[Vlog] Arrgh!! I Sold My Bitcoin Too Soon!

in vlog •  2 years ago  (edited)


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Emotional investing

I don't know about you but I find it all too easy to allow Crypto to take me on an emotional rollercoaster.

"I shoulda, woulda, coulda bought, sold, held, my bit,lite,byte,might,right,sight- coin etc."

These emotions are natural and to a large extent healthy. I find it resourceful to not get carried away with how I'm feeling at any given moment in time and stick to the plan that I've set for myself in a cold rational state.

In this video I talk about hindsight bias and dealing with the euphoria or despair of the moment... as it relates to my recent profit taking and the bitcoin price subsequently surging further.

Too dry?

For those that don't like the sound of any of that jazz and wish to stay connected to their emotional state. Kick back, relax and listen to H-Town instead!

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Listen, it happens. It is really difficult to predict markets. In this sector buy and hold for years is the way to go.

1st rule of bitcoin: Never sell.
2nd rule of bitcoin: NEVER SELL!

... ok you can sell a little to buy a new house, but never sell most of it :D

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Same here. I have never traded BTC in particular. I use to trade only Altcoins but now I only invest and HODL the best coins I feel after putting lots of research.

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hahaha , good strategy indeed.

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I was going to say exactly that. My bitcoin strategy for 4 years now, i can almost retire :-)

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Even if I could by I house, I would only sell half.

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Great rules. I will copy that. :-)

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We should make a coin called "FIGHTCOIN" LOL

You summed up the emotional roller coaster beautifully. If you make any financial decision where emotion is present, more than likely it will have been a bad decision.

I just recently implemented the SSS strategy for my crypto holdings that you recommended. Thank you very much for providing it. It suits my investing needs and personality very well and has made things quite easy going forward. It's a perfect balance of long term investment and profit taking at specific intervals that gives you the best of both worlds without an emotional attachment.

Have a great night man!

Great advice! Acknowledge it, but dont react to it! Relax and stick to your strategy! Wise words, will use it in the future

Basically I tend to listen to you now; when you told me about your Steem strategy last year, I thought, 'yeah I'll do that as well' then I didn't, now I regret . .

I like your coolheadedness so you know, no pressure, just keep getting shit right! :-D

Cryptogee

Hey @nanzo-scoop, I believe you are not the only one. Many people get stuck in the emotional investment in Bitcoin and other crypto, including me, lol.

Great article and very good advice! And good luck with your trading!!

I've been on the same emotional rollercoaster ahah. Now I just HODL

Hindsight can be a cruel bitch. But I think your attitude of not acting on it, is the correct one. As long as it reached the price point that you were wanting it to go to then you are still a winner in my opinion.

You had an appropriate game plan with a good target and followed through on it since you know better than to get caught up in hindsight bias. Good job sir!

Crypt0's news advice : "Everything that you believe in enough to buy, Hodl until 2020." I'm going to try to stick to that!

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I hope that strategy works for you!

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Ty!

People who tend to make decisions on emotions tend to lose lol ... It was a good price at $4k to get those profit gainzzzz :)

With cyrpto it is so hard to know when to sell.
Well, I haven't been trading. I have only been collecting Steem. I have been posting 3-5 blog posts daily. It's starting to pay off .

I have been learning a some about trading. It seems like the most important thing is to keep collecting and holding until you feel the flow is right. haha ;)

Awesome vlog. You are very right about emotional trading. It is tough to separate yourself. I sold off some Bitcoin as well. lol, that's the life. Everyone is a perfect trader in hindsight. lol. I do the same thing as well. I feel like bitcoin is at or near a top before a pullback. I think we'll be alright.

Also I can't thank you enough for the support on my posts. You really are helping me out a lot and I deeply appreciate it and all you do for this wonderful community.

It's simple, it's better to be too early than too late. So when ever you have this think about a time where you were too late. Realize it could have been the same here, and start to be happy with the profit you locked in again.

emotions play a big role indeed. Wow, love the music...wow..am a soul guy

I love your post, thanks for sharing! I gave you a vote. I hope you enjoy it.

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You do not want to face the wrath of my bunghole!!

Golden rule of Bitcoin never sell and if you sell don't sell all maximum 50% and you will sleep better at night.

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And never buy pizza for 11000 bitcoins ;)

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Yup this as well you should not do ;)

Thank you for sharing.

People have been saying this before in the comments, but if you sell Bitcoin you are doing it wrong! All the pro's are in this to earn bitcoin, not US dollars. Don't daytrade and try to gain 3-5% because it will only work two or three times before you lose out more than you gained. Only really big whales with trading bots and indepth knowledge are the winners at daytrading generally.
Just get coins with promise, and HODL them for a long time. The way to win at crypto is to aim for 10x gain, not 2x gain. As such, investing in Bitcoin is only 'okay' as an investment.. You really want to get in good altcoins, HODL them and then sell them at massive profit.... for bitcoin (not USD). Tips: NEO will still go higher, OMG will still go higher. Ethereum looks almost ready for a buy too. Stratis was super cheap but still looks very juicy (same potential as NEO but for western markets)

This nice post

  ·  2 years ago (edited)

Back in 1996, a colleague used this definition when I was complaining about missing a sell opportunity (fiat market)...

"If the dog hadn't stopped to shit in the woods, it would have caught that rabbit."

Hindsight bias.

great post as usual!

lets give it a week, your emotions are a bit as a roller coaster ride as the price of bitcoin.

I am too stupid to trade so I just DODL.

Loving the tips @nanzo-scoop will have to catch you up now that I'm back on getting some Bitcoin :)
Keep spreading the knowledge!

For people like me who has a low investment, every dollar matters. I remember buying 2 Neo for $12 each and selling them at $23 thinking it won't go higher. Now it's at $50 and man, what a regret.

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If you have a low amount of money to invest, try looking at the smaller altcoins with less than $100 million market cap. There are some good ones in there, and because of low market caps they have the potential to rise big time. Right now LBRY is looking very cheap, it dropped out of the top 100 even and currently at $25million marketcap, but it has been one of the healthiest to bounce back everytime after a dip. I can see LBRY easily going to $100 million, or at the very least $50 million. They have a working Beta already which you can try out. I think LBRY will be amongst the first generation of blockchains that actually go to market.

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Thanks @pandorasbox! :) I will try to invest in LBRY. Btw, I checked your blog posts and man, you look like someone who knows about cryptos. Please continue creating blog posts like those to help newbies like me!

Good points in this blog. Thanks for bringing this to my attention. The decision to buy a coin should be based on real analysis of the coin. I found that people keep buying coins without have any knowledge of them. This is considered high risk. I found this amazing platform: https://www.coincheckup.com I'm using this site that gives in depth reports on every tradable cryto in the market. On: https://www.coincheckup.com/coins/Bitcoin#analysis To watch Bitcoin Analysis.