What To Do When You Lose Money In Cryptocurrency?

A few tips on how you can minimize the loss caused by cryptocurrency market collapse.

Are you the one who just invested in Bitcoin because someone you know made a vast amount of profit? Or maybe you are the one who invested in Bitcoin or other cryptocurrencies because you saw that their worth was suddenly skyrocketing. In these cases, most of the investors don’t have proper knowledge of how cryptocurrency works. They are just eying on the profit that their close one made or the price increase of different cryptocurrencies. Eventually, the lack of knowledge about cryptocurrencies and the pros & cons of investing in it leads to a vast amount of loss.

After knowing the fact that the worth of cryptocurrency you invested money in has drastically decreased, you should;

1. Stop panicking, as it won’t change the fact that you have lost your money.
2. Don’t sell urgently when you see the statistics going negative.

These are the two principal things you should avoid doing at the time of unstable market.

Here is a list of tips you should follow;

1. Patience & Acceptance: You can disagree but my first tip for you is to be calm. Patience is the most important thing when you deal with such losses as it would help avoid panicking and selling cryptocurrency. Who won’t panic if their hard work earned money is lost on something they invested money in for profit? Along with patience, accept the fact that you have lost the money you invested in cryptocurrency. Remember, there is a risk in every kind of business, difficulties are always there.
2. Trading with less worthy cryptocurrency: There are two different things a person can do at this stage. It entirely depends on his choice. One of the two is trading the cryptocurrency he possesses with any specific low worth cryptocurrency, then hold it and sell when it’s time. For an example, you invested around $50 in Bitcoin, now the worth of Bitcoin has decreased a lot to about $25, what you can do right now is trade the $25 worth of Bitcoin with any cryptocurrency of low worth such as “ASK” coins. These coins are of low worth but are performing well as per the statistics. After buying them, hold it till it’s the right moment to sell. At least wait till you recover your investment.
3. Forgetting you invested: The second thing to do is forgetting that you invested in cryptocurrency in the first place. Just forget that you own the cryptocurrency, this way you will be able to hold the cryptocurrency for a longer time with no worries of selling or trading the cryptocurrency you own. After a pretty long time, about a year or more you can check if the market stabilizes, and as if it has then easy selling the cryptocurrency for profit.
4. Set up auto-sell order: If you are bad at trading, you should set up an auto-sell order on any exchange platform with a dimension of break-even or little profit. When you put an auto-sell order, it will sell whenever the cryptocurrency worth reaches that point. Hence guaranteed recovery.

These tips are based on my knowledge and experience in cryptocurrency trading. Every person has unique experience, hence each person’s opinion is quite different. It is entirely your choice to follow my tips and minimize your loss caused due to market instability of cryptocurrency.

Source: https://medium.com/predict/what-to-do-when-you-lose-money-in-cryptocurrency-efabd76114b7?source=rss——-8—————–cryptocurrency