The difficulty to stay the course when markets turn red
When dealing with crypto we can't help to check the value of our tokens on a regular basis. For many it's the first task of the day. I consider myself as a holder of tokens but like everybody else, I can't say that when prices go south I'm totally unaffected. A couple of weeks ago I saw the value of my portfolio taking alluring dimensions and today it looks totally different. This takes a toll on our motivation and our energy. The problem is that especially our emotions are triggered by such a situation and emotions are bad for rational decisions.
In such times, it's worth to sit back and try to look at things in a calm and reflected manner before we do things that we may regret later...
How do you react when markets turn south?
The first aspect of bearish markets is that we see the value of our tokens diminish and it hurts. Many among us try to get as much out of it as possible and sell as fast as they can. Thereby they accelerate the blod bath. I learned that markets never go up or down in a single stright line, they ossciliate. Just keeping this in mind helps me to put things in perspective.
One hive = one hive
The price of a token is just one way to evaluate it. Most commonly our tool to measure wealth is fiat money. So if Hive loses value vs the dollar, we might feel bad because we own less value.
However, we shouldn't forget that one hive last week is still the same hive today. The blockchain and the inflation hasn't changed. The development and the community are still the same. For me hive today has still the same value and in a way it's even easier to get some today than it was last week. It's the same for all other currencies out there.
Take the opportunity to fill our bags
I can't help to think that when prices retract, it's an opportunity to collect more tokens. I will get more Hive form my HBD from post rewards and I'm happy about that. I haven't reached the Hive Power I want. It's the same for most of the tokens. If we believe in one currency, then we should profit to fill our bags as much as possible when prices go down.
The most important thing is to keep our emotions in check and to try to put things in perspective in order not to overreact.
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The first instinct is to get upset by the value of my portfolio drop but as soon as I get back to my senses, it turns into trying to look for an opportunity to buy aka see if there's any spare fiat change lying around. 😅
That's how I experience it as well. It shows that you can put your emotions aside and look at the opportunities that are offered :-)
Yeah it doesn't feel good when the markets go south. But then I remind myself to stop pricing my portfolio in USD as we all know fiat is trash lol. Instead I price my portfolio in BTC and its value has stayed the same, maybe increased marginally. Fear is weakness leaving the market.
The prices are so subjective and I believe it's a good idea to get away from evaluating everything in USD. In the end you don't know whether it's the usd that went down or the the crypto up lol.
What is the method you suggest using to move HBD to hive or SWAP.HIVE?
I know there is a three day convert but I was thinking I saw a more instant method.
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The easiest is to use the diesel pool swap.hive : swap.hbd on tribaldex. Or you can use the hbd:hive exchange: https://wallet.hive.blog/market. Both are instant and without fees.
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This is so true, taking our chances and filling our bags should be now not never
Exactly, I believe every day is a good opportunity to fill our bags and when prices are low, then it's even better :-)
One hive friend can be priceless and being part of a community is healthy
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On hive money isn't the only parameter that matters. When I look at the relationships that I've built here, I believe that I recieved much more value than the HP on my account :-)
I have no worries about the crypto market while the fiat currency that I use and earn is crushing faster. Dunno if I'm luck or unlucky 😅
Well compaired with TL, I believe even when crypto prices drop, you still have more worth in TL than before lol. Well we are joking but I think people in your country have a different perspective when olive oil has anti theft items attached to them... I would say you are rather unlucky in general but lucky that you have crypto to compensate :-)
It's always hard to not see a dip in price as a loss.
Even if you planned on holding long term, you see that USD conversion go down and it feels like a loss sometimes. It's hard to see any crypto as 1 X = 1 X.
If it's something you truly are invested in long term, and you believe in the fundamentals, it's still not a loss until you sell at a loss. There have been countless opportunities to lose money on BTC for example, some of which I've taken! 🤣
I completely agree haha!
It's strange that when you're invested into something, you become so sensitive to it that even the basics such as 1 = 1 are hard to hold onto. Even if you believe in all honesty that a certain coin will be a excellent long term hold, a dip can cause you to second guess yourself. Regardless of your TA or choice in coin, if you have no self control and ability to stay somewhat level headed, then you'll still end up losing money more often than not. Simply from quick decisions. The world of crypto is crazy haha!
For Hive, it's especially perplexing because more often than not I am holding less Hive than I have HP. When price dips, I don't care about my Hive Power, that's something I want to have there as a utility. But I'll sweat the details over Hive price, even though they are the same value at the end of the day.
I can't say I'm good at following this, but that's why I always try to and recommend to have a some stablecoin or fiat on the side to get in on dips when you can. Even if you're DCA'ing I feel like it's good to have some of that DCA go towards dip money if possible. Anyway, you got me on a rabbit trail of thought now haha!
Thanks for sharing!
I agree that it can be a good idea to have some money in a stablecoin to be ready to hit the markets when there is a sellout. In addition we have our own stablecoin here on hive and there are no fees to buy and sell it. I always try to keep some money in HBD and when hive tanks, I can buy some more. When hive is high, I keep the HBD :-). Thanks for the great comment!
I hope we are not caught up in the web of emotions like many do... There is always a brighter sided to these whole "red" if only we can see it and maximize it.
I tend to avoid looking at the markets altogether. For me this is a protection against emotions lol
You're so right dear brother..we need our emotion intact.
Emotions are tough to stop but I just try to remember the long term plan. After all there is no point in going against that and you might as well stick with it. It's time to build on HIVE when the markets are red and I am sure nobody really expected us to be at $3 a few weeks ago on HIVE when we were at like 10 cents a while back.
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People tend to see that we went from 3$ to 1.4$. It's much better to zoom out and as you said to look at the evolution from 0.1$ to 1.4$...
Yes, I think once we get too anxious, then perhaps it could be a sign that we over-invested beyond our risk appetite. I believe Hive will do well because the community is growing. :)
I think that you are quite right about that. If we invest too much, our anxiety can become so big that we can't think stright anymore. It's always good only to inevest what we would be willing to lose.
The only thing that affects me right now is the price of SPS dropping with the market. I spend too much of it to come up with the $ to match my vouchers at the end of phase 2.
I had also such plans but I decided to sell my vouchers and swaped them for HBD. Saving up to get back in when prices are lower :-)
That's a good approach. Definitely more profitable than what I'm doing, in this market.
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