RED all over - STOP panicking
Want to know the big secret to why the market is falling? It's falling because people are scared and didn't understand their investment. YOU should NOT buy crypto for a short term profit. YOU should not buy crypto if you don't understand it. YOU should not buy crypto if you do not have faith in it. Guess what happens when you sell low: you lose money. So don't let your emotions get in the way. Close your eyes. Stop checking coin market cap. Wait for the price to go back up and don't panic sell. Not only will you lose money, but you are contributing to the price fall, and costing other users money! --You don't lose until you sell.-- Goodluck and keep that in mind in the coming months, trust me, you'll thank me later.
Or... get this. Maybe it doesn't recover and it absolutely tanks and everyone loses everything. Every coin has two sides. Honestly seeing ALL cryptocurrencies go red makes me feel as if there might be a medium to long term bearish leg in the crypto markets. Caused by what? who knows. But keep in mind crypto is just a safe haven for hard currencies, and when hard currencies perform well and are trusted, there stops being a real need for crypto.
As a trader you should know there's never only "up" or "down" and telling people that this will CERTAINLY recover is hazardous. Regardless, I'm following you in case the crypto markets don't recover. I'll come by and remind you of this very post.
Crypto currencies might have seen their peak with the instability caused in economies by the november 2016 presidential elections. Those are over. There's two ways to go now, either our president is a moron (which is already priced in) Or he actually gets the job done well (not priced in) what do you think happens once the U.S keeps churning out positive data month after month and people see that our currency wont fail with donald? That's the unpriced variable. The option for him being a complete helpless infant is already, in theory priced in. so in either case this could well be the peak.
I'd be interested in your educated answer as to why this is a sure bet to bounce up over the next few months specially after the ridiculous rally bitcoin had.
the perfect time to increase your investments and average down by buying more for the same price
Right, unless it continues to go down after you double up. Perfect way to lose twice the amount of money you would have lost initially.
if that happens just buy again, if you really believe in the crypto then it doesnt care if it goed down. I like red markets only makes you gain more and more at the end if it goes up. this is just fear of the new ones and the traders.. invest money over time and let it grow, don't trade, only 5% makes real money and with the transaction fees it makes no sense anyways because losing is always easier than gaining. so just from time to time put something like 100 dollar in a coin, when it drops say 25% again and when it drops then again until you have bought in at so much price ranges it will be evarage
I day trade currencies for hundreds of dollars a day, I don't think you know what you're talking about. Works great till the price moves 150% and wipes you out.
Agreed.
If you believe in crypto then you would know why its going to go up. Failing inflationary currencies, ever growing need for privacy, deflationary system, good projects, yada yada.
Again. I'm an actual trader with years of experience and big profits to show for it, im convinced you don't have an ounce of knowledge regarding investing.
:/ well if you have anything valuable to add, I'm here.
Buying high and selling low is a sure way to lose money.
Amen. Problem is no one knows where high and low is.
Ive noticed that a lot of the crypto make what the traders call cup and handle patterns its worth looking it up and reading about it. Bitcoin has been making long term cup and handle patterns for years. I learned about the trading pattern years ago when i was trading litecoin. Someone posted into the chat that bitcoin is making a cup and handle then everyone dumped litecoin and bought bitcoin. That when i looked it up so i wouldn't get caught like that again.
yeah, the problem with tracking patterns is that it doesn't account for people. People are unpredictable and often trade with emotion. For example, you think because of the pattern, it would go up, but it doesn't because Forbes makes a post that bitcoin is going to tank.
Yes they have been trying to talk down bitcoin for years now. The way i look at the cup and handle pattern is that so many of the big money traders follow it that it becomes a self-fulfilling prophecy.
Agreed.
I agree, @edolo, that one cannot allow emotion to determine our investment decisions. It's important to trade and invest with a strategy - BOTH entry AND exit. Knowing when to buy in and when to sell is not as easy as buy low, sell high when the future is left to speculation. What is high and low is relative.. in general, always be aware that each investor has his or her own 'risk tolerance'. Taking a loss is not about pride, it's about being able to trade another day. Can't do that if you've bet the farm and lost it. Taking a loss and taking a brutal financial beating is quite different. What might be a 'bad trade' to some, could very well be a devastating financial blow to others. Follow 'smart money', but remember smart money has much deeper pockets and they hedge their risk accordingly! 🤑
Good words, good advice.
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STOPInteresting!
thank you