How do you Panic?

[ladydark]

Whether its bitcoin trading or altcoin trading, there is bound to come a time when your investment is getting dumped badly, and its panic time.
How do you panic? Does that really make you panic and do you take decisions that you actually regretted later? Or do you keep calm and HODL?
What makes you panic and how do you react to it?

In my earlier days of trading,i had no clear knowledge of altcoins and so i used to see some altcoins price rising high and due to FOMO,i used to buy such coins without being aware of that it is being pumped and when its price started to fell down suddenly,due to panic,i sold them at very low cost and ended with a huge loss.

[logicgate]

I never get panic because the reason is that what ever i am earning in that 20% i keep it for long term investment and balance i convert it to fiat currency when ever i am in need of fiat currency to fulfill my expenses.

To me I think its better than those person who see its price is dumping or pumping feel panic and sell it. So that is better way that you keep or hold 20% profit for future and remaining you convert it to fiat money. I think that your 20% btc will be more increase in future and you will get a big profit.

[tigershark]

Just spill the tea/coffe on your computer when you panic and than you will not do anything stupid

Haha good one but now a days people have smartphone and spilling coffee on PC might make your bitcoins burn lol if you keep them in core wallet.

Anyways I believe the panic among people is because they can't just digest how a certain entity which has just came into existence a few years ago can reach such high values and they are worried since bitcoins is not centralized and they can't complain in case they loose.

With major altcoins or bitcoin, I don't normally panic. I will hold and wait for the price to recover.

On the other hand, you never know if the minor altcoins will ever recover when they start dropping in a big way. They could just drop to nothing. In those cases I will panic and sell before I lose everything.

[Baofeng]

Of course when you see that the price is going down very fast and you are thinking that you are losing your investment. Then you panic and push the sell button without ever thinking what the hell did you do it. But now, I usually don't panic eventhough I'm seeing a price dump. I'll just stay calm and see how it pans out.

[dixasset]

BTC is the basis of the criptomonedas, they do not sell hastily, BTC will be in a few years to more than 10000 $

[Monnt]

Just spill the tea/coffe on your computer when you panic and than you will not do anything stupid

Easy to say but its really hard to do because this thing would really depend on how strong the self control of a certain person. If hes sensible enough he would definitely do things that would make him calm down instead of panic since he does know what would be the things might be done if we are on panic mode. We usually make such bad decision when we are on this current state thats why its important to have a good self control. When i do panic i usually get out in front of my pc and do something that relieves my stress.

While I agree with you for most part of your post, but actually sometimes panic is a good thing. Recently I saw the GLT bouncing high on exchanges and I bought them the the price was like 300% the value I bought for and hence I panicked as I was in dilemma if to sell them or hold them.
At the end I ended up selling up, now the price is below what I initially purchased, so had I not panicked I might have ended up keeping dust.

[Nodari_Cindicator]

Never panic. A market selloff is often an opportunity to buy.
Btw, when you gain and lost some millions in a few hours it strongly improves your trading emotions

[Kevin77]

So far I never experienced that kind of feeling when I tried trading, I was determined that when I start trading I would just hold the coins and go for long term instead of short term because as far as I've noticed I don't think now is the right time to do short term trading. I think it's a matter of self preservation and self control when it comes to that so you won't panic.

Nicely described ! Panicking is totally a matter of low confidence in your coin and lack of patience. If you are seeing going dumping, just have a cup of coffee and hold on to your coin.
Trading in crypto market needs a lot endurance, wisdom and big heart. And with the passing days, gradually you learn about the continuous changing environment of the market. Watching the dumped coins regaining great value can help u in managing your negative emotions. Stay optimistic! Have faith in your coin and decision. It will truly help you in playing safe.

[freeyourmind]

I don't really panic much anymore.  I've witnessed the volatility long enough to understand that it happens repeatedly.

I was investing though during the 2008 financial crisis, and lost basically months of income at the time within a couple days.  That just sort of felt like a stomach ache lol.  Terrible experience, but a lesson to be learned.

[richardsNY]

Never panic. A market selloff is often an opportunity to buy.

In most cases it is, but the main point of importance is that a lot people don't realize that they shouldn't invest their capital at once. If you invested all your money into something, and the price happens to tank significantly after that, how can you benefit from that opportunity with no money left? In the same way you should never sell all your holdings at once. I personally always stick to 10-15% to open or close a position. If the market goes up or down, I always have enough funds left to benefit -- this way you aren't limiting yourself.

Btw, when you gain and lost some millions in a few hours it strongly improves your trading emotions

People often forget that they don't lose/gain anything as long as they aren't selling. In most cases the panic that follows after a dump is completely unnecessary. Emotions are worthless when it comes to any sort of tradable market.

[cryptoshark_]

Never panic. A market selloff is often an opportunity to buy.
Btw, when you gain and lost some millions in a few hours it strongly improves your trading emotions

haha, yes it will definitly improve your trading emotions
but panic probably causing you to do something unwise.

[gilangIDR]

I don't really panic much anymore.  I've witnessed the volatility long enough to understand that it happens repeatedly.

I was investing though during the 2008 financial crisis, and lost basically months of income at the time within a couple days.  That just sort of felt like a stomach ache lol.  Terrible experience, but a lesson to be learned.

You have been through various long situations for a long time. Experience is indeed the best control in times of panic. For some people panic is a very difficult thing to avoid, so with experience everything can be solved well. Yes we have to go through various conditions to increase our knowledge.

[Zadicar]

Just spill the tea/coffe on your computer when you panic and than you will not do anything stupid

Easy to say but its really hard to do because this thing would really depend on how strong the self control of a certain person. If hes sensible enough he would definitely do things that would make him calm down instead of panic since he does know what would be the things might be done if we are on panic mode. We usually make such bad decision when we are on this current state thats why its important to have a good self control. When i do panic i usually get out in front of my pc and do something that relieves my stress.

While I agree with you for most part of your post, but actually sometimes panic is a good thing. Recently I saw the GLT bouncing high on exchanges and I bought them the the price was like 300% the value I bought for and hence I panicked as I was in dilemma if to sell them or hold them.
At the end I ended up selling up, now the price is below what I initially purchased, so had I not panicked I might have ended up keeping dust.

Yes, panic mode do have still some advantages which makes a trader get out immediately on the possible dump forever coin because if you do realize that you do buy on the peak and it will dump again then its our own instinct and realization would tell us on what we gonna do because we do have different decisions when it comes on this kind of situation and thats the hardest part which we wont know if it would dump hardly or will continue to go up thats why we should be wise together with knowledge and a little instincts.

[trecore4]

Lolz! I better not talk about it as I’m not as good trader as people are out there. I have been made bad decisions when it comes to trade and all because of panic situation only. To overcome the loss I had always kept my all the stakes on the trade to cover the loss plus to get new profit. Now I laugh why I did it and lost much of the stakes like this only.

[buyinbtc]

Whether its bitcoin trading or altcoin trading, there is bound to come a time when your investment is getting dumped badly, and its panic time.
How do you panic? Does that really make you panic and do you take decisions that you actually regretted later? Or do you keep calm and HODL?
What makes you panic and how do you react to it?

I don't panic at all Usually if you panic it means that you will lose money. So even if coin i have dumps a lot or anything else happens, i still hold them till point where i get profit by selling them. I trade both Btc/USD and BTC/Alt coins, alt coins gets dumped more often of course but again, if you panic and sell them too early you won't get any profit, it's better to stay calm and keep them.

[naidray]

Before I'm decide to trade altcoin or bitcoin, I'm prepare for lossing ! Cryptocurrency is a high risk trading and most people already aware of that !
When I'm buy some altcoin, I'm usually hold it as long as possible so whenever they get dump , I'm still insist to hold it compare to my friend that he's afraid for lossing

See when you buy a coin during it's initial stages that means you have faith in that particular coin and there must be some reasons. When the same coin get's listed on exchanges and it's value becomes thicker we start panicking even though it was us who believed the same sometime ago.

So, it's just human tendency to panic on events we are too happy or too sad, I have been holding bitcoins since last year and I always get tempted to sell them and sometimes end up selling a few, does not mean I don't love them, but of course I do panic too.

[bitcoinisbest]

BTC is the basis of the criptomonedas, they do not sell hastily, BTC will be in a few years to more than 10000 $

Hoping for this price range it reach in couple of years. Well as of now its hovering at 2500+ around and having a roller coaster ride. Its touching 2600 and falling back to 2500$. Might be it may dip further and rise back later. Does not seems to be right time currently to buy btc.

[ecnalubma]

Whether its bitcoin trading or altcoin trading, there is bound to come a time when your investment is getting dumped badly, and its panic time.
How do you panic? Does that really make you panic and do you take decisions that you actually regretted later? Or do you keep calm and HODL?
What makes you panic and how do you react to it?

Im a newbie in terms of trading altcoins, sometimes I made bad decisions and really pissed me off and I say "what a hell day“ but now I do concentrate and understand the nature of trading. But I starting to love trading it teaches me how to become stronger in terms of decision making. I also feel the rush and excitement when my coins pump, well its better than gambling though.

[papajamba]

just close your computer if you panic and do something else such as watching tv.
relieves your stress =)

[Shahin320]

actually I don't panic,when I confirmed that its chance to buy gets the profit. in case,rate don't increase but I don't panic this.becouse I trust that it's bounce back sure.