I pussied out

[adamstgBit]

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

**when this guy wakes up                                -> 
"hmm wonder what bitcoin is at"                         -> 
"omg 6.5, and their just was a big sell"                 -> 
"I should buy now! bitcoin is goign to the moon!"    -> 
"Why is NOTHING happening"                               -> 
"Another sell off! now 6.1,what should i do??"         -> 
"I'll short some and go Long! i can't lose!"               -> 
"Why is NOTHING happening Again....."                   -> 
**he goes out to lunch                                        -> 
"OMG THIS IS THE BIGGEST RALLY I HAVE EVER SEEN!" ->  

[FlipPro]

HOW MANY TIMES DO I HAVE TO TELL YOU NOOBS!

DON'T SELL YOUR BITCOINS. YOU WILL REGRET IT LATER! LOL 

[naima53]

HOW MANY TIMES DO I HAVE TO TELL YOU NOOBS!

DON'T SELL YOUR BITCOINS. YOU WILL REGRET IT LATER! LOL 

If I didn't sell in that rapid growth, I couldn't so successfully to buy for 1.9..... 2.5 

[Cluster2k]

HOW MANY TIMES DO I HAVE TO TELL YOU NOOBS!

DON'T SELL YOUR BITCOINS. YOU WILL REGRET IT LATER! LOL  

Does that apply to people who sold between $15 and $25 per bitcoin, and have recently bought back in for <$5? 

The time to sell up is when price growth becomes exponential.  Irrational exuberance takes over, if you will.  I'm hoping this latest rally becomes a slow boil rather than a repeat of March -> June 2011.

[FlipPro]

HOW MANY TIMES DO I HAVE TO TELL YOU NOOBS!

DON'T SELL YOUR BITCOINS. YOU WILL REGRET IT LATER! LOL  

Does that apply to people who sold between $15 and $25 per bitcoin, and have recently bought back in for <$5?  

The time to sell up is when price growth becomes exponential.  Irrational exuberance takes over, if you will.  I'm hoping this latest rally becomes a slow boil rather than a repeat of March -> June 2011.

It's already looking like it's going to be a much more stable rally, then the last one was. There will be many more booms followed by corrections a few days later.

Everyone's playing the game now... When everyone's playing, manipulation becomes much harder!

[kjlimo]

HOW MANY TIMES DO I HAVE TO TELL YOU NOOBS!

DON'T SELL YOUR BITCOINS. YOU WILL REGRET IT LATER! LOL  

Does that apply to people who sold between $15 and $25 per bitcoin, and have recently bought back in for <$5?  

The time to sell up is when price growth becomes exponential.  Irrational exuberance takes over, if you will.  I'm hoping this latest rally becomes a slow boil rather than a repeat of March -> June 2011.

It's already looking like it's going to be a much more stable rally, then the last one was. There will be many more booms followed by corrections a few days later.

Everyone's playing the game now... When everyone's playing, manipulation becomes much harder!

so sad for Mr. Manipulator, haha.

[P4man]

The time to sell up is when price growth becomes exponential. 

You do realize 10%, 1% and 0.1% per year growth is.. exponential, right?

[Cluster2k]

The time to sell up is when price growth becomes exponential. 

You do realize 10%, 1% and 0.1% per year growth is.. exponential, right?

We both know what I mean.  Have a look at the bubble popping in June 2011 for reference.

[Vandroiy]

The time to sell up is when price growth becomes exponential. 

You do realize 10%, 1% and 0.1% per year growth is.. exponential, right?

We both know what I mean.  Have a look at the bubble popping in June 2011 for reference.

I don't think it's that simple. It was rising exponentially for quite a while before it popped, and it stabilized halfway up. Don't forget that exponential growth means exponential returns, so selling everything instantly is not always the best tactic.

I'm not rich enough to make sharp bets, so I sell small amounts in exponential steps unless I notice some indicator info that helps. That means that my selling volume goes with log price increase, and my returns grow heavily on the more extreme movements. In the June bubble, the erratic market movements and mania triggered me to stop and sell everything. But right now, I'm not so certain. After all, Bitcoin fundamentals were far better than a price of 2 or 3 USD, and I can't guess them to factor 2 precision. So I don't really see an opening for a bold move of mine, since it can still go either way.

Especially: look at the volume. This is not a simple repetition of the last bubble, the BTC volumes are extraordinarily high *and* people are more aware of the issue.

TL;DR: Don't know what to make of this. Some mania has returned, but Bitcoins can become quite valuable, so I don't know what to think.

[RandyMarsh]

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?

I've been here since spring yes, I was up to 150% of my initial investment, then i hit a low of about 40%, im back up to 75%... and im so very weary now of the volitility of this market.

but it looks like the price has been fairly stable, i hope i dont miss the next rally 

[evoorhees]

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.

For some of us, our "sell" was selling USD for the real currency of Bitcoins. I cash out of USD at every opportunity.

[Litt]

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.

For some of us, our "sell" was selling USD for the real currency of Bitcoins. I cash out of USD at every opportunity.

True. There is no reason to hold on to a lot of fiat when there are much better places to place your bets on for the long haul.

[Otoh]

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.

^ this

& also Litt if you'd care to share pse list your better places as I could do with some diversification maybe

[StewartJ]

I got out late last night at $6.20, just because I was not going to be able to watch for 12 hours.

Now that the price has stabilized for a while, bought in again this morning at same price.

Feeling confident sentiment for another rally, up to $7.00.

[zby]

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?

I've been here since spring yes, I was up to 150% of my initial investment, then i hit a low of about 40%, im back up to 75%... and im so very weary now of the volitility of this market.

but it looks like the price has been fairly stable, i hope i dont miss the next rally 

Hmm I seriously started in April - and I was something like 1000% up when I sold in the autumn (it could be 2000% if I sold at the right moment - but maxing out is rarely reasonable).  I am now again up quite a bit since I bought in December.

[tvbcof]

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.

For some of us, our "sell" was selling USD for the real currency of Bitcoins. I cash out of USD at every opportunity.

True. There is no reason to hold on to a lot of fiat when there are much better places to place your bets on for the long haul.

This is a big incentive for me, though I still don't recommend BTC for most people since I don't consider it safe and solid yet.

A big difference between USD and almost everything else (BTC, PMs, etc) is that the former comes in automatically and bi-monthly.  No other forms of wealth do in my case.  So it makes a lot of sense that I would be actively looking for places to dump USD while holding on to other assets just to keep things in some form of balance.

[ineededausername]

haha!  Pussying out was a bad decision, wasn't it

[Litt]

haha!  Pussying out was a bad decision, wasn't it

People are pussying out right now. We aren't done yet.

And also diversification is for pussies and retirees.  Win or go home.

Have a home to live in though. That's about it. Unless you are nearing your retirement age, you need to take risks in life imo.

You can always make a comeback in life if you have an able body and a decent head above your shoulders. Be a man and take big risks.

[Cluster2k]

It takes a lot of courage to post on an open forum that you've just sold... and then watch the price rise another 20% within a day.

Watching the price rocket over $7, I can't help but feel we're beginning to see the giddy greed of May/June 2011 reappear again.  Not a popular opinion, I know.  People don't like to hear negative opinions.  I'm long bitcoins but ready on the sell trigger.

[NamelessOne]

It takes a lot of courage to post on an open forum that you've just sold... and then watch the price rise another 20% within a day.

Watching the price rocket over $7, I can't help but feel we're beginning to see the giddy greed of May/June 2011 reappear again.  Not a popular opinion, I know.  People don't like to hear negative opinions.  I'm long bitcoins but ready on the sell trigger.

Same, I've always been long. But I'll watch it like a hawk and be ready to sell.