 80%+ crashes. at this point its just meh. wait it out and if youve done things right (ie dont invest what you can afford to lose or at the least can park it for several years) its just another day really. dial down ones lifestyle and ride it out.

take some profit when the times are good. it allows one to just coast in the bear market times.

I am still curious to know how were able to deal with the emotions you felt at the time when you experienced your first bitcoin/ crypto market crash?

my 1st crash was from $35 to $3 and it was disappointing but i wasnt risking much at the time, so again, meh. everyones risk level is different.

[isaac_clarke22]

~

What a wholesome thread, OP. I hope other people have the same mindset as you.
What I usually do during these days especially just like in 2018 when Bitcoin was like around <6k is just never open any crypto related site. The more you think about it, the more it consumes you causing psychological effect on you.
When I was starting up just yet back in 2017, a single reddish charts would drive me into insomnia. Good thing Bitcoin rebounded and almost went 20k that year, and there was sign of relief for me to never overthink too much about the market.

[VanityWallets2015]

I thought it was something like TA analysis strategy that I can use in trading but it is more than that. That was really good strategy in coping loses and a good way start up a day and look forward on the opportunity and a positive outlook in life, I will try this strategy as well as strategy that I can personally use such as doing things that I like or that will keep me calm.

[TheUltraElite]

You only need to cope with something if you see it as a problem, not if you see it as an opportunity that you had been waiting for.

This is the basis of how I manage, when I see bitcoin going down, I prepare the USDT on exchanges ready to buy at even lower prices. This in turn gets filled or does not get filled, either way, I am the winner, because I buy bitcoin at discounted prices and dont get any panic in my head. When I run out of USDT to spend, I set the sell orders at multiplied prices and then shut down the console of the exchange to move on to the rest of the things in life.

Bitcoin is not everything in life, so keep that in mind and spend only what you can afford to lose.

This is how most traders should function. If you are glued to the charts, you will face anxiety and take the movements as problems, not chances to seize.

[Dunamisx]

 I was thinking deeply about how much stress, anxiety, depression, and the toll the recent market crash has on the mental health of those who in the crypto community.

To be sincere it something everyone felt the move directly or indirectly and as a matter of fact it has been what has cost many lots of financial asset loss, but still yet it's not the end of life, one has to move on, being worried about it does not bring any change but rather some would have developed a high BP at the course of which i believe their precious life is better than any loss in asset.

I also thought about what strategies people are using to cope with the loss.

Reinvestment is the key, not only is it required to just make an investment but on bitcoin, make a new buy now that its dip and expect more better days ahead.

[buwaytress]

Acceptance and gratitude definitely, I always am thankful I got in when I did and not later. Happy to have witnessed two ATHs, and happy that even when forced to liquidate savings for emergencies (you know how it is, real life loves to strike) that it was in nett gains.

And always, I think, focus on living life. Then when the markets are down and we set in for winter, we've still got plenty of building and improvement to do. Your art, your career, your loved ones. Even forum camaraderie.

As mk4, vapourminer, etc. point out, then this just becomes part of the cycle of (Bitcoin) life.

[pawanjain]

There's a reason why they say that "Only invest what you can afford to lose" and the current situation is pretty much why they keep saying this.
But seeing bitcoin give massive returns people tend to ignore it's history. Even though bitcoin gets us some nice profits there are times like this where it's a bloodbath.
People have to keep this in mind at all times and invest accordingly. This is how volatile bitcoin is and this is how crypto behaves.
My current strategy and probably most of the others' as well is to HODL strong and keep buying at dips to enjoy the profits in the long run.