I don't have any clue wtf to do now.
I bought my first btc at around 680 because there were "cheap coins."
I bought more on the way down to 500 to "cost average"
I put almost my entire savings at 480
Then everyone said if it broke 400 we were screwed and there was NO good news from China at all so I sold at 399.
So wtf do I do now? I've lost thousands and the money hasn't hit my bank account so I can't even buy back in. Wtf do i do?
Next time just be rational.
- Do not take seriously any trading advice from this thread, or the speculation subforum.
- Use the posts on here as a contrarian indicator: when these boards are flooded by posts that scream "OMG we are screwed", "Bitcoin will never recover", "I'm all out", etc. -> buy. When these boards are flooded by posts that scream "OMG we are going to the moon", "10k by the end of the year", "Choo choo motherfucker", etc. -> sell.
- Generally speaking, you should realize profits when the trend is UP, and buy more when the trend is DOWN.
- Bitcoin is not such of a gamble as it was a few years ago, but it is still a high risk/high potential return investment. It is extremely volatile, thus you should invest only what you can afford to lose. Forget about "cutting losses". Mentalize yourself that this is "all" or "nothing", and you will not make mistakes.
- Outline a rational plan (I will sell x% of my stash if we reach this price, another x% when the price doubles from the first time I sold, etc.) and FOLLOW IT.
- Do not trade on emotions.
- Profit.
Everybody who has followed such a rational approach has profited A LOT from Bitcoin, while still retaining a huge amount of coins. We could exclude the people that bought at the top of the last bull run, but if they did not realize their losses by selling they will be just fine.