The last few days has witnessed a lot of panic selling from noobs. I say this from observing a number of discussions on Facebook groups, some chats on Steemit.Chat, Telegram groups and whatsapp. The moment market starts correcting many with little to no experience in these matters start panicking.
This sort of behaviour is detrimental to the market because fresh money that gets pumped in also gets pumped out just as quick as people who are happy to digest a 100% overnight gain cannot deal with a 30% correction. $100 billion market correction seems like a lot but if history were to repeat itself we're bound to see far higher returns in the year to come and this too will be followed by massive corrections.
Markets don't move side ways and it's always up and down. If you want to enjoy the profits be ready to stomach the lows. There's no other way to go about investing in the world of high-risk and high-yield cryptocurrency markets.
People around you who are getting richer and richer trading or investing in cryptos are able to do that because they are able to diversify and book profits when they see 500% gains but are emotionally stable when they see a 50% correction.
Keep your emotions aside and do your due diligence. Don't simply go with recommendations or suggestions of anyone in order to make a quick buck. This market which may be controlled by whales at times will eat your investment before you know it if you decide to panic sell. This is the nature of the game if you want to play it, you've gotto understand how it works!
You don't profit unless you sell, but you certainly don't book a loss until you sell either!
So, tell me? Did you cut your losses and exit from a token/trade because someone told you or out of fear and uncertainty? Have you ever fallen into the hype of overnight profits in crypto only to buy at the top and sell at the bottom?
Remember, for anyone who profits in the market, there's someone selling at a loss!
Market corrections are always the best time to buy and if you plan on investing regularly, be sure to book your profits regularly too. On that note, did you buy some Steem at under $4 on the recent dip? :)
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