Quote from: LordGobbletooth on May 04, 2013, 09:37:26 AM

Expecting to get a bunch of hate for saying this, given it's the speculation subforum, but nonetheless...

A little disclaimer: I do not have a large amount of money invested in bitcoin at the point, so those of you with 10k+ invested (or at whatever amount that you specifically absolutely cannot lose or you life is over) may prefer to be a bit more hands-on with the prices. I only put a total of about $1,500 in at the beginning of March (when price was at 32), so me losing everything won't kill me if it comes to that. But....!

My advice: Stop looking at the price shifts every hour or every single time you check your phone or every time you wake up. It's not worth it. The way I figure is that bitcoin has a real shot at being legitimate and powerful at some point in the future, and I think that this is way too early to get excited over price shifts, no matter how much it goes up or down in any period of time. The value at this point is probably too high but the potential is definitely there for it to eventually be a lot higher, maybe even above a thousand. If you're a true believer and not just interested in making money then I believe you should put your trust in Lord Bitcoin and stop giving a crap. It is in IT's hands now. Put your faith in Lord Bitcoin and IT will reward you greatly in time. This is a new concept. Be excited that you're a part of it! Take the risk. Being an atheist I never thought I'd say this, but sometimes faith is better.

I suppose that if you're dead set on being a day trader, so be it. I don't have the time for that, nor am I a gambling man to begin with. I'm a long-term holder. I made myself too stressed out when the crash/correction occurred for nothing. Yes I could have made $3,500 if I sold at 250 pre-crash and bought in a crap ton right now, but we all know hindsight's 20/20, right?

Do stay aware of big swings and take note, but don't touch your coins. Even if it looks like it's going to zero. It won't. Even if it goes to 0.0001/$ per bitcoin, HOLD! If you're willing to take the risk on a newfangled currency and invest in the first place, you should have the guts to hold your coins no matter how bleak it seems. If you're dead set on not losing money, sell to break even. Then if you lose everything you won't lose anything.

If it goes to multiple bitcoins per cent, spend like $20, you could make thousands, like I did. I didn't get rich, but I only risked $20