How do you guys teach yourself to hold for a long period?

[Lethn]

I've gotten a lot better at trading since I entered cryptocurrencies, I'm starting to make small bits of money now which is a great feeling and can fund my business but I still have that problem of how to deal with holding even a fairly small amount of coins for a long period. For instance, I'm in a great position in Worldcoin at the moment and right now I'm in respectable profit but I just know the second I sell looking at the way it's moving it's going to shoot up and I'll miss out for a second time. I can't stand it though when the prices remain this stagnant and I keep on thinking that it might end up dropping.

I managed to mine 1000 Megacoins back when they were dirt cheap and the difficulty was low and if I held them instead of sold them I would have made something like 1.6BTC now How do you guys cope? Is it all the same for you where you're in a constant battle with your trader psychology or do you just get used to it after awhile and learn to not panic sell?

[lucas.sev]

They cope by having bought in 10x below the current spot price and not caring whether its 10 or 7 times their investment.

[wobber]

I am very focused on being the last strong hand. Even if it takes 0 profit, 50+ years.

[Lethn]

Well I bought that low at one time and then sold for a profit, right now I'm holding at 0.00048000BTC and the bid price is at 0.00068001BTC so I'm in a pretty comfortable position, I guess I just need to practice and get into better buy positions so I don't act out of fear. I think part of the problem is definitely that I don't have a very passive income so I don't have a good way of getting that money back which is probably why I always get nervous about trading otherwise I'd be buying up cheap coins left and right and making thousands of BTC.

[yogi]

In a growing market where the price rises more than it falls, the probable outcome of selling, is buying back in at a higher price.

[Lethn]

In a growing market where the price rises more than it falls, the probable outcome of selling, is buying back in at a higher price.

That's exactly what happened to me so at least I know what's going on now when those prices drop, just now I experience a drop and now things are slowly crawling up again, I know there's going to be a breakout from all the technical data so I'm just going to have to grit my teeth and learn to deal with the risk lol.

[NorbyTheGeek]

Personally, I just don't have a lot of money invested so everything is gravy.

I bought some mining equipment just for fun not really expecting a positive return.  I bought 1 BTC at $150 and spent it on goods.  Later I bought one more full coin at $200 and invested it into some crypto stocks.

The few months of mining along with the performance of the stocks combined with the increased value of Bitcoin gives my current portfolio of holdings a worth of ~$4,000.

The majority opinion on Bitcoin seems to be bullish, and I agree.  My plan is to hold and reinvest profits until I either have enough to give me a supplementary income (or at least pay off my debts), or until everything crashes to zero.  But if that happens, I'm really only out $200 or so.

[WompRat]

If you believe that Bitcoin and the rest are just experiencing explosive growth then Buy and Hold is perfectly rational.  There are various papers that empirically show that Buy and Hold is a very effective trading strategy.  However, if you believe Bitcoin is a bubble and we are on the left hand side then Buy and Hold starts to look less appealing.

It is still rational to trade even when you believe it is a bubble - just take gains frequently.  You won't make as much money, but you will insulate yourself.  There is a temptation to put greater and greater sums of money in, but remember that hedge fund managers with much more experience than you and access to the best analysis and data still lost their shirts in the dot com bubble. Some funds lost over 80% of their value. Make a judgement and trade accordingly and don't beat yourself up about it.

[adamstgBit]

idk it comes naturally

[Salivan]

for me is this bad  feeling  when I am selling ( sadness, depressed )
I feel much more  comfortable  buying

[Jamievs]

for me is this bad  feeling  when I am selling ( sadness, depressed )
I feel much more  comfortable  buying

Are you a female? 

I guess it takes some self-control!

[FiatKiller]

The main way is focusing on all the stories of those who sold 10K bitcoins at $1 for example. What freakin' morons. lol

[Domrada]

You will lose the desire to cash out when you realize the truth.

There is no spoon.

[Salivan]

for me is this bad  feeling  when I am selling ( sadness, depressed )
I feel much more  comfortable  buying

Are you a female? 

I guess it takes some self-control!

No, I am male
but I am talking all the  time about bitcoin everywhere , I have  bitcoin  t-shirt, cup.
I guess I am crazy

[redwoods]

How do you guys teach yourself to hold for a long period?

Strong pelvic floor muscles.

[FiatKiller]

+1

[Shermo]

I think the ability to hold increases the more you could have right now if you had held in the past. My current stash is about 30% of what it could be if only I had bought and held in the past. Now I am wiser(?) and learn to ignore all the waves and just realise that the tide is creeping higher if you look past all these big waves coming at you constantly.

[chrsjrcj]

Sell high, then realize a few months later you're going to have to buy higher.

[Jcw188]

I think you need to go into it with a plan.  LIke before you buy or sell know what you are going to do and do it.  Don't let emotions get in the way.

[GigaCoin]

Well I bought that low at one time and then sold for a profit, right now I'm holding at 0.00048000BTC and the bid price is at 0.00068001BTC so I'm in a pretty comfortable position, I guess I just need to practice and get into better buy positions so I don't act out of fear. I think part of the problem is definitely that I don't have a very passive income so I don't have a good way of getting that money back which is probably why I always get nervous about trading otherwise I'd be buying up cheap coins left and right and making thousands of BTC.

exactly, from my observation and personal experience it has always proven better to buy and hold long term (as long as fundamentals are strong and it is new and innovative). Buying low then selling high then rebuying again at a higher levels etc in many cases ends up in you just throwing more money into the pool that you may end up losing due to panic buys and panic sells.

If you are really good at day trading then you can create a good buy low sell high strategy.

There is a v wise saying in investment strategies is "never chase a stock from your original profit target"