The Family Adventure Guide - Issue 24 -2024 - Magazine - Page 5
What to do in a down
By Gary Biniak
I know so many people that claim to be
emotionless when it comes to investing, but bring in
a down market like May 2022 and even the most
hardened investors may cry.
If you read my articles regularly, you are already
ahead because you know what I always say “don’t
invest more than you can afford to lose”.
What should you do depends on many factors and
each person’s situation is totally different so to give
a one size fits all answer isn’t easy, but let me try to
give some tips that should cover most of us:
1. Don’t panic! This is the emotion most people feel
in a down market, it’s the opposite feeling of
when things are going up. You sell everything
only to watch the market make a swift recovery.
2. Don’t follow the crowd – whatever the crowd is
doing is typically wrong. In fact, whatever the
crowd is doing, plan to do the opposite.
3. Patience will win the game – this is so true in
crypto, eventually gains/losses get erased in the
4. Sell on the way up - most people ride the wave
until it crashes, don’t be that person.
5. Buy safety in down markets – consider buying
BTC, ETH and BNB and selling out of your riskier
alt-coins for preservation of funds.
6. Don’t buy scams! Coins like MonkeyPoxInu, the
latest scam coin that just stole money from
investors. Stay away from these new coins as
much as you think they are going to make you
rich, they seldom do.
If you’ve been in crypto for a few years, you know that
these cycles are normal. They are not fun, but they are
normal for crypto and just like the housing market and
stock market crashes, crypto will also return. Just think
about this, if you bought BTC anytime in 2020 or 2021
you would have no losses and up to a 10x return, not too
bad for a “down market”.
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I’m a tech nerd, successful crypto investor, successful
business owner, entrepreneur and avid adventurist.
You can connect with me on Linkedin:
You can follow me on Twitter @TheSWAPprojec
This article is not investment or financial advice, because I am not a financial advisor. Crypto is a volatile and risky asset. You should never invest
more than you can afford to lose.