Surviving red days, all you have to do is wait.
I remember very well the day the DAO got hacked (on the Ethereum blockchain) and the price of ETH went from around $20 all the way to $7-8 over some weeks. Now that's panic.
I was watching the markets at the time and couldn't believe the plunge it took. I didn't realize it was the DAO.
I quickly bought another 50 ETH for $14 ($700). I was convinced I just bought a steal!
When the price started to go down more and more I got this nasty feeling in my stomach. The one you get when you see your investment go to shit. I never had a lot of Fiat to invest in the first place.
I held.
Not long ago I sold 30 ETH for $365. More than $10K. All I had to do for it is wait.
That whole experience makes me feel less bad about downtrends nowadays. Especially when you know you invested in something solid.
The markets don't make any sense to me. They go up and down like waves in a ocean. Daytraders ride the waves. Long term holders sit on the beach and chill.
Only solid projects make sense to me. That's why I like STEEM.
Fastest Blockchain, No fees on transactions, Social Media platform, solid user growth, active app and different frontend development, awesome community.
All you have to do is wait.
Follow Me @exyle
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Your words carry much truth. The markets are an enigma. They always have been and always will be. My grandfather told me long ago, that any financial decision backed by emotion, is a foolish one. Yet markets ride the waves of emotion up and down. In short, doing the opposite of what the mob is doing is almost always the best solution. Patience, like you stated, is always the best approach. It can be quite difficult at times, but this is not a sprint, it's a marathon.
A quote from Warren Buffet comes to mind, “If you are not willing to own a stock for 10 years, do not even think about owning it for 10 minutes.” I think most of us are in it for the long haul, so the bi-polar actions of the market today should not sway us, for we know where we'll be in the future. Steem is simply on sale today. Have a great day!
Great reply. Thank you! You talk about your grandfather often. He must have been a wise man.
Your welcome! He was a wise man indeed.
thanks for sharing. these are tough times - im down a lot , until ethereum comes back
Don't be like Vitalik, he sold 25% of his ETH at 7.43 $ :D
This is why he isn't a "crypto billionaire" yet hah but I think he'll be fine
I totally agree with you on this. The market prices will always rise and fall and sometimes you may not understand and be scared but the truth is nothing stays down or up forever.it eventually changes so when your investments go down, i suggest you should buy more at cheaper rates and wait even if it takes ten years, it will eventually rise again only if its a solid investment.
oh that was nothing.... best was when btc was in free fall from 240 to 60 or 50 :)
I wasn't in crypto back then! I bought my first BTC at around 250$ in 2013. (just before the rise to $1200).
great times... when look back holy malony that was risky - haha :)
Hello @exyle. Thank you for sharing your story with us all on this wonderful platform. Pressing the panic button, as soon as we see the markets slide down a little is the crux of the problem. One needs to really invest in the project, it's values and their fundamentals. If your investments are only based on those core principles, and not on speculations, then things can't go wrong. Of course! Markets will swing upwards and downwards but the true champion makes his way through any situation.
I believe in STEEM and truly feel its a dark horse with humongous untapped potential till now. Peace ✌️
This is the great time invest in your favorite coins and hold with patience.
Nice post, just hold it. It will get better.
holding has been by far my most profitable strategy. (so far :) )
Man, thank you for telling us your experience. I love to hear from you. That is what I'm hoping for all the coins I hold. I believe one day the patient person will be compensated.
I think you will be.
Yes. That's a perfect piece of wisdom. This is perfect opportunity to invest in crypto's. But if someone had already bought crypto sometime earlier then holding is the best option fro him instead of selling and taking some huge losses. Crypto's market has always been so volatile and specially now because of this Segwit hype. Everyone is selling their shares that;s why market is falling down. Now a wise investor will definitely purchase new investment while a fool keeps on shorting his shares.
But because of your advice, most of the investors who follows you, thankfully would hold thier shares. You have given a great insight about this whole crypto fall. Thanks a lot @exyle
Good article..i say keep buying more while price is low...it will rise again eventually and probly to new highs
What I have done in downtrends is just buy in gradually.
How long do I have to wait to be you bro? I could easily live on half of your payout ;-)
It's ok, I'm used to waiting X-D