HOW TO REMAIN CALM AMID CRYPTO BEAR MARKET

04, February, 2022
By: Carl Iyke

The digital form of the financial market, otherwise known as cryptocurrencies, has been in a state of recurring dips for quite a while now. This has started to get to its investors and not in a good way necessarily. From previous years Technical Analysis – TAs – the market usually takes a hit towards the end of the year, which may be attributed to many reasons. Some people like to believe that those who had invested money all year round begin to take the money out to go on vacations, holidays, Christmas, and the likes of them. Some also like to believe that it might be due to market manipulation through the king of the market,  bitcoin. 

Regardless of all these, the market would still rise at the beginning of the following year. After that, things would usually go back to normal, but it seems that would not be happening this year or may come in later than expected as all the signs are pointing towards a further dip as things progress. Nevertheless, we must remain calm and stay focused now more than ever.

Here are a few ways we can remain calm amid the bear market.

TAKE A BREAK

We may have noticed that anytime we keep going at a single thing, we tend to lose focus and don't even know what we are doing anymore. Breaks have proven to be quite an adequate approach for most people. It’s not running away from the problem. It's more like taking a step back and looking at it from a different angle. It may surprise you to know that some people may even go as far as deleting the mobile apps and muting words related to it. Some people also try meditating and reconnecting with nature. The point here is to find what works for you and do it. And trust me, when you come back with a clear head, you will see things differently. It may be a week or some days or whatever you think would be enough for you and your mind to get into the right frame again. Please take it.

TAKE ADVANTAGE OF THE DIP

Like we all rightly know, a dip is the best time to invest in crypto so that you may reap its fruits when it's time for harvest. Buying dips of an asset that you own by splitting your reserve funds into smaller units to make several trades over time - also known as Dollar Cost Averaging or DCA for short - is an effective way to recover when the market starts going up again. It has been advised that crypto should be bought with spare cash, the money you won't be using anytime soon, or money you don't mind losing. Still, human greed is something that even the strongest of us cannot fully overcome. So, we buy it with funds that we borrow or even that which was entrusted to us to keep. Funny how the mind works. But if one can stick to this rule, now is a good time to invest in crypto, for it will rise again.

TALK TO PEOPLE

The saying goes, "a problem shared is a problem half solved." So talk to people and share the problems you are facing, this may not always be effective in proffering solutions, but it wasn't meant to do just that. We are built to co-exist and co-depend on one another no matter how hard we try to run away from that fact. "No man is an island entire of itself." So when we talk to people, we shouldn't always expect them to answer all the questions we ask them or give us the ultimate solution. Sometimes, just the listening ear they offer is more than enough. Knowing that we are not alone in whatever we are going through brings the sense of peace that our subconscious may need. Find people with like minds, investors like yourself, people that have more experience in the market, talk it out with them. You might end up picking a thing or two that will be helpful. In the cyptosphere, information they say is money. In all that you do be careful with whom you share your problems, as not everyone has your best interest at heart.

ENGAGE YOURSELF IN OTHER THINGS

People who get their daily income or some income from crypto find things a bit tricky due to the current conditions. If you are one of them, you may want to look into other skills and challenge yourself to do new things which you could monetize and sustain yourself with. Now that the world is becoming more digitized, you could offer various skills and earn cool cash. So push yourself out of your box and explore other options. There's nothing we can't do so long as we put our mind into it. Like everything in life, investing in crypto is a risk, and we should go in knowing that our loss is someone's gain and our gain is someone else's loss.

FIX A RULE OF THUMB FOR YOURSELF

This just simply means that have a fixed way you want to go about investing in the market. This simply means that if you tell yourself I’ll invest $100 and once it reaches the $150 mark I’ll take it out regardless of how much the TAs says otherwise and no matter how much I need that extra I won’t leave it I’ll take it out because it’s a rule I must abide and you’ll also have one for when the market goes down too and say you once the market goes below $80 I will take it out I’m no longer interested if you can have a firm mind on this it would help a lot.

DON'T LOSE IT

This is the most important of them all. Don’t lose your cool in this critical time. I understand that the pressure is on and it just keeps going up but try to and don’t let yourself get lost in thought. Stop with all the what-ifs and try and come to terms with reality. It is what it is at the end of the day and you can’t turn back the hands of time. You should realize that this is where you are now and look for how to move further. Make further research and analyze the market. 

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