I didn't panic sell. I chose a point at which to cut losses. $400 was the major support that everyone said would be a sign of a long-term down trend. So I set an alarm on my phone and told myself I would sell when that alarm went off, regardless of anything else, being tired of having had nothing but incredible losses over the last few months. I took the advice of the experienced traders on this forum. And it was right, for a day, until the PBOC suddenly decided "oops, just kidding that whole notice doesn't exist even though all these exchanges are limiting deposit options."
In other words, fuck off. Considering you're the asshole giving awful advice calling it "panic selling" when people sold at $600+ a month ago, I'm going to go ahead and pass on your advice.
Just to re iterate, your main problem was listening to people on the internet. You took the advice of traders on a forum who will always talk their book. The PBoC notice has never changed they have never said they were banning it and all they did was reiterate the banking rules and double confirm (for anyone still listening to people saying China is banning it) that a ban was not happening.
I respect your stop loss and its wise if this was an investment rather than wanting to have and use BTC but you cant blame people on a forum.
If your here to get rich then it burns to loose money but if your generally interested in BTC, buy back with an amount you can afford to loose and ride the waves and hodl. There are many around that sold out super low and never returned.
Believe me, the last thing I am doing is blaming anyone else. I am just trying to get a grasp on what the responsible choice is here. I have used BTC and have a small amount I used on day-to-day purchases.
Did I hope to make a profit when I bought more? Yes. Is that the "wrong reason?" I'm not sure, is it?
Either way, the money just became available in my account. So I'm going to take Rpietila's advice, because he knows better than I do through experience. And yes, I understand that its a risk and I could lose everything, and don't hold anyone else responsible for my decisions. I just was angry after holding through this entire downtrend, I sold right before the rally.
Okay fair enough, im not meaning to sound condescending just you can see the effects of listening to 'experienced traders' on a speculation forum.
Hoping that an asset you hold gains value, nothing wrong with hoping that.
Putting your life savings into one of the most volatile assets in history and hoping to get rich quick, thats the wrong attitude.
You still have a choice to make and that choice is entirely yours. Just perhaps this time be a bit more reasonable with the amount you invest and make sure it is what your prepared to loose. This is still a beta experiment.