Apparently...There was a dip in the crypto markets over the past 24 hours.
I say apparently, because I would have never have known unless I checked out crypto Twitter and some posts on Noise.Cash this morning.
The pull back, the dip, whatever we call it these days took place and once again, like clockwork, people began to lose their minds!
Red in the streets, means time to sell for the weak hands.
Even though we've been through this cycle multiple times in the past few months alone, people seem to forget how much emotion is actually in the markets and common sense flies right out the window.
Let's do a quick overview of what I mean....
Ooooh red....DANGER!
Everything is crashing and it's time to abandon ship!
Your emotions say, this isn't safe, I'm going lose, so I need to protect myself and get rid of my positions.
And now the flip side of it...
Green! Safe!
Let's move forward!
It's only going up from here, so this is a good play and my EMOTIONS are telling me I can't lose.
So I buy more crypto when things are 'safe'.
And along comes Jongo who does things completely opposite to the 'norm'....
To say I have no emotion in the game would be a lie. I'm VERY bullish on LEO, Hive and all the tokens within this eco-system!
But I have added a few things to my 'investing' that I believe serves me during these market dips...
Dollar cost averaging
I spend the same amount of fiat, every single week...Regardless of bear or bull markets. This is stupid simple investing 101, and while I'm not the sharpest tool in the shed...It's been working so far.
Multi-year plan
And here's the biggest reason why I believe I have no emotion at all when the markets go up and down. I'm only in year 3 of my 5 year plan of accumulating as much of this stuff as I can.
When the market actually dips, I get to accumulate more thanks to my dollar cost averaging. So when prices are in the green...I'm happy cause it's worth more. But when the markets are in the red, I'm still o.k. with it because I can accumulate more for cheap.
This goes against a lot of the technical analysis, day trading stuff most people are used to in crypto. I'm not trying to flip crypto for profits for at least the next 2 years...My mission is accumulation.
And getting back to the start of my day today...
I had NO IDEA we were even in a dip until I read the horror stories on social media.
I don't look at charts.
I don't have a Blockfolio account.
And Coingecko isn't bookmarked
Emotion isn't a determining factor in my day to day life in crypto.
I know some people will say you need to take profits...Sure, if that's your goal. But for me, I'm much more interested in what this stuff will represent for my family and I in the years to come.
So while this method and these 2 strategies might not be for everyone....For a guy that likes to dollar cost average and have a multi-year plan, it fits me perfectly!
How are you handling the dips?
Have you lost your mind yet ;)
