Take Advantages When You Can... A Down Market Can Be 1 Of The Best Things For You!
I try to look at the big picture of things. Where have we been? Where are we going? Like a lot of my fellow Steemians I lost a lot of profits during this year. I have to admit it was not a fun ride to take. I believe the special place is called Wreck City. I went there and even lived there for a little.
Then I started to look at a bigger picture. I realized we were going back to a time that just less than a year ago I wished I was at. If you were in cryptos late last year then you know what I'm talking about. That saying "Man I wish I could have bought more when the price was lower!"
Well now is that time. So while a lot of people are getting upset, I am trying to take advantage of the situation. Here is what I am doing now... (and of course it's not financial advice)
I converted a lot of what I had into bitcoin since that seemed to be a lot less volatile. Then as the price would fluctuate I would sell a little and put it into altcoins. Now, most of these altcoins are not for trading. I bought them to hold since the price was so low. Don't get me wrong when an altcoin goes up a good amount I usually sell some to get some gains, but my goal is to get a good amount of altcoins that as of late last year were almost unattainable in large amounts.
A good example is Bitcoin Gold. Last year they were 300 to 400 each. Now only around $20. There is a risk because the altcoin market is very uncertain, so I only have about 10 altcoins I have put in to and each one I have done my own research into. Another example is Steem itself, less than $1.00 per coin is a great deal especially if this platform takes off in the next few years!
Since I am working on growing my altcoin numbers the day to day USD value of the account doesn't bother me as much. It is still a lot nicer to see green than red, but since the purpose is to gain coin numbers instead of dollars right now red for me is just another buying opportunity.
So if you're disgusted with how things have gone this year, you are not alone, but for every bad situation, there is a positive that can be worked out. You just have to find it.
Hopefully, when the next big run happens I will be happy that I bought at historically low prices. Even if 5 of the 10 coins I bought are wiped out I should still be in great shape.
Good luck to us all and have some fun on your journey! It's not every day you get to be a part of something so new and interesting. LONG LIVE THE CRYPTOS!