If you started buying crypto during the fizzier months of 2021, recent volatility might have left you with whiplash. Wasn’t Bitcoin just at an all-time high in November?
Yeah and if someone did not sell some bitcoin at the high price, they have been foolish to some extent. Cycling the coins between bull and bear is important.
Think ahead: Buying and holding isn’t right for every asset, but during a market downturn, consider your long-term goals. Did you buy with the intention of selling many years in the future? If so, it’s probably ok to stop refreshing that tab and take a deep breath.
Since I take bitcoin as the only thing I need to keep for future, This should not be a big problem, rather recycle your coins. Altcoins though need you to sell out all at times and not hold them forever, obviously because they are shitcoins.
Look into dollar-cost averaging:Dollar-cost averaging is a popular strategy for reducing the sting of volatility and taking emotions out of trading — it involves buying a smaller amount of crypto every week or month no matter what the market is doing.
I prefer to buy in chunks when the bear market is entered into - save up money every month till the bear hits. I think the average volume of bitcoin that you can buy by this is higher than DCA.
Trade within your limits:Are you planning to “buy the dip?” Remember: No matter how confident you are about a particular asset, you should never put in more than you can afford to lose. (And when in doubt, speak to a trusted and certified financial advisor.)
There is no such thing as "financial advisor" in the crypto space. Those people only exist in the fiat markets. If someone needs advice, they are not doing trading correctly here or putting money into assets other than the top five on CMC or CG. Bitcoin traders need to be financially advised on their own and if they cannot execute this, they should not trade at all.