Rehearsing for the bull market: Are you ready with your game plan?
The cryptocurrency market has been showing strong growth lately, with BTC exceeding $30,000, and there's a lot of excitement in the crypto space!
Because of this, now seems like a good time to add funds to my trading account and prepare myself for the next bull market. However, I need to have a solid game plan in place for when it arrives.
Thus the question "Am I ready with my game plan?"
A commonly desired strategy during a bull market is to sell everything at the peak and buy back in when prices drop. But predicting the top of the market is nearly impossible. So, what's a more realistic approach?
The key should be to take profits along the way. Such that we have profits locked in eventually.
Ultimately, each of us must decide for ourselves how much profit is considered satisfactory to us, and that should be the first question to answer. Basically, a game plan must have a scoreline as a target.
Once the desired profit level is determined, the next step is to safely store those profits in liquid cash by selling our tokens. These are to be ready to be utilized during the following bear market.
After selling the necessary assets to secure the target profit, it's important to watch the remaining tokens closely. They may continue to appreciate or they may crash suddenly.
But if the profit target is reached, then one can just hodl these tokens for the next market with little stress.
Who knows, they may moon suddenly too!
I think this is my overall game plan for the bull market. The alternative is to watch the price go up and then see it come down. Yucks!
It's a start, and I will share more when I have new musings.
P/S: This is not financial advice, and please do your own due diligence before investing.
If you read this far... and if you are a like-minded Hiver who is on the path to learning more about Hive and crypto investing, and if you like to be tagged when I write such posts, I welcome you to leave a comment below and let me know. We can form an alliance to support each other's growth.
You might be interested in this post, @thatkidsblack, @graciousvic, @peniel2010, @deflacion, @jacoalberts, @young-kedar, @svanbo, @sumotori, @zakludick, @poplar-22 and @hankanon!
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Not a bad idea at all. I should set up a scoresheet.
I have some stuff set aside.
Let's win together 🙌
!PIZZA
Fo sho! !PIZZA
$PIZZA slices delivered:
cryptothesis tipped zakludick
@svanbo(1/5) tipped @cryptothesis
zakludick tipped cryptothesis
cryptothesis tipped thatkidsblack
I’ve found a spreadsheet could help, so I gleaned one online for populating.
I haven’t forgotten about our little challenge to 54k either, so part of my strategy does involve parking funds here for momentous levels of APY.
Gotta love it when a good plan comes together.
Go get 'em! :)
!PIZZA
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Thanks once more @cryptothesis for your post, best+!
Everything was going great and suddenly have a dump due to some bad news. this is what I don't like about the crypto market. A market like this can easily be interpreted.
It's a pretty decent plan and I think everyone should set one up. In a way, being prepared and knowing what to do will help you reduce mistakes. The only thing people need to do afterward is to do the research to make sure the plan is good and to follow through on it.
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The way we were seeing for so many days that there was a lot of good news coming into the market and due to which we were seeing the market going up and very much the market was standing above 30 thousand dollars. A lot of good things but the way a false news came out today that sent the market back down to $28k. But as we all know China has to play a huge role in the market in coming days.
Crypto always has sudden changes that even destroy someone's life or maybe someone will successful in few hours. These heavy risks are not for everyone.
The rise over 30K was quite short !LOL
lolztoken.com
Cause they're always Kraken
Credit: reddit
@cryptothesis, I sent you an $LOLZ on behalf of @svanbo
(2/10)
In my humble opinion DCA is the answer !PIZZA