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RE: BITCOIN (BTC) Update: Downdraft starting?
True, I'd rather it hit my buy order than miss out completely because I wanted to time/plan it perfectly which i know I can't do. #notanexpert
True, I'd rather it hit my buy order than miss out completely because I wanted to time/plan it perfectly which i know I can't do. #notanexpert
I certainly don't mean that in an insulting way, just want to be helpful. Thank you for responding honestly, I do understand your point, however I would suggest a different strategy. I haven't a clue how long you've been following this blog, but @haejin has some very informative write ups on laddering you position when buying and selling. This takes away much of the fear and anxiety one gets while working with their hard earned money in a very very volatile market. It will allow you to sometimes expand your possible gains, minimize your risk, and also get a good nights sleep.
We don't know exactly where bitcoin will be at the bottom of wave 4, no one does - not to an exact point anyhow. But rather than putting what you are hoping to profit off of at one buy point, you can ladder those buys downward and spread out (see his write ups for more specifics with pictures and explanation). This will allow you to be at ease, knowing that you will get your buy in at $3800, and more than likely hit a few other buying points downward of...who knows... $2000? You then have a spread of gains moving up the next wave, more options when to sell and take profits, and you know you didn't miss the bottom or miss out all together.
If you really think about it, there's always the possibility that if you lay down a buy at one specific number, it never reaches that low in the correction, which in turn would have you buying in it much higher rates when you realized the turn happened higher than your buy in point. This is why you want to ladder your buys encompassing a larger area of the decline, including at least one over shot in case it rebounds quickly, and one way undershot in case it starts to really sink, and with your main buys being in your sweet spot where you're comfortable with it, you're covered either way.
Wow, love your response. I wan't taken back at all by your earlier response either.
I don't even know why I didn't think about laddering, I do it religiously with altcoins.
I've been following haejin for a while, learning a lot from him. Thank you for your thoughtful response! :)