Ninjastic
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Re: Why I dont care that I did not sell at $250, and why I am not selling
by
ruski
on 16/04/2013, 06:31:54 UTC
Quote from: zvs on April 16, 2013, 06:16:59 AM
Quote from: ruski on April 16, 2013, 05:47:02 AM
Quote from: jubalix on April 16, 2013, 05:16:12 AM
Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

Translation: I bought at $250, cried on the downturn, did not sell and try to recoup my losses via trading lower, and am now trying hard to convince myself that I will someday recover my investment. When the market dips even further, I will declare bitcoin is permanently dead and sell my holdings for a 95% loss. No more than five minutes later the price will triple in recovery, and I will watch incredulously, telling myself that I was right about it being dead, and there's no way I could buy back into something that risky again.

After it has made at least a 2000% gain from the bottom, I will then buy in again with dreams of overnight riches.

How'd I do?

So the answer on a downturn is to lower your avg buy-in price by buying more? 

Good way to go bankrupt

No, it's to cut your losses, and either buy back in lower, or recoup said losses by working the volatility if you're good enough. The technical term for holding after making a big buy-in mistake is being a "loser."