This is something I believe is worth discussing. How do we react in a down market like we have seen this week?
Most traders are aware that when Bitcoin is unstable and going down… the altcoins usually drop by an even higher percentage. Of course, this can cause your trades to go against you fast and will often effect your targets and possibly trip your stoploss. If you sell out of your position… it is possible that you may end up locking in a substantial loss.
My personal goal is to multiply my Bitcoins. When you have large positions in altcoins and the market takes a dip… you can end up deep in the red and with significantly fewer Bitcoins.
I have come to the conclusion that it is better to HODL through these cycles and not make any major trading decisions until the market stabilizes a bit and begins coming back. Of course, that is not easy when your altcoins are dropping and the indicators all seem to be giving you sell signals.
There are obviously some very experienced traders here and I would love to hear your thoughts.