Owning your buy trades

[clifjw]

So I'm still very new to Crypto and Bitcoin. I've learn a lot from reading posts on this board, but I know there's still so much more to know.

I'm after a little advice from regular / long time traders. I've made a a few small purchases, nothing large while I get used to how things work, but I've bought at varying value stages. The most expensive two purchases at 25,834GBP and 27,705GBP. I'm not disappointed at these, I see them both as my learning phase, but my question is as the BTC rate rises and falls, should I try to recoup on these large trades by placing some Limit Sale Orders at the same or a little more than what I bought for, then buy again when it's lower knowing what I now know about how wildly BTC price fluctuates?

Or should I just own my trades, and just HODL it away regardless. I know it's just as likely the price could go even higher than what I've bought at months or years down the line.

I have it on Binance at the moment. It doesn't amount to much, and I have an amount in mind that I would move to my wallet when reached. Where it is at the moment on the exchange it makes it easy to do the above if I decide to.

[mersal]

The concept of making profits in trading is "Buy low and sell high" to execute this you can follow any strategies like selling now and wait for the dip to buy again so simply HODL until the price reaches higher value than the price you bought.

Different types of trading methods also available like day trading, mid and long term trading and it seems you likely to hold it for months or years so just keep holding until the price reaches above your line.


The minimum withdrawal limit of bitcoin on Binance exchange is 0.001BTC so you don't even need to have a huge amount to withdrew it but if you are planning to buy some more btc then better withdraw all at once to save the withdrawal fee.

[Zilon]

Profit is generated when trading with the trend despite the fluctuations with the help of price action and some indicators like RSI one can predict the direction of Btc in the nearest future. Bitcoin has always been in massive trend movement either on the uptrend or reverses most times to the down trend. So no matter the trend one is still expected to cash out despite the fluctuations following proper analysis. In general one is expected to buy low and sell high

[odolvlobo]

You own what you own and it is worth what it is worth. What you paid for it makes no difference, so forget the past. It is irrelevant. It doesn't matter whether you paid £27,705 or £2,770 for a bitcoin. That bitcoin is still worth £24,347 now. Whether you have a profit or a loss, you have a bitcoin worth £24,347. It makes no difference either way (except for bragging rights if you are that kind of person).

The future of your bitcoin is unrelated to the past, so there is no reason to base your actions on the past. Base your actions solely on your expectations for the future.

[hugeblack]

Take away your emotions from investing and do not try to cut your losses by selling your coins. Invest an amount that you do not fear losing and do not sell until after making profits, then it will not make a difference if the price rises or falls.
Don't get stuck in Bitcoin too volatile and the economy is unstable so don't think too much due to small fluctuations.

[harizen]

Or should I just own my trades, and just HODL it away regardless. I know it's just as likely the price could go even higher than what I've bought at months or years down the line.

I'm not really used to giving pointers to beginners on "what exactly should they do" on that matter as we might have different results even the approach will be the same. Since you are still in the phase of learning and familiarizing how trade should be done, why not try what's on your mind and see the result for yourself.

Yes, you might end up on different strategies you think is best. From there, you can now somehow analyze what's the best thing to do depend on the situation. Just continue to move forward and you will be used to trading soon.