What should we do in bear markets?

So we are in a bear market.

Many of us are probably down, possibly bad.

What can we do about it now?

Punk 6529 wrote a monster Twitter thread with actionable advice on this topic.

I read the 35 part thread and summarised it into a few main takeaways here, so you don't have to.

1. Survive

The key is to survive.

Organize your life within crypto and outside of crypto so that you can survive the 2020s. If you survive, you will do OK.

2. Assess risk tolerance

Look into your emotions, especially how you are taking the price drops. The down cycle is revealing of your risk tolerance, not the bull peaks.

3. Forget ATH, focus on what’s important

Ignore and forget about your "All Time High Net Worth Number”. It does not help you.

Your only job is to look at what your situation is today and make good decisions based on the cards you have right now.

4. Plan for all scenarios

Accept that you have no idea which way markets are going to move in the future. No idea at all.

So intead, think of the future based on scenarios, rather than price directions.

Make sure you have a complete set of life decisions that give you OK outcomes in each of those scenarios.

Basically, don’t degen and go all-in on one scenario.

5. Build skills and contribute to the space

Think how you can value-add to the space.

Having relevant skills is a great way to continue to learn more about crypto, potentially earn money and, maybe, in time build a new career path.

6. Enjoy life outside of crypto

You should segregate your personal life from your crypto emotions.

No lambos on upside, no moping on downside.

What is one point that resonated most with you?

Feel free to drop me a DM and send your feedback, suggestions or takeaways over!

Be sure to also follow Notes from the Lab on Twitter and Telegram too!