Since you used to trade on stocks, it is a must to point out a few things. First of all, investing in bitcoins and crypto currencies in general is totally different and has its own conditions and is probably nothing like what you used to do.
In stocks, price changes are nothing compared to what happens in crypto. If a broker starts losing and goes down by a large amount, it'll probably stay like that or even take years and years till it recovers back up. Here it's totally different. If a coin goes down, that doesn't mean it's the end. If it has some potential and actually has a purpose it will surely get back up. It might take a few days to few months.
I guess you never saw stocks go up and down by 10% , have you ? Well, here it happens. That's why before you jump in and invest your money you need to understand what you're dealing with. Basically let me tell you a simple small advice according to all my previous experiences. NEVER SELL IN CRYPTO ON A LOSS. Whatever happens, don't do it. One mistake that I fell in a few times is buying btc while it's rising and then selling when it starts going down as I'm afraid of losing my money. Only to find that a month later the price is back up and even higher.
And I'm not just talking about the last month which was totally crazy. I'm talking about stuff from 2015 when I had a few bitcoins at $270 for a coin and sold them for about $250 each. Now talk about REGRETS. That's what I learnt. Since that time, whenever it goes down I buy. It's inevitable that it'll rise.
The wisest thing to do I'd say is buy whatever you want and totally forget about them for at least one year. Then check how much they are. I know it's hard but caring less about the price makes you less anxious and drives the idea of selling at a loss away.
yes I've seen stock drop 10% and much more. I was in edging during the .com bubble. I thought I made clear I wasn't comparing to btc to stock. A company has guidance, profit, announcements P/E etc to go by. Btc has none of that. In stocks, price changes are nothing compared to what happens in crypto. If a broker starts losing and goes down by a large amount, it'll probably stay like that or even take years and years till it recovers back up. Here it's totally different. If a coin goes down, that doesn't mean it's the end. If it has some potential and actually has a purpose it will surely get back up. It might take a few days to few months.
I guess you never saw stocks go up and down by 10% , have you ? Well, here it happens. That's why before you jump in and invest your money you need to understand what you're dealing with. Basically let me tell you a simple small advice according to all my previous experiences. NEVER SELL IN CRYPTO ON A LOSS. Whatever happens, don't do it. One mistake that I fell in a few times is buying btc while it's rising and then selling when it starts going down as I'm afraid of losing my money. Only to find that a month later the price is back up and even higher.
And I'm not just talking about the last month which was totally crazy. I'm talking about stuff from 2015 when I had a few bitcoins at $270 for a coin and sold them for about $250 each. Now talk about REGRETS. That's what I learnt. Since that time, whenever it goes down I buy. It's inevitable that it'll rise.
The wisest thing to do I'd say is buy whatever you want and totally forget about them for at least one year. Then check how much they are. I know it's hard but caring less about the price makes you less anxious and drives the idea of selling at a loss away.
Honestly thus far I've been going by gut feelings. Btc is not stock. Never said it was, it is much more volatile. Sorry I get mad when I specifically said I wasn't comparing it to stock and then people accuse me of just that.
Btc is fun and a bit addicting. I had to stop myself as when I doubled my money in under 3 weeks I actually considered selling off my real estate investments and dropping it in Bitcoin. I've read people do just that. I stopped myself and will not do so. The point here is it's good to think of large percentage drops and either buy more ( I'd go that way) or cut your losses
