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Strategy with alts down by a lot

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by COINS NEWS 3 Views

I got hit by the FOMO in 2021 and entered the crypto market buying some ADA and DOT (on top of BTC and ETH) near the top, hoping the would keep going up. No stop losses of any sort, low and behold the bear market comes and they go down 80%.

While I managed to DCA on BTC and ETH, I just kept my DOT and ADA lying there waiting for them to recover and at least go back to break even before selling. Of course I'm still down by >50%.

I'm now realising this is probably not the best strategy and trying to understand what's the best course of action (and the rationale behind it) in such a case. Does it make sense to eat the loss without trying to time the market and trade to BTC? Keep them and wait for altseason to come? Try to sell high even if not at at break even and eat a partial loss?

I'm trying to be a bit more strategic with my new buys but tbh I'm a bit lost with this.

(Small amounts so it's more for the learning than the actual financial implications)

submitted by /u/mambogallego
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