Most of the traders are too emotional to make a real profit. The only way to prevent the bankruptcy is to learn to hodl. The usual scenario is like this:
1. Buy Bitcoin.
2. Bitcoin doesn't rise.
3. Some altcoin rises 50-100-300---% in 2-3 days.
4. What to do, what to do.. Ok let's sell the bitcoins with 10-30% loss.
5. Now let's buy altcoins 1,2, 3,...
6. Yupee, they rise 10%! I'm rich!
7. Oh, no!! They lose 10-20% in several minutes! I can't sell because the exchange is broken!
8. Finally, exchange is working. I'll wait to get back where I bought it.
9. Oh, no! Alts lose another 50-80%!!!
10. Ok, let's sell now!
11. Look, Bitcoin is 20% above the last ATH and 50% above I sold it!
12. I'll wait for the big crash to buy it again. In the meantime I will spread FUD in the forum.
13. Finally, Bitcoin is 10% less than the previous ATH but 100% above where I sold it!
14. Let's buy now.
14. Oh, no! Bitcoin is down 10% again. Go to step 3. Rinse and repeat.
Balance at the end of the year:0
thats so true . hold has worked for me so far
Holding of bitcoin is the best but the reason behind the current dip in price is cause by the act of bitcoin trader been too emotional . The reason behind it was the S.Korean exchange been hacked twice while the N.Korea were accused by the US government of been behind the Ransonware that occur this year.