The title of this piece is precisely the question which is on thousands, if not hundreds of thousands of minds when it comes to both new, and even experienced investors in the crypto space. Many of these people, likely entered the market at a time when prices were certainly volatile, but in a bullish fashion. The thing about volatility is, everyone can stand it….if the overall momentum is upwards.
Unfortunately, the current movement is not headed in that direction, at least currently. So what should all of these investors, who are ultimately looking to earn money online from their investments, actually do?
Evaluate Your Portfolio
This is a vital first step to take before jumping into any type of decision as regards trading. You need to assess your holdings and their values accurately and with a clear mind. The best way to do this is through one of the informative and easy to use portfolio trackers. They will help keep you assessment as objective as it can possibly be.
Assess Current Position vs Desired Position
It is all too easy to see a bear market and adopt a negative frame of mind. It can happen to even the best of traders. The most important thing is that you take a moment to zoom out on those charts and hold your current thoughts in the context of what you were thinking when you bought in, and crucially, the price you bought in at.
Weighing this against your exit position, either short or long term, will give you a solid indication about what your next move needs to be. You may also need to take in to account the proportion of bankroll you have remaining, if any.
Take Calculated and Fearless Response
Regardless which direction you choose to move in, you have to be firm and believe in your choice. If this is to sell, then try to do so with a clear conscience and don’t look back in regret. Similarly if you choose to buy more at knocked down prices or just hold steady, you have to be regret free in your final decision.