Crypto Market Chaos? You Just Have to Take it in Stride!

I'm sure it hasn't escaped anybody's attention that the crypto markets took a steep dive off a cliff today. In fact, this whole week has been a bit sketchy.

Of course lots of people are freaking out over that, but it's not as if we haven't seen this sort of thing happen before. Corrections and crashes happen in pretty much all financial markets, and the cryptosphere seems to be particularly easily spooked.

But I have even seen similar things happen to the prices in collectables markets, like rare postage stamps for collectors, sports cards, coins and things like that. Suddenly a day comes where everybody decides it's time to take profit and suddenly ”the house is on fire.”

For me, it's situations like these that taught me to take a long term approach to investing.

As somebody who has been part of this community for a really long time, I have seen both seven cent Steem and eight dollar Steem. In spite of that, we're all still here and alive to tell about it!

Days like these, in some ways, also serve as an invitation to stop for a moment and ask yourself "What am I really doing here? What is my objective?"

On the balance, I find that these setbacks tend to separate those who purely became part of the community in order to grab some cash from those who actually care about being part of the community and for whom the cash is secondary.

It's also a good time to ask yourself whether you're trading on emotion or trading on logic. In general, it can be a pretty dangerous thing to trade on emotion.

The emotional approach screams at us ”Oh my God the world is burning I must sell everything before it gets worse!” The more rational approach invites us to consider whether there was any significant news or change in the greater picture that has actually made our investment approach invalid all of a sudden. In most cases, we'll discover that nothing has actually changed; our underlying strategy is still good, and what we're experiencing is simply the result of a temporary correction.

So I'm just gonna sit back and watch the circus unfold for awhile, unless something really significant happens. I wish I actually had the luxury of some cash sitting around, so I could "buy the dip."

I’ll finish with the usual blah blah statement: ”this is not investment of advice!”

Thanks for reading and have a great remainder of your week!

How about YOU? Are you feeling nervous about what's going on in the crypto markets? Are you just sitting back and watching? Or are you feeling inclined to sell as much as possible before it goes lower? What do you think is causing the sudden decline in the markets? Leave a comment — share your experiences — be part of the conversation!

(All text and images by the author, unless otherwise credited. This is ORIGINAL CONTENT, created expressly for this platform — NOT A CROSSPOST!!!)
Created at 20210422 23:02 PDT
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