I know there's been a lot of doom and gloom recently with the pull back in the crypto market. I've heard and read the word "crash" uttered and written it seems at every site and blog concerning crypto these last few days, and I can't help but shake my head. This is the nature of the beast. These are how markets function and it's a good thing. We have a true "free market" with crypto and it will, no matter how much we want it to always go up, correct and determine fair market value.
A normal, healthy market should in essence look like a staircase. Slow and methodical, increasing with time on it's slow march to the heavens. But markets don't like to cooperate, they tend to act like a crazy uncle. If you're scratching your head wondering, "What is he talking about, I don't have a crazy uncle?", well count yourself lucky, your family is more normal than most. But crazy uncles are great to learn from, they look at the most rational, logical choice, and then do the opposite. So in short, don't do what he does. Same goes for the market, look at what the herd is doing (herd being the market) and do the opposite. This is usually your best move.
An analogy my grandfather taught me growing up, (he was a very astute and proud Ben Graham disciple) was of going to the grocery store. You don't buy something, for this example we'll say eggs, when they're overpriced, you wait till they go on sale. You only buy enough to survive when they're overpriced. When the price is ridiculously overpriced, you go without eggs, but when eggs go on sale, you buy more than usual. It's really quite simple. So when the market has a sale on an asset, that's a good thing.
Here's a chart of the DOW from the last 100 years. You can look at both charts and even a layman can see correction, after correction after correction. It's normal and it's needed.
The market rewards the turtle in this race, not the hair. I used to trade, but no more. I'm a turtle and happy to be one, I sleep much better at night. This is a game of staying power. A game of patience. I believe in crypto currency and I really believe in Steemit. I don't care where it's trading at today, because in my head, I feel I know where it's going in the future and I damn sure want to be along for the ride. So the market can keep doing it's best crazy uncle impression all it wants, I'll just sit back with some popcorn and enjoy the show, and collect a little more Steem along the way.
(Disclaimer: This is by no means to be used as financial advice. I am an amateur investor and these views are my opinions only.)
Useful Websites for Steemit Newcomers
https://steemd.com
https://steemnow.com
https://steemdollar.com
https://steemwhales.com