what is the right time to cash out? - page 14.

VitKoyn

full member

Activity: 490

Merit: 106

Quote from: kuronokishi10 on November 19, 2017, 02:05:45 AM

I was so nervous that when bitcoin price dropped to 6000$ I was scared to loose more and withdrew my coins only to regret later that it became 8000$.
Please help me with your advice /opinion.

When a huge price drops happen and you are scared of losing you money that will cause you to panic and will decide to cut your loss. Honestly, you can't stop panic selling if you trade cryptocurrency with emotions. That's not the right thing to do, you should think of it as an opportunity to invest more in a discounted price as many as you can. If you want to know when is the right time to cash out, you should always look for latest news about Bitcoin and make your own analysis, if you think that the price of your chosen cryptocurrency will crash then sell it.

13abyknight

sr. member

Activity: 602

Merit: 252

What happened to you right there was a perfect example of a 'panic sell' case wherein you feared of going deeper in loss rather than believing that Bitcoin would rebound back and this is a consequence of your own decisions. Bitcoin is known to have made a strong come back everytime it has dipped by a significant amount so you just need to judge by having an eye on Bitcoin's price often to make sure you're making maximum profit at your sell.

TheCoinFinder

legendary

Activity: 938

Merit: 1001

That is the mistake an experienced trader might not do but you did it. You shouldn't have sold at that moment because it was only a rumour of bitcoin cash.
If you want to recover your loss and want to earn even more, you need to watch on market and buy when it falls down in value.
I hope bitcoin should again fall below $500, then it would be better to buy.

kuronokishi10

full member

Activity: 210

Merit: 100

I was so nervous that when bitcoin price dropped to 6000$ I was scared to loose more and withdrew my coins only to regret later that it became 8000$.
Please help me with your advice /opinion.

Topic: what is the right time to cash out? - page 14. (Read 3912 times)