Bear Market Survival Guide - How to Survive a Newbie

First of all, I have to mention that I think newbies who have just entered the currency circle are actually lucky to face a bear market.

Why?

I don’t know if anyone remembers that 10 years and 8 years ago, when Hong Kong’s Hang Seng Index was 30,000, as long as you had money, it seemed like you could make money by buying it. The aunts and aunts around me were like this. (Lishen: I was young and didn't touch my hands~) As a result, when I was vomiting, there were a lot of crying around me.

What I'm trying to convey is that they have no idea what they're buying, and certainly don't have enough knowledge to deal with it when the market drops.

I think the same is true in the currency circle. During the bull market, everyone makes a lot of money, and if a novice walks in and makes a slight turn, they will make some gains. Over time, they may only know how to speculate on coins. Conversely, in a bear market, novices do not have many opportunities to speculate, but instead have more opportunities to pay attention to projects, operations between coins, security and other matters.

I am very fortunate to have elders to lead the way and learn together with a group of fellow travelers

In fact, this time I am very lucky to know that my elders lead the way. At the beginning of the year, I explored NFT and Gamefi by myself, and finally gave up. I came back two months ago. I am very fortunate to have a fellow traveler in Yigu to learn together. What I have gained between these two months is far more than what I spent at the beginning. Results of a three-month study.

My impression is that I have learned something very precious this time: not to find projects to make money, but to do the projects you are interested in, and you will be able to earn them in the future.

investment mentality

After all, the currency circle is also talking about money and silver, and having a good investment mentality is still a very important part. When it comes to investing, I think it's the same for all investment tools in the world: "Do your homework, don't be impetuous; stay humble, don't rush for quick success". I’m not a person who knows how to invest (how many creative people know how to invest?), in the past, when I met my friends, I basically lost more and won less, so I would keep my distance from high-risk investments. It's a little slow, but when an accident happens, you have to go fast~

I agree with the following statement from @Jeager :

Investing is nothing but managing assets, and assets are for living. Please use the least time investment, and focus the energy you save on life and the people around you.

I think it's okay to invest if there is looseness, but the investment that affects your daily life is the beginning of your troubles. I opened my own shop for retail business. In the face of the epidemic, the business volume has dropped sharply. In the face of rent pressure, my daily life has to be affected, so I can always experience this kind of difficulty.

How to survive in the future?

My idea is to discover, engage, learn .

1. Discover more fun projects: The only way to get motivated is to keep adding fun.
2. Find ways to safely increase the value of the deposit: I temporarily think that the centralized exchange platform should be used to save the currency and do conservative checking, right? This part is still being studied.
3. Participate in different project lectures or activities on the blockchain: It has been a useful method since ancient times to upgrade yourself through the experience of others, and sometimes you will recognize new friends and gradually expand your circle.
4. Study: Read more information, news or news, etc., analyze the current situation and what you can do, concentrate on doing it slowly.