While the Crypto-currency market has suffered a pullback lately, this may not be the last we have seen of the rally. We will face more turbulence ahead as we head towards the BIP148 soft fork on 1st August.
As a Day Trader: (Lots of FUD and Panic sellers here)
Option 1: Sell your positions for a loss when it goes beyond your loss threshold
Option 2: Hold onto your Top 20 Tokens as they will likely recover (Disclaimer: Not all top 20 will recover, correction is a process to remove the weak). If not, pray or go to option 1
As a Swing Trader: (Steadfast people who are busy but learning)
Option 1: Hold your ground if you are holding onto the Top 5. You will be all smiley unlike the rest of the ICOs and hype traders who got stranded in a storm without an umbrella.
Option 2: Buy in at better positions especially for the Top 5 tokens and wait for the recovery. It will come if you are patient enough to wait.
Conclusion: Most of us are too used to the high pace of trading and bullishness of the Crypto market. The corrections are here to remind us that we should diversify, practice patience and be aware of how to identify the right tokens. Learn from these corrections, as more and more correction will come to test the Crypto-market. It is the only way to truly build volume and establish the technology.
Analogy: Trading is like building a brick house
Young traders are always concern about the current losses (bricks), professional traders are concern about what can they learn from this correction (brick house). Your attitude towards correction will determine your altitude in any trading.
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