Lesson learnt from the 2017/2018 crash that keep me sane nowadays
I’m posting this as I see so many comments in the daily of people genuinely fearful and distressed and the recent price drop.
Firstly, there is no point asking others what’s going to happen with the price eg is this it are we crashing? Or is this just a correction and still heading upwards? No one will actually be able to answer your question with certainty. In addition, what you are actually looking for is reassurance. What you will find is people answering with opinions that can be like an echo chamber. The more people that are repeating the same kind of message creates this false sense of certainty that can actually make you believe something based on very little.
Secondly, it’s easier said then done but you need to keep your emotions in check. My first experience of crypto was investing 2017/2018 and rode it up and back down and I made many mistakes and bought/sold based on emotion. Very rarely is this going to be a sensible decision. If you struggle with this, there are options, invest less and make sure you are aware and prepared that you may lose this money entirely or at the very least it could crash down 80-90% and can you tolerate this?
Thirdly, so many people want to get rich without putting in the time and effort. I’m not judging, I was the same. I did this 3-4 years back and went after moonshots left right and centre. I put months salaries in NEO at $150, GVT at $20, ICX at $5 etc. A simple look at the charts will tell you that I spent years down 90-95% because of these decisions. The vast majority of people (including me) don’t have the skill, knowledge or time to successfully day trade or make money from short term trades. Most of us need to invest over the longer term and ride out the short term volatility. As a result of this, I learnt I need to weight my portfolio heavily in BTC and ETH. I do this because I would always encourage people to hold long term like I did with NEO, ICX and GVT etc as they return or are well on there way to ATH. However, some if not a lot of the alts you see are shitty projects with shit fundamentals and will be eaten up over the years. Even alts with massive support and popularity disappear, look at Substratum. So blindly holding really depends on what you are holding. I got lucky with my alts (except substratum :()
In BTC and ETH we trust, I think the combination of tech, future adoption and support make these the safest holds you can have.
I hope this helps even a few people