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Author Topic: I pussied out  (Read 3889 times)
RandyMarsh
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January 05, 2012, 05:16:18 AM
 #1

Got scared and sold at 5.8ish, have I made a mistake? in any case I've profited for the day, and I need to sleep now (If possible I never sleep with BTC in my pocket, I could wake up with dirt for money)

Long time since i've seen 5am sober. zzzzzz

Stan?! STAN?!?!
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gewure
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January 05, 2012, 05:20:45 AM
 #2

maybe take a look at this http://en.wikipedia.org/wiki/Order_%28exchange%29#Stop_orders
..might give you a more silent and chilled sleep Wink

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January 05, 2012, 05:22:31 AM
 #3

thank you and whoever else keeps the btc rate down, it's nice to see the price going up but rapid growth is not ideal, would be great to stay around 5.8-6.2 for things to settle before moving on.. if it goes even lower - great too
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January 05, 2012, 05:27:28 AM
 #4

I for one welcome our new early adopters.

And dumpy the short gain bear actually us a great service.

Past 6 will happen soon - not however without my fiat.

don't let me make you question your assumptions
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January 05, 2012, 05:29:45 AM
 #5

Hey! I sold, albeit much higher than 5.80. Then I bought back at 5.73 once I knew it wasn't going to blow through the 5.72 resistance.

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January 05, 2012, 05:29:59 AM
 #6

I took profit at 5.90, watched it climb to 6.36 while I drove home and smacked my forehead.  Then I realized I could set myself up for the next rally and I have been buying on Bitcoinica the whole time it's been "correcting" below 6.00 right now.  Still money to be made my friend.
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January 05, 2012, 05:30:34 AM
 #7

Meh you didn't make a mistake, you helped me greatly, thanks for the cheap bitcoins!

14b8PdeWLqK3yi3PrNHMmCvSmvDEKEBh3E
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January 05, 2012, 05:30:57 AM
 #8

Hey! I sold, albeit much higher than 5.80. Then I bought back at 5.73 once I knew it wasn't going to blow through the 5.72 resistance.

100 percent envy you

this is what i get for sleeping 5 minutes longer this morning

don't let me make you question your assumptions
old_engineer
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January 05, 2012, 05:31:58 AM
 #9

Not everyone can be long all the time.  Today ranged from $4.78 to $6.36, and a $5.8 sell out is still a $1/btc gain on the day.
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January 05, 2012, 05:33:35 AM
 #10

Hey! I sold, albeit much higher than 5.80. Then I bought back at 5.73 once I knew it wasn't going to blow through the 5.72 resistance.
Ha!  Sounds like it was you and I (and perhaps others?) jockeying for position to catch those falling bitcoinica coins at 5.723, 5.724, 5.725, etc.  Better than playing any board game... Smiley
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January 05, 2012, 05:39:32 AM
 #11

Got scared and sold at 5.8ish, have I made a mistake? in any case I've profited for the day, and I need to sleep now (If possible I never sleep with BTC in my pocket, I could wake up with dirt for money)

Nothing wrong with pussying out.  If you never sell then you never really have a profit.  The real world in which we live still revolves around government issued currencies.  Need to take profits at some stage.


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January 05, 2012, 05:43:13 AM
 #12

Hey! I sold, albeit much higher than 5.80. Then I bought back at 5.73 once I knew it wasn't going to blow through the 5.72 resistance.
Ha!  Sounds like it was you and I (and perhaps others?) jockeying for position to catch those falling bitcoinica coins at 5.723, 5.724, 5.725, etc.  Better than playing any board game... Smiley


I will admit I added more to my reserves at 5.72001 5.73001 and even 5.8001 Smiley
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January 05, 2012, 05:46:57 AM
 #13

Got scared and sold at 5.8ish, have I made a mistake? in any case I've profited for the day, and I need to sleep now (If possible I never sleep with BTC in my pocket, I could wake up with dirt for money)


Funny...back before I took my fill of BTC I used to feel the same way only opposite.  I often made a BTC purchase before going to bed because I didn't want to go to sleep with USD in my pocket.  But for similar reasons insofar as not wanting to wake up with dirt for money.  I probably spend to much time reading zerohedge.com

Now I've got a nice enough pile of BTC in deep deep storage and am past break-even at $6 and am sleeping well.

If BTC continues to rise to the value that I've always felt like it should have on the world stage, I wonder how many would-be early adopters will end up being caught out, or much more out than they could have been.  The only reason I can imagine how badly that would suck is because I got busy with other things when I first took an abortive interest in Bitcoin in late 2010.


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January 05, 2012, 05:47:04 AM
 #14

The truth is you didn't pussy out, you took profit.  This is the sign of a smart trader.  What if the price crashed to $1.00 while you were taking a piss or sleeping and you didn't have a stop-loss order set?
RyNinDaCleM
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January 05, 2012, 05:47:18 AM
 #15

Not everyone can be long all the time.  Today ranged from $4.78 to $6.36, and a $5.8 sell out is still a $1/btc gain on the day.


This is what matters!  Wink

Hey! I sold, albeit much higher than 5.80. Then I bought back at 5.73 once I knew it wasn't going to blow through the 5.72 resistance.
Ha!  Sounds like it was you and I (and perhaps others?) jockeying for position to catch those falling bitcoinica coins at 5.723, 5.724, 5.725, etc.  Better than playing any board game... Smiley


I was sitting here with my finger on the trigger. waiting to see where it would stop. There were a bunch of orders put in at 5.725-5.75. They were getting eaten up so fast, I was unsure about placing mine, but said "eff it", and went ahead anyway.
Aaannd, just sold at 6.08. oops! (I got carried away with typing)
Oh well! Back below $6 now.

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January 05, 2012, 05:48:15 AM
 #16

If you never sell then you never really have a profit.

Yup.

A good practice is to scale in and scale out. For example: I closed 10% of my open positions today. On any significant declines, I'll probably add that back because my analysis suggests there's still room to rise. If I don't get the opportunity, I'll just continue to ride up with the other 90% of my holdings.

Trading is counterintuitive to your emotions. Learn to love the sinking pit in your gut when things don't move your way (then buy) and grow wary of the elated sensation upon doubling, tripling or hitting a 10-bagger (and sell).

If you keep at it, you'll develop your own trading style - short vs. long term, momentum chasing, etc. In general, you just have to heed and control your emotions.

Best!
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January 05, 2012, 05:51:19 AM
 #17

If you never sell then you never really have a profit.

Yup.

A good practice is to scale in and scale out. For example: I closed 10% of my open positions today. On any significant declines, I'll probably add that back because my analysis suggests there's still room to rise. If I don't get the opportunity, I'll just continue to ride up with the other 90% of my holdings.

Trading is counterintuitive to your emotions. Learn to love the sinking pit in your gut when things don't move your way (then buy) and grow wary of the elated sensation upon doubling, tripling or hitting a 10-bagger (and sell).

If you keep at it, you'll develop your own trading style - short vs. long term, momentum chasing, etc. In general, you just have to heed and control your emotions.

Best!

Well said.
RyNinDaCleM
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January 05, 2012, 05:56:28 AM
 #18

If you never sell then you never really have a profit.

Yup.

A good practice is to scale in and scale out. For example: I closed 10% of my open positions today. On any significant declines, I'll probably add that back because my analysis suggests there's still room to rise. If I don't get the opportunity, I'll just continue to ride up with the other 90% of my holdings.

Trading is counterintuitive to your emotions. Learn to love the sinking pit in your gut when things don't move your way (then buy) and grow wary of the elated sensation upon doubling, tripling or hitting a 10-bagger (and sell).

If you keep at it, you'll develop your own trading style - short vs. long term, momentum chasing, etc. In general, you just have to heed and control your emotions.

Best!

I usually tend to place orders on both sides, so it's always win win!  Grin

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January 05, 2012, 05:57:14 AM
 #19

Got scared and sold at 5.8ish, have I made a mistake? in any case I've profited for the day, and I need to sleep now (If possible I never sleep with BTC in my pocket, I could wake up with dirt for money)

Long time since i've seen 5am sober. zzzzzz

Have you been around in the spring last year - or did you start with bitcoin in the autumn?
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January 05, 2012, 06:49:47 AM
 #20

thank you and whoever else keeps the btc rate down, it's nice to see the price going up but rapid growth is not ideal, would be great to stay around 5.8-6.2 for things to settle before moving on.. if it goes even lower - great too

This sounds like someone like me, who still has stop orders in at $2, $3, and now $4 and $5.  I feel reasonably confident that it will dip again over the next 12 months, but when? who knows.  Until then, just try to keep jumping in and out at $5 and $6.

Coinbase for selling BTCs or Vircurex for trading alt cryptocurrencies like DOGEs
CoinNinja for exploring the blockchain.
PM me with any questions on these sites!  Happy to help!
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