Cheer Up and Don't fall into the Panic Sell Trap - (Advice from an idiot who has done it before and regretted it).
Markets go up and down all the time - that's life
I understand that people are possibly sad right now - the BTC price has gone down, almost all alts are suffering (including Steem and BTS).
This shows how easy it is for little things to change market sentiments and make prices fall.
I have seen it happen time and again (ever since I first got into BTC in 2013) - markets are bullish and then a small fall, becomes a bigger one as panic takes hold.
The best thing I have found in these sorts of situations is to HOLD and not panic sell. In the foolish times I have done this, I have regretted it later.
The one thing I have learned is that the general trend is upwards as long as you invest in projects which have something useful to offer.
We are still way above where we were a couple of months ago
The BTCC Poll
We may have come second in the poll but we made a good showing. There is no reason for us to be ashamed. There will be plenty of opportunities in the future.
Big things are coming for STEEM/Steemit and our whole community.
We just need to be patient.
The BEST Thing You Can Do is Stop Watching The Price
It is a beautiful holiday weekend here in the UK and I am going to go out and have dinner with friends.
Sitting and watching the market prices is not a productive way to spend your time. Going out into the real world and doing real things is a great way to put things in perspective.
So in summary, my advice is to get your mind off the markets and enjoy real life for a bit - you will feel better, gain perspective and you won't be tempted to panic sell your legitimate coins for magic beans.
Thank You For Reading
N.B. I may not be around to answer comments right away (since I'm going out) so please be patient and I will get back to you!
I think it is an excellent time to buy for those who missed the boat the first time! I think price dive has to do with a lot of profit taking ... I wouldn't mind seeing Bitcoin drop little more. If I had gotten in at say $200 a coin,as long as it stays over $500 I would still have doubled my investment. I did manage to buy Dash at around $6. and it has been fun watching it grow!,I also bought $12. in Steem at $1.25(.26?), as of this time it is$0.81894 ,but I am not worried! in fact I think I will buy now that it is cheaper ,and just wait five years! I mean bitcoin has gone from $200 three years ago,to just shy of $2,500. and I see no reason why it will not be there again by the end of the year !
crypto the FED. out of business!
namaste
Yes most people forget that you should buy on dips and sell on peaks. Even a rubbish trader like me knows that but too often they let their emotions dictate what they do!
Exactly, just buy more.
Totally agree this happens all the time in the crypto world! If anything it's an opportunity to buy!
I made the mistake with ripple 4 bought over 50000 at $0.006 and sold at $0.035 after it rose to $0.07 and fell back down again had I have held , well look at the price now, it was a mistake I won't make again!
Me too lol. Used to have over 10 million XRP at one point. Sold it ages ago because I thought it would never rise!
If you are selling when price is going down and buying when it is going up, you are surely doing something wrong. Thanks for the nice post.
Spot on and yet people still do it again and again because they are guided by emotion.
Very good advice. I have experienced that myself in 2013 too.
In the BTCC Poll you are right at least steem has more attention from the chinese community and I bet that Bobby will dig deeper into the topic steem/ steemit.
Wish you a chilled day/evening.
Thank you!
You are very welcome @thecryptofiend .
I have no option. I have to look at the price of BTS. I borrowed some BITUSD earlier this week. I was expecting another increase in hopes of making a small profit. Instead I ended up selling for a small loss to avoid being margined called. Oh well can't win them all.
Yes margin calls are a different situation. Sometimes you have to sell.
Day Traders are pulling their balls hair off. Hodlers are always chill.
Exactly!
Also, if you see that EVERYTHING is red - it is highly likely that the market will cheer up again. If you follow the prices for a while, you´ll notice that this always happens.
Plus, we are nowhere close to reaching full potential and all of this is so early-stage. Many coins will fail, but the good ideas will persist. So now it is basically up to us to learn how to evaluate a good idea (@heiditravels has recently made a good post about this: https://steemit.com/cryptocurrency/@heiditravels/critical-analysis-alt-coins
to add a further note, i would also suggest looking at the projects github.
Agreed!
Shhhh no no no, you're doing it wrong! We need people to panic sell to us, they are our lifeblood! Please someone silence thecrytofiend before more find out!
Lol sorry I screwed up!
In my humble opinion, put some BTC on a hardware wallet and store it away. Make it difficult to get at for hackers AND you! Then after 3-5 yrs, see where you are. You 'might' be pleasantly surprised ;-)
What a brilliant piece, my friend!
We came so close with the BTCC vote. I was checking the status every few minutes that night, lol! But as you say, we should be proud of where we came. Very respectable final result.
And yes, the crypto bloodbath today. Man, I only see things like this as an opportunity to buy more cheaper! Of course we hate watching our wallets shrink before our very eyes but things change fast in this landscape. Fast forward a year from now and we might all be singing a very different tune! Everything in perspective!
Loving your article and it's so good to know we are both pretty much on the same page.
Bless you, my bro!
Thanks mate!