Bitcoin can play tricks on your mind

[milesfull]

Investors loose their money due to their greed. Sometimes its just better to take profit, at least partially

[btc_angela]

After this latest run I thought about taking profit to get my original stake back, which is about 25% of the current value.

But then I start thinking "No, that 25% could eventually be worth many times more in a few years...".

... but then I think "What if bitcoin crashes to zero, isn't it best to take my original stake out now?"

I think nothing is wrong with that mindset though, profit is profit, so that 25% might be good for you.

... and then I think "no, don't bother, if it does crash to zero, it won't happen in a flash, and you could still take your original stake out on the way down."

I don't the price will literally go to zero, maybe the worst we can see is like a 60%-70% crash just like what we have seen during the covid-19 effect in March of last year.

Sheesh! Apart from Bitcoin, I've always bought risky shares, and I've gambled on sports... but I've never suffered these sort of mind games as you do with Bitcoin, and I imagine the only similar thing is penny stocks.

Does anyone else play these scenarios out in their head?

I think most traders have played this scenario in their head many times, specially when we hit $41k and we still think it can go up a bit before taking profits. But since it didn't happen then we should just hold a bit and just sell and take profits later. No need to overthink, it will eventually come (new all time high).

[Kakmakr]

You could not have said it better... and some of these decisions will haunt you for years.

I bought my first bitcoins when the price was just over $300 and then the price went up to $1000 and I thought it will never go higher than that, so I sold all of them. ( If I kept those bitcoins and I sold them when the price was $40 000 .... I would have been a very rich person now.. but I will have to live with that decision.)

The thing is, after I realized what the potential of Bitcoin was.. I put in a lot of time and money and I bought back a lot of coins and I sold some more at $40 000 and it gave me a huge boost.

My thinking... keep on buying and selling and neutralize the risk of not selling and everything going to ZERO and stay in the game by buying back after you sold... so that you can cash in on the next all-time-high. 

[Latviand]

Yeah had these scenarios for 7 years and haven't cashed out a bit. HODL!

Bitcoin is really playful in the market and it is really unpredictable so it is your own decision and prediction on what action you are going to do next. Just like most of the long term investor, they always suggest to HODL which is the right and safest thing to do in a bitcoin investment. Volatility is what makes people crazy about bitcoin, they are not that knowledgeable on how to deal with that and that's the reason why people are scared to invest on it. I hold my coins confidently and observing the market so that I'm prepared on when to sell because I'm a man who wants to always deal with risks.

[sgenuine]

I observe the situation and understand that the crypto market is not just volatile, it is completely unstable. The situation can change dramatically in a few hours, it costs a group of people to make a pump on a particularly remarkable coin for a joke. Or Bitcoin gives a leap because of what a famous person said about it.

[Karma24]

Its not just bitcoin you'll feel the same thing with every other sort of investement, im guessing this was your first time ?

[dondonk]

sometimes we ourselves are scenarios in our heads if this and that happens. you should indeed reduce it, the more we think about it, the impact will increase anxiety in us. Calmness is key.

[ecnalubma]

Yeah had these scenarios for 7 years and haven't cashed out a bit. HODL!

You’re a real hodler man!

Its everyone’s call on when they take some profits. Its not bad if you want to secure your returns if you already made a decent profit. Its true that bitcoin could crash anytime soon but going to zero would be slim chance, people around the globe and institutional investors are buying it realising its potential.

[serjent05]

Sheesh! Apart from Bitcoin, I've always bought risky shares, and I've gambled on sports... but I've never suffered these sort of mind games as you do with Bitcoin, and I imagine the only similar thing is penny stocks.

Does anyone else play these scenarios out in their head?

I see the problem here.  You have this kind of dilemma probably because you never set a target price to sell.  Or if ever you did, you are half-hearted about it.  I believe all of us had this kind of scenario in our mind but luckily, I always set the price target to avoid this kind of confusion.  If the market price hits my target then I won't hesitate to sell and never regret it if it goes up multiple times after I sold.

[maxi786]

Yes, bitcoin has many tricks. But now there is no chance of bitcoin coming to zero in the future, so there is no need to worry about it.

[Bitcoinislife09]

After this latest run I thought about taking profit to get my original stake back, which is about 25% of the current value.

But then I start thinking "No, that 25% could eventually be worth many times more in a few years...".

... but then I think "What if bitcoin crashes to zero, isn't it best to take my original stake out now?"

... and then I think "no, don't bother, if it does crash to zero, it won't happen in a flash, and you could still take your original stake out on the way down."

Sheesh! Apart from Bitcoin, I've always bought risky shares, and I've gambled on sports... but I've never suffered these sort of mind games as you do with Bitcoin, and I imagine the only similar thing is penny stocks.

Does anyone else play these scenarios out in their head?

This is always a question for a lot of people when the price of bitcoin is falling down or having a resistance. Personally, I can't imagine bitcoin reaching or crashing the market price of zero it is almost impossible to happen in the market. With the current ATH 40k$, even a drop to 20k$ would be a great opportunity for a lot of investors and rich people to reinvest in bitcoin to earn a profit when the price pump again with so many investors there is no way the market price will drop to 0 at all a would even buy bitcoin at 30k$ for a small profit imagine when the price drop again to 3k$.

[akirasendo17]

if you want to HODL then you have to endure the temptation to sell because of the value from 40k USD, even the determined person will be tempted to sell their holdings, but if you really want to hold and you have a target price before you sell then, you have to ignore and never look at the price, most people sold what they have since they need money, many things will run to your mind if you keep looking on the price, and disappointment sometimes.

[carlfebz2]

if you want to HODL then you have to endure the temptation to sell because of the value from 40k USD, even the determined person will be tempted to sell their holdings, but if you really want to hold and you have a target price before you sell then, you have to ignore and never look at the price, most people sold what they have since they need money, many things will run to your mind if you keep looking on the price, and disappointment sometimes.

You cant really just deny nor ignore on not to look at the price.You wont really be knowing on what it would be if you dont look at but if you are a hodler
and do plan only to make cashout or sell in few years to come then it would be good on not to check out the market at all.

Its true that this one would really be that tempting for you to do so.If you arent really that good on handling out yourself when it comes to emotions
then you do most likely ending up on mistakes but it doesnt matter as long you do make profits then that whats important.

If you can handle to play with the market then thats really an advantage.

[DarkDays]

Yeah had these scenarios for 7 years and haven't cashed out a bit. HODL!

Totally get you. As a crpyto investor you always think about what your future growth will be and whether you will be better off selling and then rebuying when it goes down. Unfortunately, this is the game you have to play when risking.

[Pomogator]

I think the point is precisely that risky stocks and sports games are short-term investments. Literally 2-3 days and you already know the result and understand that you have gained profit or lost investments. With such a long-term investment in bitcoin or other alt's, there are always some thoughts that have never visited you before. I also had it with a lot of cryptocurrencies. I no longer take them into account and just keep the coins. If they rise in price then I am rich, and if not, then it does not matter.

[Jaycee99]

I don't know if it's just me or maybe every person who is a beginner can be tricked or rather can lose to bitcoin when they first got their hands on them. Bitcoin is a gamble as every stock is there is a win and lose situation. 
 
you really just need to learn from that so-called mind trick, when you learn and gain there you will see what you did wrong and right to earn. From the topic, you post you should really know and set things up let's say if that 25% gain of your you should know when you will sell, I know it's hard to think that the BTC price might go up and up. 

If Bitcoin price goes up and up will you wait and see? when happens? the effort you made or rather the long term hold will be all at waste if you don't want to sell it. I would suggest that 25% gained more than 25% so an equal of 50% price gain stops if your time is up. BItcoin is tricky I anything can happen to its value why? There are people who have a big amount of money in their hands those people like Elon Musk if he sells it and buys the bitcoin's worth will make a big big change.


As others might have suggested you should set a goal and stop playing think smart play smart.

I think the point is precisely that risky stocks and sports games are short-term investments. Literally 2-3 days and you already know the result and understand that you have gained profit or lost investments. With such a long-term investment in bitcoin or other alt's, there are always some thoughts that have never visited you before. I also had it with a lot of cryptocurrencies. I no longer take them into account and just keep the coins. If they rise in price then I am rich, and if not, then it does not matter.

Also, Short term investment is really hard you really need to focus as well as if it trading 24hrs on guard is a must. 

[serjent05]

I don't know if it's just me or maybe every person who is a beginner can be tricked or rather can lose to bitcoin when they first got their hands on them. Bitcoin is a gamble as every stock is there is a win and lose situation. 
 

I think it is not only the beginner but also the old timer that haven't set their mind yet on what really is their target selling price for Bitcoin coupled with greediness.

you really just need to learn from that so-called mind trick, when you learn and gain there you will see what you did wrong and right to earn. From the topic, you post you should really know and set things up let's say if that 25% gain of your you should know when you will sell, I know it's hard to think that the BTC price might go up and up. 

I definitely agree and this is a piece of very good advice to avoid such mind boggling situation.

I think the point is precisely that risky stocks and sports games are short-term investments. Literally 2-3 days and you already know the result and understand that you have gained profit or lost investments. With such a long-term investment in bitcoin or other alt's, there are always some thoughts that have never visited you before. I also had it with a lot of cryptocurrencies. I no longer take them into account and just keep the coins. If they rise in price then I am rich, and if not, then it does not matter.

Also, Short term investment is really hard you really need to focus as well as if it trading 24hrs on guard is a must. 

Not unless he has set his selling price and has a very good bot programmed to monitor the daily trading of his investment.  This one goes with what you stated..

... think smart play smart.

[vintages]

sometimes we ourselves are scenarios in our heads if this and that happens. you should indeed reduce it, the more we think about it, the impact will increase anxiety in us. Calmness is key.

For some people, its inevitable to stay calm when there's  a simple price dumb. Some people unknowingly slump into anxiety even when they don't want to cause of the price.
The constant speculation of prices can also make one panic especially when  they are not used to it.

[GeorgeJohn]

I observe the situation and understand that the crypto market is not just volatile, it is completely unstable. The situation can change dramatically in a few hours, it costs a group of people to make a pump on a particularly remarkable coin for a joke. Or Bitcoin gives a leap because of what a famous person said about it.

Yeah your right because since I know what is bitcoin and cryptocurrency the Price never be stable or constant like period of two weeks, ii understand that the regulations of its price is been determine by the marketcap, which I can say that if the total numbers of demands is higher or greater  than the aggregates of  supply it's make's the price of bitcoin increase or depreciate.

[MCobian]

I'm sure almost everyone has doubts on their mind when investing in Bitcoin, that's because indeed we all don't want to experience losses when
investing in Bitcoin. Moreover, the price of Bitcoin is very volatile and very difficult to predict, so there must be a fear of the Bitcoin price falling.
But since the price of Bitcoin has increased dramatically this year, and also the many institutions that invest in Bitcoin make me more optimistic
about investing in Bitcoin. So now I have no doubts about holding Bitcoin in the long run.