I agree. Buy low and sell high.
Just do the math and see if you sell on loss right now, how fast you will get the loss back and get gains again. I learned that being strong hand without a real reason or at least mathematical backup is just being blind. I did sold on lost before and in the end i end up making more because of just simple mathetimatical equations.
Another problem is if you’re holding alts (as I do). You would then have to sell those at a loss (BTC wise) and then hope to get the lost BTC back by scalping BTC on the way down. Then you’ll also have to buy back the alts before BTC starts moving too much again, or the alt prices will run away from you. Helluva many variables.
Yeah I am leaving my alts, as its way too much as you say to sell everything to BTC and back to fiat.
But I have 0.5 BTC and 5 eth that I would happily sell back to fiat if I thought we were going down another 1 or 2k. But as you said, if you dont understand it maybe its too risky, and I dont really
I think my plan from now on will be to only accumulate BTC, and not care about the fiat price at all. I will position my trades to gain BTC, not dollar value. If one day I wish to cash out to fiat, I’ll do at a time when the USD rate is high.
I made up my mind long time ago to put 70% on 1 alt coin and use the 30% remaining btc to buy and trade often as i wanted it. Right now since the prices of NEO is going down i’m thinking of staking some and leave it there to either make me money in the long run or rot and be forgotten.
Although in order for us to make profits from those kinds of investment we need to use fiat to buy NEO or somehow buy on a low price BTC and buy NEO. It might not be a BTC related directly but in the end of the day to go out to take gains you either have a bitfenix to trade USDT/USD or BTC/USD so in the end of the day we will always go back to BTC no matter what Alt we have unless they will be listed in exchanges directly paired with fiat.
When I got into this, not so long ago, I thought I could focus only on alts and just use BTC for buying/selling them. Boy have I learned.
Where the heck is the bottom? Im in Asia and things are winding down here at 7:20pm on Sunday. What is the West gonna do as it’s just now starting to wake up? Bottom???
yeah Im also in Asia and its hard to know what will happen when the US wakes up, although recently its led to upwards action. Do you plan to make any moves or you just want to know?
I just got outta LTC and hid in Tether for the moment. Looking to see if BTC will dive downwards, that way I can make a come up, lol!
TAs that I follow have been pretty on point the last couple weeks and are calling a dip all the way to the actual bottom around 4.8k.
If that is the case, we have a long way down ladies and gentlemen.
Why would you even sell the alts? What about just holding them? Unless you got caught in a bad swing trade, in that case if you believe in the coin, just hold it.
Thanks man…thats kinda my gut feeling as well. I don’t wanna fall for the okie doke, again like I did at the beginning of Jan.
We were talking about hodling vs selling and buying in lower. Is it smart to hodl all the way down if there is a huge price correction? That’s the point. In order to cash out into tether or fiat I would have to sell my alts first.
What is your lesson? Silly as it sounds to ask; I focus on ETH and BTC for getting into alts in the first place (mostly ETH) and haven’t had issues trading it yet. BTC going up doesn’t worry me much as you can moon with other coins. BTC going up is the goal in the end, as trading for fiat would be nicer then. Of course if BTC shoots up in contrast to your alts then that’s not going to work out well if you need to make a fiat cash out.
I learned that there is no way of ignoring BTC. It dominates the market and decides price action. So I might as well have BTC as my focus, and trade alts only to accumulate more BTC.
It depends on the nature of the crash. If there is some massive correction and you can catch it at the top before the crash, then of course. But the issue is this can hardly be reliably timed. I never sell my coins for a loss. Ever. All I care about it building my pile. I incrementally trade up based on how much the coin I like drops or increases.
Yeah this is my worry. I already nearly sold at 12k and look where we are now! The problem is when do you sell? I mean if you sold now, what would you do if it went up a few hundred dollars, would you buy back in? Thats the scary but. Looking back I guess the best time is when it is heading up and bounces of key resistance, like it did at 9k yesterday. Becuase after that bounce it hasnt got above that level and we are 1k down. So if we had sold then we’d be safe until it approached 9k again.
So what do you plan to do in that respect?
As for Alts, I’m leaving them, I cant sell all my alts, send them to GDAX and then sell all my BTC. Its just too risky if it starts going up fast as I will miss the chance to buy everything back and end in a mess. I am just thinking of selling my BTC and ETH and hoping to buy back lower. Its simpler that way. Interested in others thoughts?
Just to make sure, all we should care for is selling alts for profit in satoshi and not look at the $$ value. Correct?
But why? I mean, I’m wondering how you learned the lesson. I would think it’s self-evident because BTC is sort of the grand-daddy of the entire coin system. When it’s on a huge bull run, then the market gets pulled with it. Same thing on its way down. Not calling you blind, just wondering how this happened. You can also use ETH for most altcoin trades (I must sound like a broken record at times about it), but it’s still linked to the gains and losses of BTC.