The price of bitcoin started rising from 15k to 20k,from 20k to 25k, I thought it has reached the last increase this season.
The following day I saw a bullish movement again, I saw movement from 25k too 30k. I thought it will be too risky to buy when it was at 30k, but it kept rising until it was 32k. I bought some Satoshi at that price level.
Few days later it rose to 33k and started a bearish movement to 31k, I was already loosing my hard earned cash. I hastily converted it to etherum because it was performing better.
I later discovered that I made a very big mistake by cashing out at a loss, I would have waited a little. A week later, Bitcoin rose to 40k plus.
I want you to comment on this scenario, when should one cash out, as the volitality of the market is very scary.
What's your advice? Is it keep holding? What if keep holding means holding at a loss?
First of all you need to decide what you want to be? Do you want to be a trader or a holder? If you want to become a holder then you need to buy at a time in which the price is relatively low and then hold for as long as you can, probably years and if you can decades.
However by your post it seems this is not for you because a small drop in the price made you sell your coins, so the other option is to become a trader, one possibility is that whenever you see a correction that goes above a certain percentage that is when you chose to sell, this will protect your capital in the case the price keeps going down and it could be a good moment to take profits.