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!
In these Markets, I apply the saying of one of my mentors in stock markets,"You should know exactly when to sell, when to hold and when to buy, when everyone else is holding strong, its time to sell, when everyone else is panicking and selling because of price dumps, you should start purchasing slowly".
So according to me, I will start purchasing slowly again now, so when the price rises again, I will sell a little bit and hold a little bit.
Good advice, sometimes it is difficult to overcome our emotions, but it is necessary. What are you looking at accumulating during this correction?
Personally I think ETC,LTC,STEEM and a few other ERC 20 tokens remain an attractive buy.
That's why I have bought ETH, ETC and LTC when they were in their 7's or 8's and gas been holding them till now, so if they come a little low, it doesn't bother me much. It will not bother me even if they come to half their value. I came to know about steemit a month ago, invested 2000$ in SP and been posting since.
While trading we have to set aside our emotions.
Nice. I still think ETC,ETH, and LTC have a lot of room for growth from here. It will be interesting what happens with LTC with SegWit and BTC scaling.
Glad to see you took an investment in the platform :)
Thanks. Hope everything works out good.
Which of the three do you see doing the best over the next few months? I'm thinking actually ETC with it not only getting listed on BTCC but many other good things happening. This includes a possible hard cap on tokens, Silbert’s Grayscale Ethereum Classic Investment Trust, and a lot more developers joining with Scala programming language released later this year. What do you think?
I am not a huge trader and it is hard to say but I think, ETH Longterm, LTC has a lot of potential but imo is a little risky (but I am a big fan) and I agree with your analysis of ETC. I would tend to agree that ETC has the most potential in the short term, but anything can happen in crypto.
Nice analysis I think I'm with you. ETH long term but I think ETC might have some big gains soon. LTC could go either way. Best of luck to all of us!
Yes I think that is one strategy that people use. I think one of the key things is to have a strategy rather than panicking!
I agree.
Congratulations @thecryptofiend!
Your post was mentioned in my hit parade in the following categories:
Good advice. It was funny, I did an interview with Rogue Money yesterday morning. I said the markets are going to have a correction and that I thought it would be a bigger correction than most people think. Then the uneducated money that entered with the hype and who are unfamiliar with the volatility would panic sell, that would snowball and prices would continue lower.
https://steemit.com/news/@digicrypt/digicrypt-interview-with-rogue-money-crypto-markets-ethereal-summit-blockchain-steemit-zappl
I am sitting watching the markets, being patient and looking for value atm. Remaining disciplined is one of the hardest and most important things to master, when becoming involved in the crypto market. I hope newcomers will learn from your advice.
On a side note, what are your feelings about Bitshares? This is one area where I still feel that I have a lot to learn. Do you think graphene based crypto has a bright future? All the best, hope you enjoy your weekend!
I myself feels I have to learn a lot about cryptos. Those who keep themselves disciplined, are the ones who enjoy the spoils of their hardwork.
Thanks mate. I will check it out. I think you got the reasons behind the fall spot on - there is no way to know for sure but it seems very likely.
The thing is those same people that panic sold are going to end up panic buying again when the prices start to rise again!
I'm not as familiar with Bitshares as some of the other people here, but I think there is big potential for DEXs. I don't have any intention of selling my BTS any time soon.
"The thing is those same people that panic sold are going to end up panic buying again when the prices start to rise again!"
Exactly!
I am in a similar situation with BTS, need to know more but I can still see the potential. Holding. Wish there were more wallet options for BTS though.
Thanks for the information my friend
Today almost the prices of most digital currencies are low
they're not really low, they just correct themselves after an insane surge (overvalued for a short time)
Yes I think people have been running scared.
Nice read. I just published an animated video on Steem also suggesting to stay calm. Check it out if you want.
Cool will do when I have a moment!
Cheers for stepping by @thecryptofiend
nice.....resteem and upvote for your post....
Prices going down, only means one thing... they are giving us the chance to buy more. If you have faith in what you invest in, price dips should always come as a good news. Nice post! :)
True - most people will miss it though and complain later that they missed their chance to buy on the dip!
Thank you for the positive message. It's certainly important to keep perspective surrounding all of this. It's a beautiful day here too and I can't wait to get outside and run around with my dogs!
Have a great weekend!
You too thanks!
Someone is going to get rich, when the markets return back to normal. I'm sure
I think you are right!
its time to buy.
Markets go up and down. Money comes and goes but we need to live life now because its span lessens day by day!
Yes living life and time itself is priceless.
Great advice, a lesson I learned also the hard way. Always have a plan before you enter the market.
Yes I think a plan and not acting on emotion are important.
yeah at first i start panic but this happend in the world of cryptocurrency more often and yes its a great time to buy btw thanks for the motivation @thecryptofiend
You're welcome!
Hi @thecryptofiend, and thank for the wonderful article. I shared your article with my son who is in bitcoin trading. He actually watches the cryptocurrency chart performance like a hawk on daily basis.
He sold his coins when crypto chart was showing high but never took out the money. He transferred it and is held in our local exchange called Luno. He will buy again when the price of a bitcoin hits low.
Thank you.
You're welcome
@thecryptofiend, I cannot agree more. Staying positive is the key to every success!
Great article and thank you for sharing!
Thanks!
Good advice, especially those that are in SP anyways, why drive yourself crazy lol.
Exactly.
I share your opinion dear friend @thecryptofiend this usually happens, the least you have to do is despair and take bad decisions, thank you very much for sharing your words
Thanks mate!
Good advice Arif! I've done that before, regretted terribly :)
What we are seeing is just some people taking profits from the exponential growth of recent days.
Yes definitely and the quicker a rise is the more people get jittery - so they try to take profits fast and that seems to cause dips.
Nice post @thecryptofiend
Thank you:)
This, so much this. When the price was going up it was time to acquire more steem before because of the potential here.. now some time has passed and the price is coming down and yet... its still time to acquire more steem because of the potential here. Nothing has changed, this community has put on a good show for the world just how large and strong it is. Prices go up, prices go down but in the end we are investing in the long term growth of the site and the crypto behind it. All signs currently point to a bright future, just as they have for the past year.
Exactly.
great post and good advice..
Thank you!
Hold in there steemians! It will all come out in the wash! Appreciate the post.
Steem on
Thank you!
Pro advice: turn off your computer.
Yes quite often turning off the tech for a while and going outside can be very refreshing!
These markets aren't for the faint of heart. But I know our patience will be rewarded!
Yes!
FTFY
Otherwise, I agree completely.
Lol:)
Thanks for the tip, I'm new to all this I've heard about it before but never understood the market. I'm really learning a lot from the steemit community
Fantastic me too - I'm trying to improve my awful day trading skills so I can get to my target of 1m SP.
Very good post...I like it :)
Thank you!
you are welcome :)
Wise words.
I have 3 Ethereum mining rigs (2x6 GPU and 1 5xGPU) being built at the moment and I started buying ETH recently when it was at $53, it went up to $83 and I thought it would continue so ordered all the components for 3 rigs. The parts have only just arrived and the price has gone way up and now on it's way back down.
However - I was happy enough to buy the hardware when the price was at $53 so - the current price of over $150 still looks very appealing and I think it'll go back up so I'm not bothered about the price changes.
Luckily while my hardware is busy mining ETH I will be busy interacting in the STEEM community :)
Cool!
I totally agree. Fixating on the price will drive you into panic selling. I find it reassuring to pull the graphs back to weeks or months and seeing the general uptrend. Enjoy this amazing weather!!
Yes, thanks mate!
this is good advice whether the market is skyrocketing, holding or crashing.
make your strategic decisions and react to the market when it reaches your trigger points, but don't stress out pushing the F5 key all day
Yes I think it give you a skewed perspective on reality and makes you obsess over the price.
Some of the recent gains in the crypto market are unheard of in any other industry. You are so right to not panic and look at thee overall picture. I've sold before on a downtrend and lived to regret it.
I suspect many of us who have been around for a while have!
Wow @thecryptofiend you are going to be great motivator for all traders. Im one of them. Let's have a cup of coffee.
Thanks:) Coffee is always good for me!
Great advice! Especially about going out and enjoying and not sitting and worrying about prices!
Thanks for sharing :)
You're welcome!
Yes. The market will recover. Only marginal speculators leaving. Long term holders still stay.
I agree!
Perfect time to stock up on cryptocurrency.
Yes totally - dips are when you should buy.
I wont lie I did panic
we the new guys on the blog lost much today so I focused on steemit
please have a look at my post
https://steemit.com/life/@writemore/how-architecture-has-changed-over-the-years-part-1-5-oldest-man-made-structures
I will take a look but please remember others may flag you if you post links in comments like this.
every time ive sold ive ended up regretting it, agreed @thecryptofiend!
Me too. As long as you invest only in cryptocurrencies that have a solid backing then there is no reason to sell in a dip.
I've found the key is to stop watching the dollar value of my crypto balance. Seeing that fall is what makes it so tempting to jump ship. So I've started paying attention only to my actual crypto balance, not its dollar value.
Yes I think that is a good strategy.