Don't look at btc every five minutes - page 29.

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legendary

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Quote from: Walrus1 on February 03, 2018, 08:22:07 PM

This is a mistake a lot of us make. If you track btc every minute you are more prone to panic selling. Btc has a lot of ups and downs, if you are in it long term the short price has little meaning

I don’t intend to sell anything until at least 2021 but I do check the price constantly. It’s a bad habit that I can’t shake. I’m not going to sell a single satoshi until after the next halving though, I think that’s when we finally will moon.

Toden1379

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My wife is guilty with this. Her conversation starter is always "Guess what's the price of BTC?". It's actually driving me nuts most of the time since I already know that it is down and rising then down then so on. I'm keeping my BTC and just take some when needed thank you.

shawn995

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I don't think so that there is any draw back of looking price of bitcoin after any time but i think that is the best for traders to keep update itself from the price of bitcoin while it is more best for those traders who are trading with earning and investing low money then 20-50 $ fall and rise have a big news for them.

Aura

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That's so true, it's the reason why I don't do it that often. But it's a matter of not seeing only the negative side, I always buy more during a crash and after a recovery profit from it. A constant increase is only favorable for people that already have Bitcoin.

Gabriellefull

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I totally agree with you that people who look at the price of bitcoin frequently will become impatient and they won't be able to hold it patiently.
Frequent viewing of the price will affect the future price of your bitcoins, and you will make the wrong choice.

gabmen

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Quote from: faceoff97 on February 07, 2018, 06:19:50 PM

Quote from: Walrus1 on February 03, 2018, 08:22:07 PM

This is a mistake a lot of us make. If you track btc every minute you are more prone to panic selling. Btc has a lot of ups and downs, if you are in it long term the short price has little meaning

This should always be reminder for all bitcoin holder, Holding bitcoin is a long term investment and greater profit can only be tangible in the future. Honestly, Im always tempted to tracl bitcoin price, but this just made me panic. Better to just keep in mind that I have risk it and I wont keep myself monitoring it.

The thing is, if you believe in your investments, you won t have to check every now and then. The people who are too anxious about the rise and fall of btc are probably those who have a lot to lose since they got in when the price is pumping. Same guys who are prone to selling in panic

ardhigalau

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I agree with you, monitoring bitcoin every minute will waste a lot of time and emotion. If you can not control your emotions then your bitcoin will disappear because you are in a panic sell state. I prefer long term.

Bes19

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i always check bitcoin and ethereum price every now and then coz i invested a huge amount on this coin. It is normal for investors to check their investment every minute, hour or everyday. i also check if price is continue to fall down coz i wanna buy more btc and ethereum.

01asd

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Quote from: Doge dealer on February 07, 2018, 06:34:56 PM

Having an understanding of how investing and trading works is key to making a successful and diverse portfolio, there is absolutely nothing wrong with looking at bitcoin prices every minute or five minutes especially if your into the buying and selling process to make a profit based on the selling rates at various junctures the very volatility of bitcoins is what makes this process quite exciting .The key here is to remember that prices will go up and down or down down down until they start gong up up up again , in layman terms its important to know when to hold and when to sell hence the importance of educating ourselves about financing and economics in general .

Why people have to look at Bitcoin price every five minutes ? If it is for traders, then maybe they will need to. But if you are an investor or a long-term trader, then you do not need to look at Bitcoin price every minute, every hour, or every day. Just look at the news and buy when the price is down. But if you do not have money to buy some Bitcoin, then there is absolutely no reason for you to look and monitor the price of Bitcoin. All you need to do is collect Bitcoin as much as possible and you have to reach your target. And when you reach your target, then you can sell your Bitcoin without hesitation.

ninche

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i look at btc price every second not 5 minutes Grin

tinopener

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I don't agree.

Even for a long term holder there is nothing wrong with checking prices as it is part of the fun.

What I suggest is also buy some equities as well to balance it out.

I'm sure there are lots of penny stocks on the AIM market that would do the trick

Crypto-2X

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Crypto is everything!!

Yeah!! Totally agree with you.
As you said, anyone can panic when the cryptos are going down. So it will causes to sell the coins at loss but the coins will rise again and you can't get profit from it. Thanks for your advice.

Doge dealer

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having an understanding of how investing and trading works is key to making a successful and diverse portfolio, there is absolutely nothing wrong with looking at bitcoin prices every minute or five minutes especially if your into the buying and selling process to make a profit based on the selling rates at various junctures the very volatility of bitcoins is what makes this process quite exciting .The key here is to remember that prices will go up and down or down down down until they start gong up up up again , in layman terms its important to know when to hold and when to sell hence the importance of educating ourselves about financing and economics in general .

edgycorner

sr. member

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Hurrah for Karamazov!

So true, if a neophytes invest even a small amount of money.He tries to make quick profit in shortest time, and keeps on checking the price.
Maybe we can consider this as a reason for bearish trend.
Even a 1% drop, causes them to panic sell.Inflating the supply, thus dropping the value even more.

If only they could learn to have patience and hodl whatever they own.So that everyone goes in profit(Except the buyers of course XD).
So don't be that fool.Hodl until you make profit!!

faceoff97

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Quote from: Walrus1 on February 03, 2018, 08:22:07 PM

This is a mistake a lot of us make. If you track btc every minute you are more prone to panic selling. Btc has a lot of ups and downs, if you are in it long term the short price has little meaning

This should always be reminder for all bitcoin holder, Holding bitcoin is a long term investment and greater profit can only be tangible in the future. Honestly, Im always tempted to tracl bitcoin price, but this just made me panic. Better to just keep in mind that I have risk it and I wont keep myself monitoring it.

Vladv26

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It all depends if you are a long term holder or a trader who buys and sells everyday with a small profit. Of course for the first option you can stay relaxed and check the price only once a week or once a month because the price cant change a lot in that time(it is possible to change even in 1day but even if that happens the price will maintain a few days the same after a fall or increase) On the other side, if you are a trader and you buy when the price is low and sell immediately that you are in a small profit then of course you should check the price not every 5 minutes but every 1 minute because it is very important and the pricecan go up or down with every second that pass

Jating

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Quote from: Walrus1 on February 03, 2018, 08:22:07 PM

This is a mistake a lot of us make. If you track btc every minute you are more prone to panic selling. Btc has a lot of ups and downs, if you are in it long term the short price has little meaning

True, for a long term holder, it wouldn't make any sense at all to look at the price that often. Actually they don't f*** care. They would rather check after 6 month to a year and see how their investments grows. Only those traders who do short trading will check the price because they need to buy / sell at the exact moment the price either goes up or down.

Quote from: Hero44 on February 03, 2018, 11:20:12 PM

Yes I strongly agree with this the topic. Looking at btc frequently can lead you to panic dey to thé fall or loss in value but real btc traders know that this is the best time to buy btc because it will definitely rise and not just rise but skyrocket very soon.

Panic that will lead you to decisions that you will regret later because your decisions will be clouded seeing that the price is going down. Well, we can't stop people checking the price every minute but its up to you, if you want to headaches then be my guest, LOL. But I'm sure that we will be having a hard time to sleep when you see that the price is nose diving.

bohr

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Quote from: Walrus1 on February 03, 2018, 08:22:07 PM

This is a mistake a lot of us make. If you track btc every minute you are more prone to panic selling. Btc has a lot of ups and downs, if you are in it long term the short price has little meaning

That is only true if you are a holder, after all a holder is supposed to keep their coins for a long time and does not need to keep himself updated every 5 minutes, but for a trader where seconds are of the utmost importance they need to check the price as often as possible and if that means checking the price at even shorter intervals I do not see anything wrong with that.

SolutionBase

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Agreed - this is how emotional trading happens. If you are a longterm investor, you need to be ok with letting it ride. If you can't afford it, you shouldn't be in the first place (and then, really you should probably just hold too and wait for it to recover some).

smarteth

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Every Crypto trader will have this habit they keep checking their mobile every 2 mins

Topic: Don't look at btc every five minutes - page 29. (Read 2443 times)