There Is a Time for Cashout, But It's Ain't Today
I'm not so good at trading, but I'm a long enough in the crypto/forex waters to know some basic things and the title says it all :)
Before crypto, I had a period of life when I was interested in FOREX trading, trading bots, and stuff... Like everything I want to do, I like to prepare myself and learn the basics about it...
I can't remember exactly which steps did I take, but I know that I have learned a lot from the website Babypips... If you watch YT videos of some trading gurus and they are talking about candles, fibs, resistances, etc, this website is perfect for you to learn more about those things...
Somehow, it was a natural step to take to swap FOREX trading with crypto markets... As I "knew" some basics, I thought that I understand trading (which wasn't a case :) ) and jumped into it with real money... Usually, there are training websites where you can trade with "monopoly money" and improve your skills... I was smarter than that... lol...
Of course, that didn't last too long... Lost a few hundred in 1 or 2 trades, BTC crashed in that time 2015, or something like that... I bought BTC for $600-700 and sold for $250 and said to myself: "I will never come back to crypto"... :) That was the FIRST mistake that I made... Bought HIGH, and sold LOW!
Let's move on... In Spring 2017 I have made my return into crypto... My break and promise didn't last too long.. lol... I was invested in graphic cards and start with ETH mining... A bull market was already on, I have started with trading also...
I don't know is it luck or something else, but trading in the BULL market isn't that complicated... lol... Especially if you are trading with BTC/altcoins pairs and everything goes up... Got some nice profits, cashout something and made a big SECOND mistake... In all that FOMO I have bought a bunch of poopcoins without any use-case and only with developer promises.
Also, I would say that I have done my THIRD mistake at the same time as the second... When BTC reached that $20k and ETH was over $1k it was clear that it can go up too much anymore... But, I was greedy and wanted more... The result was a bunch of worthless altcoins in the wallet that I have today... And I don't mean at BTC or ETH... I should CASHOUT more!
Anyways, why am I telling you this story? Well, at this moment, crypto markets are somewhere at the point when I have done that FIRST mistake... I have lost my patience and sold my crypto...
In my opinion, this is a bad moment for doing that. Today, the majority of cryptocurrencies are at the lowest value ever, and I would say that they have touched the bottom... So, the only way is UP!
And, btw... Is it really worth to sell your stash for pennies when the sky is the limit? Very often the opportunity is waiting just behind the corner...
Legal Disclaimer: I am not a financial advisor. The advice here given is not financial advice
~ph~
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Good one! We're all learning as we go along. I have much to understand and practice. Thanks for write ups like this. 😉👍 happy weekend!
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Yes, we are learning... Sometimes by other's mistakes, and many times by our mistakes... :)
Have a great weekend Rosyel!
A great post as usual, @ph1102! I love the Legal Disclaimer at the end! lol
Hahahaha... I had to put something... Don't want to be resposible for others :) and I don't want to others to blindly follow my advice ;)
lol @ph1102 jajaja ;)
That was interesting to read Zoltan, and as you say now is not the time to sell, as to myself I just HODL everything, maybe too much, but all the crypto I have has been earned not bought, stay awesome.
I'm glad you like it, Erik... And I'm also HODL majority of the coins, and trading with 2-3 coins/tokens that I don't care where they will go... :)
Enjoy in your weekend!
👍😀♨️
Great advice,
I been down the same road brother. Will try not and make the same mistakes again.
Bradley
You said it well... We will try to keep our hands still :)
I'm in no panic to sell. You need to be able to sit on it for a few years if necessary and in our case accumulate even more through STEEM rather than be forced to sell for pennies. People in the crypto world seem to think in very short time spans without realizing that all of this is new and being built from the ground up.
Hopefully the early adopters like us can pick a couple of good coins and be patient until they each maturity like we are seeing STEEM do now. This is exactly where I want to be right now.
Exactly... Patience is the main point of accumulation and hodling... This period is the accumulation period, and I regret that I didn't do the same in the past BEFORE 2017, and AFTER BTC drop in 2015...
I hope that this is our second chance, which is not often given...
Thank you very much for sharing your backstory with crypto @ph1102, and as you say now is not the time to sell, so let's HODL and build instead, keep up your great work and stay awesome.
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HODL and ACCUMULATE!
Thanks for an upvote and comment!
Thanks @ph1102, and keep creating awesome content.
I will only sell... when I retire... until then... Building my retirement! LOL
hahaha... I'm thinking in the same way... Saw one video from DavincJ15 where he said that you need aorund 2-3 BTC minimum for retirement... So, we have a goal :)