These days can be tough, you open your portfolio and everything is red. Really red.
(photo credit: videoblocks)
Weeks of gains evaporated in hours and maybe then some.
It stings, but through the pain we can find out some information that could prove valuable to us in the short term.
One thing I like to do on days like this is to see which of the coins I watch and day trade(about 25) held stronger than the others. On days like today, usually the coins that are around break even for the day or up a little are that way for 2 reasons.
The first reason is that the coin has taken a beating prior to today and has already had many of it's weaker hands shook out, leaving not much more room to shoot down.
The other reason is that it would tend to be is that something is brewing in which, even though most coins are -20%+, the buying pressure continues to outpace the selling pressure pushing the coin's price higher.
Both of these situations are ones I like to swing trade on, as I feel they have good shots at modest short term gains when the market flips back positive. Also, if the market continues down, the coin has already showed it can buck the trend for now, so it may hold better.
It is easy to focus on the account balance seemingly continuing to tick down, but relax and focus on the things you have control of and try to extract value and opportunity out of a rough situation.
High five someone! Or, at least....
