Bitcoin Forum

Bought at a good 700$ and it's now 470 and correcting. Agh Whyyyyy.
I always get screwed over, Do you think it's gonna spike again, There's been so
much good news coverage! What's happening?

Never know; in the long run, it's likely to be worth far more than that.  It could also crash to nothing.  There's really no wrong time to buy, so long as you're saving, so don't fret about the price much.

Rule #1) Never buy all at once.
Rule #2) Never sell all at once.
Rule #3) Never sell all your coins.

 

yeah the real problem is selling at the wrong time. i've done that too many times, and over time it ha become much more stressful to risk losing btc by selling and hoping for a drop

Rule #4 lower priority Run away with capital and invest only on profit :)
Should be possible if the price rises high enough from 250 to 750 to maybe some day 1500 :)
Don't worry it'll get there someday too

Ill keep this in mind!

The bigger the risk, the bigger the reward.
The bigger the risk, the higher probability you'll lose.
Keep that in mind, too.

I have lost more bitcoins trying to time the market than anything.

I was going to try to time the crash this time but started running into the same uncertain market conditions as usual.

It went well in March when I just held through the whole madness. I have returned all of my BTC to my wallet and will continue to hold through this madness.

Just hold it, better get away from watching price charts for a week or two, we all should do the same )
That will save you some money and some sleep hours.

Only gained 30% from panic sellers. Could be more with better placed bids  :P
Expected to drop more @ gox eu ... bitstamp was much better. 50% discount = double your coins and repeat with dead cat bounce

In fact it is impossible to predict. Thats why spread your buy/sell orders

Rule #4) Never invest more than you can afford to lose

I should've sold on the bounce back up, but didn't. IMO it's gonna keep going down.

Rule #4) Never buy at an all time high...well mostly. Wait for pullbacks.

Rule 1) Set a price you want to buy/sell at
Rule 2) Wait a full 24 hours to see if you can land it.  The amount of time I lost my nerve and changed my targets within minutes of my original ones is shocking, and on 90% I'd have got the prices I wanted if I held my nerve.

That's exactly the problem here. If something is all over the news, you are too late! ;D
But don't worry, it's gonna rise again.

It's so funny to see how greed eats brains in an accelerating manner once the price keeps rising.

Rule #17 If it looks, smells, and tastes too good to be true - it probably is. (Another rule people forget in 6 months once they are promised 7+% interest)

we ALL know how that feels. don´t listen to the guys who claim to do everything in the most profitable way. chances are they fail also.

btc price will rise anyway in the long run. the people that bought on top of the april bubble are good now. they had to wait 6 months. if it really works out bad, you have to wait until may 2014. just don´t sell em.

What can you do wrong, if you sell on the way up and buy on the way down?

You won't get maximum profit, but you'll never lose until bitcoin goes to zero.

What CAN go wrong is that bitcoin might no longer go below a certain price and you sold out all coins before it went to say 2000$.

+1 history shows if you don't panic and sell at a loss, it will eventually reach a new ATH.

I never told you to sell all.
If the price goes up, the amount of bitcoin to sell, is decreasing. You will allways have bitcoin left, even if the price goes to 100000$.

Speculation is happening. You thought that price hit 1000$ because someone found a long forgotten wallet and is now a millionaire  :P

An even simpler system is:

Rule #1) Never sell
Rule #2) Don't forget rule 1!

But you said "What can you do wrong, if you sell on the way up and buy on the way down?". So I told you what can go wrong.

Another thing that could go wrong is you buy on the way down, and it keeps going down and stays down.

"The amount to sell, is decreasing." Can you elaborate on that?

Maybe give an example?

You buy 10btc @ 200$, price rises to 300$.
That's 1000$ profit.

Cash Out 50%, that's 500$ or 1.6666 BTC.

So you have 8.3334 BTC worth 2500$.

Price rises to 400$.
Thats 3333.36$ and 833.36$ profit.
Sell again 50%.

That is 1.0417 BTC.

And so on.

If the price goes down, buy back 50% of the losses.

You can change the percentage. I'll buy back approx 65% of the losses.

It will certainly go above that but not in the next few weeks. Hold for long term and make a nice profit, or if you have th eguts sell and buy back cheaper.

If it was upto me I will hold.

I used to trade on mt.gox a lot; i had made a lot of profit, but lost a big chunk in the end. So in the end i barely made a profit...  :D

Zero sum game.

I am sure the people who bought at $250 in april felt the same as you at one point...

Yeah..plenty "I sold at $900 and bought back in at $400 before selling again at $750" types on here.

All of them complete bull$h1tters to a man!

The only guys doing this are the sharks who are slapping this market around like a bitch causing the spikes and crashes to begin with.

https://www.youtube.com/watch?v=cKUvKE3bQlY (https://www.youtube.com/watch?v=cKUvKE3bQlY)

Rule #5) stick to your trades

Rule 1. the trend is your friend
Rule 2. Never short Bitcoin except for the days/weeks after a major crash
Rule 3. Buy and hold. Only sell when your price target has been hit, but do no trade the waves up/down.

This is good rule except everybody has to sell at some time, otherwise it wouldnt make sence to die with the coins  :)

Not necessarily. When BTC goes mainstream I may be able to pick up girls with my balance.

'I am loaded with BTCs. Wanna come up to my room?'

More realistically you can spend 0.0001 BTC and enjoy these girls.
But spending is the same as selling

Even more realistically you'll both die alone.

You don't sell them (which is slang for exchange for fiat) but spend them, which means exchange them for goods or services (examples of which you seem to already have come up with)

Bitcoin has taught me one thing:  Every man has his price.

While he may be honest at a thousand or a hundred thousand, something about crossing the million mark makes him start mumbling "My Precious" over your bitcoin.  

Absolutely.  It gets better  :)

That's a silly rule.  During the run up I played "buy the all time high".  Each time we hit a new high, I bought and then sold 5-10% higher.  I made 60% in a week.

Absolutely agree, who wouldn't have liked to buy at 1.1, 32, 266 when they were broken through?

When it reaches that alltime high it set a long time ago and breaks through, there is a very good chance the momentum will lead it much further. Otherwise it would never have broken it in the first place!

These are the only exceptions to the rule actually.