I understand that we need all kinds of philosophies and views in order that the market has it's UPs, DOWNs and unexpected movements, it is just difficult for me to relate to folks who play with their whole holdings (or make such assertions)
Well, unfortunately I did not have the foresight to hodl all the BTC I have bought/owned throughout the years, so I own very little BTC... so little that it is pretty much "play money" for me. I am also a bit of a gambler.
Maybe there are just people with different mind-sets, and key to your own self-description is to assert that you are a bit of a gambler.
There may be some additional issue that you have, too, which is maybe you don't really believe in BTC fundamentals and how unique bitcoin is, in terms of its upside potential and its investment potential.
Regarding gambling: I gamble too, but usually only with a small percentage of my assets.
Regarding investing in bitcoin: The amount that you have should not cause you to increase your tendency to gamble, because if you keep gambling, then sooner or later you are going to lose everything, so the odds are against you to be able to build a significant amount in your holdings.
There can be ways that you could gamble with something like 20% of your funds and still have a lot of fun with it, and to have a more serious strategy with the other 80%...
Let's say that you only have about $100 per month that you can invest. You could invest 80% in a kind of solid method, and play around with 20%, and it still adds up over time. In a year, you would have invested $80 x 12 = $920, and gambled with $20 x 12 = $240 - and then you could still see how each of the strategies play out and to attempt to learn from it.
I have nothing against devising strategies to make more money, but you still have to have some longer term ideas and attempt to learn from your mistakes, no? Everyone makes mistakes... I have made a lot of mistakes over the years, but I have also learned that having an investment strategy causes me to have a larger pool of funds and even a larger pool of funds that I could gamble with, if I were to chose to gamble with a certain portion of my funds.
I am just having fun really. Maybe I lose a bit, or maybe I won't.... we shall see!
The odds are that you will lose. Even if you win this bet and the next bet and the next bet. If your strategy is to continue to bet, then sooner or later you are going to lose everything. That is why devising a more solid strategy is preferable - and still allows you to bet and to have fun with a smaller portion without risking everything.
One thing's for certain... I refuse to buy back in at a loss, so I am on the sidelines for now.
That is not a very good approach.
Of course, there is a philosophy that you buy low and sell high. Buy lower than you sell and sell higher than you buy, but if you simplify the situation too much, then sometimes you are going to make mistakes.
It is better to plan a bit better, and you can plan a bit better that causes you to have funds that are ones in which you have equity and you can sell at any time and have equity.. but you can still buy back too.. as a kind of reinvestment after you have taken some profits off of the table.
It looks like all the whales decided to start buying after I sold, lol. Maybe it will correct back down sooner or later.
Yep.. it might correct back down, after passing $3k... and it will correct down to $1,700.. and in the meantime, you lose lots of opportunities because you bet too much in one direction and do not prepare for the other direction. There is a way to prepare for either direction and still profit no matter which direction. Preparing yourself for either direction is the better way to do it.
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