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RE: You call this a bloodbath?

in #price7 years ago

Good thoughts for sure and diversification can be helpful. But with broad-market ups and downs, the pain can still be the same.

However, managing your emotions when trading and investing is among one of the most important elements people miss when starting out. Especially if they are lucky enough to have started in a secular bull market and caught the uptrend. They just think; "this is easy, I'm going to make a fortune."

It's important to "know yourself" and the type of trader you want to be. Day-trader, (being in and out of trades on the same day) Swing-trader (positions that last a few days or weeks) or a Position-trader (taking a position weeks or months at a time). Personally, I've done all in different markets, but choose to be a Position trader in Crypto.

Not knowing how you want to trade when you start will likely get you into trouble.

Volatility is a "traders" friend; however, in Crypto, the "rules" are not the same as in other market, in many ways. These are fledgling markets that really need time to evolve. The relative liquidity is small, thereby allowing for these monumental swings.

And as many are seeing, volatility is also the enemy.

Making emotional decisions, whether they be trading or personal will very often lead to disaster!

Be careful out there and know yourself and what your objectives are.

You need a strong stomach in these early days of Crypto!