If you have not experienced a big bear market, oh boy, it is really hard. You have prices falling all over the place, you have lower and lower volume. Basically, you have full chaos going on at the beginning of the bear market. Fear, hope everything is flowing in the air and building up pressure. How will you react to all that pressure and the more important questions is how will you use it? If you are in the industry for the wrong reasons you may end up in a bad financial position in the end. If you have entered this industry for the right reasons you will most likely live through the bear market much easier.
First, you need to understand that things are unpredictable as are emotions. Only you control your decisions during a bear market and fear should never be the driving factor for making decisions. Especially if you haven’t done any research or if don’t understand the characteristics of the market.
If you come to this industry only because of the price moving higher it is alright. If you stay and educate to understand how important Bitcoin and other cryptocurrencies are then you are putting yourself in a good position. During a winter like the one experience in 2018 with a sharp decline and people capitulating you will have the perfect time to educate and start building something valuable. This may be the most productive way to live through and stick around. During this period you should educate as much as possible. In this way, it is possible that you may turn the worst year in the most productive one.
But it will be hard and wrong choices will be made, especially at the beginning of the winter. You will be in disbelief, expecting the price to recover very soon. If you have bought at a much higher price point it will be very hard. The only thing that you can then wait if you don’t want to sell in a loss. Of course, if you hold Bitcoin or the ones with high liquidity you will most likely end up in profit in the long term.
If you ever wonder how you would keep the motivation even though everything looks dire. And you are on the verge of losing almost everything. Go through some long term analysis, watch a few videos of people like Andreas M. Antonopoulos or long term technical analysis videos of Bob Loukas. Or read a few articles for bear and bull markets to understand the situation that you are in. Re-read the characteristics of Bitcoin and most importantly if you truly believe in them don’t quit.
This industry is not about getting rich, it is about getting freedom and changing lives. Of course, being so early you are going to make some riches on the way if you play your cards well. Remember the potential of Bitcoin and other cryptocurrencies and realize that in 2019 we are still in the beginning. We are just shy of a little bit more than 10 years in the game. People are building great platforms like PrimeXBT and Bybit, institutions like Bakkt are buying and building services for Bitcoin.
During the bear market, you will have the time to think and educate more. You can use this time to start building up new skills and start accepting cryptos for your services. In the meantime start building something valuable, something is needed or something that will help to guide people and educate them. There are many options you just need to find your sector. Contribute to this space, to the cryptocurrency industry and at some point, something good is bound to happen. Of course, you can continue to invest but this is only one side of the things. Building something valuable is the other side of the coin.
Start writing, start learning, learn programming, learn how to read charts and indicators and learn about the important products that are offered on the market. In the end, you are going to emerge stronger and more educated. Let’s start building the future together!