Rookie mistake today

[Adam.banotai]

Rookie mistake.. Got into BTC (and some ETH) Jan 2nd at the later part of the boom. Bought at 32k and again 34k. Reading here, CoinDesk, BitcoinTalk, Anton and the likes on Twitter/podcasts... It is a lot to assimilate but I wrote heartedly believe in the value of crypto and decentralization. BUT after being up 3.5k (small potatoes for some) fast when it was tanking this morning and speculation was of a 25-28k correction I panic sold for a loss. Now it has stabilized around 34k. I was ready to pump more, probably should have held but when with the emotional decision.

So now what? When should I get back in? How? Put half my previous portfolio in and commit to hodl long term (not ocd check coinstats trying to get rich quick) with the other half ready to pump when there is a dip again? Wait to see if it dips again? Or pump now bc "time in the market is more important than timing the market?

The monetary loss is not significant at all. I am irritated I made a mistake and thought I was smarter than I realize was. I am a crypto rookie.

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[Filiali]

You will have opportunities to come back, there will be big movements, just try to have an strategy and stick to it

[Darker45]

I think everybody has gone through this. Not an unforgivable mistake to dwell on. You'd pick up a lesson or two from this and be stronger next time. Don't be misled by temporary corrections. Oftentimes the dip is deceiving. It makes you panic. It makes you shiver. But take a couple of steps backwards and you will see that we are still moving upward. There's no need to worry especially in your case in which "monetary loss is not significant at all."

3 days ago, the price was more than $41,000. Yesterday, it hit around $30,000. That was more than $10,000 of dip in just a matter of hours. Right now, it is back at more than $35,000. The next think you know, it is already breaking $50,000. If your timing during these very volatile times is not good, you might end up committing more errors than right moves. I'd rather just hodl tight and enjoy the ride.

[thaRiddla]

I'm a rookie and bought at 38.8K, but I calmed down and bought more at 31K today. I'll keep buying on the low lows!

[fojomo]

I sold at 33,000 and set a limit order to get back in at 20k. That might be a little ambitions .. but I think we are in a bearish trend right now. Time will tell. Good luck to you!

[pakhitheboss]

Think for the long term a year will be good if possible. Buy when you feel is the right time. At the moment it is still down by about 10k from its ATH. This is the right time to invest in different dips and then wait for another boom. Do not enter the market in one go do diversify your portfolio and always DYOR.

[odolvlobo]

Rookie mistake..

Your first rookie mistake is trying to trade short-term. It is no better than gambling. If the volatility keeps you up at night, it isn't worth it.

Your second rookie mistake is believing that only rookies make these mistakes. Nobody knows what the price is going to do, although there are a lot of liars and buffoons that claim they do. Of course, once they are stopped out, you never hear from them again but they always seem to be replaced by a new crop of liars and buffoons.

Just buy some and sit on it and don't even think about it.

[maxreish]

That's the problem when you probably relying on different and other's predictions and the problem of less knowledge about technical analysis. If you wanted to have a confidence on your trading even without those other's predictions, you can stand on your own decisions.
 
 Panic for example causing the troubles of selling off your btc to deficit price. But since you know it might have a corrections lower than $30k, then why panic if you know the fact it may bounce back. And if you are a long term trader, big corrections are normal. You can actually do cut loss and re entry if you use some TA for your own trade.

[boyptc]

It is ok.

That's a lesson for you that you don't lose until you sell. We're up again and if you just held when the dips came, you should be fine and will now have peace of mind. Well, we are in the crypto market and usually, it gets stuck in our mind to see bitcoin always to be volatile as it is.

You can always get in at any price and just learn from that. You decide to long and you don't think of daily dips or pumps.

[NeuroticFish]

I panic sold for a loss

All you've done was FOMO. The worse kind of it. Sorry.
Now you have to make up your mind. Decide if you want to get in or not. If you do, make sure the money you invest you afford to lose or at least keep them there locked for long time.
If you do, stop worrying about the price. It's money you afford to lose. It's money you believe they'll recover your loses and make you more.. maybe, sometime in the future, eventually. Think of some price tags you'll start selling and do your best to not sell cheaper than that.
And avoid FOMO. Think, cool down, think again, then act.

So now what? When should I get back in?

If you decide to get back in, I was told that the usual best way is to invest at more different moments (days, weeks, months, ..) smaller amounts.
Of course, when you find moments you consider to be dips, try to make use of them too, just keep in mind that if it also dips more, you have to not panic.



PS. The price was going up too fast, hence I was expecting a correction (sooner or later). But it still made me nervous. So don't be so hard on yourself.

[logfiles]

Sorry about the losses you made, but it's alright buddy. Mistakes are human and please whatever mistake you made, use it as a stepping stone to becoming a better trader. Don't let the lost Bitcoins go in vain 

That being said, I will quote for you some piece of advice I gave some other trader

1. Avoid FOMO (Fear Of Missing Out). If Bitcoin's price spikes, and you haven't bought it yet, just let it go, there will always come another opportunity to buy it when the price corrects. In your case, you probably bought Bitcoin when the price was already high and was about to start correcting.

2. Always buy the Dip if you want to enter the market - Whenever the Bitcoin price drops massively, that's the best time to buy. I know at that time, it's so hard to enter the Bitcoin market because most people will be panic selling and exiting, but history has it that it is the best time to enter the market. The perfect example is what happened in March last year. Bitcoin almost touched $4,000 at one point. Anyone who bought at that price range and held on to their Bitcoins up to today has multiplied the value of what they invested in by almost 1000%

3. Always use amounts of funds you can afford to lose. This can help you not to panic sell at low prices when the market dips below the level at which you bought your Bitcoins

4. You have got to have patience at times. When buying or investing in Bitcoin. Don't look at a few months in order to make profits. Sometimes it can even take years. For example, we have had to wait for over 3 years in order to see another serious bull run since 2017

[JooBra]

We all made those mistakes in begining. My short term advice for this year would be to invest in ETH until it gets until 2k then switch to Cardano since they have some big news planed for this year. At the end it needs to be your own decision whatever you decide.

[janggernaut]

So now what? When should I get back in?

How about calm down and buy btc with your remaining funds and HODL it for long term?

[mk4]

Let me ask you the question instead.

Do you actually think bitcoin will still be priced a lot higher from here in the future? If your answer is yes, then buy in. If not, then don't. It's pretty simply.

As for buying dips, what if it doesn't dip again for a while? Then you're stuck with your fiat money waiting for bitcoin to crash.

My advice: put yourself in a situation where you win regardless if bitcoin drops in price or not. Probably put in half your investing money, where you win when bitcoin rises in price, but you still have investing money left to buy in when bitcoin ends up crashing.

[vennali]

The simple answer might be to not go back in if you really felt compelled to sell when it went down. Most of the traders I know are in for a long haul. Not for the faint of hearts. Trading crypto is nothing but a rollercoaster ride. Just set a date until when you plan to hold it. Hopefully a year's time and then just buy and HODL. Follow the news but learn more about the technology and why BTC/Crypto is great and why you believe in it.

[maydna]

I think you can hold it for the long term, and try not to panic if bitcoin price is down because that can make you make another mistake by selling your bitcoin at a low price. You can buy back bitcoin at a low price if the price is down again after this to have more bitcoin and you will be ready to sell when the price is back to the high price. But I think the pump of bitcoin price will not happen soon because the bitcoin price seems stable at the current price, but we can hope that the price can increase again in the next week. If you already bought bitcoin, you need to hold, wait for a while, and don't panic.

[thaRiddla]

Let me ask you the question instead.

Do you actually think bitcoin will still be priced a lot higher from here in the future? If your answer is yes, then buy in. If not, then don't. It's pretty simply.

As for buying dips, what if it doesn't dip again for a while? Then you're stuck with your fiat money waiting for bitcoin to crash.

My advice: put yourself in a situation where you win regardless if bitcoin drops in price or not. Probably put in half your investing money, where you win when bitcoin rises in price, but you still have investing money left to buy in when bitcoin ends up crashing.

A rookie here too, I've told myself that I must follow this method from the beginning. I made my first invest last week!

[Wexnident]

It ain't a rookie mistake, everyone makes that kind of decision every once in a while. Nothing new there tbh, it would all end up with you determining how to actually judge the market. Don't judge dips always as the end of the world, but rather judge whether it would be a step to the end. Don't even bother looking at other articles, especially with the boom we have right now, at a moments notice, someone who expected a bullish $50k could go full 360 and say something about a massive correction to $20k after a few hours due to the market taking a bit of a dip.

[rhomelmabini]

So now what? When should I get back in? How? Put half my previous portfolio in and commit to hodl long term (not ocd check coinstats trying to get rich quick) with the other half ready to pump when there is a dip again? Wait to see if it dips again? Or pump now bc "time in the market is more important than timing the market?

Now think first before you act. Get back when you think you have a stable emotion to trade or hodl an asset. Plan how much money you can afford to lose. Put it all in if you think it's good for long term holding and I advice hold only Bitcoin not altcoins but if you do better hold those who has large market caps. You could do that to wait for some dips better you have some charts to look to to devise your plan because if you just listening to some random videos on YouTube I do think you'll just caught up again when the price gets shaky. First you yourself can't pump it unless you're from Grayscale.

[hugeblack]

You should separate your feelings from trading and make a logical plan based on a study of some factors, as it is difficult to predict resistance levels because we have not tried it.

Corrections may continue, but it is likely that the price will start to rise again by the end of January. Therefore, if you want to trade in the long term, waiting for several days may enable you to buy at a price lower than 34k.

During this period, you can use stop-and-trade orders for short-term gains.