How to Recover From a Major Loss in Crypto

The cryptocurrency is an exciting investment. Loads of Nigerians and other individuals around the globe have earned funds with crypto. The reality is however, you can make money as you can lose them, and at times, a lot of it too. The situation when your money goes into crypto and then you lose it aches, but it hurts more when it is either your savings, business money, or school fees. You are not alone in going through such loss.

The initial thing is to accept the loss. There is no sense in making an impression that nothing has happened. Do not go after the fast money in order to substitute. And the lack of choice is to just sit, breathe, and confess: I lost crypto money. Yes it hurts and you can never get healed when you deny the truth. A lot of many Nigerians have been defrauded of money, counterfeit coins and even genuine coins which collapsed. This is not the first and not the last. Professional investors also make money-losing decisions. The loss should be acknowledged as this will make you less self-blaming and provide you with peace of mind.

Panic is the next reaction of many people after they lose money. These people desire to get into another coin or platform within a short time to recoup the loss. This is very dangerous. Being in a hurry to get the money will only get you more losses in crypto. Take a rest. Binance, and other crypto apps, leave them closed at least until now. Never listen to people advising you to buy this, that one that will pump. Being emotional will not think straight. They require time to gather thoughts.

It can be mentally detrimental to you to lose to crypto. You will be depressed, ashamed or even angry at yourself or other people. There is no need to suffer in silence. Ask a person that you can trust, a friend, a relative or a mentor. In case you are a student, consult a senior or a counselor. If there is a worker or a businessperson to talk to someone who has sense but not someone who will laugh at you. Ventilation will make you feel good and obtain recommendations that can enable you to continue.

Tell the truth to yourself. In case you lost money due to a scam, study the way to detect scams. In case you have not researched this, go and read and study crypto before investing. In Nigeria there are numerous individuals who suffer financial losses since they now want to make money twofold overnight. Do not have this kind of thinking. Crypto does not make a get rich scheme. One can better grow small profits rather than forgetting slowly to get money fast and lose all.

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You should resume saving, especially when you run out of savings, even 500 Naira savings per week is better than nothing. Make use of an easy budget. Eliminate waste. Pay back your debt rather slowly in case you have an empty pocket. Except that you could have a break of crypto at the moment and concentrate on restoring your life in some additional way such as freelancing, small business or acquiring a skill.

You should begin slowly in case you want to re-enter the crypto in the future. Do not hurry up to spend huge funds once again. Do not be scared of starting with small amounts. As low as ten dollars or 5000 in Naira will do just to learn and train. Consider investing in projects that are not volatile. Exploit such platforms as Binance, KuCoin, or apps that are safe. Further, do not invest all of your money in crypto. And here is the rule of thumb; never invest any more than you are able to lose. Never spend the last bit of money, leave some money in case of emergency, real life needs.

Developing the myth that you can just survive with crypto is risky. Crypto is quite risky and unpredictable. There will be nothing you will be left with in case you lose. Therefore, establish other forms of revenues. Invest a part of the earned money once more, but gradually. With multiple forms of income, the pressure will decrease and you will become financially stronger. There are several crypto expert fakers in Nigeria. They publish fraudulent gains, say that they will increase your money by two times, or suggest you to invest and wait. Flee them.

Do not get deceived once more. You never invest in something you did not understand. Better do it yourself research (DYOR). It is important the type of people you follow. You will continue losing if your friends want to go pump-and-dump coins after those coins. However, become a part of groups that educate you on crypto in the proper manner. There is no use being their student when they just show themselves. As well, follow crypto news, learn with informative YouTube channels, and follow the updates of special reliable websites. It is knowledge power.

Last but not least, do not quit. A lot of crypto investors currently lost money in the past. There were some who lost millions yet they recovered. Just because it is not the end of your life. God is not deserted yet. It is possible to resurrect. This loss should be used as a bridge. Take it as a lesson and make improvements in your selection and continue with life. It is also fine to fail. It does not matter how many times you fall; what is important is standing up. Bear in mind that the lost money can be won back, but it is more significant to care about your life, your calm and your health. Be a good person to yourself, have faith in yourself and continue.

It is not easy to retrieve big losses in the crypto world, however, it can be done. Come to terms with the defeat, rest, and reflect upon your lesson and give yourself a new plan. Begin small once again, get fresh income streams, do not fall into scams, and be surrounded by wisdom. Do not quit because of a single slip up. It may be too late to become successful in life and even crypto but as long as you are patient enough, smart and disciplined, you can still accomplish it. Grim reaper is not the end. It is one of the chapters. And as is all chapters it will end.