Correct perspective on Downtrend.
1, Confidence in the market.
There is a very good saying I once heard: "If you lose money, you lose a little, if you lose your health, you lose a lot, if you lose faith, you lose everything." That's right, faith in the market is the power that enlightens us when we are lost and gloomy. During the downtrend season, there are also many people who leave the market at this time because they have lost confidence and when the uptrend market returns they come back but it is still the old version without updates or innovation. , thinking, there is no lesson to be learned for themselves and their horses following the old path, they continue to lose money.
To talk about a typical strong belief, we can talk about Mr. Ryan, he shared that he himself has a strong belief in this crypto market. Ryan believes that this market is still too small, it deserves to be much bigger and believes that this market's capitalization must be on par with other traditional financial markets such as forex, stocks,... in the future. During this gloomy time, it was Mr. Ryan who encouraged and gave everyone in his group winning bets to help us survive this downtrend season and most of all, give us confidence to continue in this market.
In every market there must be cycles, there are ups and downs, that is the law of the financial market. With the current economic context, perhaps the time for an uptrend is still a long way off, but if anyone has faith and preparation, next season's uptrend will definitely be successful instead of like those who think it's downtrend now. So they leave the market and wait for the uptrend to return and surely those people will struggle not knowing what to do and then go back to the old path and just keep going in a vicious circle like that and their assets will just fly away.
So, first of all, now, please re-evaluate what you need to learn, what skills are missing, list them out, what skills are missing, what skills need to be improved, fix and perfect it.
2, Know enough, don't expect too much.
The first lesson for us in difficult times like this is to know enough. All of us have at least thought about villas, cars, etc. when entering the market and we know that very well. many people with crypto with the hope of changing their lives and getting rich quickly when they see the bets AXS x200, SOL x100, Yield Farm x tens of thousands of percent during the 2021 Market time, everyone is looking forward to that hope, from there it is formed. Thinking that crypto is a life-changing gamble that can win everything or go to zero in just a short time.
In a past interview, Jeff Bezos asked Warren Buffet, "Your investment strategy is really simple, why doesn't anyone follow it?" Warren Buffet answered no. Who wants to get rich slowly, that's true, but getting rich quickly also means losing quickly. The events of LUNA and FTX have also warned us that nothing is impossible in this crypto market and until now I still don't believe it. To have someone like Sam Bankman Fried be such a scandal.
There are people who have earned money but from those two events have lost it all or there are people who have not yet earned money and have suffered nothing but there are also people who have earned it and are lucky to escape. So do you think it's luck or not?
I believe that luck is part of it, the rest are people who have knowledge, experience and most importantly, know enough. Knowing enough means they know how to take profits, balance their portfolio and not put all their eggs in one basket. All of these things help them escape the recent crash or at least if they lose, they will lose a little because they know enough, they know what their capacity is, and it is knowing enough that helps them stay alert in the face of greed. get rich quick.
3, Downtrend is the best time to prepare.
There is a saying that Uptrend creates millionaires, Downtrend creates billionaires, because this is also where we discover opportunities and it's true. 2018 - 2020 is the downtrend period and I know that those who stay are still diligently researching and preparing for the next uptrend season, accumulating money and wealth but also knowledge, skills and experience. in the market and I see that the people who are successful in the future really appreciate this downtrend season and my boss himself said that Sharks are learning at this time, they keep their money and put down very little money. At this time, they sit and watch the market, observing the market separately from the crowd. Those who stay behind in the market will come back stronger next season, so take note of the good projects, the team that is dedicated to the project, see how the roadmap they set out and whether they are implementing it correctly. They said it's not a good idea to save money during the uptrend season. This downtrend is the best time to purge the market because even those projects that are short-lived will not be able to withstand the current situation.
4, Refine your investment portfolio.
Surely all of us know the saying "Don't put all your eggs in one basket", right? Although everyone knows, not everyone pays attention and can do it. Allocating portfolios for management in Crypto includes stablecoin, midcap, lowcap, and BTC portfolios. ETH,.. you should clearly record it in a file, this will help you when the market fluctuates strongly, helping you avoid a large loss and avoid losing most or all of your assets, still giving specific examples. Typically LUNA and FTX. To protect your account, diversify your investment portfolio and you can combine it with other asset sources such as Real Estate, Stocks, Gold, Traditional Business... However, you have to put your eggs in many baskets. is what I understand. It must be something I know well.
5, Balance time for yourself.
I see that most of you consider crypto as a side job to earn extra income, so how much time will you spend on family, main career, how much on health, how much on general investment. If investing in crypto makes you exhausted and makes you work 24/7 and has no time to do anything else, then that is not advisable and it is not sustainable. All of us want to be rich and everyone has different goals, but just for those goals, is it worth sacrificing many things and ask yourself about that?
II, Tips for accumulation in downtrend.
1, Have a job to support yourself.
If possible, it is best for people to find a job in the crypto field during the downtrend. At this time, you should save a sum of money called a reserve fund to use in times of need in case of an income downtrend. Without it, income decreases and investments even suffer losses. However, if you don't have that savings, you must have a stable job to support yourself (Work to Earn) and don't forget to experience the market. In an uptrend, you can buy whatever you want, but in a downtrend, the only way to make money is Work to Earn. After having a stable job, try to develop yourself to have a higher income. The higher your income, the more money you can accumulate to prepare for the upcoming uptrend season or DCA in coin. Any job is fine, but if you can, it's best because you should participate in the field of crypto, finance, etc. This will help you ensure a monthly income source. In addition, working in crypto will give you the opportunity to learn. Always keep up to date with the market situation every day, so you don't miss any trends in the market. To be successful in the crypto field, you must have experience and knowledge about investing, know how to use related platforms, and have as much skin in the game as possible. Another plus point is that when working in the crypto industry, the salary is quite high compared to the general average.
2, Cultivate knowledge and learn skills.
Learning is always necessary for any profession, at any time, but for the crypto industry, the market entering a downtrend is the best time. When the market is downtrend, most coins decrease, trading is very difficult, even just buying spot will result in heavy losses. We should only invest in things we really understand about. If you want to start looking for profits in crypto, you must have knowledge about it and a solid foundation first. Crypto is a new industry and requires a lot of knowledge to learn, in addition to having experience. Crypto requires knowledge about technology, how to evaluate projects, how the platform operates, how to use the platforms, etc. and it takes a long time to learn to be sure.
3, Spend wisely.
The most important lesson is to keep money and the equally important lesson is to spend it wisely. If you are someone who knows how to keep money, it proves that you are someone who knows how to control yourself. Keeping money well helps you invest in yourself or invest in other businesses.
Some effective ways to keep money are to "divide eggs into many baskets" but you must understand the "baskets" you have divided. Avoid unnecessary spending that exceeds your financial capacity.
Above are the things I learned during the downtrend and most of them are advice without too much professional knowledge, but I write with the main purpose of sharing. I know that almost everyone knows these things, but it is very difficult to do them because this is a psychology that you have to go through yourself to be able to practice it.
