1. Take profits in a bullish market
While this tip may be hard for traders or investors to complete now, it’s a very important step when talking about surviving a bearish market. You must have taken profits to at least BTC, and hopefully sold some to receive fiat. And this doesn’t mean selling all at once. When one of your coins is up 25% sell 10% of that coin, or whatever is optimal for your personal strategy. It is very important during a bullish market to continue taking out profits, and storing them in a wallet, so that when the times comes, and the market turns bearish you are able to strike and get the coins you are highly interested in at a much cheaper price. This is also a great way to preserve capital, so after the market has completed its bearish cycle you have the opportunity to take full advantage.
2. Market Cycles Rule
Like it or not market cycles rule in crypto as well. When the market is in an obvious bull trend crazy things tend to happen. As mentioned earlier this is the time to sell and take profits as your bags run. When you are experiencing a bearish trend, it’s not the best idea to sell after your bags have dumped. Instead, accumulate coins that have solid fundamentals and seem to have found a price support level. This is the time to go heavy into researching lower cap coins and try to find the next 100x coin. Keep a list of coins you like that have strong fundamentals, and slowly start to average in when the prices seem to have found support.
3. Passive Income/Build Something
When you are experiencing a prolonged bear market it’s definitely the right time to start finding different income streams. As far as crypto goes, you have masternodes and staking. I prefer masternodes as the block rewards are normally higher for mastenodes, however, I began with staking and it has helped my portfolio greatly. You have to be very careful with masternodes, the best time to get into one’s very early, when their rewards are still high, however, this is also the riskiest time due to the project not having much proof it being legit and successful. There is also the option to get into mining. I’m not as familiar with mining, but I do have a podcast episode coming up geared towards someone who is interested in beginning to mine. You can also talk to Cristopher Walken on Twitter! As far as building something, my mind turns to content, because that’s what I love, however you may not like content, and for those people, it would be a good idea to learn code and work on developing skills or build a business around crypto, apparel and such. If you are like me and love content, begin writing on Steemit! You can easily start a blog and link it to Steemit, you can also start a Bit Tube Channel, or even create a podcast!
Follow me on Twitter @thecryptosky ask me any questions you may have!
Follow Christopher Walken on Twitter @cryptochrisw
This is not financial advice, I am not a certified financial advisor. As always please do your own research. Please contact your financial advisor before making important financial decisions.