In wake of today's Crypto Currency Market Correction, I have seen a lot investors panic.
Here's my take:
If you hold investments in good cryptocurrencies poised with growth because of completed projects, great partnerships, great financial backup, are in a specific niche, or are meeting their roadmap schedules then this correction is a great way to buy more coins! If you can get your current investment at lower prices then you are "cost averaging" meaning your overall investment into the coin(s) are lower than what you started with.
For example, you bought 100 coins at $1.00 = $100.00. Then you bought another 100 coins at $.50 = $50.00. Now you own 200 coins at your investment of $150.00. But what if you bought the 200 coins at $1.00? You would have paid $200! By being patient and taking advantage of the decrease, you ended up buying more coins and an average lower price!
See this example:
As you can see from the example above, you can make more money if you buy more coins when prices go down IF you feel your investment is poised for growth.
But if you bought coins on a "Pump and Dump" coin then you could have a lot of problems, especially if you bought at a high price because that coin may not get to that high price again. Some of this hyped coins can go up significantly but at the same time come down just as fast, sometimes never going up to that point again after a market correction.
So with that being said, if there's a market correction and you hold very good investments poised with a lot of growth potential, you can dollar cost average and buy even more. If you don't have the capital to buy more then just Hodl as they say because eventually these coins will go up again! Patience is the key!
Here's my Haiku pertaining to market corrections:
The Market falls bad
ignorant investors sad
smart investors glad
Be patient, keep abreast of information, hodl and take action!
Cheers!