BTC and ETH are down 12% in the last week after reaching new ATHs. Is this just a normal pullback or is the market about to enter a more severe correction like we experienced in May and June? So far, it looks like a normal pullback. But no one knows what’s next and we find ourselves at critical support levels for many altcoins. In May/June, market experienced a 50-80% drawdown, before rallying again to new highs in October. Learn about Risk management to avoid Mistakes and Losses.
What should you do to manage risk?
1) Do nothing, and ride it out (HODL).
2) Trim your long positions and reduce your market exposure, create some dry powder for buying potentially at even lower levels.
3) Short-Sell shitcoins that are in a downtrend already and are likely to continue.
The latter option, Short Selling, can help traders keep their existing long positions but still hedge their risk of a potential major drawdown. If you don’t wanna sell your favorite metaverse, NFT, DeFi coins because you really believe in them, then you could short-sell a basket of shitcoins that are likely to decline regardless of market conditions but especially if the market tanks.
Not financial advise….In this video, Richard, our CEO and Founder, does a quick market overview and demonstrates how to find coins in a downtrend, ripe for short-selling. To learn how to trade, check out altFINS Education Program where we teach 7 specific trading strategies as well as risk management techniques.
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Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as investment, financial, or other advice. There are risks associated with investing in cryptocurrencies. Loss of principal is possible.