better to buy as the price goes down and sell as the price goes up, but don't buy or sell too much in order that you do not run out of either bitcoins (on the way up) or fiat (on the way down).
So in that regard, if you only have bitcoins because you used all your fiat to buy at a price that is higher than the current price, then you just have to wait it out for however much time it takes to return to you purchase price level, even if it takes a year or two.
In the meantime, if BTC prices continue to go down, which surely is possible, just continue to buy $10 per week (or whatever reasonable amount is in your budget), and sooner or later, you continue to bring down your average cost per BTC and you will be back in the the game and be able to sell some of your bitcoins either below $2600 or above $2600 (but as long as you are selling as the price goes up and buying as the price goes down, you should be good), and whenever BTC returns to that $2600 level (whether this week or a few years from now), you will be fully back... and hopefully learned some lessons along the way...hahahahaha
^ This!
Lol, yeah also my tactics. But I am running into a strategic flaw now : not enough fiat to keep buying the dips... .
The highest possible level of our current correction from $2980 down to $2130 - is less than 30%...
However, if you have been in the game for 6 months, then you have had a run up from $890 to $2980.
Of course, if you just got in, then you may have had some troubles accumulating in the sub$1k price arena.
I attempt to carefully monitor my fiat levels - and I understand what you mean to be running out of fiat, yet I think that we still should be prepared for less likely scenarios - and even returning to sub $1k prices is not out of the realm of possibilities. I will admit that I will likely start to have to scramble a bit at $1500 and surely the level of scrambling would be higher if we go sub $1k.
By no means am I a bear, and I have been accumulating more and more bitcoin in preparation for up - but I still think that it remains prudent to accumulate enough fiat (and maintain enough fiat) for a certain level of outrageous and irrational down.
Surely, a lot of us might be mentally kicking ourselves if prices were to go down to sub $1k - yet even though I feel some of that kind of remorse, I still stick to my practice of largely buying on the way down and selling on the way up.. and the only times I make an exception to that practice is when I have a real high level of certainty (like 80% or 90%) of price direction of at least a 10% change.. which certainty seems to be as rare for me as naturally occurring snowballs in the tropics.
But sometimes they do happen, am i right, or am i right ?
Have you heard of the Martingale betting system?
Yes, it can work for quite a long time, but the odds are against you in the long run.
Yes, you can employ gambling techniques and you can have a good time with those techniques - but when you come here and you are bragging that you made some money, you come off as a corporate banking shill or a troll because you are engaged in the promotion of irresponsible behavior....
Sure, on a personal level there are guys that like gambling and like to take bets on games of luck.
I am not talking about employing systems of luck and bet taking, but attempting a strategy that is more likely to pay off as long as 1) in the long run the asset goes up in value and 2) you employ a form of incrementalism in your buying and selling (rather than making big bets).
There can be different variations on how much you play with.. Currently, with bitcoin, I am selling approximately 1% of my BTC holdings for every 10% BTC prices go up, and then I strategically attempt to buy back in similar amounts - of course, if BTC prices do not return back down, then I just have that money that I cashed out, and I can remove it from my investment and spend it, or I can just save it in order to strategically reinvest when prices drop substantially - which seems to happen periodically.
