I'm sure many of you woke this morning to see the large correction across the board seeing every crypto in the top 100 correcting and almost all now lower than they were 24hrs ago...
There are a few exceptions but I'm going to concentrate on the top 50 as below that is purely speculative crap shooting for the most part.
Strongest performers (currently) in the top 50 are:
Unless you came into this space only in the past few weeks, you're likely still in profit. But do you take that profit off the table? Buy in at the bottom and then potentially double your crypto holding for the next big boom?
I'm not too proud to share a few of my past mistakes doing just that...
I was trading BTC against Dark Coin (now DASH) back when BTC was a few hundred and Dark Coin was (from memory) well under 10 cents.
I doubled my BTC holding a few times and thought I was doing great so I pulled it all back to BTC.
I then saw ETH coming, waited so long for it to finally be released only to miss it due to other shit going on in my life at the time. I ended up buying in under $20 and selling after a small profit (can't remember but somewhere like 30% gain).
Had I just bought the Dash and retained my BTC, then bought the ETH and retained by Dash and BTC... I'd have many, many times more crypto in terms of $ value.
So what did I learn from these (at the time profitable) mistakes?
Market dips shake crypto from "weak hands" and move them to "strong hands" regularly and especially in dips and flash crashes. It's actually harder to HODL when you're well in profit than when you're chasing your entry point to break even.
So what are "weak hands"?
Weak hands are anyone who can be convinced that:
a). There is a massive correction comming
b). They have profited enough and the "smart" decision is to remove profit from the table.
What's the value in seeing where the "weak hands" have their wealth stored and where the "strong hands" have theirs?
I believe these "shake downs", "flash crashes" etc. show us where the real smart money is. Experience counts for a lot in this space and making mistakes in the past makes you more resilient in the future.
When tokens with strong fundamentals, first mover advantage or excellent track records (ideally all three), move against 99% of the market, I take it as a sign the serious investors believe there is WAY more profit to be left on the table by tapping out now than there is to be lost in the small dip.
So in short, flash crashes and dips are great because they allow us to see where true the strength of the market lies, and also to accumulate more of the more risky (but still calculated) coins and tokens.
I'll leave you with a quote from Warren Buffet. "Be greedy when others are being fearful, and be fearful while others are being greedy."
As always, I'm not a financial adviser and this is not financial advice. Just a guy sharing is experiences (both good and bad), in the hopes of helping y'all do better than I did when I first started out.
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