Well, let me start off by confusing you a bit: there is no right time to get out, but there is also no wrong time.
The ”Magical” Ability of Hindisght
We have all been there, whether we are traders, HODLers or just Steemians who stack up there SBD and Steem. I used to have BCH. A lot of it actually, but it was mostly for trying out trading. So when i bought it, i was waiting for it to spike up and i got 1 small spike but then it just went down. I realized I should’ve sold that spike. But instead i just held it and watch the value drop 10%..... 20%.... 25%.... and at that point it was enough. I pulled it out with a loss put it into a couple other alts that proved to be worth it.
But then i see the value shoot up to double what i paid for BCH about a week later and i realized i sold to early.... but i had no idea it was going to break out like that because a bunch of press grabbed onto it and talked up BCH as a replacement to BTC.
Sure i took a loss on that trade, but i did not want to hold that heavy bag as they say. In hindsight I would’ve held onto them to make a profitable trade, but i felt i got out in reasonable time, to avoid losing the value.
Why You Should Ignore Hidnsight
If you look at every trade like you should held on longer or you should’ve gotten out sooner, you will double guess everything you do and end up making the same mistakes. You cant view things in the past and wish you did them differently, so focus on what you’re doing currently.
Realize that crypto markets are up big and then stay down for a while before going up again. That’s the theme of the markets crypto usually doesn’t stay down forever and the rises usually dont last long at all. Big gains are unsustainable, and the long correction times cool things down, before heating them up again getting them ready to explode.
When In Doubt, HODL
Your losses on a trade or even if you’re holding for a log time, aren’t realized until you sell them. We all know the crypto market has some rough patches and has some times when it seems like everything will go to the moon. But remember that usually things dont stay down forever. HODL and you may see big gains in your investments. This is my strategy with NXT now since it has been trending down. I might as well just wait it out and see if it goes up. No use in selling it at a low price.
Just remember that hindsight can make you bitter and uncertain for future events. Don’t let missing out on pump or going through downtrend get you too down. Hold those bags and wait for the moon to come to you!
As always, this is not financial advice, just my opinion that means absolutely nothing. You ultimately decide what to with your coins.
Coins mentioned in post:
This! What people don't realize is that they only lose the money when they sell the coin to buy another one, i had my money go from 4$ to 2$ per coin, and i still haven't sold them, sooner or later the price will go up.
Just invest in cryptos that you research and hodl until december at least.
Exactly, that’s what i have learned. The only way i would sell now is if i believed another coin would 2x in the coming days. I’m holding the coins i have currently until April at least then ill reevaluate my portfolio. But I’m also going to add more coins between now and then
I’m big on diversification. Many coins are better than 1 coin.
I try to buy 1 new coin ea month, atm i have XLM;TRX;IOTA;ETH;ENG;VEN;, my next buys, still dont know the orders, are NEO;ELF;CAPPS:REF;NAS;EOS
Also check out refereum, good ICO with huge partnerships with fornite and twitch,about to be launched, you can farm points atm easily to get free refereum later, i will give you my referral if you want you can use it https://refereum.com/?refid=teutonium