Maybe.
Conquer the Bear
With the market doing what it’s doing (once again), and given that we’ve had a few new faces join us (welcome!), I’d like to take this opportunity to make a few statements that will be familiar to those “Crypto Veterans” that have been around for a few of these, may serve as a much-needed boost for those who are new, and may just be common sense for the rest.
Conquer the Bear
In the GBU Newbie Special, Part 1 (https://gbu.run/newbie1) (for GBU Subscribers only) which is the first half of a three hour long video series Introduction to Gunbot for GBU Subscribers only (there are timestamps to get you right to specific topics if you don’t want to watch the entire three hours), the very first topic after the required disclaimer involves setting expectations:
Setting Expectations and Examining Motivations
If you go into something with the proper expectations, when things like this extreme bear market happens, not only are you prepared, but you’re simply better off. I’m sure we all have our reasons for why we have Gunbot and why we got into crypto, but more likely than not, it has something to do with disruption of some kind – disruption of the banking system – disintermediation of one industry or another. Maybe you wanted to get rich because you heard of someone else doing so. Or maybe it was the technology you love.
Why DID you get into crypto? Is it the same reason you got into Gunbot? (and if you’re not into Gunbot, contact us and we can help answer questions – either hit the chat button down below or go to https://gbu.run/feedback).
The Wild West
After you have your motivations in check – you probably should see where you are, time-wise. We’re in crypto. The industry itself hasn’t even been around for a decade. So few people know about crypto, care about crypto, own crypto or are involved in crypto. We are in the early days, and we’re still in the Wild West.
The Wild West was conquered by pioneers who didn’t wait for a fur-lined stagecoach with safe cities and established guidelines. There were snakes and Native Americans and dysentery and harsh times. Many got “rekt”. The ones who didn’t wait not only satisfied their wild adventurist nature but also gained the opportunity of prestige, land and the joy of “being first.”
Gunbot, and Crypto in general, is for those kinds of people. Frontiersmen who appreciate luxury but don’t require it. For they know there’s gold in “them thar hills” and are willing to go through a lot to get to it first.
Bear Market Veterans
Become a veteran
If you’re new to this space, you might be kicking yourself… as you might have bought in with Bitcoin at an all-time high (ATH). You are earning your battle scars right now. We’re still early, with such a low percentage of the world citizens aware of crypto, owning crypto and trading crypto. The fact that you 1) are aware, 2) own, 3) trade, 4) own gunbot* and 5) are improving your education here at GBU… these are all amazing indicators for your future. It won’t be long until you are the veteran. This space moves fast, and is growing even faster. New people are coming in, new FIAT is coming in (where else is it going to go?) and the more veterans we have to help guide them, the better. Help continue the education.
- again, possibly – unless you don’t, in which case, reach out and we can help.
Key takeaways
Some important things I’d like everyone to remember:
- It’s only a loss if you sell. Paper losses are temporary.
- https://gbu.run/calm – worth your time to read
- If you bot with money you don’t stress about, then you won’t stress so much during these times. Conversely, if you’re botting with money you need, then you will definitely stress about botting. Therefore, _don’t bot the rent money_.
- If you’re thinking of selling your crypto, try to remember how thin the order books are. What this means is — the representation of “price” on coinmarketcap.com or any of the sites that report price is based on the order book, and is subject to heavy manipulation. The price can move in an instant due to volume, big whales, unregulated markets, and heavy hands who know what they’re doing dominating a lot of people who don’t know what they’re doing. Try not to be one of the people who don’t know what they’re doing. If you *know* what you’re doing when you sell your crypto, then by all means, sell, especially if it’s at a profit, or if it’s for another crypto that makes sense for you.
- If it can go down this fast, it can also go up this fast. And you don’t have to just imagine – just look at the history. This exact thing has happened several times in the past, and every time, it has done so over and over, and then risen again even higher. So, if money is your thing, maybe waiting it out is a good play.
If you want to earn crypto, you can always do so at GBU – we not only have an affiliate program at https://gbu.run/affiliate where by referring people to Gunbot University, you can earn affiliate bonuses, but also we reward content creators, so if you’re interested in writing articles or making videos about Gunbot, we pay in crypto (revenue share model).
Consensus 2018 Coins – Hot to Bot
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Prayers
This looks scary, right?
Big sea of red. You’re getting bags. Your “portfolio” on the exchange is dwindling. You might feel like panic selling. You’re seeing tweets of people selling and you’re wondering if you need to do the same.
I’ve got a suggestion.
I would submit to you that these big dips happen frequently. There are a few things that are worth repeating in times like these:
Be preparedAlways have dry powder (keep spare BTC hanging around — meaning, don’t give gunbot ALL your bitcoin to trade with)Be greedy when others are fearful and fearful when others are greedy.Don’t trade like the massesThe masses are like a cat following a laser pointer on the carpet. The market falls down, so they fall with it and panic sell. They are praying to whatever gods will listen — PLEASE BUY MY COINS!!! The market goes up, so they say hey, let’s buy! No, no, No, NO! That’s the opposite. The experienced trader removes the emotion and BUYS when the market is down and SELLs when the profits are high.
This big sea of red is when I do my BUYING. This is why you keep Bitcoin in reserve. This is when all the sales happen! Everyone else is emotional, panicking, losing their shirts, and willing to give you their precious coins at a fire-sale-unheard-of-deal-price-of-a-lifetime!
But the money… it’s gone!
Yeah, I know. My portfolio is down by a huge amount, too… if I look at USD valuations, that is.
Here’s a drop in January 2018:
More recently, a 30% drop in 10 days
But if I look at the number of coins I have, it’s still the same number*.
Why is that important?
Well, I ask you to look at two things.
- Look at the history of crypto
- Look at what you think the future of crypto is.
First, if you look at the history of crypto, you’ll see that there are a lot of stairsteps where it went up, Up, UP, thendownalittle, then up, Up, UP thendownalittle, then repeated.
Second, look at what you think the future of crypto is. If you think we’re at the beginning stages and early days of crypto, then you needn’t worry. Your own instincts should tell you to HODL. The cycle will pass.
What Wally Does
Let me tell you how I see the current cycle.
Gunbot keeps making me more BTC. Every trade, I increase my Bitcoin position inch by inch. Every day, I go for as many trades as I possibly can. Every so often, the cycles repeat.
Try to keep emotion out of it, and try to remain calm during the storm. Marvel at those around you who are willing to sell their coins to your Gunbot or your manual trading. And if you have an extra account that can do some manual trading, get out there if you have the spare funds and answer their prayers.
How to do it?
One way I do this is I go to whatever exchange I feel like has the volume — and then I sort by coin loss. Then I look for long-term coins or coins that I might really have a decent bounce. For example, on Bittrex, I can go to Wallets or the list of all coins and then do a reverse sort on % Change. It’s definitely not a great metric since it’s a 24h metric, but if it’s all you have, and you don’t have Coinigy, Trading View, CoinTracking or something else, you use what you have.
Then I look for the ones with the dips that have recently slowed down.
I like UKG – this is a perfect time to pick some up!
If I feel like HODLing then I just leave it in my account, or I set some dream LIMIT SELL orders for high amounts — I make it so that people need to convince me to get rid of my coins.
If I feel like making money on these coins, I set a LIMIT SELL order for whatever percentage I think will spring back – 5%, 10%… because in this season of crypto – these feel like they will spring back.
Now, I have to caution you – I’m pretty cavalier with my attitude here because I’m currently playing with “house money”, since I’ve been so conservative in the past, and have been so cautious. I can let it ride some.
Next up – Steem Dollars (SBD) – that looks like an EXCELLENT buy!
I did the same with bundles of MANA, WINGS, VOX, STORJ and a few others.
We’ll see in a few hours, or tomorrow, or maybe next week if this was a good idea or not.
Summary
It can be a scary world out there, and there are real dangers. But the more you know about the world, the less scary it can be. If you’re prepared, you can be ready for the natural cycles of crypto ups and downs and better yet, you can capitalize and make the best of them.
Update
Even while writing and updating this article with pictures and editing paragraphs, the market is already re-correcting and some of the coins I bought are profiting. Bags are clearing. The sun is coming out.
I have a feeling that the people who panicked will wake up and regret their panic sell orders, and maybe we can help them understand how to stay calm for the next time. We don’t have to feed off each other.
And if we look back at coinmarketcap, we see a much different picture — out of the three number columns on the right — 1hr change, 24hr change and 7 day change, the 1hr change is mostly green now, indicating a major recent uptrend
NOTE: The author of this article is not a financial advisor and this does not constitute financial advice, even though it’s a little scary.
- I said it was the same number, but I hope it’s clear that the statement doesn’t include trades, manual buys and sells, deposits, withdrawals, etc. In fact, because I’m a Gunbot user, overall I’m profiting and increasing my BTC because that’s what Gunbot does — it uses a BASE (BTC) to purchase a QUOTE (some other coin) and then later sells the QUOTE for more BASE. So, over time, if everything goes as planned, I have more BTC.
Whether or not the BTC itself is “worth” more FIAT is a different story, and whether or not that is a desirable trait is yet another story.
Being a Gunbotter Means Being of Two Minds
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