If you are experiencing losses in your cryptocurrency portfolio, here are some strategies you may want to follow:
Don't fall victim to Fear of Missing Out (FOMO) and Fear, Doubt, and Suspicion (FUD): Negative news or rumors can have a negative impact on the price as traders sell their holdings in anticipation of further price declines. You should always check multiple sources when you learn about the latest updates in the cryptocurrency markets.
Set clear goals, diversify, and trade only within your means: You should never invest more than you can afford to lose. Short selling, or betting on an asset's value falling, can be a good strategy for making profit during declines.
Calculating profit and loss for each trade: Calculating profit and loss for each trade can help evaluate trading performance. You can track the cryptocurrencies you have already purchased. A profit and loss account can be a great way to monitor your portfolio.
Use Hedging Strategies: There are many ways to hedge your cryptocurrency portfolio, such as dollar cost averaging (DCA), buying options, futures, and even yield farming.
Always remember that investing in cryptocurrencies involves risks, and all decisions should be based on thorough research and a full understanding of the market.
