I have now heard a lot of people talking about they are waiting for bitcoin to drop, so that they can buy bitcoin. But these guys might have said that since 6k$ and are still waiting. What do you tell those people, to try and make them understand that waiting for a drop can cost them huge percentage gains?
'waiting for a drop can cause you huge percentage gains'
you pretty much said it, just explain that you take a risk by waiting that the price may never fall again and you will be waiting forever. It is the same logic as bag holding where people hold a coin waiting for it to rise again but it never does.
I have been a victim of that bag holding and which is why I stopped holding a shit coin waiting for it to increase in value and even if I have to, I already have the minimum amount of loss I can take on such a coin.
The truth is that sometimes, if you do not have some of these experiences in both directions, you may not learn but it is funny that even with the experience some people still do not learn, but all the same, we cannot stop seeing such people in the market.
At the beginning or shall I say during my journey in trading, I was also somewhat a victim of holding tokens and shitcoins that don't have a value at all. Hold them for a minimum of 6 months and every time I checked the price, it continuously dropping. But when its been pump, I already too late. LOL. That's why I just decided one day to sell them at whatever price instead of me loosing sleep trying and trying to wait for the perfect time to dump them and take profit. And yes its really funny that even most of us who have been in trading for so long will make the same mistakes.
Yap that's the exactly the things that my friend keep on doing, I keep on asking them to invest in Bitcoin since the price still $3000, but they always postponed and wait for the price to go lower, and I always tell them no matter how high the price has gone, if it still got chance to go up just buy, because in the end you will get profit
Hah, I stop telling all my friends because they really don't trust me. LOL. How many times did I tell them? I lost count at all. And now when they see that bitcoin goes to $19,000 and almost touching $20,000 they keep on asking how much I profited. That's why I initially said that its really their lost if they don't want to invest on bitcoin because they keep hearing negative news about it. They should also get a huge financial windfall if they just listen to me months ago.