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Title: Why panic freezes people and keeps them from selling crypto. Post by: BADecker on March 16, 2018, 03:56:21 PM People see crypto prices go up. They get all excited and buy. Then crypto goes down. People face two threats that they need to overcome:
1. The threat that they were wrong to buy and so they might be wrong to sell; 2. The threat that crypto has gone back up in the past, and they might miss out if it goes up again. The successful crypto traders are those who don't have fear... or at least not much of it. Many of these people are successful at Forex trading, as well. Best advice for any investing is, when you realize great profits, before the price goes down, take your profits. At least take your investment out. If you were wrong by investing, will you be wrong to take small losses? Or will you be far more wrong if you take greater losses? Early in the loss period, take your small losses and go. If things change, and the price goes back up, get back in at a later date. Right now is a good time to get out of crypto. Why? It doesn't look like it will go up soon. Take your losses and get out... but keep watching. When it starts to go up, and the trend becomes strong, then get back in. If you don't have the money to play with in the first place, don't get into something as volatile as cryptos can be... at least not for investing. 8) Title: Re: Why panic freezes people and keeps them from selling crypto. Post by: joebrook on March 16, 2018, 04:47:15 PM People see crypto prices go up. They get all excited and buy. Then crypto goes down. People face two threats that they need to overcome: Why do they even come and mess up the whole thing because they were afraid to take a loss and because of that,They are messing the whole thing for everyone at the moment. They don't know about how volatile it can be they just care about making profits that's all.1. The threat that they were wrong to buy and so they might be wrong to sell; 2. The threat that crypto has gone back up in the past, and they might miss out if it goes up again. The successful crypto traders are those who don't have fear... or at least not much of it. Many of these people are successful at Forex trading, as well. Best advice for any investing is, when you realize great profits, before the price goes down, take your profits. At least take your investment out. If you were wrong by investing, will you be wrong to take small losses? Or will you be far more wrong if you take greater losses? Early in the loss period, take your small losses and go. If things change, and the price goes back up, get back in at a later date. Right now is a good time to get out of crypto. Why? It doesn't look like it will go up soon. Take your losses and get out... but keep watching. When it starts to go up, and the trend becomes strong, then get back in. If you don't have the money to play with in the first place, don't get into something as volatile as cryptos can be... at least not for investing. 8) Title: Re: Why panic freezes people and keeps them from selling crypto. Post by: merchantofzeny on March 16, 2018, 07:10:29 PM Well, it's easy to be emotional about money. Humans are naturally loss-averse. So even if they've really reserved money they don't need for anything else to invest here, they'd still feel the stings when prices go down and the hesitation to sell when it goes up. Besides, when you sell, you really can't be sure how low it'll drop later and if you'll be able to buy back in.
Title: Re: Why panic freezes people and keeps them from selling crypto. Post by: BADecker on March 16, 2018, 09:06:29 PM One needs to practice a little before investing. And you need to invest only what you can afford to lose, same as with anything else.
When Bitcoin was at $100, anybody could afford one. Not nearly as many people can afford one now. But... people can still afford to put $100 into Bitcoin. And Bitcoin still supports people buying only $100 worth of it. Anyone who wants to play should start with $100. If that's too much for them to lose, stay away. 8) Title: Re: Why panic freezes people and keeps them from selling crypto. Post by: bitroxis on March 16, 2018, 09:36:50 PM You have all spoken like cold-blooded, expert traders. I am only curious: haven't you, too, been afraid to lose in the beginning? And aren't you even more afraid now, if the amounts at stake are really important?
Or are you trying to sell some sort of motivational course? ;) Title: Re: Why panic freezes people and keeps them from selling crypto. Post by: BADecker on March 16, 2018, 10:05:10 PM You have all spoken like cold-blooded, expert traders. I am only curious: haven't you, too, been afraid to lose in the beginning? And aren't you even more afraid now, if the amounts at stake are really important? Or are you trying to sell some sort of motivational course? ;) Just remember, currently a 5% move in Bitcoin is way scarier as a 10% move in Bitcoin Cash. 8) |