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Author Topic: Panic sellers are once again hating themselves  (Read 644 times)
pereira4
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February 15, 2018, 05:38:24 PM
Merited by OmegaStarScream (2), LFC_Bitcoin (1), DeathAngel (1), 8Habits (1)
 #1

$10k is broken and with this a lot of messages of people that sold at below $6000 trying to "cut their losses". Mostly because a lot of people was about to go bankrupt as their longs got liquidated. And with this, also came the super bears expecting $1000 a coin again, so they put really aggressive shorts, of course, only to get destroyed by the current recovery.

Lessons to learn for the noobs: Never panic sell, never margin trade, you can FOMO if you are here for the long term (5 to 10 years) since it doesn't matter if you bought at $20k or at $5k as BTC will be worth millions eventually.
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February 15, 2018, 05:45:03 PM
 #2

$10k is broken and with this a lot of messages of people that sold at below $6000 trying to "cut their losses". Mostly because a lot of people was about to go bankrupt as their longs got liquidated. And with this, also came the super bears expecting $1000 a coin again, so they put really aggressive shorts, of course, only to get destroyed by the current recovery.

Lessons to learn for the noobs: Never panic sell, never margin trade, you can FOMO if you are here for the long term (5 to 10 years) since it doesn't matter if you bought at $20k or at $5k as BTC will be worth millions eventually.

Given the price didn't dip below 6k across the major exchanges I'd be surprised if many people sold out at below 6k! Aside of that the points are great and hopefully this will be a learning curve for anyone who re-enters the market. For me it was the first time going through such a large dip but I stayed true to what I'd always thought and been told and held through it. Of course there's still a long way to go to recover but breaking 10k is a great start. If the guys who re-enter can learn from their mistakes then the market can only grow stronger in the future.

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February 15, 2018, 06:14:18 PM
Merited by Foxpup (1), gentlemand (1)
 #3

Not themselves. Some of them hate “the market”. A friend of mine is like that: he used to buy when there was a bubble out of MOFO and to sell when the first dip came, out of panic. Now he doesn’t buy any more, he just wastes all his money, as he thinks “the market” is corrupt.
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February 15, 2018, 06:16:49 PM
 #4

Not themselves. Some of them hate “the market”. A friend of mine is like that: he used to buy when there was a bubble out of MOFO and to sell when the first dip came, out of panic. Now he doesn’t buy any more, he just wastes all his money, as he thinks “the market” is corrupt.

Classic Buy High, Sell Low strategy, great way to make others richer!
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February 15, 2018, 07:38:03 PM
 #5

Bless 'em. Where would we be without these people? Certain traders would be considerably poorer.

The even more pitiful thing is that the ones who aren't permanently ruined will come back and buy at the tippy top of the next peak 'because it only goes up' and subsequently hand over the same coins to the same people for an even bigger discount probably.

The longer I spend staring at crypto, the more bemused I am by the relentless predictability of human psychology. These moves are so inevitable that I can't quite figure out why more people don't see them more clearly.

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February 15, 2018, 08:30:22 PM
 #6

Bless 'em. Where would we be without these people? Certain traders would be considerably poorer.

The even more pitiful thing is that the ones who aren't permanently ruined will come back and buy at the tippy top of the next peak 'because it only goes up' and subsequently hand over the same coins to the same people for an even bigger discount probably.

The longer I spend staring at crypto, the more bemused I am by the relentless predictability of human psychology. These moves are so inevitable that I can't quite figure out why more people don't see them more clearly.

Instead of blinded by the lights (a song by the streets) we should have blinded by their fears. FOMO and the fear of loss are what drives these people and they are unable to see it. At the end of the day, in order for you to profit, someone else has to lose out so we should be glad for these people.

Information and advice in this regard is an interesting topic, the more educated potential investors become the more difficult it will be for the rest of us to profit.

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February 15, 2018, 08:40:25 PM
 #7

the more educated potential investors become the more difficult it will be for the rest of us to profit.

The problem is that I'm sure most of these people know perfectly well how these cycles work, but they're 100% incapable of preventing their emotions from clouding their judgement.

You see it day in, day out. Even some of the oldest hands start calling for doom at a downturn lasting a few minutes. When it bounces back then Bitcoin is totally awesome and they knew along it was.


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February 15, 2018, 08:57:05 PM
Merited by aardvark15 (1)
 #8

$10k is broken and with this a lot of messages of people that sold at below $6000 trying to "cut their losses". Mostly because a lot of people was about to go bankrupt as their longs got liquidated. And with this, also came the super bears expecting $1000 a coin again, so they put really aggressive shorts, of course, only to get destroyed by the current recovery.

Lessons to learn for the noobs: Never panic sell, never margin trade, you can FOMO if you are here for the long term (5 to 10 years) since it doesn't matter if you bought at $20k or at $5k as BTC will be worth millions eventually.
I spend more than one year with bitcoin and I was well aware with this situation and never sold. I remember the time when one of my friend asked me that the price is going to go below $6000 and we have to sell but I told him that no matter how much the price go down it will reach back to its highest value and will go more and now he is happy.

 
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February 15, 2018, 09:27:24 PM
 #9

$10k is broken and with this a lot of messages of people that sold at below $6000 trying to "cut their losses". Mostly because a lot of people was about to go bankrupt as their longs got liquidated. And with this, also came the super bears expecting $1000 a coin again, so they put really aggressive shorts, of course, only to get destroyed by the current recovery.

Lessons to learn for the noobs: Never panic sell, never margin trade, you can FOMO if you are here for the long term (5 to 10 years) since it doesn't matter if you bought at $20k or at $5k as BTC will be worth millions eventually.

Yeah, I wouldn't consider myself a bull, but even I am continually caught off guard by Bitcoin's seeming inability to lie down and die. I was fully expecting to sniff 10k today for perhaps a touch and then retrace, as has been the pattern, but it's been there now for 4 hours, just as Friday and the Lunar New Year are about to arrive (it's going to set off a lot of wild celebrations I tell you, from the chatter I see on some channels!).

There's really one lesson here: it's always too soon to call a price on Bitcoin, and it's never too late to get in. Not in 2020, definitely not in 2018.

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February 15, 2018, 09:31:03 PM
 #10

$10k is broken and with this a lot of messages of people that sold at below $6000 trying to "cut their losses". Mostly because a lot of people was about to go bankrupt as their longs got liquidated. And with this, also came the super bears expecting $1000 a coin again, so they put really aggressive shorts, of course, only to get destroyed by the current recovery.

Lessons to learn for the noobs: Never panic sell, never margin trade, you can FOMO if you are here for the long term (5 to 10 years) since it doesn't matter if you bought at $20k or at $5k as BTC will be worth millions eventually.
I spend more than one year with bitcoin and I was well aware with this situation and never sold. I remember the time when one of my friend asked me that the price is going to go below $6000 and we have to sell but I told him that no matter how much the price go down it will reach back to its highest value and will go more and now he is happy.

I agree because i have been invested for a few years now and I was one of those panic buyers and sellers about 5 years ago. It’s now clear that the price will peak and then correct or crash and this is just part of the trading cycle.  You can either hold and ride it out, or try to time the sells at the top. If you can’t sell near the top, just hold and you will be fine in the long run.

 
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February 15, 2018, 09:36:12 PM
 #11

I don't think millions is correct, but yes it will be worth a hell of a lot more than it is today. Generally speaking we're all winners today as long as we just buy and hodl. In 2 or 3 years we'll have our lambos.
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February 15, 2018, 09:36:39 PM
 #12

$10k is broken and with this a lot of messages of people that sold at below $6000 trying to "cut their losses". Mostly because a lot of people was about to go bankrupt as their longs got liquidated. And with this, also came the super bears expecting $1000 a coin again, so they put really aggressive shorts, of course, only to get destroyed by the current recovery.

Lessons to learn for the noobs: Never panic sell, never margin trade, you can FOMO if you are here for the long term (5 to 10 years) since it doesn't matter if you bought at $20k or at $5k as BTC will be worth millions eventually.

For newbies (or so called "dumb" in trading terminology), this will served as reference on their future decision. Honestly, sometimes they need to experienced those regrettable decision so that they will know in actual why they turned out like that.

For long time traders, I don't know why the hell they are still on panic on the situation of massive dump. And to add for that, after dumping during the dump trend, they didn't able to make another entry to the level they want because they are expecting more dip. Looks like they need to start again for them not to be late to an unexpected rally.

Always remember that once there is a massive pump, it was always associated with a dump. Just look at how the price grows compare to how much it dip and we will realized that FUD will always be come and go.

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February 15, 2018, 10:14:38 PM
 #13

That feeling when you bought at the peak because you expect too much that the pump is for the long term. Then suddenly the price dropped, you panic, and sell at loss to cut further losses. I think people are mostly swayed by "assumptions and emotions", especially with the first time traders.

While some panic sellers hate themselves, people with orders at the bottom that have been filled are surely grateful.
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February 15, 2018, 10:25:55 PM
 #14

Those panic sellers are waiting for 20000 dollar to buy again. They will sell again after a correction. This Scenario repeats several times and they lose their money and patient people make money.

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February 15, 2018, 10:29:06 PM
 #15

I think most people who panic sold also bought above 15k. Lot of newbies have come into crypto with high hopes, they have immediatly gone trough some of the most severe crashes in crypto, personally this was my first major crash aswell but since I came in exactly when China FUD happened I didn't let it bother me that much.

TIP:

Dollar cost average in, you're less focused on the price that way and don't have the headaches of the wild swings that BTC goes trough. That is ofcourse if you believe it will go up longterm
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February 15, 2018, 10:31:42 PM
 #16

You know one of the main reasons why panic sellers panic sell? They borrow a loan from a bank thinking that if they invest in a specific investment suited to the current ongoing trend, they'll soon get rich from it. But when the prices goes down, they get scared, think of totally insane ideas on how they would wind up in streets if they don't pay their loan off and their family would suffer forever.
So yeah panic sellers are regretting their decision, yet again.


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February 15, 2018, 10:51:42 PM
 #17


For newbies (or so called "dumb" in trading terminology), this will served as reference on their future decision. Honestly, sometimes they need to experienced those regrettable decision so that they will know in actual why they turned out like that.

Yeah, they learned their lesson the hard way, but at least they can look at the market with a better understanding of how it works.

Those people, panic sellers, newbies, whatever we wanna call them, they probably gave in to heuristics and emotions. For example, Social Proof, because 'if everyone else is doing it, so should I', but little did they know that having this mob mentality when you're about to enter the cryptocurrency market was going to result in absolute failure (or in this case, losses).

I wouldn't be surprised to see those same people being part of the next FOMO wave, but given how they already experienced the cycle (hype-FOMO-FUD-despair), I think they'll think twice before selling at the first sign of a downtrend.

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bitkanu
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February 15, 2018, 11:10:59 PM
 #18

I think most people who panic sold also bought above 15k. Lot of newbies have come into crypto with high hopes, they have immediatly gone trough some of the most severe crashes in crypto, personally this was my first major crash aswell but since I came in exactly when China FUD happened I didn't let it bother me that much.

TIP:

Dollar cost average in, you're less focused on the price that way and don't have the headaches of the wild swings that BTC goes trough. That is ofcourse if you believe it will go up longterm
Exactly, so many new comers that make bitcoin could hits new ATH, also at the same time, the rocket running out of fuel because people taking their buy orders right away after the Korean fud and Chinese new year. But, those newcomers didn't know about the every year's cycle of dumping so they're really scared and trying to cut lose their investment because they afraid that bitcoin could turn into nothing but ended up missed the train miserably.
Can't blame them though, panic selling mainly affected by psychology, it's better to get off the trading activities when they could easily be depressed by doing that.


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February 15, 2018, 11:29:59 PM
 #19

While I am mildly happy to see the price go up, there is no real need to constantly say that panic sellers are hating themselves, or that they yet again have missed out on buying lower. It's something we have seen happen basically for years that panic sellers can't escape from a constant cycle of buying high selling low, which heavily contributes to capital destruction. If there aren't people selling their coins in panic, this market wouldn't be able to offer us the opportunities we so much love -- how else are we supposed to sell near peak and buy all the way down till the bottom? Those who learn from their mistakes know how to move forward, and those who don't learn, will remain stuck in the aforementioned cycle.
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February 15, 2018, 11:50:57 PM
 #20

The movement of the price of bitcoin today is just like a normal price slowly increase and reaching a new level of the price but right now bitcoin is recovering and hit $10k usd again only those people who holds and panic sell their bitcoin in the wrong time will regret soon and i think mostly those people are newbie that afraid to lose more when the price is keep decreasing past few weeks ago.. Newcomers come and enter to bitcoin without knowledge when the price of bitcoin higher then the current price and they don't know exactly how bitcoin works if they check the movement of the price from the past they will see the large drop before that actually the same happen this year. but why the price of bitcoin are still keep increasing.. If they are smart and think deeply and believe that bitcoin can be recover and increase more they will experience to make a large profit just like those people who bought bitcoin and low price..
That is why other pro traders recommending to keep buy in low price and sell when the price is increase by 20% just like now while the price is keep increasing there are traders and miners are satisfied what the price today just to get the profit or opportunity while the price is keep increasing because we don't know what will be happen sooner or later can be drop again.
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