I made a mistake shorting BTC at 17k - page 3.

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

Quote from: UmerIdrees on October 25, 2022, 06:46:00 AM

At first, when I read this statement from OP that bitcoin is pumping like crazy, I thought I might have missed something. Then i decided to go to my trading view and see the current bitcoin price. But before that i decided to look at when this post was made and it was today. I was sure that bitcoin might really be pumping but when I saw the bitcoin price, it was still at 19,000$ and a few hundred dollars. There is no pumping as mentioned by the OP. Sad

Same here. I then check the price to confirm it but I only see a small recovery. This is not a pump obviously. When there is a pump in btc, it will last a little longer, not just an hour or less but if there are coins which can pump and dump quickly then that will be a true pump and dump coin. Don't worry you don't miss anything here and you won't, as long as you do a daily monitoring of the price, if your goal is to sell for short term gains.

Timing in the market is important so I am not sure why the op said it was wrong but there are times that our actions are wrong. We can not avoid it so don't feel really bad about it op. It is still possible for btc to fall down and you can wait for that before buying again.

EarnOnVictor

hero member

Activity: 826

Merit: 641

Leading Crypto Sports Betting & Casino Platform

Quote from: necudo on October 25, 2022, 02:49:02 AM

I've been holding BTC since 2020. 2 weeks ago when inflation data came out saying core CPI went up a lot i sold my BTC at 18,000$.At first it seemed i made right choice since stocks went almost -3% premarket and i thought we're gonna have final capitulation in both stocks and BTC, that it will go down to 13-15k.

Well when market opened everything just went up, ended like almost +3% at the end of the day. It was the perfect explanation why you shouldn't time the market. I made a huge mistake and i really refuse to buy BTC at now higher price.
It really seems BTC bottomed at 17.5k and stocks(SP 500) at 3480.

Now market is pumping like crazy,its obvious we won't go back to 18k or below.
Good luck to all, i hope you're smarter than me

In life and trading, we make mistakes, and the ability to correct them makes us better. No one would trade and will not make mistakes through speculation once in a while, but make sure that you correct your wrongs immediately after you detect them. Most traders are losing all their money in one or two trades because they can't cut short their wrong positions. You have already known and admitted you are wrong, you should close the trade and follow the winners, which are the Bulls.

In addition, BTC is not ready to fall this year anymore, a reasonable deal will be the 'buy-on-dip' approach.

_act_

legendary

Activity: 1064

Merit: 1298

Lightning network is good with small amount of BTC

Quote from: UserU on October 26, 2022, 07:21:57 AM

20K barrier broken, lots of those short sellers must have been liquidated.

According to what I saw on media, over $1 billion was liquidated for the people that have gone on the short direction. It is true that the $20000 resistance has been broken, but we should still be very careful because this could be a bull trap for people that leverage. Let us see what would happen in the coming days, all we are expecting is bull run, but we do not know yet if the time is ready.

serjent05

legendary

Activity: 3010

Merit: 1280

Get $2100 deposit bonuses & 60 FS

I agree with members who are suggesting buying back. Bitcoin is in for a long journey, we are yet in the middle of the Bitcoin journey and still in the early phase. What is a $3k loss when in the future you will have $50k to $100k gain? All you need is patience as you did before selling your coins @OP. Even though I still think that Bitcoin will revisit $19k but all this speculation and prediction is bound to error and mistake. There is always the what-if thing, which I think isn't good enough to make a gamble. So as other is saying, I think it is good to buy back than lose the opportunity to buy at this price. You can always DCA @OP if the price goes down but you can never average down if the price goes up.

worle1bm

full member

Activity: 1834

Merit: 166

Like others have said I also don't find any crazy pumps in the market at this time but you can surely buy back bitcoin at this time to play safe in the future when we see actual crazy pumps you are expecting and indications are that towards the end of the day we can see price boosting up.But the volatility factor can't be ignored as we can't say what's the bottom but one thing is sure the graphs green candle would surely be there taking it new ATH in future.

Minor Miner

legendary

Activity: 2478

Merit: 1020

Be A Digital Miner

Quote from: lienfaye on October 26, 2022, 09:34:44 PM

Quote from: necudo on October 25, 2022, 02:49:02 AM

Now market is pumping like crazy,its obvious we won't go back to 18k or below.

What do you mean by this? I don't see a crazy pump currently because it's just a minor increase and still uncertain if this will continue or might follow by correction. I will not call this a crazy pump unless the price break the resistance level which is not happening for months.

Therefore the price can move downward again if the bear season is not over yet. If you're going to buy back at cheap price then you can wait a bit for much lower price or buy at the current price if you afford it because we'll never know the next movement of the market.

I think he sold bitcoin at 18k and waited for a decline to buy but in the end, things didn't go as he predicted. Bitcoin has not fallen further and is now trading above $20k, he is regretting.
Bitcoin is recovering but it can be seen that this is only a small rally and this has happened a few times this year as well, I also believe bitcoin will correct back soon as economic news, war will affect it. We are still in the crisis period of the world, so it will be difficult to get a sustainable uptrend from now on.
OP, you still have a chance to buy bitcoin at the price you sold it, you can also buy now and DCA when bitcoin corrects or you can wait for bitcoin to correct then start buying, still nothing is too late or regret.

lienfaye

hero member

Activity: 3010

Merit: 629

Quote from: necudo on October 25, 2022, 02:49:02 AM

Now market is pumping like crazy,its obvious we won't go back to 18k or below.

What do you mean by this? I don't see a crazy pump currently because it's just a minor increase and still uncertain if this will continue or might follow by correction. I will not call this a crazy pump unless the price break the resistance level which is not happening for months.

Therefore the price can move downward again if the bear season is not over yet. If you're going to buy back at cheap price then you can wait a bit for much lower price or buy at the current price if you afford it because we'll never know the next movement of the market.

Hispo

legendary

Activity: 1162

Merit: 2025

Leading Crypto Sports Betting & Casino Platform

Quote from: GreatArkansas on October 26, 2022, 08:45:05 PM

Seems OP is just trading. So for me, I am expecting that the OP always has a stop loss. That's how responsible a trader is.
So if he just set some stop loss, the loss of OP is not really huge. Especially there is leverage for sure.
This is normal when you are trading.

You would be surprised how many people on internet engage in reckless leveraged trading, specially in times of extreme volatility or when negative/positive news about Bitcoin are made public.
I have seen people showing off their leveraged positions with unrealized gains over 1000% during periods of time like those I described.

The sad/ironic part about this is the fact most of those people (who are actually gambling in their preferred exchange) will only show their earnings on social media but won't show their liquidations (they may barely mention them, though). Responsible trading becomes an ideal case when there people throwing money at Binance/Coinbase who do not even know how to place a stop loss.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

Seems OP is just trading. So for me, I am expecting that the OP always has a stop loss. That's how responsible a trader is.
So if he just set some stop loss, the loss of OP is not really huge. Especially there is leverage for sure.
This is normal when you are trading.

Ahli38

hero member

Activity: 952

Merit: 779

Quote from: jossiel on October 26, 2022, 04:53:05 PM

Well, if you've sold at $18k and you're satisfied just count on your feeling and validate that you've made the right choice if you've spent the money well.

But if not and it's still frustrating, there's nothing you can do but try to accumulate again. Do DCA and that's going to be the purpose that you have for now.

Do not forget to have an allocation for holding.

correctly. Looks like the OP really should be able to trust the analysis he has done himself. and the OP must stop listening to news that can affect the mentality of every bitcoin holder. but because the OP has already sold his btc. then I think the OP has to re-analyze if you want to re-enter to collect bitcoins. and the DCA Strategy is appropriate to use in the current market situation. we should have more confidence in our findings in making buying or selling decisions. and we shouldn't see too much news from influencers which sometimes makes us panic. because they always exaggerate the news they convey. so DYOR. and trust your own analysis.

Ayers

legendary

Activity: 2590

Merit: 1022

Leading Crypto Sports Betting & Casino Platform

Quote from: Issa56 on October 26, 2022, 04:52:26 PM

I think is high time you stop listening to people that keep on saying bitcoin will dump to $13k and below. I don't really know the amount you bought your bitcoin in 2020, but you are kind of funny, bitcon wetin to $60k+ but you didn't sell, you decided to sell when it was in $18k which is kind of funny. Even if people keep on predicting that bitcoin will dump to $13k why can't you just continue holding it, you have been holding bitcoin for almost 2 years, even when bitcoin pumped you didn't sell, then you decided to sell when bitcoin is already down, I don't really know to tell you, but it's better you listen to what people have been advising you to do, just buy back and stop listening to people that keep on predicting that bitcoin will dump more. If anybody should worry, it shouldn't be you that have been holding bitcoin for 2 years.

when bitcoin hits ATH above 60k most people are profitable but many people still hear experts predict 100k ATH so many people didn't sell and wait. but in the end, instead of being able to make a profit, they become reluctant holders and when bitcoin drops below 20k they will probably start panicking thinking bitcoin is dying or keep hearing experts predict bitcoin to $13k. they want to sell them for 18k-20k then buy them back for 13k, unfortunately things don't go as they expected.

everyone makes mistakes from time to time, there is nothing to blame, this will be a lesson for OP and like you said OP still has a chance, just buy now and DCA if bitcoin continues to drop OP will get back previous losses soon

roslinpl

legendary

Activity: 2212

Merit: 1199

Most people lost their trust in the bitcoin and Ethereum.But the fact is the bitcoin regain his strength now.In certain part people are forced to change his mind.When the market keep on pump,surely they will response for it.When the people with less knowledge know about the bitcoin ,they will consider this as the scam platform to get their money.Not only the price of bitcoin was changed and the Ethereum price also get some high value now.When the people loss money,they need to hold to get back his money .

GxSTxV

hero member

Activity: 980

Merit: 741

Quote from: lalabotax on October 26, 2022, 04:37:44 PM

When someone is feeling panicky and impatient, especially when they are very worried because of the continuous FUD, then sometimes they will prefer to make hasty decisions. Selling Bitcoin at that price in a panic condition will reap regret when we realize that there is no need to sell assets at that number.

However, regret is only regretting that if only thought about continuously will make us sick. Leave the regret and evaluate the mistake. I agree with you, don't miss the train again to get assets at a certain rate. We don't know for sure if Bitcoin has reached a real bottom or not. But what is certain is that we would be better off doing DCA than regretting every rate.

Exactly, but we can't blame these kind of people most of them should go through this experience to understand that trading bitcoin is not easy and won't make you rich in one day, you should be patient and accept every move in market.
He didn't follow any strategy to make profit. He went all naked and bought in a price and waited to go up. Once the price moved against his wishes he started FUD and sold with much loss. Most of traders stops on this point and starts blaming and no believing in trading or even Bitcoin. Xd same story with casinos, zo i would say that these people are gamblers not traders
For us we know how market moves and this year we understand why it's so low and bearish so we are not worried about it. I'm not saying I'm a pro or know everything but i just understand reality and follow world economy

nurilham

sr. member

Activity: 1498

Merit: 443

Quote from: kryptqnick on October 26, 2022, 08:14:12 AM

I wonder if the op lost money from selling at $18k. Since the price was below or around $10k for most of 2020, I'm guessing that it wasn't actually a loss, but instead was at a small profit.

If he really bought it at $10k or below $10k, he got profits. But we don't know at what price he bought the Bitcoin, right?
However, selling at $18k isn't a problem if Bitcoin price still has a chance to drop again below $18k this year. He can buy again when the Bitcoin price drop below $18k. Actually, there is no reason to claim 'getting a loss' as long as there is an opportunity to buy back at a cheaper price. Even if the current price is $20k+, Bitcoin price is still very possible to drop again below $18k if there is more bad news about the world's economic situation, specifically about the recession.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

We don't know if it's pumping or not and if OP made a mistake. The bear market isn't over yet, but IMO selling bitcoin because you're scared or unsure of the future is always a bad idea.
You either know it's going to be big or not, you're either a believer or not. If you buy and hold when it's green but a little red makes you piss your pants you aren't fit for investing.

Buy it back OP, you haven't lost a lot yet.

jossiel

hero member

Activity: 3150

Merit: 636

DGbet.fun - Crypto Sportsbook

Well, if you've sold at $18k and you're satisfied just count on your feeling and validate that you've made the right choice if you've spent the money well.

But if not and it's still frustrating, there's nothing you can do but try to accumulate again. Do DCA and that's going to be the purpose that you have for now.

Do not forget to have an allocation for holding.

Russlenat

hero member

Activity: 2716

Merit: 904

Quote from: NotATether on October 25, 2022, 02:56:04 AM

I suggest you buy back your BTC now before prices shoot back up, because the logarithmic rainbow charts are already putting this current price in "Basically a fire sale", even almost breaking below that color line - meaning we will never see $17K again (sorry Bitcoin to zero doomers).

There’s no other way to regain your expected profits than to buy back again while the market is still deeply bearish. Although it’s really not a huge loss literally, but if you want to increase your profits when the market is finally bullish, then you don’t have to waste time waiting for another price dump just to buy again. No one knows what will be the price tomorrow or the following day, just buy back when you have enough funds for it.

Issa56

hero member

Activity: 1484

Merit: 928

I think is high time you stop listening to people that keep on saying bitcoin will dump to $13k and below. I don't really know the amount you bought your bitcoin in 2020, but you are kind of funny, bitcon wetin to $60k+ but you didn't sell, you decided to sell when it was in $18k which is kind of funny. Even if people keep on predicting that bitcoin will dump to $13k why can't you just continue holding it, you have been holding bitcoin for almost 2 years, even when bitcoin pumped you didn't sell, then you decided to sell when bitcoin is already down, I don't really know to tell you, but it's better you listen to what people have been advising you to do, just buy back and stop listening to people that keep on predicting that bitcoin will dump more. If anybody should worry, it shouldn't be you that have been holding bitcoin for 2 years.

lalabotax

full member

Activity: 1582

Merit: 132

BK8 - Most Trusted Gambling Platform

Quote from: GxSTxV on October 26, 2022, 03:48:34 AM

Well you really did a mistake selling on dip, i really understand How hard when market goes so down and fear starts especially for large amounts all traders and holders do mistakes and also get emotional while market is down. But don’t miss the train now and do another mistake. Bitcoin now is really pumping and as you said we will not see that cheap price again at least not soon

When someone is feeling panicky and impatient, especially when they are very worried because of the continuous FUD, then sometimes they will prefer to make hasty decisions. Selling Bitcoin at that price in a panic condition will reap regret when we realize that there is no need to sell assets at that number.

However, regret is only regretting that if only thought about continuously will make us sick. Leave the regret and evaluate the mistake. I agree with you, don't miss the train again to get assets at a certain rate. We don't know for sure if Bitcoin has reached a real bottom or not. But what is certain is that we would be better off doing DCA than regretting every rate.

Hamphser

sr. member

Activity: 2604

Merit: 338

Vave.com - Crypto Casino

Quote from: Rikafip on October 26, 2022, 10:25:59 AM

Quote from: Haunebu on October 26, 2022, 08:27:57 AM

Great day for HODLERS like me. I knew BTC would go back above $20K at some point which is why I HODLED my stash successfully until today and sold it happily. Great TX times and fees as usual.

Hah, you are not much of a hodler if you sold your bitcoin so easily and so far away from all time high, (to be more precise, bitcoin is down ~69% from ATH), unless of course you needed money urgently). I do hope that you plan to rebuy bitcoin if/when it reaches lower price but imho you are playing a dangerous game.

Its their assets or coins then its up to them on when they would be selling it.Its true that there are instances in life which you cant really avoid not to sell your coins specially when you are in need.

There's no such thing about mistakes whenever you do make out decisions considering that this market is unpredictable then there's no way that we could precisely tell on where prices would be going.

Whether you had made out the right decision or not, then its up to someone on what are the decisions that had been made.Overall it wont be that a mistake because market is truly that
unpredictable as always.You cant really determine on where it would be going.

Topic: I made a mistake shorting BTC at 17k - page 3. (Read 1337 times)