Topic: Three things not to do when Bitcoin prices are down (Read 642 times)

The three major things which we need to do when price of BTC is low that just keep your coins with you, don't sell them untill or unless their is any urgent need.Second, if you are not having enough coins in your wallet just purchase new coins at this time and third and the most important thing is don't panic at all because panic selling contribute to dump.

I think the most popular thing to do on this forum is to just HODL. I tend to take a break from crypto when the price is in decline.

I cannot call this as a guide to someone who does not know anything about trading. This at best only serves as a reminder for people who already know what they are doing in the cryptocurrency market. To tell you frankly the guide he simply posted really is not benefiting to anyone who already know what they are doing as they will not see this post as helpful. For people who want to understand what OP is trying to say you better start learning technical analysis and the terms involve with it as you will really be left out with what he is trying to say.

One thing that is flawed in what he has said is simply the fact that this is not a list of things everyone will be able to do and only those who have some good knowledge on probably analyzing the charts, identifying what a bottom looks like and when to accumulate, or identifying when to be selling based on a trend changing, will obviously be able to do some of the things he has mentioned.

Until you do not have knowledge to make important decisions, I would not even advise anyone to just go with whatever that just comes to head, but should rather just focus on the long term, buy lower prices as long as they have the cash to buy and then hold for as long as they can. I am sure in 5 years from now; the market will not be the way it is currently.

In the emotional market, price volatility is driven by emotions. To emerge on a market driven by emotion, you have to eliminate emotion from your trading.
Here I will talk about what you should do and should not do in this market. It is very difficult to keep up with Bitcoin prices and you will wonder whether Bitcoin prices will return to this level again. I can not predict this, but most people are confident that prices will recover.
Do not try to catch the bottom correctly
If you are fortunate enough to have some of your capital when the market declines, this may be a good time to build your portfolio. I like the market's adjustment and almost no participation when the market is falling sharply - but bottom-fishing when the market fell has made me several times heavy losses.
Not sold when prices are rising
All of us have bottomed out in the downtrend just to wait until the price goes up.
It seems that every time I get entangled in FOMO and proceed to sell immediately the price of that kind of coin increased.
Do not stare at the chart all day
Whether you like it or not, you can not control the market up or down at your own discretion.
Trust me, initially, I also spent countless hours tracking the chart. Now, I find myself wasting that time. Sure, I spent a lot of time researching and applying what I learned for my trading, but I also spent a lot of time staring at the computer screen for hours on end. Track charts.
I learned that most of my mistakes were made in such moments. Taking hours to look at a continuous chart will make you fatigued and may make emotional decisions.
Maybe this is my share of nothing special with the experienced trader but I think it may be very useful for newbie.

In the emotional market, price volatility is driven by emotions. To emerge on a market driven by emotion, you have to eliminate emotion from your trading.
Here I will talk about what you should do and should not do in this market. It is very difficult to keep up with Bitcoin prices and you will wonder whether Bitcoin prices will return to this level again. I can not predict this, but most people are confident that prices will recover.
Do not try to catch the bottom correctly
If you are fortunate enough to have some of your capital when the market declines, this may be a good time to build your portfolio. I like the market's adjustment and almost no participation when the market is falling sharply - but bottom-fishing when the market fell has made me several times heavy losses.
Not sold when prices are rising
All of us have bottomed out in the downtrend just to wait until the price goes up.
It seems that every time I get entangled in FOMO and proceed to sell immediately the price of that kind of coin increased.
Do not stare at the chart all day
Whether you like it or not, you can not control the market up or down at your own discretion.
Trust me, initially, I also spent countless hours tracking the chart. Now, I find myself wasting that time. Sure, I spent a lot of time researching and applying what I learned for my trading, but I also spent a lot of time staring at the computer screen for hours on end. Track charts.
I learned that most of my mistakes were made in such moments. Taking hours to look at a continuous chart will make you fatigued and may make emotional decisions.
Maybe this is my share of nothing special with the experienced trader but I think it may be very useful for newbie.

Not sell when prices are rising? I don't sell at any particular time since I have a fixed timeframe and expenses, but I do try to time a little if prices seem to be rising to delay.

In fact, almost anyone who's been selling when prices rise over the past few months would have scalped decent amounts. Trade channels seem to suggest some have done this with success. The past few rises have also reached lower highs, stemmed by higher lows for sure, but they're making all those single digit percentage profits.

All I'm saying. No "mistakes" except to go with your gut, in ehich case, yeah you have good points.

I think the most popular thing to do on this forum is to just HODL. I tend to take a break from crypto when the price is in decline.

If the price of bitcoin is falling, stop following the prices to avoid being affected psychologically. Turn your monitor off and just go outside and do something else.

This is really the thing that must be done. Do not sell during the market on red state, or when it is down, probably hodl and wait for the time when the market turns green or rise again the value. Then it is the perfect time to earn money. Being smart is indeed needed for the bitcoin 's market.

yes probably a good decision to avoid being greedy or panicking. And it's a big help as well to become not frustrated on it, because honestly that is the common reason nowadays why holders is hopeless . So much better to stay way on it for a while and do something else . Lol

If the price of bitcoin is falling, stop following the prices to avoid being affected psychologically. Turn your monitor off and just go outside and do something else.

here first the person has to know how to identify the bottom correctly


Hmm, I think the person should sell whenever he realizes that the price has gone up and he has profits, But in the case of buying and insuring for many years then it is better not to sell when the price goes up


this will be effective for those who buy and hold for a long time, because for day trade does not work

In the emotional market, price volatility is driven by emotions. To emerge on a market driven by emotion, you have to eliminate emotion from your trading.
Here I will talk about what you should do and should not do in this market. It is very difficult to keep up with Bitcoin prices and you will wonder whether Bitcoin prices will return to this level again. I can not predict this, but most people are confident that prices will recover.
Do not try to catch the bottom correctly
If you are fortunate enough to have some of your capital when the market declines, this may be a good time to build your portfolio. I like the market's adjustment and almost no participation when the market is falling sharply - but bottom-fishing when the market fell has made me several times heavy losses.
Not sold when prices are rising
All of us have bottomed out in the downtrend just to wait until the price goes up.
It seems that every time I get entangled in FOMO and proceed to sell immediately the price of that kind of coin increased.
Do not stare at the chart all day
Whether you like it or not, you can not control the market up or down at your own discretion.
Trust me, initially, I also spent countless hours tracking the chart. Now, I find myself wasting that time. Sure, I spent a lot of time researching and applying what I learned for my trading, but I also spent a lot of time staring at the computer screen for hours on end. Track charts.
I learned that most of my mistakes were made in such moments. Taking hours to look at a continuous chart will make you fatigued and may make emotional decisions.
Maybe this is my share of nothing special with the experienced trader but I think it may be very useful for newbie.