There, I sold .01BTC. That should make this down trend reverse.
Same feeling here. I need to sell something for price to go up again.
Seems crazy as fuck to see guys in this thread doing the exact opposite of what they should be doing.. .
Crazy
Fuck
Each of us, reading this thread, should realize that we buy on the way down and sell on the way up, not the opposite.
Helrow??
Agreed! Panic selling when price going down is the noobs mistake.
(edit: though I know the feeling very well of doing a trade and then the price going the other way just because you did it!
)
Perhaps we finally agree about something... hahahahahaha unless you got hit in the head by an asteroid over the christmas weekend?
I'm curious if you hold all your bitcoin on an exchange ready for good moments to buy and sell?
Up until about early 2017, I used to keep about 50% of my bitcoin (including my bitcoin investment allocated funds - that converted to fiat) on exchanges, and I think that some of that was merely out of convenience in moving it around, and a kind of happen-stance - and could have also been motivated by some insecurities from myself and the bitcoin price regarding whether some kind of an event might cause me to want to liquidate a decent quantity of BTC all at once.
Seems that during this year, and perhaps, mostly in the past several months, I had to tweak my perspective, and even to redistribute a lot of my risk off of exchanges while still attempting to maintain my ongoing trading strategy of selling about 1% of the total value of my BTC for every 10% rise in bitcoin price (and to have that money and to use it to buy BTC back during likely price drops).
Accordingly, my newer approach has been somewhat motivated by BTC price rises that went 3x to 4x beyond my previously most bullish of expectations, and so I have moved additional value off of exchanges, and I have further considered that I don't really need those BTC on exchanges anyhow, because it is not likely that I am going to sell more than a certain amount anyhow because I have tweaked some of my thinking regarding proportions of BTC to fiat that I am going to maintain in my BTC portfolio.
Right now, I have kept enough value on exchanges in order to mostly keep within my system. I have enough BTC to sell up to about $35k - and a bit more in a few cases, and I have enough dollars to buy down to about $3k, which would be about an 85% correction (which may also be a bit of an overkill, but I feel a bit of comfort to currently be prepared for such). I also could move more value of BTC or dollars onto exchanges if either the price goes beyond reasonable expectations or if I decide to tweak my strategy a bit based on changes in my overall viewpoint(s).
I think that the punchline is that currently, I have somewhere between 15% to 20% of total value on exchanges, as compared with my previous approximately 50% status.
My own trading style necessitates that I don't hold anything on an exchange, (because I have lost funds from exchange hacks which is not nice really and I decided not to risk it happening again).
I have had some losses too, yet I am considering that my strategy has allowed me to gain more than I lost, and maybe even playing some kind of role in both understanding and facilitating the existing bitcoin trading/market system.
I believe that active and interactive engagement does allow for a kind of learning that cannot come from a less engaging style - such as keeping all value in cold storage.
I don't have any beef with folks who choose to take the 100% cold storage approach because in the end that approach may result in very decent results for that person - including whatever timeline s/he may have for liquidating.
Also is selling any real amount of your stash a tax event? For me it is. This all makes trading in and out quite a difficult business potentially.
Yep. Problematic area, and changing laws and differing between jurisdictions.
Because of these factors I only trade very infrequently, ie last time I bought in any decent amount bitcoin was about $300. I have cashed out some at a few different levels but because like I say tax makes me hesitate to do more when I otherwise might have. But I might only trade once, twice or less in a year.
Yep.... Some of the laws are simply draconian... and accounting burdens and off putting because of their lack of clarity and varying interpretations that seem to differ from time to time.
However I do a lot more trading in and out using other crypto, mainly Dash with smaller amounts, mainly for fun, but also because I can profit pretty well generally. I chose Dash because I really like it but any other pair with decent liquidity could do it. This is good because most the time I don't need to get carried away thinking about fiat and tax. I don't use leverage and so if price goes the wrong way I can be patient. I like bitcoin and Dash so holding either bags if fine for me.
Also, seems to be a matter of interpretation about whether trading crypto assets is materially different from trading fiat that has not been cashed out. And, we can do what we believe is less burdensome in terms of accounting, I suppose.
Anyway thought I'd give you the chance to elaborate a bit more, which I'd be interested in hearing. Cheers
Of course, each of us have our experiences, and frequently, I am learning and tweaking my approach when I interact with posters and sometimes reconsider my approach in light of the varying approaches and viewpoints of others. Hopefully, I have provided you some personal details that you consider helpful to your own thinking on the topic.
In my case, though I stated I try not to keep funds on exchanges, lately I am finding more funds than I'm normally comfortable with are ending up stuck on exchange . In large part because I haven't sent ID to any of them (I use a few) and so stuck with small daily withdrawl limits. Perhaps I need to tweak my own strategy slightly and start trusting xchange a little more. Something for me to ponder
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