About my first loss - This might help newcomers as a learning curve - page 2.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

Quote from: Wysi on October 22, 2019, 11:43:09 AM

I lost huge amount of money just because I did not sell it off during the peak and wanted the value to cross $25,000 which eventually led to collapse in the market situation and I had to sell it off for a mere $5,000 after a long wait expecting market to recover.

I don't think it's a loss. Because I believe as long as you hold your position, like not selling it below the price of your buying price, it still not a loss because there are still many possibilities that we can achieve new all-time-highs. Like what you said which you are expecting the value of Bitcoin will cross to $25,000 but suddenly it collapsed.
Well, it's not only you for sure who experienced this, there are lot of them out there.

LTU_btc

legendary

Activity: 3234

Merit: 1375

Slava Ukraini!

I think huge number of people in crypto world had experienced something similar. If it's not secret, can you tell us at how much you bought BTC? I wouldn't call as mistake that you didn't sold during peak. Selling at loss was mistake, it wasn't wise decision. Sometimes crypto requires lot of patience. HODL'ing can took few years to get profit. Seems that you invested into crypto without much knowledge about trading and just wanted to become rich quickly. This is not how everything works unfortunately.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

This could be a good example how HODL should not work,holding with the hope of price will increase next day,next week or next month is really not HODL,we should hold the coin until our goal price reaches whether it should be in a week or year or a decade HODL it until.

hugeblack

legendary

Activity: 2702

Merit: 4002

the mistake you did was try to reach $ 25,000 gains from the easy way "wait until the price goes up to that level."
The market is volatile, so small gains on a daily/weekly basis may lead you to increase your capital from $ 5,000 to $ 25,000 without the need to wait for the price to rise to that level.

In other words, you want to make a profit without having a clear plan for the nature of the market and how to behave if the price falls, it is natural that you get greedy at any stage.

harizen

legendary

Activity: 3122

Merit: 1398

For support ➡️ help.bc.game

Quote from: Wysi on October 22, 2019, 11:43:09 AM

As mentioned in the subject line I am one of those whose life was changed after the bullish market at the end of 2017 but I did eventually lost a huge chunk because of greed. I lost huge amount of money just because I did not sell it off during the peak and wanted the value to cross $25,000 which eventually led to collapse in the market situation and I had to sell it off for a mere $5,000 after a long wait expecting market to recover. The mistake which I made was not selling it when the value declined after reaching the peak.

It's really difficult to sell @ peak since, during that time, you will never see any significant sign of a crash. It's a surprise! However, being end up selling at $5,000 already depends on your hands. You already have enough time to think if you will sell or not but still, you continue to hodl. Well, not a wrong move though if you are one of the people that have a tagged line of "hodl to death" but if not, yes it's regrettable.

Quote from: Wysi on October 22, 2019, 11:43:09 AM

Kindly share your experiences as well as it will help new folks.

Honestly, not necessary. Crypto is volatile so they will experience being struck too between buying and selling.

Let them do their homework to analyze when is the right time to make an action.

Wysi

sr. member

Activity: 1638

Merit: 261

As mentioned in the subject line I am one of those whose life was changed after the bullish market at the end of 2017 but I did eventually lost a huge chunk because of greed. I lost huge amount of money just because I did not sell it off during the peak and wanted the value to cross $25,000 which eventually led to collapse in the market situation and I had to sell it off for a mere $5,000 after a long wait expecting market to recover. The mistake which I made was not selling it when the value declined after reaching the peak. Kindly share your experiences as well as it will help new folks.

Topic: About my first loss - This might help newcomers as a learning curve - page 2. (Read 264 times)