We've just witnessed and if you're like me, experienced a monumental event. The great vapouirsation of billions of dollars in an instant is a story that will go down in history and we have the unfortunate task of being a part of it.
If you held crypto in the last few days, then congratulations, you've been part of history. You probably just woke up and found that you're 60-70% down, how did it feel?
If this is your first rodeo, you probably feel horrible like you just took a gut punch and the pain is traveling through your gonads and spreading through your nervous system like it's after your life. I know exactly how you feel and I wish I could promise you that the worst is over. Sadly, the worst may be around the corner.
If you're like me then you probably feel numb. No pain, no sadness, no emotions, just hollow.
There's plenty media attention and of course the standard social media overreaction. It's just a sign of the times and well, memes must be made.
Pick Up Your Chips
Listen, there's no crying in the casino. You simply dust yourself up and go again or take your L and walk out.
It doesn't matter how much money you have when you're in the gambling house. The only thing that matters is how much you leave there with and until you leave, the house holds all the cards, so you have to play yours right.
There are many lessons to learn from this recent event but frankly, these are lessons that I already learnt from many other doomsday events I've experienced in the past. I'm like a seasoned war veteran at this point, immune to the sound of chaos and clad with impervious armour.
There's no nice way to say it, we got hit bad but all we can do now is pick up our chips and start betting again. However, now we're wiser with our biases and complacencies put through the wringer.
Day traders are probably the least impacted because unlike romantics like myself, they hardly place long term bets. So some may have sold at the peak of the market and others may have had stop loss in place to minimise the damage.
If you religiously hold certain assets for sentimental or just your general belief in the asset then I'm talking to you. I call people like you romantics and I'm one of you. Us romantics can learn a thing or two from day traders.
Investing in crypto is all well and fine, especially when it's an asset like Hive with intrinsic value and potential. However, we need to start sharpening our pull out game because nothing is promised.
We have to adopt strategies that minimise the damage. It's easier said than done because just as easy as it is to be 70% down overnight, you could also easily be up 700% in the same time frame.
I guess the key is finding the right balance between risk and safety. Playing our cards right and then hope that our luck shines through.
It's a casino and we can't all have winning hands. Someone's gotta take an L at some point. The next step is up to you: are you going to fold or are you getting back on the table? The choice is yours.