How to prepare for the Crypto Bear Market, a 2017 survivor perspective

With so many new money joining the Crypto revolution I thought I'd throw my hat in the ring and give my 2 satoshis on how to prepare for the long dark (I.e. Bear Market). My gut tells me we're on the cusp – could be days, weeks or even months till the big correction but make no mistakes: It will happen.

Last bear market i got burned pretty badly blindly 'hodling' my bags, many of which were were shitcoins which suffered way more than the big boys (Bitcoin, Eth). I made a 95% loss and still have half the bitcoin equivalent to what I originally bought 4-5 years back. I'll not be making the same mistakes this time that's for sure.

My survivors tips to the Bear market:

1. Don't panic, have a strategy & stick to it – this one is universal for Bull/Bear markets, but in the context of the Bears we think more of stop losses and slowly buying back in. Set your targets, entries & exits as well as investment horizon. There's a huge opportunity there to short in a bear market and accumulate more (Dollar cost avg in is v useful), but if you are OK riding out 90% losses for a few years by all means hold, that's up to you.

2. Don't put in more than you're willing to lose – if you're in this position now, you should consider scaling back positions. Stop losses & sell orders are your friends (re: point 1, this fits into your exit strategy), this will help avoid you going beyond your risk tolerance.

3. Think long term – "bear markets never last, only tough people last", it's going to feel rough seeing 20% losses every day for a week on your favourite crypto. No matter how solid the whitepaper, team and tech crypto is still in its infancy. FOMO only seems to apply to coins going up, but coins going down while you hold FIAT is probably even better if we think about where crypto will be in 5-10 years.

4. Take care of yourself – last bear market suicide hotlines were pinned on basically all the crypto subs, it was a dark period for many who had lost their life savings etc. Imagine a bad day of losses currently and multiply that by 100x (it's shit in a bear market if you're hodling). I think 1-3 will set you up to weather the bad times, but this tip is really just to reinforce the point that we're all human and money/crypto is NOT as important as our mental health.

Any other old timers in crypto feel free to add anything else to this – hopefully this Bull market keeps going for a fair while, but planning the Bear attack feels prudent right now. BoL