You are viewing a single comment's thread from:
RE: The #1 mistake most crypto traders make
By the way, I have nothing against HODLers who will not sell their coins come-what-may. Holding on to getting "the really big rewards further down the line". And they may well be right. But I'm doing it the way I'm most comfortable with - taking profits at different price levels (but not selling all). Then buying some again should the price go down (it tend to).
I've read and watched videos that say the better strategy is to just ignore the daily and weekly price movements. The "Do Nothing" (except to add more) approach. Again, this might work very well with some coins. My best wishes to them. But I'm sticking to my own strategy, which also includes being a contrarian.
I think it's a very wise approach you have. Unfortunately markets often are volatile and crashes can be common, especially in crypto. So it pays to not be greedy and take some profit when it's there to be taken. Those guys who HODL through the big crashes....it must be a terrible feeling.
You can say that again. BTC going down from $2,200 to 1,800 last July was already an uncomfortable experience for me although I held on. And the rebound came quite fast. But how was it for those in 2014 when it peaked at $1,200...and then tumbled all the way to $300 or so?
Yes, those who HODL are having the last laugh when it went back up to 1,200...plus added much more. But that took months to achieve. Many had given up up and sold before that.
It requires a lot of faith to hang on tight for long periods of time. I don't have that. Although I believe in the future of cryptos, I don't want to be a partisan or zealot. Must always remember my main goals: to protect my capital and preserve as much profit as I can from these "good times". I will continue to sway with whichever way the wind blows.