Bear Market Survival Tips! 🐻
The bear market is busy and scary, but they are a natural part of the market cycle and are needed for continuous price increases.
Here are some solid tips to survive. 🧵👇
Buy low and sell high – this is the way to generate wealth. What sounds simple is actually implemented by only a few people. If so, every investor will now be a retired millionaire.
1. Have more sources of Income:
Make sure you have a reliable source of income. The fastest way to ruin your life is to invest everything you own. Don’t invest more than you can afford to lose. A stable income also gives you the luxury of waiting a few years for crypto to fly.
2. Knowledge is Power:
Start by learning the basics of crypto and fully understand it, and then dig into more advanced topics to expand your knowledge. If you research and invest wisely, the market will reward you. You will never stop learning.
3. Cash is the King:
Without cash, you cannot buy the dip or distressed assets. Always have spare cash/USDT available to buy!
4. Risk Management:
Expect lower prices than expected. Are you sure this is the bottom? Avoid going all-in as it can be wrong and the price can drop further.
Also, fold it if you make a mistake or if certain supports do not apply.
5. Don’t try to buy the bottom:
The bottom is here and don’t ride any relief rally thinking you missed it, rather wait for signs of strength. Accumulation is a sign to start a purchase or DCA. The bear market will not end in a day, it will take months to recover.
6. Stay away from Shitcoins when portfolio building:
Don’t invest in projects without fundamentals, even if they are hyped and well marketed. This gambling strategy may work in the bull market (still a musical chairs game), but not in the bear market, when building a portfolio.
7. Build Beliefs:
Be confident in your investment to withstand the blood of the market. Conviction involves proper investigation and dedication. There are always buyers and sellers at a particular price. The market is not zero. Avoid FOMO and FUD and don’t rush to make a trade.