Vlog 210: Sticking to my plan: Buying crypto with Fiat in the downtrend.
It's one thing to make a plan, it's another thing to stick with it.
For about 2-3 months I have been selling crypto to Fiat.
When I made that move I felt that I was overextended in crypto.
I wanted to mitigate risk.
It was part 1 of a plan that could have gone either way.
Crypto could have gone up and the value of my total holdings would have been less.
But it came down and now I can use the Fiat I put aside to buy back in.
I started this process last night.
I'm not a person that goes all in at once. I buy gradually over a long period of time.
I bought a little bit of crypto from all the coins I want to have.
This is now my baseline.
As long as it's under this line I will buy the same amount in fiat of crypto at certain intervals.
This way I will have a nice buy in average.
I talk about it more in my vlog.
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Same, planning to get more ETH today. 2018 will be huge.
You did best thing to do - respect.
I took out some in December expectingJanuary to be weak but not as much as I should have as I listened to much to others.
And I bought back in to early (but that is s.th. you never know) as I thought it is the regular January dip and gets back up soon. To be honest I am not so sure about that anymore as really a lot of trends have been broken and a lot of people got burned. Who would put money in right now. Ok you - but I guess you are one of 100 who sold at the right time and you are the only one I know. All others have "Bought the dip" much earlier and gut burned - now starting to get scared that we might face a long term bear market like in 2014...
Thank you for your honesty. Buying in to early happens. All investors been there, including myself.
Do you have enough time to wait it out? Then, I would wait to see how the markets develop. If they go way lower you can add some and lower your buy in average and if they go up you will be fine too.
Don't trade on emotions, trying to win some money back, that's usually bad. I hope this helps.
You are right - luckily I got some experience (not too much) and have at least an indication when I am on "tilt" meaning my emotions taking over. But your advice helped (I appreciate it) because I know I am at the moment - closed all charts today and committed myself to a "no look at it day" ;-)
I still don't panic :D
I wish I could have some money at this downtrend and buy more cryptos.
Makes 2 of us. Now I think things will explode just like the boom of the dinosaur market of the 90s. But this time the masses just don't know what Crypto currency is so the 1% who do will catch the train out of here.
To the Moon and I hope to make enough to catch a ride on Space x, that will be enough for me.
yes friend it is a right time to buy crypto 😊
WE probably agree on many topics, forinstance Anarco Capitalism, but there is one MAJOY topic where we yet do not agree and therefore I am BEGGING YOU to watch the 5 videos I posted under the tag #notaglobe ... the earth is flat and you need to wake up to it, then we can make steemit great:
Truth will get you into trouble unless you stay silent. Knowing and trying to awake others is admirable but it's against the establishment and most Americans mindset is set in stone. By the way air-PLANES don't fly upside down,
"By the way air-PLANES don't fly upside down,"
What do you mean by this, I never said that airplanes fly upside down, airplanes fly straight over the flat plane, on a ball earth an airplane would have to dip its nose down all the time, which it doesn't since we do NOT live on a spinning ball.
I Was telling my son about this yesterday
I remembered your post on this topic and thought it was great knowledge to pass on
We get overexited on crypto sometimes,
and tend to forget fiat even exists,
I remember you said something like,
It is great my crypto wallet is growing,
but my fiat is at a standstill,
and I will need that to buy in future dips..
Looks like you were spot on, once again 🤗
Being overextended in anything is usually bad. I believe in diversification. In hindsight I should have sold even more. But hindsight is always easy.
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this is so true. i didnt sell any - but luckily i am able to buy more on this massive dip and even if the dip continues i will buy small amounts in. i have a firm believer we'll be back to where we were (maybe even more), even if it takes some time.
https://steemit.com/life/@izuchukwu1506/who-is-leonard-da-vinci
Do you have any tips for establishing a base line?
I got in on ETH in june last year and basically did the same thing you've done.
But now it seems unlikely that ETH will ever get below €200 again, so I can never buy in again.
Obviously it might, but lets say it doesn't:
How do go about establishing a new baseline?
To establish a new baseline I took profit on the way up. This is key. Then I waited for the markets to turn (or never, then I just have less profit and less crypto and I accept that). Now it has come down enough for me to feel comfortable to buy in again but this 'baseline' is different for everyone.
It should great another place as ever
Do you use #BitShares @exyle?
I also liked this very much, it explains a trading line I didn't knew about: