Bitcoin Forum

I bought out at 750 in a well thought out panic. This is slightly above where I originally got in. Figured it was insurance. Now I want to get back in. I'm torn on waiting till it drops below 750 or just cut my losses as insurance and get the hell back on the boat. Thots?

Good things come to those who are patient.

I think the next floor will be higher.  There seems to be an incredibly brief window where things go below the floor (flash crash).   Maybe she will get lucky.

It will continue to test the 950+ range this week

Around $800 if it goes back there again

Never go full fiat.  If you have zero bitcoins the time to buy is always now.

If you sold only part of your coins, then, sure, go ahead and try to time the market.

I don't think that panic buy is the way to fix a panic sell  :P

If you're going to trade , the first thing is to get rid of the panic.
Panicking will only do things worse the next time , and you'll gonna probably make a big mistake if you get carried away.

Don't invest money that you need for daily needs. Think of bitcoin as an investment that you don't really need to touch in the coming years.
Also , best advice that worked for the last three "crashes" , HOLD.

HOLD if you dont know sell or buy.

Never sell in a crashes..

Sell when price is steady and you're comfortable with the price.

Day traders will say otherwise but the truth is.... most if not all day traders are only making just above mini wage... considering their time and psychological stress.

Very helpful.  :)

Your right, it really doesnt matter when I get in. I did a lot of research today and am now in for the long haul.

It seems every trader has to go through this to learn. You can talk about it all day but nothing like actually playing the game while the price is diving and the LA Times is messing with your head with stupid articles.

No selling, only buying from now on.

sell high, buy higher

Everyone's trying to catch this one, there are a lot more believers this time round... heels are dug in, expect a long wait for your buying opportunity.

Welcome to the club  :)

Yes, welcome to the club, pbody.

If/when your BTC wealth becomes a decent fraction of your net worth, please consider applying Risto's SSS divestment plan (https://bitcointalk.org/index.php?topic=345065.0).  Once you've divested your initial investment, the crashes are a lot more tolerable.  
 

Never chase the price while it's rising fast. Wait for the next dip and buy on the bounce on some trendline. Then you will have evidence that that higher prices are attainable and then the price you're buying at is supported, and after the quick bounce you will have immediate realized gains.

If you realize that the trend you bought on is becoming weak and breaking you can always sell. 90% of the time with this strategy you'll have a chance to sell at a profit even if the trend is failing.

On the other hand, if you panic buy during a rise you may find 10 seconds later you are already at a loss and cant get out.

Good advice. So simple yet so hard. I'm finding that a lagging exchange can also be useful for profit.

Buy when everyone else is in a "in a well thought out panic".

Nothing to add. Maybe this - never sell (even a portion) lower than you bought. It all sounds basic, but it's the only truth everyone should know about bitcoin trading.

I might add an exception to this - If you're in some really powerful downtrend and you know the price is about to drop 10% or more, you can play dead cat bounces and drops strategically trade your way out of the loss. Only do this if you're able to divert your complete attention to the market for the duration of the trade. When you sell you better have a plan about how you're going to immediately buy back within minutes, and have stop-loss (buy back) rules.

Nah, I would suggest using downtrend to increase your position by *buying*. You can sell some when it's much above what you bought it for, and then use that cash to buy back lower. Once you sell anything below your buying price, you are fixing a loss that is absolutely not needed as the price would recover.

i know it is a stupid advise, but it worked for me when i was cought in situations like yours:

buy back half (or a third) now.

whatever you lose or win, it is only half as bad after you did it. it will make you feel more relaxed and you can wait for the other half for better prices.

in addition, i can only repeat what others wrote: never play with all your coins. put the larger part in ice-cold storage. play with the smaller part to satisfy your temptations/panics.  

i keep 95% (cold) & 5 % (exchange). it´s still a thrill, but much less nerve wrecking.

That's actually pretty good advice under the circumstances. :)

Best advise IMO.

I still think we are on a downtrend. Though it will be clear in 2-3 days.

+1

The price is spiking up right now , what charts do you use , if you use any at all?
The price is around 950 from 700 in the last days.
Stop giving advices if you don't have a clue what you're talking about.

Im in the same position and sold @780, waiting for a price dump back to ~7xx. I hope for the friday or saturday dump like it happened so often in the last 2-3 weeks.

Well , and why should a dump happen this week?
Why should a dump that would bring us to 700 happen?
Care to elaborate a bit on your scenario?

A little worried right now.  It appears to be in a downtrend, and we can't get over $1000.  Id' watch that number I think it's psychologically important.

Because he wants to! That is as deep a strategy as 95% bears on this board use. "I sold at $129 to make a profit so current prices are unsustainable, bitcoin should cost $100". I think it is a period in life when small kids start to understand that the whole world is not rotating around them and their wishes; bitcoin can be a cruel teacher at that :D

This strategy has never worked for me.   Typically because I think like everyone else and thus prevent the outcome.   You are best off NOT thinking like everyone else and thinking about what people MIGHT be thinking in the future.

We know one thing.  The trend for Bitcoin has been remarkably positive and as we become more embedded in society the trend gets reinforced.

I would watch China and act accordingly. They are looking really strong to me, so you might want to buy back at least 25%.

This strategy has proven so damn wrong so many times I don't know why people even try it these days.

The price of bitcoins is almost always not following the board feeling.

One can look at sentiment as the primary driver for price for so long.

Anyone who does not look at the other potential factors are limiting the true vision of this technology sector and what benefits it will and can bring to society.

Factors such as what it costs to generate a btc or validate and secure the block chain, or the emerging options for the general public to use Bitcoin as a currency, commodity, or securities (EFT).

Other proposed uses of the network that we may see in the not so distant future could be for elections and voting, Public registrar of property rights and so on, and even goods trade agreements between continents and agencies.

you should panic buy now, it will go above 1000 today, and probably wont come back,

ath in the next 2 weeks

Holy crap, almost back to 1k on gox.   

Don't think we will see sub-800 again. Maybe not even sub-900. Someone call me on this in a week. PM me for good measure if I'm wrong.

I said I hope, I did not say I´m sure. I know it was stupid to sell but I did and cant change the past anymore.

I sold some coins at $100 after the SR shutdown. This was after the initial selloff, which I missed, in the hope of a further selloff (I was looking to increase my coins)

I then was hung up on whether or not to buy back in, once price had recovered and was pushing up past $150. In the end, I decided to use some of the fiat to pay bills, and keep the rest to wait for a dip.

The dip never came. Fortunately I decided to put the remainder on Litecoin at around $2.

I increased my position at $850 on the way down. In hindsight, I could have gotten them cheaper, but any price you buy in at today will seem ridiculously cheap in 10 years.

I've said it before, but this quote seems applicable:

“The best time to plant a tree was 20 years ago. The second best time is now.” –Chinese Proverb

http://www.merriam-webster.com/dictionary/nerve-racking

Really nice quote.

Both are valid, completely unnecessary correction  :-X

Congratulations!

I am simply heartbroken when I hear stories about people that didn't hit their target, and were too stubborn to change their target.

For example: Recently I bought some bitcoin at 900 and was able to ignore my ego and overcome my pride in order to sell at 850, when that last crash happened. Sure, I would have been fine to just hold on at 900, but I would have missed out on the extra bitcoin from being able to buy back at prices below 700 (lowest order that filled was at 575)

What I'm trying to say is that if you feel that you should adjust your position, don't be stubborn and refuse to take a loss. Similarly, when things are going well, don't be too stubborn to take a little profit off the top.

sorry, i am no native english speaker.

http://www.linguee.de/englisch-deutsch/uebersetzung/nerve+wrecking.html

 :-*

He should be apologising to you.
I would demand satisfaction if it were me  :P