The Panic in Cryptocurrency Markets and Why It's Not Needed
Too many people are selling their crypto assets at loss due to the ongoing panic, not realizing that they only lose when they sell. No matter what the market is doing to your invested money right now, do not panic!
I know you will be saying...
But the Market is Bleeding!!!
Yes, that's true. The market is bleeding and every cryptocurrency is going down. That's pretty much the situation. But what can you do about it? Don't panic! The market is down. That's true. But once you sell on loss, you have lost money.
And I know what you are thinking...
But I'm Losing Money!!!
So, you think you are losing money? Let me discuss a situation. Suppose you put $1000 in a coin, let's say Steem. You bought 500 Steem when it was worth $2 each. Now, that very Steem is just above $1 and your assets are worth just above $500. That means $500 loss? Right?
No! That's not right. Your assets are worth half the amount you invested but you haven't lost a single penny because...
Cryptocurrency Market is an Unending Race!!!
You don't lose a race that is never going to end. You only lose when you leave the track and come back home. Now, leaving a race when you are at the number one position is understandable. You leave with some pride that you were at the top. In cryptocurrency, leaving the race at the top means buying at a lower price and selling at the highest one.
But, what if you are so far behind in the race and lose your heart? You leave the race and realize after a few laps that people who were close to you are now leading the race. What will you have in mind? Regrets. I am sure!
Do Not Panic!!!
So, the race is on and your coins will be ahead some day. You are not losing money. The market will recover. If you bought Steem 2 weeks ago for $2, hold it until its price goes back up and beyond $2. It is a simple game of patience. Sell only when you are in profit! Your money is safe! Remind yourself that!
You will the this man if you don't panic sell!
Conclusion
Please read and think about the following points from this post.
Do not panic and do not sell at loss.
Wait.
Have patience.
Buy good coins when they are absolutely low so that you can sell at profit in future.
Again, do not panic.
I agree.
However, I don't think there's much use in telling people not to panic. Traders and investors spend decades on Wall Street and they panic all the time. These are supposedly sophisticated people who know their stuff and this is the kind of action you get from them. What do you expect from a largely "normal" population?
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