So my portfolio is down %70...too late to pull back now I guess

qwertyup23

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Quote from: 9thsky on May 21, 2022, 12:40:18 PM

This downtrend has been detrimental to my health (mental health). Exactly %70 just now. No lunch money type of money either.

Have we ever experienced this kind of downtrend before?? What's the latest on how long this might last, or if it's even going to recover.

I remember there was an instance that during the last quarter of 2017, the prices of BTC skyrocketed from $4,000 to almost $20,000. Every person who despised BTC at that time was forced to invest and there were lots of people who were also unaware of what they are investing on. When the first quarter of 2018 came, prices dropped from $20,000 to $6,000 and people were losing their minds, saying that BTC is a "bubble" and a "scam."

So what lesson can we gain from here? First, you must always create a contingency plan before you invest. If your investments are down by 70%, then you failed to pull them out before they reached 70% to begin with. Personally, I would HODL your coins since it is already down by 70%, might as well just wait.

Ale88

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Quote from: Ultegra134 on May 28, 2022, 08:36:46 AM

As someone who also panics during such periods, I've decided to not resort to any Altcoin purchases and stick to holding Bitcoin. I'm considering it as a long-term investment, thus, I've stopped worrying. Trading and especially dealing with Altcoins was causing me anxiety during periods of recession, that's why I decided to stick to Bitcoin.

The majority of the altcoins should be just a way to be able to accumulate more bitcoin because when it's alt season they gain value against bitcoin, the problem is that when the market goes down, altcoins lose way more value compared to bitcoin, they are usually very weak. With this I'm not saying that all altcoins are bad, I really like BNB and DOT for example.

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Quote from: 9thsky on May 21, 2022, 12:40:18 PM

This downtrend has been detrimental to my health (mental health). Exactly %70 just now. No lunch money type of money either.

Have we ever experienced this kind of downtrend before?? What's the latest on how long this might last, or if it's even going to recover.

I've seen Bitcoin went down more than 80% last 2018 and for sure, there are some investors who experienced way more losses than you have right now.
Same situation here. Your impermanent loss is 70%, and it will not be permanent unless you will sell it. Right now there are investors who are experiencing the same as you right now or even a higher impermanent loss.

In 2018, that downtrend took almost a year before we see some daylight. Now I don't know how long this will happen and there is a chance that it last until the end of the year. The best thing to do right now if you are down 70% is to just stay calm, accumulate more and be patient. Many of us are down as well. Even CZ and Vitalik are down in their portfolio as well. It will recover soon. Just be patient

.

Uang_kartal

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That's right, me too. This downtrend has also brought many surprises in history this year, some even went viral for up to 99% free fall and almost no price. Some prefer to keep the coins stable and accumulate them in certain wallets/markets. You believe the past will repeat itself, maybe saving without cutting the current price like bitcoin and eth could return to a bearish position in the future. natural law predictions can turn a bull market into a bearish one.

Slow death

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your situation is very complicated, you can choose to hold for many more years waiting for the price to recover and if you have a lot of money invested and if you need to use a part of the money, use a part of the money and hold another part of the money , you can also choose to keep buying every drop because that way when the price recovers you will have high profits and not come out with losses. But pay attention:

-If you bought any altcoin then I suggest you pay close attention if that altcoin still has any future in case it has no future then you can exchange for bitcoin and hold that at least you will be able to recover your loss

SpenserReed

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Quote from: 9thsky on May 21, 2022, 12:40:18 PM

This downtrend has been detrimental to my health (mental health). Exactly %70 just now. No lunch money type of money either.

Have we ever experienced this kind of downtrend before?? What's the latest on how long this might last, or if it's even going to recover.

That's a big chance it will recover soon, just look at BTC 1W chart - we are near very strong support right now. Cool

Ultegra134

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Quote from: Kakmakr on May 28, 2022, 06:38:54 AM

I have been there several times before .... and if I panicked I would have lost a LOT of money. I bought bitcoins when it was $300+ and also when it was $21000 .....and then it went down with almost 60%! If I sold... I would have kicked myself into a Mental institution, because shortly after that.... the price increased with 800%.. Grin

If you use Bitcoin as a "Commodity" or an investment option.... you should look at it as a long-term investment. It is not some "Get Rich Quick" scheme, where you come in and quickly take huge profits. Roll Eyes

As someone who also panics during such periods, I've decided to not resort to any Altcoin purchases and stick to holding Bitcoin. I'm considering it as a long-term investment, thus, I've stopped worrying. Trading and especially dealing with Altcoins was causing me anxiety during periods of recession, that's why I decided to stick to Bitcoin.

masterrex

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Quote from: 9thsky on May 21, 2022, 12:40:18 PM

This downtrend has been detrimental to my health (mental health). Exactly %70 just now. No lunch money type of money either.

Have we ever experienced this kind of downtrend before?? What's the latest on how long this might last, or if it's even going to recover.

I understand how you feel, it's very hard to accept that reality, Im also experienced that in 2019 and it's really hard. Just Imagine 70% of your portfolio was already wipeout so that was really hard to accept that it was happening. but don't let that feeling devours you.

I believe that in crypto everything is possible, so just don't lose hope, because until you hold that portfolio and you won't sell anything, you have still a chance to recover it. just think positive, 2024 is another halving year so who knows that Bitcoin price will achieve another ATH milestone.

D ltr

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keep holding because you've lost 70% can't be saved, just waiting for the market to recover that's all my advice at this time. downtrends like this have existed but are not as extreme as now

jrrsparkles

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Quote from: 9thsky on May 21, 2022, 12:40:18 PM

This downtrend has been detrimental to my health (mental health). Exactly %70 just now. No lunch money type of money either.

Have we ever experienced this kind of downtrend before?? What's the latest on how long this might last, or if it's even going to recover.

Typical newbie investors mindset? This is not the first time and this is also not going to be the last time that we see this much of ups and downs in the price range. In general we see the cycle of 4 years so hopefully you will be in profits if you can hold for the next 4 years but never expect the returns on your investment from the next day itself from you invest because everything will take time even rich person like Warren Buffett needs decades to reap his profits in the initial stages.

Botnake

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Quote from: 9thsky on May 21, 2022, 12:40:18 PM

This downtrend has been detrimental to my health (mental health). Exactly %70 just now. No lunch money type of money either.

Have we ever experienced this kind of downtrend before?? What's the latest on how long this might last, or if it's even going to recover.

Yes, I have experienced that before, when I dump because I panic, I just regret it later. You know, if you are into long term holding, you should keep your faith in the coins you are holding as what we are seeing now is normal, we are in a bear market, of course, the price will go down, but once the market will turn bullish, things will improve and it will make you profitable.

Bitcoin will reach a new ATH in the next bull run, believe that.

Kakmakr

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I have been there several times before .... and if I panicked I would have lost a LOT of money. I bought bitcoins when it was $300+ and also when it was $21000 .....and then it went down with almost 60%! If I sold... I would have kicked myself into a Mental institution, because shortly after that.... the price increased with 800%.. Grin

If you use Bitcoin as a "Commodity" or an investment option.... you should look at it as a long-term investment. It is not some "Get Rich Quick" scheme, where you come in and quickly take huge profits. Roll Eyes

kryptocanon

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Of course 2018 was much worser than what we've experienced so far thus year. And to answer your question @OP - it's indeed late to pull back now, we just need go sit back and relax and of course make sensible use of the bear market to bag up more.

niceli

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It is clear that people will always look for a way to get out when they are losing, instead of getting in even further more. I personally believe that the drops are not the times to get out, it is not "too late to pull back", because it is not a time to pull back. I always believed that anyone who chased these crashes and found them and invested right when the drop happens, that means that they could end up making a profit when it goes up. Just chase %50 drops and x5+ increases, thats it, and you are going to end up being super rich.

isaac_clarke22

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Quote from: 9thsky on May 21, 2022, 12:40:18 PM

This downtrend has been detrimental to my health (mental health). Exactly %70 just now. No lunch money type of money either.

Have we ever experienced this kind of downtrend before?? What's the latest on how long this might last, or if it's even going to recover.

Considering that you had registered in this forum for almost 5 years, you should be aware that downtrend for Bitcoin when it was down to around 4k-ish after it attempted to reach 20k the same year (2017).
Knowing that it affects your mental health, you should stop worrying too much about crypto for now. Believe me, it is like a snowball waiting to grow if you keep thinking about it now that we're talking about mental health.

Source: Been there mid-2018.

Marvell1

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Quote from: Ziskinberg on May 22, 2022, 07:46:48 AM

Quote from: 9thsky on May 21, 2022, 12:40:18 PM

This downtrend has been detrimental to my health (mental health). Exactly %70 just now. No lunch money type of money either.

Then it is a need for you to skip some days of not checking your portfolio in order to keep you healthy.
Whar you have experience, is also what the most had experiencing this time. However, they are able to understand the market condition and accept the challenge.

Quote

Have we ever experienced this kind of downtrend before?? What's the latest on how long this might last, or if it's even going to recover.

Those who know crypto and being here a decade before, they'll exactly have the experience of this and had witnessed the recovery of the market.
The market had follow the market cycle, bear market- bull market, and vice versa. We are certainly expecting prices to roll up high again.

When the market goes down, it's best not to check your portfolio constantly. That will not improve our spirits but only make us feel worse and will make wrong decisions. The market grows sharply and then plummets, so to speak, this is how the cryptocurrency works that the OP should get used to and adapt to it if the OP wants to continue to exist in this market.

Not just you, I guess everyone here our portfolio is falling but very few people have to worry about because everyone knows the market will recover and we won't lose anything if we haven't sell your property.

mia_houston

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Quote from: 9thsky on May 21, 2022, 12:40:18 PM

This downtrend has been detrimental to my health (mental health). Exactly %70 just now. No lunch money type of money either.

Have we ever experienced this kind of downtrend before?? What's the latest on how long this might last, or if it's even going to recover.

The current downtrend is indeed quite severe if we compare it with what has happened in recent years, the strong hammer on bitcoin prices has made various investment assets we have experience a price decline of more than 50%, I think you're not the only one experiencing a decline in portfolio estimates right now, but for those who have been holding bitcoin and altcoins of course experiencing the same thing and maybe even altcoin holders like terra are the ones who feel the most affected by the current decline, while maybe for BTC holders, they still have greater confidence because many of them hold for the long term.

Ultegra134

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Quote from: AmoreJaz on May 27, 2022, 12:56:35 PM

Quote from: Ultegra134 on May 27, 2022, 12:51:57 PM

Due to the Terra incident a few weeks ago, I woke up one day my wallet had lost over 40% of its value because of the depegging of UST. I had my money on staking and could never had imagined that it would result in such a loss. Fortunately, I was able to recover most of it, since it came to $1, but still lost a decent sum of money for my own standards.

On the other hand, my Bitcoin has lost over 50% of its value, but I'm not that worried, because I'm aiming long-term and not planning to cashout anytime soon.

if you're not cashing out yet with btc, you will not incur losses yet. because the likelihood of bouncing back is just around the corner. however, the situation is different when you talk about the LUNA scenario.
so if the OP has large percentage of btc in his portfolio, he may be down today but it doesn't mean he already incurred losses if he has not sold it yet. if you're holding, then, you have the chance to get your target profits when the market goes bullish again.

Yeah, I'm not converting my Bitcoin, I'll hold till the market recovers, and then I'll reconsider what to do with it. I mentioned the Terra incident as an example, where me and plenty of others were forced to take a loss, it was inevitable. With Bitcoin though, it's a completely different story, since I'm pretty confident that it will recover in the next 1-2 upcoming years.

coolcoinz

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Traders and investors will tell you that it doesn't work like that. You take a loss whenever your asset goes down in value, you just don't accept this it but cannot deny that it is there. You can see it being down 20% and think that you'll wait for recovery, but what if this recovery takes 10 years? You will be at a loss the whole time even if you won't accept it, it will be like your money's frozen. You won;t be able to use it because using it would mean accepting the loss and selling at this new low price.

Don't worry though. throughout my time in Bitcoin i was at a loss in my first bear market in 2016 but i took it like a man and held. Then we had that drop in 2020 and I was at a loss again, but I held. There's almost no way that we're going to revisit 2020 lows ever again. Just think of the worst and be ready for it. 20k this year? Bring it on. Once we reach the lows there will be only higher prices from that point.

Gyfts

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Quote from: 9thsky on May 21, 2022, 12:40:18 PM

This downtrend has been detrimental to my health (mental health). Exactly %70 just now. No lunch money type of money either.

Have we ever experienced this kind of downtrend before?? What's the latest on how long this might last, or if it's even going to recover.

Your portfolio isn't down anything until you sell. Rule number one of investing: losses are not losses until you realize them by selling.

The market will recover, it always will. Panic selling or selling out of depression to cover your losses at a time when all the markets are down is foolish. The only circumstance in which you should liquidate any asset is if you're in desperate need of funds to cover immediate expenses. At that point, I'd argue that you've invested too much into the market if you don't have enough cash left over without forcing yourself to take funds out of the market. Unfortunately I saw this with COVID. People lost their jobs and were forced to pull their funds out in a crashed market because they didn't have any income. Hopefully you're not in this same predicament.

Point being, HODL.

Topic: So my portfolio is down %70...too late to pull back now I guess (Read 692 times)