entrepmind23 (OP)
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June 17, 2018, 11:31:34 PM Last edit: June 18, 2018, 12:26:45 AM by entrepmind23 |
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In this bear market, we have seen some coins that has plunge so much and it seems that it will be having a hard time to go back up again. If you become a bag holder of a coin and just holding strong to your coin because you believe that it will go back up again someday then you might want to think again if it is really worth it to hold it or sell it at a loss to find another opportunity. Many people would advice to not sell at a loss because it will go back up again anyway so why sell it? Here are some of the reasons why it's time to sell your coins at a loss. 1. If you can re-enter lower 2. If you don't believe in the project 3. If you chased a pump 4. If the project has had a catastrophic failure 5. If the coin is getting de-listed due to low volume 6. If the project has a successful double spend attack 7. If your satoshis will grow faster elsewhere You can find further explanation here https://steemit.com/crypto/@ashr/7-reasons-why-never-sell-at-a-loss-is-terrible-advice.
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kojoannan
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June 17, 2018, 11:43:02 PM |
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If your coins is going lower than expected I don't think you will still keep it. That is the reason there must be a stop loss. If a stop loss is hit, just cut your your loss and move on to another coin.
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Indrawan77
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June 18, 2018, 03:25:06 AM |
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When you do a trade you must set a cutloss limit, if you failed to do it, then you can end up with losing money or holding a bag with shit coins, the difficult part is to set that limit, most of the time people miscalculated it and end up losing money, but the most obvious reason to sell is when the coin being delisted or the project got a big failure, some of the other reasons need skill to analyze and experience
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The Sceptical Chymist
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June 18, 2018, 03:29:44 AM |
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The problem is that many traders have the mindset of "It's not a loss unless I sell it", which IMO is completely false. But you hear that phrase said so much on bitcointalk that people start to believe it, and then they hold onto shitcoins as they're swirling around the toilet bowl, past the point of ever recovering.
I'm not an active trader, but I agree with the above--definitely use a stop-loss order when dealing with volatile altcoins. Some of these can go to zero or at least lose more than 50% of their value within minutes. Nobody wants to get stuck holding that bag.
Having said all of that, the entire market right now is in the crapper. I suspect it'll bounce back, but I wouldn't venture to predict what any specific altcoin is going to do. Everyone seems so pessimistic right now that it's probably a good idea just to stay out for a while.
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bob3772
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June 18, 2018, 03:39:25 AM |
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The advice of never sell at a loss is simplistic at best, completely outright stupid at worst. Once you own a coin the price you bought at is completely irrelevant, all that matters is your expectation for the price. If you think it will go down, sell. If you think it will go up, hold.
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atrocityx
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June 18, 2018, 03:47:43 AM |
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I get your point but most people reading this are way too late to be considering this for most of their portfolio... it's probably best to set a stop loss on all of your positions (especially alts) and maybe less considering doing this when everything is so far down already (except for catastrophic or delisted like you suggested) . One thing that I'd like to add is in times where all alts are down, if you somehow are still holding on, feel free to trade alts you aren't as bullish on for ones that you do like that have equally bled out to the same level. As long as the math makes sense then go ahead and trade up Shitcoin A for Shitcoin B.
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Koro-Sensei
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June 18, 2018, 04:04:11 AM |
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Loss at trading is normal but selling at a low price will never work there is so many number were talking about example the fees from withdrawal and if you chase it with your current money at that time then the fee from depositing then from time to time value. If you want to succeed you gotta endure all the loss and keep HODL'ing.
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StarKay
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June 18, 2018, 06:24:34 AM |
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Loss at trading is normal but selling at a low price will never work there is so many number were talking about example the fees from withdrawal and if you chase it with your current money at that time then the fee from depositing then from time to time value. If you want to succeed you gotta endure all the loss and keep HODL'ing.
Those fees will be nothing compared to the loss incurred as a result of Hodling on to a declining shitcoin. I have witnessed it firsthand with TBAR, DRG, NANO, etc. The OP is correct on this, times are changing and there are too many new projects coming up competing for a limited Bitcoin.
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zhekinsp
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June 18, 2018, 06:38:11 AM |
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We have to invest on the best crypto currencies for longer term so don't care about the price fall which will be just temporary.BUt we also can make proit by selling the crypto currencies at fall because we can buy them back with much lower price but we never know it will fll again or risk so if you want to take risk you cn sell while the prices falling.
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Koro-Sensei
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June 18, 2018, 09:23:58 AM |
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Loss at trading is normal but selling at a low price will never work there is so many number were talking about example the fees from withdrawal and if you chase it with your current money at that time then the fee from depositing then from time to time value. If you want to succeed you gotta endure all the loss and keep HODL'ing.
Those fees will be nothing compared to the loss incurred as a result of Hodling on to a declining shitcoin. I have witnessed it firsthand with TBAR, DRG, NANO, etc. The OP is correct on this, times are changing and there are too many new projects coming up competing for a limited Bitcoin. I never disagreed from him i was referring to the reader not OP there's nothing we can do about those shitcoins. I prefer participating in ICO's rather than trading it's much safer and easy money i think im a bit out of here but to be honest im way safer with legit ICO than trading though not too safe but a bit safer than risking it for a declining shitcoin.
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entrepmind23 (OP)
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June 18, 2018, 09:51:29 AM |
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The advice of never sell at a loss is simplistic at best, completely outright stupid at worst. Once you own a coin the price you bought at is completely irrelevant, all that matters is your expectation for the price. If you think it will go down, sell. If you think it will go up, hold.
You're right. It is simply figuring out that if the price went down after you bought it then it would mean your decision to buy it was wrong so its time to accept it and sell it at a loss if it reach the price you are comfortable selling with. The problem with some traders especially newbies is that they keep holding on hoping for a bounce and then if the price is too low already like half of the value is left and they see another trading opportunity then that's the time they sell it and buy another coin. The cycle would be never-ending unless you learn from your mistake and have a trading plan next time or until such time the trader's capital is already exhausted if he would not learn from his mistake always chasing trades.
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gantez
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June 18, 2018, 10:03:03 AM |
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If you think it will go down, sell. If you think it will go up, hold.
If you think is always the condition and situation the hodlers have when price begin to dive. I do not think that an investor would enjoy seeing his coin dive knowing it and not sell off. Off course, selling off would help to make profit and enter lower again.
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bozo333
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June 18, 2018, 11:29:52 AM |
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All the investors have some knowledge in Crypto platform so no one is sell the bearish trend but some investors are exchange to some other potential coin because suddenly all the coins are down in the market so some potential also more down in anytime that is the best time to exchange in some other platform. At the same time long term holders are never sell it in any time they are all plan to invest in right platform.
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dbshck
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June 18, 2018, 11:48:00 AM |
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Only new, uneducated traders take that kind of advice. Like The Pharmacist said, "it's not a loss until I sell" sound somewhat comforting but also misleading. You lose a lot of time bag holding that coin, and as OP said there's also potential losses as you can re-enter lower or spend it on a better asset.
An educated trader must have a plan before taking a position. They must know what they expect of the market, where to put the stop loss, where to take profit. All of those must be set before executing the trade. Without all that, you're basically gambling with your position, and I wouldn't call it "trading".
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BTCeminjas
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June 18, 2018, 12:10:58 PM |
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Holding coins that newly launched in the market for me is very strange to hold, most coin/token that I have from bounty/signature reward I immediately sell it all. To make my thought short I will never hold coins that are not profitable in holding so why should I sell it when I saw that I am already a loss. Instead of waiting for the market for the moment that it will bounce back the price.
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Sir Cross
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June 18, 2018, 01:21:04 PM |
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The advice of never sell at a loss is simplistic at best, completely outright stupid at worst. Once you own a coin the price you bought at is completely irrelevant, all that matters is your expectation for the price. If you think it will go down, sell. If you think it will go up, hold.
You're right. It is simply figuring out that if the price went down after you bought it then it would mean your decision to buy it was wrong so its time to accept it and sell it at a loss if it reach the price you are comfortable selling with. The problem with some traders especially newbies is that they keep holding on hoping for a bounce and then if the price is too low already like half of the value is left and they see another trading opportunity then that's the time they sell it and buy another coin. The cycle would be never-ending unless you learn from your mistake and have a trading plan next time or until such time the trader's capital is already exhausted if he would not learn from his mistake always chasing trades. This advice may have been appropriate for those who panic sell. There are those who sell the moment they see red and the price has gone down even for just a little and sell even when they’re at a loss. It may have been good advise for people like them because most of the time the market goes up again and recovers just after the price has gone down. Those who have mistakenly sold at a loss out of panic must have given out this kind of advice.
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CryptoCoinArbitrage
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June 18, 2018, 10:50:43 PM |
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Exit strategy is as much important as entry. Buy on dip and sell on peak. But we do not know exactly when is dip and when peak is. This is why dividing our investment into smaller portions is important to be able to invest second portion if the price further decrease and average the trading entry price. And if we decide to sell do not sell all the coins at once as trend can change and You will regret it as You never see that low price again. Anyway, we have to split the discussion between highly risky shitcoins and coins which we are analysing and trusting , as different trading strategy should apply to them.
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