The crypto market is a mysterious place where people get rich overnight and others loose tons of money for reasons they can't understand. Watching the price turn green or red can really affect the emotions and decisions of some people, especially the new ones. Now that the price of Steem and SBD are falling again, should you be worried? Is it time to panic?
During the last two months, the crypto market grew considerably in capital. Almost all coins marked a strong rise in price, which is great news. This brought new people to the game, and most importantly new people on Steemit. Unaware that the price is bound to fall I imagine how many of you are feeling right now:
Now you might be wondering how low is it going to fall, should you sell your hard earned Steem for Bitcoin and wait until Steem is on the rise again, is there a point to continue posting on Steemit, and many other questions that no one actually can give you an accurate answers to. All I can give you is my advice based on my (one year long) experience with cryptos and Steemit in particular.
First of all, never ever let the price control your emotions. Once you master the skill of not giving a damn if the price is red or green you are already winning this game. Most traders tell you to buy when the price is low and sell when the price is green. I say don't sell or buy at all, just hold on to your coins. 99% of us are not genuine traders, the remaining 1% that is left is feeding their wallets from the fear of the other 99%. In other words, they wait for you to panic, and as you sell your coins they make even more money. A day, maybe a week or a month later the price jumps up again and you sit there and wonder why the hell did you sell your coins so cheap. Maybe it was best not to do anything at all with them.
Going back to Steemit. The usual trend is when the price jumps people are more active when it falls they are less active, no surprise there. There is a strong correlation between price and activity. So why you should be happy that the price is falling? Remember the 1% traders who take advantage when the market 'crashes'? Right now you are in a position to take advantage of the price drop and instead of panicking and having second thoughts about Steemit you actually should be celebrating! First of all, the lower the price of Steem falls the network will award you with more tokens. Now is the time to grab some cheap Steem, all it takes is just to ignore your negative emotions about this situation and see it as an opportunity. Keep on posting, curating and commenting. What's more, now more than ever before, is the time to be even more active. History is bound to repeat itself and as Steemit becomes more popular, sooner or later your balance will jump up again, and you will realize that red is not necessarily bad and green is not always good. All you need to do is to KELP CALM AND STEEM ON!
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I stuck it out through the first 8 months as the price slowly decelerated a path towards zero, due to its 100% inflation rate, and probably a month early I started powering down, but I still managed to get about 50% of potential profit out, from the lows around 10 cents.
Rossen is 100% on the nail when he says that the time to post and curate is when the price is down - because all the weak hands and short-term-focused people who have been helping the price also go down faster, will go look for some other get-rich-quick scheme, meanwhile, us diehards will be reaping rewards from a lesser number of posts and comments and votes, meaning, per capita, we earn more. You just don't get paid until the big FOMO comes the next time the price turns.
By the way, I expect the price to bottom out at 75 cents. I am hoping that will coincide with me having another @euro;666 paid to me by the dutch welfare agency, because I am quite sure that we are going to see it push over $4 next peak.
Very well said in the second paragraph. It's such an optimistic way of looking at it. Not only for rewards and curation, but the price being at 10 cents is a phenomenal opportunity to put external money in! I believe price will fall to around 25-50 cents again, and then we will be able to ride that train all the way through until price is at $10+!
Yes, I think I managed to put in about 800 euros at one point the price was down at like 20 cents... I have to get better at planning that.
Damn, I mistyped the html entity for euro. that is € : €
That's awesome. Let's just ride this train as best we can and see where it goes :)
Very well said.
I was waiting for this to happen! Now it's buy time :)
Yes, but how do we figure out the best price the buy at?
Don't buy at all, just steemit :)
Haha can't wait for my next pay cheque to buy more steem at discounted pricing. I am not a trader or anythin, but I am almost certain that most of the price dips we are seeing right now is due to the whole bitcoin issue.
This will eventually get itself sorted out then most panic sellers will probably end up with regret.
It's no surprise that one of the main reasons for the price drop is Bitcoin falling in price. And you are absolutely right when the price falls you can buy at a discount.
Very good points you brought up, as a general rule, always only invest what you can afford to lose. And never trade by your emotions, patience is key.
sounds good to me ! Question : I have about 100.00 steem dollars , should I wait to see if the price drops more for steem ?! Then buy steem on the internal market which is easier to me , or should I use my SD to buy steem on the bittrex !? Thanks ! 👍👍👍
I have no idea how to trade successfully. If you want to make a profit from trading there are many ways. But not trading at all is also profitable. You should know better than most steemians. All I did was just hold to my Steem and didn't sell. Of coursee you can sell anytime you want. All I'm saying here is don't panic and hold on to your seem.
yup ! That's always good to do ! Hold on and relax ! 👍👍👍
Trading is not so profitable. I do it just because of fun, it's a gamble. But, if you want to invest and earn some money. It's best to take some nice period of time, one week for example. Try to find some of your favorite coins, study about them. From the favorites chose two or three, you consider winners. Buy them and wait a couple of months, even years. Check marketcap just for fun, or if you really need the "real" money, so you can see if it's better for you to sell them now or tomorrow. Here on Steemit, I read some interesting sentence "the scared money is a bad money" and I totally agree with it.
I think this is very good post. Guys, if you think Steemit is going to make it, you should stick with it bravely. No matter if it's the red or green. :)
Well said, especially on the day trading advice, trying to profit by trading day by day is a nightmare. Just watch how the "old" coins like Litecoin are doing right now. For years they kept a low price, and now they are off the top.
In Serbia we have proverbs and sayings I consider appropriate for this theme "Pukovnik il pokojnik" I think you must've heard about it. :)
If we translate it, it will sound something like "Colonel or deceased". Either you win or you loose. There is no third option. :)
Keep on stackin! Just got me more steem today! I am ready to buy all month :)
very well said @rossenpavlov - we should just wait and hold our bags, eventually i'm buying the dip ;)
I completely agree, upvoted!
I hope it goes down much more so I can keep loading up 🙌🏼🙏🏼💯