Vlog 210: Sticking to my plan: Buying crypto with Fiat in the downtrend.

in #life3 years ago


It's one thing to make a plan, it's another thing to stick with it.

For about 2-3 months I have been selling crypto to Fiat.

When I made that move I felt that I was overextended in crypto.

I wanted to mitigate risk.

It was part 1 of a plan that could have gone either way.

Crypto could have gone up and the value of my total holdings would have been less.

But it came down and now I can use the Fiat I put aside to buy back in.

I started this process last night.

I'm not a person that goes all in at once. I buy gradually over a long period of time.

I bought a little bit of crypto from all the coins I want to have.

This is now my baseline.

As long as it's under this line I will buy the same amount in fiat of crypto at certain intervals.

This way I will have a nice buy in average.

I talk about it more in my vlog.



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Same, planning to get more ETH today. 2018 will be huge.

You did best thing to do - respect.

I took out some in December expectingJanuary to be weak but not as much as I should have as I listened to much to others.
And I bought back in to early (but that is s.th. you never know) as I thought it is the regular January dip and gets back up soon. To be honest I am not so sure about that anymore as really a lot of trends have been broken and a lot of people got burned. Who would put money in right now. Ok you - but I guess you are one of 100 who sold at the right time and you are the only one I know. All others have "Bought the dip" much earlier and gut burned - now starting to get scared that we might face a long term bear market like in 2014...

Thank you for your honesty. Buying in to early happens. All investors been there, including myself.

Do you have enough time to wait it out? Then, I would wait to see how the markets develop. If they go way lower you can add some and lower your buy in average and if they go up you will be fine too.

Don't trade on emotions, trying to win some money back, that's usually bad. I hope this helps.

You are right - luckily I got some experience (not too much) and have at least an indication when I am on "tilt" meaning my emotions taking over. But your advice helped (I appreciate it) because I know I am at the moment - closed all charts today and committed myself to a "no look at it day" ;-)

I still don't​ panic :D

I wish I could have some money at this downtrend and buy more cryptos.

Makes 2 of us. Now I think things will explode just like the boom of the dinosaur market of the 90s. But this time the masses just don't know what Crypto currency is so the 1% who do will catch the train out of here.
To the Moon and I hope to make enough to catch a ride on Space x, that will be enough for me.

yes friend it is a right time to buy crypto 😊

WE probably agree on many topics, forinstance Anarco Capitalism, but there is one MAJOY topic where we yet do not agree and therefore I am BEGGING YOU to watch the 5 videos I posted under the tag #notaglobe ... the earth is flat and you need to wake up to it, then we can make steemit great:

Truth will get you into trouble unless you stay silent. Knowing and trying to awake others is admirable but it's against the establishment and most Americans mindset is set in stone. By the way air-PLANES don't fly upside down,

"By the way air-PLANES don't fly upside down,"

What do you mean by this, I never said that airplanes fly upside down, airplanes fly straight over the flat plane, on a ball earth an airplane would have to dip its nose down all the time, which it doesn't since we do NOT live on a spinning ball.

I Was telling my son about this yesterday
I remembered your post on this topic and thought it was great knowledge to pass on
We get overexited on crypto sometimes,
and tend to forget fiat even exists,
I remember you said something like,
It is great my crypto wallet is growing,
but my fiat is at a standstill,
and I will need that to buy in future dips..
Looks like you were spot on, once again 🤗

Being overextended in anything is usually bad. I believe in diversification. In hindsight I should have sold even more. But hindsight is always easy.

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this is so true. i didnt sell any - but luckily i am able to buy more on this massive dip and even if the dip continues i will buy small amounts in. i have a firm believer we'll be back to where we were (maybe even more), even if it takes some time.

Do you have any tips for establishing a base line?

I got in on ETH in june last year and basically did the same thing you've done.
But now it seems unlikely that ETH will ever get below €200 again, so I can never buy in again.

Obviously it might, but lets say it doesn't:
How do go about establishing a new baseline?

To establish a new baseline I took profit on the way up. This is key. Then I waited for the markets to turn (or never, then I just have less profit and less crypto and I accept that). Now it has come down enough for me to feel comfortable to buy in again but this 'baseline' is different for everyone.

It should great another place as ever

Do you use #BitShares @exyle?

I also liked this very much, it explains a trading line I didn't knew about:

Excellent video friend and you are doing right thing to buy and hold more crypto in such low levels and i think it's definitely a buying opportunity for sure, i wish I had some extra fiat in my pocket to pick up some crypto at such low levels, wish you all the best in all of your future endervors! Stay blessed

A very wise decision indeed....Wishing you same success with your Crypto portfolio as you are having it in Steem!

you really need a strong hart to deal with crypto - these days are the milestone that will separate the "so-n-so" people from the "really-committed-to-crypto" people
i am also enhancing my portfolio a bit these days...let's share the results in a few weeks/months

Cheers,
Adrian
a0.png

I agree with this statement for CNCB:
One of the biggest problems we’ve had in this market is institutional investors don’t know where exactly they stand regulatory wise, what can they do, what can’t they do.

**This week Feb. 6,
The Senate Banking Committee are having a meeting and they’re going to be talking about what the regulatory oversight role of the SEC and the CFTC should be when it comes to cryptocurrencies and virtual currencies.

It should clear up some skepticism and give us more clarity. (Price is also suppose to soar, according to CNCB)

Check out more info here. https://www.express.co.uk/finance/city/914010/Bitcoin-price-why-BTC-falling-today-cryptocurrency-news-value-crash-latest-blockchain

I think that markets will still drop to 200bilion market cap as that is when market started to go up with unnatural speed - so I will wait a bit more :)

this is a good time to use dollar cost averaging

The best time to buy is right now. I bought some steem the other day

I will be HODLing , But what makes me worry is the marked cap is decreasing like crazy.

Smart move.
I have only remaining 20%-30% of my portfolio and i will not go for panic sale. I will hodl for almost 2018 last.
You are the lucky (Or Expert) to get the best entry-exit time of the market. Most of traders like me are just hopping to get the market recovered.
It goes great if i was able to manage to get some of my investment in fiat.

Exactly what I am planning to do as well. At every support level you can see there is a bounce back up, it clearly shows that smart money are accumulating.

Now is definitely a good time to buy, all have to do is sit and wait.

So much love to share,.. and Yes,... with the one who appriciate it everytime

Excellent strategy for the distribution of assets and the fact that now is a very convenient time to buy, makes our assets promising. It is very important, as you correctly noted, to buy in several optimally low markets and just a little, this will make the hold the most profitable! Thank you Mark.

Smart idea
Well done
After this terrible descent
Stoke a jump in the price of digital currencies
And will reach its highest level
It is bought now
He will certainly win in the future

@exyle great way to get back into the Cryptos you like, average in and you sleep better at night than those that Buy all at once.................

I like that you discussed this to share the experience .... ???

I don't know what you're talking about because i am still noob here. But someday i will follow your steps 😋

Hy guys.. what aplication is that.. I want to download

Thats coinmarketcap website

That's really a nice plan for you. With the current situation of the market, I plan on HODLing till the market value regains it status and my profit high. I think I'd implement this your kinda technique.
Everyday crypto teaches us. Thanks for this post

yes i really support you ,,,

Buy XRP (this is not advice lol) ;)

This is very wonderful writing about it & thanks to share this content with us.

Very nice time to start testing the waters. You sound like a very calm and measured person in these chaotic market times. We all hope things will turn higher from here, but you can't make investments based on hope, can you?

I'm no trader.
What I do is pretty simple, I only buy to use or buy as a long term investment for whichever blockchain or platform I believe in.

The one thing that has me beat is SBD, I don't buy SBD, I only earn it through posting on Steemit, I don't know what to think of SBD, I believe in the Steem blockchain so I do believe that Steem is a good investment. As for SBD, the more people that use Steem, the higher the production of SBD.

So should I hold on to SBD or should I sell it as soon as I get it?

At this stage one hardly thinks straight with all the reds in the market, however my one concern is what if SBD fails to ride with Bitcoin?

Wise move @exyle it will be interesting to see how things pan out but definitely buying into a position is going to pay off in the long run, just how far down noone knows.

It will be interesting to see if the European banks put any pressure with the banning of buying crypto with credit cards also, now that Lloyds bank in the Uk is following suit of the US. Seems like a lot of pressure from all sides of the market at the moment. Get your hard hat on it could get explosive shortly.

A very wise decision indeed....
tnx for upvote

Nice decision and how do i get a link to your vlog when you finally drop it. I want to know more

The little screenshot at the top of the post is also a link to the dtube video :-)

It's not just crypto. The entire stock market has taken a nosedive. That's actually good news for Steemians. It's an opportunity for new Dolphins to be created :)

I will buy in if it approaches $1 :) :)

he has balls. :)

that was a great plan.. I wish I had gone to fiat 2 months ago and I would also buy in now.. like I said before this is my next big lesson I have learned.. now I have to wait again..

Of course, it's good idea but need a lot of luck. I bought last night lot of Ripple!

In my way to became a Pornstar Girl. I will follow you when you show me some love. Btw, I'm real...check my username writed on my body

Looks like you have a talent called Brilliant timing

Great information!
THANK you for sharing your thoughts!
You are so true about that you have to have faith! If you believe in something from your heart, it will always go your way, might not be the way you were hoping for, but still your way.

Have a nice day!

People who stick to your plans without deviating tends to be successful. You have a good strategy.

crypto money shows big decline..but I believe the future is very bright...do not lose your hope friends @exyle

Yep the downtrend is definitely in place now, doubt it will be years long this time though as there is still a lot of optimism around crypto. Nice little cliff hanger at the end there to keep us in suspense for the next video!

this dip made the hodler in me realize that it really is important to take profits when the market is doing great. lesson learned. now lets go buy these coins while they are on sale.

Hello My. Exyle, I'm a fan, I messaged you on discord..
Love to know you more.

Good job, very smart. I've been doing almost the same. I've sold half of my crypto in fiat at 18,000 BTC mark. And bought some at 11,000. Still waiting with my left 25% investment cash to buy the last amount.

The current situation in the market is really bad, but the question is "can you hold on"... Time will really tell.

Great then. You are getting nice prices.

Wow....amazing this writing....i appreciate this life story......i like this post......

rat your post I will buy the same amount in fiat of crypto at certain intervals.

yes i am totally agreed with you about downtrend and yes it will continue for some days.. or more..
:)

Maybe Crypto is just the game of Luck :/

Great suggestion. Would check out your vlog for a better picture. This days, I've been quite skeptical about purchasing more Crypto coin.

But would give it a shot tho.. Like you said "don't jump all in at once". Sure I'll keep to that advice. Thanks @exyle

goood your posting i like this

i kinda did the same but i also invested in equipment to allow me to make more video and courses to help the eco system and to carry on with all my other side residuals. weirdly i had the best month on skillshare i've had in six months so that will balance me out this month.

I am doing the Same but All the negativity every day about All crypto is weird. I keep on going

Hey there friend.
I am new on steemit
I wish you would check my blog . erm...can i get your upvote and follow?
Please say yes because i dont want you to miss the good stuffs i have for you.
I will upvote you anytime i come across your post.
So take a second and upvote as i have and you will truly feel me😂😂😂
Thank you friend

@exyle,
I also started buying crypto by using fiat at the moment! Main focus on STEEM, BTS, EOS at this market time! Nice update friend! Very useful update to the community!

Cheers~

The tide will turn, meanwhile we can just keep ourselfs occupied with other stuff and projects :)
Must be nice for you to have this vlogging to let out of some steem (Pun intended :p) so you can focus on other stuff than the market right now.

i too want to put some fiat back to some at the dips great time in crypto for buyers

Your posts have been a good source of crypto knowledge for me since my first step into the crypto market was steem through steemit.
I sold my first earnings when sbd was still around 8k and I have been reinvesting that money into buying the drop in other currencies and steem over the past week.
Now I need to adopt this plan of yours for the longer term... Thanks for sharing this.

This is a nice move. The market is risky and you should think twice about it what to buy and why.

But buying soon back in is one of the best decisions you can make. It will take its time, but the market will come back again and rise

Not in panic either , and its a good time to buy in GOOD projects ( with a good white paper behind ! )

wait and see , anyways all is down at the moment even in Fiat .

Banks are howling , gouverments too !

Nice thinking and good story

I think the coin sector is getting worse day by day.

Soon all start make this... buy...buy..:) we are already at the bottom.

Thank for sharing.. I think it is very usefull for us..

great think bro some intrested

Even though I'm not the most crypto-savvy guy in my circle, I guess it makes sense to be buying crypto now that the downtrend started, wish I could be doing the same thing.

Excelente post, me encantó

people get so much up set with just a little down when it goes up they think they will get millionaire lol i like this idea to keep buying in low

Understanding the risks and how to mitigate it is the most important aspect of the trading in currencies. Your understanding of it by taking calculated risk will guarantee your expected result.

I plan to adopt the same strategy as you do.

That's really a nice plan for you. With the current situation of the market, I plan on HODLing till the market value regains it status and my profit high. I think I'd implement this your kinda technique.thanks.

I like your plan of buying now to create a baseline. I have never bought crypto. Tomorrow someone is going to show me how to do that so that should be my first purchase.

I don't have a lot of time to research the different currencies at this point so will probably stick to Steem and maybe on of the other currencies that can be traded for Steem.

I'm very curious to hear you video tomorrow about Steem.

Very nice decision your making buying at this down trend. It shows your level of faith and belief in crypto which is cool. Even at times like this when people are panicking, you still remain calm and for that, I am really inspired by you.

###lets do this...time for some crypto buy.

Nice move buddy... Its the right time to start buying and accumulating in bits..

downtrends are the best time to buy more and more the more you get the better it will get :D

Slow and steady wins the race. Don't jump in with both feet before you look where you are jumping too. I think what you are doing is wise...

tip! Thank you for all you do.

Thank you for the tip. I really appreciate it!

wow.....excellent story , nice writing , lovely post , thanks for sharing

i too did the same thing sell at the highs when people get over excited and buy at the fear bottom when every one panics too much the best rule of crypto to follow

Wow great intelligent work you have performed ,and also provide us the very best information and rules how to do business of cryptocurrncy. Thanks for sharing such a message to the people.

The strategy to learn and follow good wise moves to move forward in the crypto is to take out regular profits and invest back when it dips nice work bro

I just wish I had more fiat currency to invest in crypto on the downtrend. This will only be possible in April for me ans by that time it's probably going to be too late. But maybe crypto won't be fully recovered. I'll keep my eyes open for opportunities.

good strategy!!

I have no idea what Fiat is but this post definitely has gotten me interested. Thank you

Nice process started and you are getting in the best time to buy some more fiat brilliant mind :)

Well your decision seemed to be right that is the case when you have experience in the crypto market !Nice decision buddy !

It is great my crypto wallet is growing .but my fiat is at a standstill and I will need that to buy in future dips..
Looks like you were spot on, once again.

Diversifying was first great it helped me also to loose less that was good to learn from you and the risk got reduced way less and now i think i should start converting to fiat soon when the prices are high

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