Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Wow, what an emotional and physical turmoil this "crash" had on me.
Not sure if I can breath a sigh of a relief yet, but feel must more at ease now that we have moved up again.
That morning when I woke up and the price was basically crawling around on the floor it was really tough on me to keep a level head and not to freak out.
I was so close to just unwinding everything I had, taking the knock and walking away. I think the hold mantra and the "this too shall pass" credo on this forum saved me from going through with that final decision. In the end I sold about 15% of my BTC at $730, which I consider a very reasonable price to pay for my newbie schooling. It could so easily have been everything at $580ish.
One of the biggest reasons for me freaking out was that I went from being 30% in BTC, then 50%,75% and then 95%. When I was at 30 and 50 percent the price swings barely raised an eyebrow, but once I was at 95, I just had to stay awake late at night, finger on the button, JUST IN CASE EVERYTHING came hurtling down in the blink of an eye. This was even though I was in it for the long run with all the best intentions of holding.
I personally think one of the forum posters here, Vycid, always has some or other meaningful posts which I seem to take valuable insight away from. I recalled that he mentioned that if you were constantly second guessing your long position, that you had too much invested. This was exactly my problem. I have now brought my position back to about 75%, aiming to bring it down just a little bit more. Although this is still a little bit high for me, but my stress levels is down by about 90%. I can now again see this as an exciting money experiment that I'm conducting with a portion of my money, which would not be the end of the world if it halved or dropped to even 10% of its value (think I would get out before it reached 0
).
All in all, had interesting reflections on how greed and fear operated within me and how easily your emotions can take hold.
In any event, I am ready for which ever direction we move in, because the only thing I'm doing now is holding like a motherf#cker.
Most of us have gone through this. For some of us it was in April though. I was tempted just to sell everything and walk away but thankfully I chose to be patient and wait and see what would happen. It is so much easier dealing with drops when the price you paid for your BTC is substantially lower then the bottom of a "crash" or "correction". The next time we have a so called "crash" it will be way less painful for those that have purchases in the $1000 range. Sure, going from $5000 back to $2500 or whatever happens in the future will suck for a few days/weeks, but BTC never disappoints those that have held long enough. Not sure if I can breath a sigh of a relief yet, but feel must more at ease now that we have moved up again.
That morning when I woke up and the price was basically crawling around on the floor it was really tough on me to keep a level head and not to freak out.
I was so close to just unwinding everything I had, taking the knock and walking away. I think the hold mantra and the "this too shall pass" credo on this forum saved me from going through with that final decision. In the end I sold about 15% of my BTC at $730, which I consider a very reasonable price to pay for my newbie schooling. It could so easily have been everything at $580ish.
One of the biggest reasons for me freaking out was that I went from being 30% in BTC, then 50%,75% and then 95%. When I was at 30 and 50 percent the price swings barely raised an eyebrow, but once I was at 95, I just had to stay awake late at night, finger on the button, JUST IN CASE EVERYTHING came hurtling down in the blink of an eye. This was even though I was in it for the long run with all the best intentions of holding.
I personally think one of the forum posters here, Vycid, always has some or other meaningful posts which I seem to take valuable insight away from. I recalled that he mentioned that if you were constantly second guessing your long position, that you had too much invested. This was exactly my problem. I have now brought my position back to about 75%, aiming to bring it down just a little bit more. Although this is still a little bit high for me, but my stress levels is down by about 90%. I can now again see this as an exciting money experiment that I'm conducting with a portion of my money, which would not be the end of the world if it halved or dropped to even 10% of its value (think I would get out before it reached 0
).All in all, had interesting reflections on how greed and fear operated within me and how easily your emotions can take hold.
In any event, I am ready for which ever direction we move in, because the only thing I'm doing now is holding like a motherf#cker.