Experience during the last crash(dip)

[Dumnorixeu]

I have started to invest in crypto currency 2 months ago, invested in 8-9 coins about 10.000$ in total. This was the amount I thought I wouldn't mind if I loose. In a week, my investment went up to 20.000$ and didn't sell anything and was very happy with the situation. Then I experienced that the market is so volatile and my blockfolio was showing everyday +-1.000$ . When the date got closer to August 1st, I wanted to prepare myself to buy low as I anticipated the crash. I have sold 3-4 of my coins all with gains (not as much as I wanted but still gains) with the thought that I will re-buy them with a larger amount. I was increasing my USDT and was happy with my preparation. I had 1661 coins of my favourite (I will not name it) at 3.28$ in the very beginning. This coin went up to 10$ during the last 2 months but didn't sell it as I trusted in this coin very much. Last Monday I sold all my 1661 coins at 4.11$ with the hope and thought that I will re-buy them at around 2.5$ during the expected crash this weekend and I thought I would increase the number of my coins. However the things didn't go as I expected. I have very soon realised that I sold them too early but was hoping to have a dip/crash and this never happened. I just watched the coin to increase and increase, it caused a lot of pain. During this period, I bought back with small amounts at 5.08$, 5.10$, 5.13$ 5.56$ and 6.64$, now I have 603 coins which is less than half of what I had. I am still keeping some fiat to buy it cheaper but now it is over 7$. I feel so bad about the mistake I made. I didn't loose any money but I feel like I missed the train. I am still hoping that the price will come back down so I can buy but it doesn't seem like it is the case. I have learned my lesson, I should have invested more instead of selling. Now I feel like the only way to feel better is to have the same amount of coins which I had before even if I have to pay more. I am still holding other 5-6 coins and they are all bringing values but the mistake I made with this coin impacted me a lot. During the day I cannot think of something else and i blame myself a lot for selling all. I didn't sell with the fear that I will loose money, I sold them to re-buy cheaper and at the end hoping to have more coins. Did anyone experience a similar situation and do you have suggestions so I can feel better?
Thank you.

[greply]

To be fair mate I think most people in this forum will have experienced this at least once. You can't beat yourself up over it or dwell on it because it's over and done with. There will always be more chances to make money in this market. The quicker you realise that hindsight is 20/20 and your current self is smarter than your past self, the quicker you'll move on and brush it off.

[Dumnorixeu]

The questions I keep on asking myself are;

1- Why did I sell all coins of my favourite? (I should I have sold a portion but I was thinking I was doing the right thing at that time, I really thought I would increase my 1661 coins to 2500 coins)
2- Why didn't I re-buy when I realised that I sold too early? (I was hoping that the dip/crash would come so I waited and risked)
3- Why did I emotionally act in this way? (When I entered the market, I told myself not to sell and was actually doing good)
4- Why didn't I profit from this crash/dip and actually ended in missing the opportunity? (Now the situation is over and I am having less than coins then before which I expected to have the opposite)
5- Will there be a new crash/dip where I can buy cheaper or will this coin keep on increasing? (I don't know the market enough to answer this and just hoping I will get the opportunity to buy more)

Now only 2 things keep myself less-guilty;
1- I didn't loose any money, just lost an opportunity
2- I have at least re-bought 603 coins and having some gains.

I cannot think of anything else other than this situation. I need suggestions to get this over as I keep on blaming myself.

[styca]

The biggest mistake I made when I started investing in altcoins is that I didn't keep up with bitcoin developments. What happens with bitcoin affects the whole market. I sold later than I should have because I didn't know enough about bitcoin. But I was able to buy back in at exactly the right time because I had learned my lesson, and I was following bip91 progress.
Don't despair about it. There are plenty more drops and climbs to come, and many more chances to increase your total coins.

[Dumnorixeu]

I was also following the bip91 process, I just wanted to do different than everyone else was doing or thinking to have gains as this is what I have experienced in this market however selling all coins of my favorite was a big mistake. Now it is easy for me to say like that, if there would be a crash/dip this weekend, everything would have been different.

[AshCoins]

The biggest mistake I made when I started investing in altcoins is that I didn't keep up with bitcoin developments. What happens with bitcoin affects the whole market. I sold later than I should have because I didn't know enough about bitcoin. But I was able to buy back in at exactly the right time because I had learned my lesson, and I was following bip91 progress.
Don't despair about it. There are plenty more drops and climbs to come, and many more chances to increase your total coins.

Funny enough I was just telling a friend the same thing yesterday. 

[alani123]

I think that the recent dip wouldn't be much in comparison to what could happen if BIP91 failed and then the issue of SegWit and scaling is left onto the more aggressive (and potentially distractive thanks to its divisive nature) BIP 148.

[wantangcfftc020]

It is normal to see the price goes up and down. I also experienced the crash on May 27th and I sold my ETH at a low price. I think you should configure your invest in a proper way. You can drop 40% to ICO projects, 40% to the coin market, and 20% prepare to buy at low price.

[CryptoV]

That must be the STRATIS

[Videodrome]

I have started to invest in crypto currency 2 months ago, invested in 8-9 coins about 10.000$ in total. This was the amount I thought I wouldn't mind if I loose. In a week, my investment went up to 20.000$ and didn't sell anything and was very happy with the situation. Then I experienced that the market is so volatile and my blockfolio was showing everyday +-1.000$ . When the date got closer to August 1st, I wanted to prepare myself to buy low as I anticipated the crash. I have sold 3-4 of my coins all with gains (not as much as I wanted but still gains) with the thought that I will re-buy them with a larger amount. I was increasing my USDT and was happy with my preparation. I had 1661 coins of my favourite (I will not name it) at 3.28$ in the very beginning. This coin went up to 10$ during the last 2 months but didn't sell it as I trusted in this coin very much. Last Monday I sold all my 1661 coins at 4.11$ with the hope and thought that I will re-buy them at around 2.5$ during the expected crash this weekend and I thought I would increase the number of my coins. However the things didn't go as I expected. I have very soon realised that I sold them too early but was hoping to have a dip/crash and this never happened. I just watched the coin to increase and increase, it caused a lot of pain. During this period, I bought back with small amounts at 5.08$, 5.10$, 5.13$ 5.56$ and 6.64$, now I have 603 coins which is less than half of what I had. I am still keeping some fiat to buy it cheaper but now it is over 7$. I feel so bad about the mistake I made. I didn't loose any money but I feel like I missed the train. I am still hoping that the price will come back down so I can buy but it doesn't seem like it is the case. I have learned my lesson, I should have invested more instead of selling. Now I feel like the only way to feel better is to have the same amount of coins which I had before even if I have to pay more. I am still holding other 5-6 coins and they are all bringing values but the mistake I made with this coin impacted me a lot. During the day I cannot think of something else and i blame myself a lot for selling all. I didn't sell with the fear that I will loose money, I sold them to re-buy cheaper and at the end hoping to have more coins. Did anyone experience a similar situation and do you have suggestions so I can feel better?
Thank you.

wellcome on board!

Next lesson is : go long or short on a random coin in marging trading and burn all your btc in one poloniex lag.

[Dumnorixeu]

That must be the STRATIS

I didn't want it to name it myself but yes you are right, it is Stratis :-) The coin I trust most.

[CalRon]

Don't beat yourself up too much.  This has happened to all of us at some point in time.  People may talk a big talk about how awesome they are at trading, but everybody gets burned once in a while.  This happened to me in the stock market last year.  I sold 100% of my position hoping it would drop and I could buy back in with more shares, but the opposite happened and I ended up buying back in with fewer shares.  It still pisses me off that I was so stupid to make that kind of mistake and I think about how much money I missed out on.  I was and still am new to trading.  Let this be a lesson.  Try to educate yourself on reading charts to help make educated decisions.  Only trade small positions, maybe 5-10% of your position instead of 100%.  Slowly accumulate those shares back over time.  Personally, I try to force myself to buy and HOLD no matter how difficult it may be.  Im in this for the long haul.  You may predict the market correctly 5-10 times, then one wrong move could cause a big loss and wipe out all your gains.  Come up with a game plan and stick to it.  Definitely don't beat yourself up.  You are not alone.

[CalRon]

If you do some research, you may get lucky and find a coin that appreciates in value quicker than Stratis.  Then you can sell that coin to buy your Stratis back.  Stratis isn't the only coin increasing value, its just one of the first to start its uptrend.  It may sizzle out and stabilize while other coins catch up.  Digibyte (DGB) should have a good run in the coming months.  Golem (GNT) is starting to move as well.  Bitshares (BTS) is soaring right now, but I don't know why?  Antshares (ANS/NEO) is on a good run right now too, but may be too late to jump in?  But this is a gamble.  Any of these coins may perform worse than Stratis, so it's a lot of luck and good timing.

[Za1n]

This is typical of a new trader who doesn't really have a plan, other than to make money. You need to come up with a trading plan and stick to it no matter what happens in the market.

What you need to do is study the histories of all the coins you own as well as a few of the more successful ones you may not own yet. Look at longer term charts (6 months, 1 year, 3 year) and look to see what kind of big moves can happen over say a month or two time-frame. You will see some coins that increase 3x or more, but most of the time a 2x or close to it (1.9x, 1.8x, etc.) rise is also common. Pick the gain that you are comfortable with and also note how long this usually takes, to make a complete cycle. Then buy into a coin, or hold ones you already have, until you reach your predetermined return then immediately sell without looking back.

You already indicated you were at one point up 2x or $20,000 from a $10,000 investment. If you would have had a plan at that point and the discipline to execute it, you would have had a nice profit going already. By just winging it, you start to sabotage your own efforts, as when the price of something rises you start thinking, wow, if I hold out longer I will make 3x, or even 4x and so on. Usually this does not come to pass. Also when you sell to early and the price keeps going up you may start thinking boy, I was wrong and now I am going to miss the boat, buy back in and bamm, a little bit later the price starts tanking.

By having a plan and setting up realistic profit goals, and realistic time-frame for this to occur, you will have a much better success rate. Sure sometime you can see coins rise 2x, 3x, or more in a day, but this is pretty much just pure gambling if you expect to guess these trades correctly. It is better to pick some coins with a good trading history, a lot of trading volume, and at least some type of plan, vision, and uniqueness to it as well as developer and community support behind it so its not just a copy/paste coin that may pump/dump a couple times before it disappears. Then look for lows to buy in, basically the inverse of your gain goal, so for a 2x goal look for coins that are down 50% or more from a recent high (and by recent I mean look for last couple months, not just the last two days). These will have the best chance of recovering and making you some nice profits.

Also you can adjust your plan somewhat as actually aiming for 2x is probably unrealistic all the time, so maybe make it 1.5x returns to start which is still pretty awesome if you think about it. Then when you make your target execute it and don't dwell on things like "if I held longer I would have made more". Over the long term you will only notice the times this happens but would not notice the times this would back fire on you by going off plan.

The last thing I will leave you with is just from reading your post I believe you are trying to rush into this way too much. You already indicated you made some gains, but are pissed at yourself because you feel lost your $10,000 profit. Remember, it is not profit until you execute the other end of the round trip, i.e. selling coins you bought low or buying back coins you sold high (shorting). We can all look at charts with 20/20 hind-site and kick ourselves for not doing this or that, but at the time it is not so clear. Be happy you walked away with some profit at all and not a 50% loss. Learn to be happy with a nice gain of 50% or so in a month or two time-frame. Anywhere but Crypto these types of returns in such a short time frame would be unheard of, so don't beat yourself up too much for only making 20-25% or whatever you made. Money sitting in a bank somewhere would only make maybe 3-4% a year!

[jk_14]

This is typical of a new trader who doesn't really have a plan, other than to make money. You need to come up with a trading plan and stick to it no matter what happens in the market.

What you need to do is study the histories of all the coins you own as well as a few of the more successful ones you may not own yet. Look at longer term charts (6 months, 1 year, 3 year) and look to see what kind of big moves can happen over say a month or two time-frame. You will see some coins that increase 3x or more, but most of the time a 2x or close to it (1.9x, 1.8x, etc.) rise is also common. Pick the gain that you are comfortable with and also note how long this usually takes, to make a complete cycle. Then buy into a coin, or hold ones you already have, until you reach your predetermined return then immediately sell without looking back.

You already indicated you were at one point up 2x or $20,000 from a $10,000 investment. If you would have had a plan at that point and the discipline to execute it, you would have had a nice profit going already. By just winging it, you start to sabotage your own efforts, as when the price of something rises you start thinking, wow, if I hold out longer I will make 3x, or even 4x and so on. Usually this does not come to pass. Also when you sell to early and the price keeps going up you may start thinking boy, I was wrong and now I am going to miss the boat, buy back in and bamm, a little bit later the price starts tanking.

By having a plan and setting up realistic profit goals, and realistic time-frame for this to occur, you will have a much better success rate. Sure sometime you can see coins rise 2x, 3x, or more in a day, but this is pretty much just pure gambling if you expect to guess these trades correctly. It is better to pick some coins with a good trading history, a lot of trading volume, and at least some type of plan, vision, and uniqueness to it as well as developer and community support behind it so its not just a copy/paste coin that may pump/dump a couple times before it disappears. Then look for lows to buy in, basically the inverse of your gain goal, so for a 2x goal look for coins that are down 50% or more from a recent high (and by recent I mean look for last couple months, not just the last two days). These will have the best chance of recovering and making you some nice profits.

Also you can adjust your plan somewhat as actually aiming for 2x is probably unrealistic all the time, so maybe make it 1.5x returns to start which is still pretty awesome if you think about it. Then when you make your target execute it and don't dwell on things like "if I held longer I would have made more". Over the long term you will only notice the times this happens but would not notice the times this would back fire on you by going off plan.

The last thing I will leave you with is just from reading your post I believe you are trying to rush into this way too much. You already indicated you made some gains, but are pissed at yourself because you feel lost your $10,000 profit. Remember, it is not profit until you execute the other end of the round trip, i.e. selling coins you bought low or buying back coins you sold high (shorting). We can all look at charts with 20/20 hind-site and kick ourselves for not doing this or that, but at the time it is not so clear. Be happy you walked away with some profit at all and not a 50% loss. Learn to be happy with a nice gain of 50% or so in a month or two time-frame. Anywhere but Crypto these types of returns in such a short time frame would be unheard of, so don't beat yourself up too much for only making 20-25% or whatever you made. Money sitting in a bank somewhere would only make maybe 3-4% a year!

There's banks that pay 3-4% interest a year? The highest rates I've seen around here were around 0,5% which feels almost like an insult. Pretty much why I never keep money in the bank that I know I won't be using. Better off parking it in stocks or cryptos, or even throwing it away.

[ostsee77]

We're just getting started. If the course falls now it's not bad. Then you buy it. Few in the world know crypto. In the beginning, people didn't know any stocks either. That will be much more in the next few years and the courses are going to be much much higher and let all the loss of today or yesterday be forgotten

[Dvd1989]

This is typical of a new trader who doesn't really have a plan, other than to make money. You need to come up with a trading plan and stick to it no matter what happens in the market.

What you need to do is study the histories of all the coins you own as well as a few of the more successful ones you may not own yet. Look at longer term charts (6 months, 1 year, 3 year) and look to see what kind of big moves can happen over say a month or two time-frame. You will see some coins that increase 3x or more, but most of the time a 2x or close to it (1.9x, 1.8x, etc.) rise is also common. Pick the gain that you are comfortable with and also note how long this usually takes, to make a complete cycle. Then buy into a coin, or hold ones you already have, until you reach your predetermined return then immediately sell without looking back.

You already indicated you were at one point up 2x or $20,000 from a $10,000 investment. If you would have had a plan at that point and the discipline to execute it, you would have had a nice profit going already. By just winging it, you start to sabotage your own efforts, as when the price of something rises you start thinking, wow, if I hold out longer I will make 3x, or even 4x and so on. Usually this does not come to pass. Also when you sell to early and the price keeps going up you may start thinking boy, I was wrong and now I am going to miss the boat, buy back in and bamm, a little bit later the price starts tanking.

By having a plan and setting up realistic profit goals, and realistic time-frame for this to occur, you will have a much better success rate. Sure sometime you can see coins rise 2x, 3x, or more in a day, but this is pretty much just pure gambling if you expect to guess these trades correctly. It is better to pick some coins with a good trading history, a lot of trading volume, and at least some type of plan, vision, and uniqueness to it as well as developer and community support behind it so its not just a copy/paste coin that may pump/dump a couple times before it disappears. Then look for lows to buy in, basically the inverse of your gain goal, so for a 2x goal look for coins that are down 50% or more from a recent high (and by recent I mean look for last couple months, not just the last two days). These will have the best chance of recovering and making you some nice profits.

Also you can adjust your plan somewhat as actually aiming for 2x is probably unrealistic all the time, so maybe make it 1.5x returns to start which is still pretty awesome if you think about it. Then when you make your target execute it and don't dwell on things like "if I held longer I would have made more". Over the long term you will only notice the times this happens but would not notice the times this would back fire on you by going off plan.

The last thing I will leave you with is just from reading your post I believe you are trying to rush into this way too much. You already indicated you made some gains, but are pissed at yourself because you feel lost your $10,000 profit. Remember, it is not profit until you execute the other end of the round trip, i.e. selling coins you bought low or buying back coins you sold high (shorting). We can all look at charts with 20/20 hind-site and kick ourselves for not doing this or that, but at the time it is not so clear. Be happy you walked away with some profit at all and not a 50% loss. Learn to be happy with a nice gain of 50% or so in a month or two time-frame. Anywhere but Crypto these types of returns in such a short time frame would be unheard of, so don't beat yourself up too much for only making 20-25% or whatever you made. Money sitting in a bank somewhere would only make maybe 3-4% a year!

Thank you for this. Couldn't agree more and couldn't add anything more :-)

[shade_wrath]

This is typical of a new trader who doesn't really have a plan, other than to make money. You need to come up with a trading plan and stick to it no matter what happens in the market.

What you need to do is study the histories of all the coins you own as well as a few of the more successful ones you may not own yet. Look at longer term charts (6 months, 1 year, 3 year) and look to see what kind of big moves can happen over say a month or two time-frame. You will see some coins that increase 3x or more, but most of the time a 2x or close to it (1.9x, 1.8x, etc.) rise is also common. Pick the gain that you are comfortable with and also note how long this usually takes, to make a complete cycle. Then buy into a coin, or hold ones you already have, until you reach your predetermined return then immediately sell without looking back.

You already indicated you were at one point up 2x or $20,000 from a $10,000 investment. If you would have had a plan at that point and the discipline to execute it, you would have had a nice profit going already. By just winging it, you start to sabotage your own efforts, as when the price of something rises you start thinking, wow, if I hold out longer I will make 3x, or even 4x and so on. Usually this does not come to pass. Also when you sell to early and the price keeps going up you may start thinking boy, I was wrong and now I am going to miss the boat, buy back in and bamm, a little bit later the price starts tanking.

By having a plan and setting up realistic profit goals, and realistic time-frame for this to occur, you will have a much better success rate. Sure sometime you can see coins rise 2x, 3x, or more in a day, but this is pretty much just pure gambling if you expect to guess these trades correctly. It is better to pick some coins with a good trading history, a lot of trading volume, and at least some type of plan, vision, and uniqueness to it as well as developer and community support behind it so its not just a copy/paste coin that may pump/dump a couple times before it disappears. Then look for lows to buy in, basically the inverse of your gain goal, so for a 2x goal look for coins that are down 50% or more from a recent high (and by recent I mean look for last couple months, not just the last two days). These will have the best chance of recovering and making you some nice profits.

Also you can adjust your plan somewhat as actually aiming for 2x is probably unrealistic all the time, so maybe make it 1.5x returns to start which is still pretty awesome if you think about it. Then when you make your target execute it and don't dwell on things like "if I held longer I would have made more". Over the long term you will only notice the times this happens but would not notice the times this would back fire on you by going off plan.

The last thing I will leave you with is just from reading your post I believe you are trying to rush into this way too much. You already indicated you made some gains, but are pissed at yourself because you feel lost your $10,000 profit. Remember, it is not profit until you execute the other end of the round trip, i.e. selling coins you bought low or buying back coins you sold high (shorting). We can all look at charts with 20/20 hind-site and kick ourselves for not doing this or that, but at the time it is not so clear. Be happy you walked away with some profit at all and not a 50% loss. Learn to be happy with a nice gain of 50% or so in a month or two time-frame. Anywhere but Crypto these types of returns in such a short time frame would be unheard of, so don't beat yourself up too much for only making 20-25% or whatever you made. Money sitting in a bank somewhere would only make maybe 3-4% a year!

Nothing more to add. Best advice to all traders out there. Its important to have a plan but its more important to execute the plan you have planned.

[greply]

This is typical of a new trader who doesn't really have a plan, other than to make money. You need to come up with a trading plan and stick to it no matter what happens in the market.

What you need to do is study the histories of all the coins you own as well as a few of the more successful ones you may not own yet. Look at longer term charts (6 months, 1 year, 3 year) and look to see what kind of big moves can happen over say a month or two time-frame. You will see some coins that increase 3x or more, but most of the time a 2x or close to it (1.9x, 1.8x, etc.) rise is also common. Pick the gain that you are comfortable with and also note how long this usually takes, to make a complete cycle. Then buy into a coin, or hold ones you already have, until you reach your predetermined return then immediately sell without looking back.

You already indicated you were at one point up 2x or $20,000 from a $10,000 investment. If you would have had a plan at that point and the discipline to execute it, you would have had a nice profit going already. By just winging it, you start to sabotage your own efforts, as when the price of something rises you start thinking, wow, if I hold out longer I will make 3x, or even 4x and so on. Usually this does not come to pass. Also when you sell to early and the price keeps going up you may start thinking boy, I was wrong and now I am going to miss the boat, buy back in and bamm, a little bit later the price starts tanking.

By having a plan and setting up realistic profit goals, and realistic time-frame for this to occur, you will have a much better success rate. Sure sometime you can see coins rise 2x, 3x, or more in a day, but this is pretty much just pure gambling if you expect to guess these trades correctly. It is better to pick some coins with a good trading history, a lot of trading volume, and at least some type of plan, vision, and uniqueness to it as well as developer and community support behind it so its not just a copy/paste coin that may pump/dump a couple times before it disappears. Then look for lows to buy in, basically the inverse of your gain goal, so for a 2x goal look for coins that are down 50% or more from a recent high (and by recent I mean look for last couple months, not just the last two days). These will have the best chance of recovering and making you some nice profits.

Also you can adjust your plan somewhat as actually aiming for 2x is probably unrealistic all the time, so maybe make it 1.5x returns to start which is still pretty awesome if you think about it. Then when you make your target execute it and don't dwell on things like "if I held longer I would have made more". Over the long term you will only notice the times this happens but would not notice the times this would back fire on you by going off plan.

The last thing I will leave you with is just from reading your post I believe you are trying to rush into this way too much. You already indicated you made some gains, but are pissed at yourself because you feel lost your $10,000 profit. Remember, it is not profit until you execute the other end of the round trip, i.e. selling coins you bought low or buying back coins you sold high (shorting). We can all look at charts with 20/20 hind-site and kick ourselves for not doing this or that, but at the time it is not so clear. Be happy you walked away with some profit at all and not a 50% loss. Learn to be happy with a nice gain of 50% or so in a month or two time-frame. Anywhere but Crypto these types of returns in such a short time frame would be unheard of, so don't beat yourself up too much for only making 20-25% or whatever you made. Money sitting in a bank somewhere would only make maybe 3-4% a year!

Extremely well spoken advise. Thank you for this. I've felt in the past that I was going at this a little wrong but your line about having the discipline to stick with your vision really hit home. Time to bring my expectations back to reality

[Bamselk]

I think that the recent dip wouldn't be much in comparison to what could happen if BIP91 failed and then the issue of SegWit and scaling is left onto the more aggressive (and potentially distractive thanks to its divisive nature) BIP 148.

BIP 148 won't matter too much.

A lot of supporters of larger blocks might start moving to Bitcoin Cash though.  I wonder what the value of that will be a month or two on from August 1st.