When People Ask "Is It Time To Sell?" (End of Crypto)
When people ask me "Is it time to sell?", I just answer them with my own question: How much do you believe in the technology? If you don't have a strong belief about it, then sell it. If you believe that it's the future of finance, just HODL and you'll reap the rewards later!
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I completely agree it is time to hold. Many people are new to trading and have gotten involved in cryptos. This has led to panic selling, which (as I wrote about on my blog @ryanrude) allows us holders benefit by increasing our position
Yeah, the newcomers are always gonna panic and it's natural because they wanna protect their investment. That's why it's important to know more about the technology to see where you stand on it. It will help to make decisions when the markets become too volatile.
It's more complex than that. Do you think it will drop more than 10%? If you do then you should sell it all and buy it back when the price becomes stable.
I sold my 4.25 Ethereum when it was at $300 on Sunday. Right now I could take that $1300 and buy 5.43 Ethereum. That's 27% more. Or I could buy back my 4.25 Ethereum for $1021.
Simply continuing to hold it while it drops and drops and drops makes absolutely no sense.
Well, I agree, if you're just in it for the short term profits. If you're investing on the technology itself, that's when I suggest the HODL strategy. Otherwise, if you sell while it's going down, you're locking in your loss. That's what doesn't make sense to me. If I'm gonna trade, I will sell while it's high, not when it's low.