The Cryptovator (OP)
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December 03, 2018, 02:13:32 PM |
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I don't know if there is similar post, I don't find appropriate thread. However I will share my experience for newbie whoever want to HODL any crypto currency.
I have learned from my mistake. So I am wondering to share with newbie to learn from it and avoid big loss. Beginning of this year due busy on offline job I left trading and thought to hold few coins. And I did it. Once markets became red I though it will be recover that's why I didn't used stop loss. But unfortunately market became more dump and I have loss more than 3X. I am thinking now if I had used stop loss then it might loss only 10%.
If someone want to hold few coins then you can learn from it. Most of exchange now have stop loss feature and you can use it to avoid big loss. Obviously you have choice a exchange for hold any coin for long term. Since we don't know where is the last dip of a coin so it will better to use stop loss. So if you buy a coin for long hold then use stop loss below 10% or 5% from your buy rate. If coin price raise then move your stop loss below 10% or 5% from current rate. If hit stop loss after you buy then wait for another dip and buy it again. Also you can use stop loss for buy. Don't fall in FOMO or FUD.
If you follow this step I think you will not loss big amount of btc if market drop suddenly like what is happening lately. Just don't leave after you buy what I did in past. It's very difficult to recover your fund. There is positive and negetive side for everything so you must need be careful about your fund. You can also share if there are more best policy to HODL.
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Jet Cash
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December 03, 2018, 02:36:29 PM |
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HODLing and trading are not the same thing. You only use a stop loss when you are buying contracts, possibly with gearing. For this, you need to watch short term price movements. To HODL, you look at the fundamentals, and if they are strong, then you buy to hold for a couple of years or more. It doesn't matter if the price drops, you only lose money if you sell early. Many HODLers don't feel that they can determine the bottom of a bear trend, so they price average. This means they buy a few coins as the market is dropping, and value their portfolio based on an average price.
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Lucius
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December 03, 2018, 02:46:53 PM |
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I don't know if there is similar post, I don't find appropriate thread. However I will share my experience for newbie whoever want to HODL any crypto currency.
I have learned from my mistake. So I am wondering to share with newbie to learn from it and avoid big loss. Beginning of this year due busy on offline job I left trading and thought to hold few coins. And I did it. Once markets became red I though it will be recover that's why I didn't used stop loss. But unfortunately market became more dump and I have loss more than 3X. I am thinking now if I had used stop loss then it might loss only 10%.
If someone want to hold few coins then you can learn from it. Most of exchange now have stop loss feature and you can use it to avoid big loss. Obviously you have choice a exchange for hold any coin for long term. Since we don't know where is the last dip of a coin so it will better to use stop loss. So if you buy a coin for long hold then use stop loss below 10% or 5% from your buy rate. If coin price raise then move your stop loss below 10% or 5% from current rate. If hit stop loss after you buy then wait for another dip and buy it again. Also you can use stop loss for buy. Don't fall in FOMO or FUD.
If you follow this step I think you will not loss big amount of btc if market drop suddenly like what is happening lately. Just don't leave after you buy what I did in past. It's very difficult to recover your fund. There is positive and negetive side for everything so you must need be careful about your fund. You can also share if there are more best policy to HODL.
You're talking here about holding coins on exchanges, which is always the worst option for a number of reasons that most experienced members are all know about. Two reasons why it should be avoided to hold coins on exchages is inability to control private keys ( which would mean that you do not really own what you think you own ), and constant exposure to hacking of exchange. By the way, to mention of phishing attack is another possible vector attack. We have an expression that 1 BTC is always 1 BTC, so the loss can only be interpreted as a loss of value - not really a loss of coin. You should also know that the market is always going up&down, means if you buy at 8000$ and price is now 4000$ you lost money only if you sell. Your advice is however good for people who want to trade and use stop-loss, but in general is not smart to hold cryptocurrency online - because of that we have desktop, hardware, paper wallets, and some others ways of safer storage.
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crairezx20
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December 03, 2018, 03:30:45 PM |
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Honestly, I regret selling some coins too early last year before the price rises too high. One of the coins that I regret selling too early is Raiblocks which increase by more than 1000% last January 2018. If I hold those XRB last year and sell it in last January maybe I'm one of the millionaires here in my country. Another mistake is I have remaining XRB on my wallet but still, I didn't sell it at the price of $34 each because I forgot that I have remaining XRB in my wallet. So I sold it just last October for a cheap price but still, I'm happy even it's just a small amount it helps me to buy a new GPU for my miner and I earn those coins for free in captcha distribution.
So, I learn right now for my mistake and I always holding potential coins and hoping someday the price of those coins will increase again more than 1000% or even just lower.
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Infinixhot1996
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December 03, 2018, 04:15:11 PM |
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I'll have to agree with the OP on hodling(maybe not in exchanges)coins is probably the least technical and much more easier for a trader newbie to handle with more possibilities of interest and profits.. Selling off could come back to hunt most times,and hodling could also do same,but the best part of it is you're still in control and have not incurred any loss till you sell, that's the best part of being a hodler
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CryptopreneurBrainboss
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December 03, 2018, 04:18:18 PM |
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I had to read twice to understood your story very well. just as jet cash stated, Hodling and trading aren't the same thing. the moment you leave your coins/tokens on the exchange to take benefit of the ups and down, it can't be considered as Hodling but trading. For me, the best policy to HODL is to buy that fav coin of yours, store them in your personal wallet (advisable hardware wallet), before buying you should have already drafted out your investment plan (strategy) which has to involve how many months/years you'll hodl, How many % you'll cashout as you reach your first Hodling timeframe etc. In my opinion anything less than 6months, I don't consider as hodling. My Hodling in btc is 3yrs and still counting but i semi- hold/trade most altcoin
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larkinvain
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December 04, 2018, 06:58:19 AM |
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From my point of view, newbies should first need to achieve knowledge for how to hold a coin to avoid a big loss. They need to focus on forum attentively. Knowledge is power to achieve something. Newbies should not be worried about this red market so do not sell just hold until the market change.
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TBboys
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December 04, 2018, 07:10:31 AM |
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But more newcomers will only pay attention to short-term prices. If the newcomers held crypto has been falling, newcomers may have a feeling of being cheated and increasingly distrust crypto. So for the newcomers, we just need to tell it how to trade and encourage them to trade more, but don't make too many holding suggestions.Maybe this will make the newcomers feel better.
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Marshall14
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December 04, 2018, 07:37:28 AM |
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From my point of view, newbies should first need to achieve knowledge for how to hold a coin to avoid a big loss
Is there really a way to lose when hodling a coin,its basically until you sell for lower than you bought,but as long as you're still in possession of your coins then you're still in line to make profits from such trade, it's down to the traders patience and methodologies while trading
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Gloverwrt
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December 04, 2018, 08:00:33 AM |
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Your coins should only be on an exchange when your are actively involved in the market, otherwise you should have them stores in your personal wallet, which does not have a stop loss feature.
However you can use a Coin tracker app, like blockfolio to monitor the price if you intend to but more when it goes below a range or sell when it hits your target profit. For long term investments you just need to trust your foundamental analysis and hodl it.
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Zhen Zhibing
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December 04, 2018, 08:31:30 AM |
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Stop loss is used for trading and 10% stop loss is not much, all good traders know how to deal with it. Hold is different, it's a long term investment, you believe in the long life development of a coin and believe it will increase price in the future, and you hold the coin.
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NewOne404
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December 04, 2018, 06:38:10 PM |
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Hm, Obviously HODL is an easiest way, which will save your nerves and give you hope sell your currency on bullish market later... I use that and i pray for that.
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The Crypto Invstor
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December 04, 2018, 06:53:20 PM |
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I agree to HODL being the easiest way but I do find it a bit indifferent as well. I personally find that the HODL'ers can be split into two groups. The first group is the HODL'ers who hodl because they are diehard loyals when it comes to the future of cryptocurrency. This is a relatively small group in my opinion.
However, I also think that a lot of HODL'ers are a bit insecure. They don't know how to cope with the volatility in the market so they just look away and yell hodl while they force themselves to become indifferent while their hard earned cash is evaporating.
If you were to offer newbies some advice, offer them a balanced view on how to invest.
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hugeblack
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December 05, 2018, 08:41:20 AM |
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In short, HODLing the currency is a long-term speculation investment, stopping that investment at a 10% loss is not considered retention. In fact, the least waiting period, in my opinion, is a year. If you want to keep BTC or any altcoin, it means that you believe in that currency and therefore risks a large capital to get a big profit or a big loss. Your policy is a trade, and the plan you followed, unfortunately, is not right and may lead to a bigger loss. Trade needs intelligence and relies on analysis and news more than numbers.
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bitmover
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December 05, 2018, 09:52:26 AM Last edit: December 05, 2018, 10:04:30 AM by bitmover |
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Let's suppose you bought 1 BTC. The idea to hold is that you will always have one btc. Holding, you will never lose this 1 BTC. If you sell at a 10% "stop loss"you may fall in a bear trap, and when you try to buy again the price may be higher and you will buy only 0.75 with that money Holding is really a good strategy in a bull market. In a bear market it is not a good strategy. However, cryptocurrencies have a long term upward moviment, so holding was the best strategy so far. You are not a good holder :p
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Theb
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December 05, 2018, 02:44:28 PM |
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Stopping losses is really a good function but I don't think it is meant for HODLers in the market but for the traders in the market. If you are hodling it means you are in it for that coin in the long run where you are looking for the bigger picture as a hodler using the stop loss function only means you are ready to quit hodling at any moment with only 5-10% loss which I don't think is a good idea if you are a HODLer but for a trader it is important as using stop loss it their only way of protecting their capital as they would need it in their future trades which HODLers won't be doing in the near future. The only way I'll use the stop loss function as a HODLer is when I know I'll be shorting my cryptocurrency hoping to buy more at a cheaper price.
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