There's a lot to unpack right now and a lot of emotion.
Here are some pieces of advice for dealing with losses, uncertainty, protecting your assets and dealing with the extreme thoughts of "should I buy?" or "do I need to sell everything?" running through your mind.
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Here are some pieces of advice for dealing with losses, uncertainty, protecting your assets and dealing with the extreme thoughts of "should I buy?" or "do I need to sell everything?" running through your mind.
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Let's start with losses. If you've taken a beating today, time to step away. Consolidation usually ensues after these sort of moves we've seen. The environment has turned into a ruthless battlefield and it isn't the place for 95% of traders right now.
You don't need to get back your losses today. You may have lost the battle, don't end up losing the war.
Revenge trading is a sure-fire spiral to zero.
Step away, enjoy Twitter, play some video games, do what you need to that ensures you don't need to look at a chart.
Revenge trading is a sure-fire spiral to zero.
Step away, enjoy Twitter, play some video games, do what you need to that ensures you don't need to look at a chart.
I know it's hard. The compulsive side will kick in, one tweet you see about a bounce and you're back in, perhaps even shorting because it's going to zero now.
You have to try and kill the impulse, the best way is to physically step away.
This is a crucial period for survival.
You have to try and kill the impulse, the best way is to physically step away.
This is a crucial period for survival.
Protecting your assets.
Split risk, always split risk. Don't ever hold all your assets in one location. Spread them around, mitigate the chance of a full lockout.
Exchanges, ledgers, your bank, do what you need to that ensures you're split down across multiple locations.
Split risk, always split risk. Don't ever hold all your assets in one location. Spread them around, mitigate the chance of a full lockout.
Exchanges, ledgers, your bank, do what you need to that ensures you're split down across multiple locations.
A lot of people have asked "is X safe?" to me today, I would have told you a week ago FTX is "safe." Events continually prove that we have no idea what can happen in this space.
Make it your responsibility to ensure that you don't have 100% of your networth in a single location
Make it your responsibility to ensure that you don't have 100% of your networth in a single location
"Shouldn't I be buying this dip?"
Your call but my call is a fuck no. Not only have we lost technically significant levels, the space is in ruins and we've seen an event unfold we'll discuss in years to come.
Not only that, we've certainly not heard or felt the end of this.
Your call but my call is a fuck no. Not only have we lost technically significant levels, the space is in ruins and we've seen an event unfold we'll discuss in years to come.
Not only that, we've certainly not heard or felt the end of this.
Large sell offs are points that the less-informed trader/investor thinks "this is a buy the dip moment!" - the situation requires more patience and as mentioned the environment is ruthless right now. Pushing capital into the current risk situation feels unnecessary.
"Should I be selling everything?"
Your call. My call, do whatever is best for you and your finances. Always consider the situation "how would I feel today if I didn't cash out and it went another -50% next week?" Usually this will help guide your actions.
Your call. My call, do whatever is best for you and your finances. Always consider the situation "how would I feel today if I didn't cash out and it went another -50% next week?" Usually this will help guide your actions.
If you're back at breakeven, small profits, can get out relatively risk free, that's another strong consideration. Why have risk on the table in this environment? The atmosphere is a universe away from what it was even 72 hours ago.
Whenever it comes to selling, that depends on so many more variables. But always consider your own finances, not the thoughts of influencers, do what is best for you and consider how bad your situation would be if you were another -50% down.
Rationalise everything but consider worst case scenarios. It's a bear market and we've seen an industry shaping move occur. The outcomes for consideration should be on the downside not "what if it's the bottom?" as nothing supports that side but hope.
Lastly, you don't need to put on a brave face. Times like this can really fucking hurt, many people will be in the same situation today, share, open up, discuss with others, you are not alone. Reach out to your communities, reach out on Twitter. Do not suffer in silence.
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