Bear markets are a part of the crypto life cycle and they are inevitable. It’s a tough time for all of us but it’s important not to get discouraged and focus on the chances it gives us.
We at Tapx believe that this bear market is an exciting opportunity to create new products, build valuable partnerships, and grow our community. Despite that, we know how hard it is to go through the down market. We just want to let you know that you are not alone in it, we feel you.
We thought it might be helpful to share with you some tips on how to survive the bear market. You might want to save this blog and share it with those who need it.
Admit that we haven’t reached the bottom yet
This time, the crypto bear market is accompanied by a global economic crisis and it will hit differently than in 2018.
We’re on the verge of a global economic recession that will likely be worse than what most of us have ever experienced and it’s just getting started. But panic doesn’t help here, just like the sweet lies. So it’s important to accept that and keep moving.
2. Don’t focus on the daily ups and downs and please, don’t check your portfolio 7 times per second.
Keep an eye on the long-term trends and try not to get distracted by short-term fluctuations.
3. Try to stay away from the noise
We know you want to scroll your Twitter feed and update Discord messages every minute, but it doesn’t help. You can’t spend all your day sticking to the updates and waiting for the signs to buy or sell. Around 97% of the info you consume on social media every day is useless.
Eliminate your time on socials to 1–2 hours a day and select 2–3 newsletters or podcasts you don’t want to miss. It’ll be enough for you to keep in touch with the latest industry news.
4. Join or create communities
Hard times give us the best people. It’s a great chance to meet your new soulmate (or bear market buddy, if you prefer). If you feel bad, try to reach out to a person you follow, even if you don’t really know each other, and just chat. Never underestimate the healing effect of human communication.
5. Be mindful of your emotions and don’t let fear take over
Not many people really care about mental health in crypto, but this space is pretty harsh and you need to take care of yourself if you want to be in the game. So, prioritize yourself and your mental health over market data.
6. Make sure your crypto is secure
We’ll be touching on the security aspect in our future articles, but here’s what you can do right now — buy a hardware wallet if you haven’t done it already.
7. Before buying the dip — do your research
Do your research before investing in a cryptocurrency or token by reading reviews, checking out the development team, looking at the roadmap and white paper, reading through social media channels, etc to make sure that you are making an informed decision about what you are investing in.
Remember the golden rule: don’t put more than you can afford to lose. If the guessing game doesn’t work, the analytics might be wrong, so invest wisely. Before putting your money into another project ask yourself: if crypto goes to nothing, what am I left with?
8. Find projects that inspire you
A bear market is a time for new projects and new crypto stars. Some of the smartest people and projects we know are here building, and there’s no way they stop building during the bear market.
Now is when you build the next cycle. Next time, you’ll be smarter, more experienced, and ready to make a profit.
You were here for the great collapse of 2022. That’s a positive learning experience, take it in.
10. Learn something new
While everyone else panics over their bags, put your head down and learn something new. You can learn by joining Twitter spaces to discover some new projects, listening to podcasts, reading blogs, and chatting with communities.
It’s a perfect time to map out your plan for the next cycle, write down the lessons learned, and even start your own project. Web3 is a place to fulfill your craziest ideas.
What are our plans for this bear market?
Tapx isn’t going anywhere. We keep building a platform to connect users and partners in web3: