Topic: what should I do, I invested a lot - page 10. (Read 12515 times)

Tell your family you're a failure who lost all this money on magic internet shit, then kill your kids, your wife, and then finally yourself to ensure the cycle of stupidity ends with your line.

This strategy worked pretty good for my Ford holdings. It's not always gambling, sometimes it's just common sense.

Bitcoin fanatic logic: Price is tanking... so buy more!!!

In any other market, people call that "compulsive gambling" and urge treatment for it. Something to consider, fellows.

heh, I think that's what got him into this trouble in the first place.

In my opinion you should just buy all you can afford (to lose) and hold your bitcoins long term.

There are a few problems with your strategy.

1. Bitcoin was never intended as an "investment". It does not behave like one and it would be extremely risky to try treating it like one. This is a social experiment and could go away tomorrow or it could be huge.

2. When investing follow the two most important rules: Only invest in something you completely understand and never invest any money unless you are willing to lose all of it.

3. Asking someone else what the price is going to be is a waste of time. Sure, you may find people with bold predictions, but they do not know anything you don't. No one knows.

best of luck

Like others have said, the upside potential is greater than the downside. Unfortunately, you've waited too long to cut any significant losses and doing so at this point would mean you'd have to watch the market like a hawk to call the bottom and get back in, just hoping to recoup some losses. Sure you could sell now and maybe limit some further losses, but you're gambling again. Don't take my advice, but for what it's worth if it were me, I'd hold tight and pray for the best, unfortunately.

Impros88,
     What comes through your post is the anguish and panic.  This is the cause of every bad decision.
Here's something that might ease your fears:
"+ 6 addresses greater than 1000 BTC
Yesterday they took the opportunity to accumulate."
from
https://bitcointalk.org/index.php?topic=441336.160
The super duper bitcoin bad boys are long and going longer. 
Does that tell you something?

Tell that to the OP. He's in panic and about to sell.

I hope your parents know about it.
You shouldn't invest funds for you university studies.
It's better to tell you parents about it.  Make this as a lesson and do not repeat the same mistakes.

 
I have been in and out, going short and going long in Bitcoin and since 2014, have been losing money big time. Finally, I decided to bite the bullet and try and swallow the buy and hold pill for several weeks whilst I worked offshore, just as all my merry chums on this forum suggested that I should do.

I bought at $620 about 6 weeks ago. Refusing to take another single hit whilst Bitcoin bobbed around sub $600, I held. Afterall, Buy and hold is a tactic! As the baseline of the descending triangle was broken through, I decided to sell at $545. Bitstamp website fucked up my sell order however, so I took it as a 'sign', that I should hold. But the dumps kept on coming so I market sold at $535, cementing another $1500+ loss.

Perhaps my purest experiment in 'buy n hold' is with Litecoin. I initially bought at $11, sold at $41. Then with my profits, I bought at $37 and have held ever since. Litecoin is now worth 10* less than what I ploughed into it. I never intended to deploy a 'buy n hold' strategy with Litecoin, I just didn't care about it for some fucking mysterious reason. That will be another $1500 I can add to my 2014 crypto losses. A similar story can be told with Quark, except that Quark was a pure loss as I never made any profit in Quark ever and bought at 50% level from the very top in Dec 2013.

My suspicion is that we have had our crypto craze and now all the wild exuberant hype that has been factored into the price, will be steadily deflated from the market as speculators start to realise that the mania has died down, resulting in bounces that repeatedly fail to turn the bear trend technicals on their heads, resulting in increasing volumes of investment capital leaving Bitcoin, resulting in it being increasingly harder for investors to take profit out of the market, resulting in ever more capital leaving the market, resulting in steadily declining prices. As an example, I have gradually went from swishing ~$25K around in Bitcoin, to having finally withdrawn my last $7K (I never lost $18K, but have been winding down exposure gradually, in addition to losing probably around $5K-$7K) from Bitstamp back to the safety of my bank account. I now represent $0 of the Bitcoin market. As the recessive nature of the Bitcoin market ensures that there increasingly more losers than winners, there will be more and more people like me with my psychological stance towards Bitcoin, both with deep pockets as well as with shallow pockets.

If you follow Elliot Wave theory, and believe that we are in a Primary corrective Wave 4 at the moment, then Bitcoin is projected to hit $200 range sometime between now and Dec 2014. It might not do this. Perhaps some world event that somehow causes a panic flight into Bitcoin or some fairy godfather multi billion dollar hedge fund will start piling into Bitcoin with purchases on all the big exchanges. But this is the sort of thing that will be required to truly turn the inevitable and time tested post bubble market sentiment around.

If you can bare it, I would suggest that Bitcoin definitely has a future beyond this corrective Wave 4 which I believe we are in. It is up to you to decide upon what you think is the logical state of market sentiment right now.

Even amongst the most rampant bulls on this site, I am seeing signs of self delusion. I refer specifically to rpteilia's 'calling the bottom' thread (the bottom was $500). I read that and though to myself "this guy is shitting himself".

Another good example would be Ibian (net bagholder since $800) who upon hearing of the Bitcoin ETF that is to start trading out of the Channel Islands from Sept 2014, stated (and I paraphrase);
"oh man, this sucks, Bitcoin is away to take off man and I can't get any fresh funds to the exchange man and this means that I am going to totally miss out on the price explosion that is definitely going to happen man!"
That should have been a warning sign for me to sell at a small loss, but I never acted and suffered a large loss.

As for bottoms, I would suggest that the big hammer bar on the 4hr chart that took as down to $440 is as good as a reversal sign as you are going to get. Watch Bitcoin closely. I suspect it could get up to around $520 before bounce momentum runs out. Perhaps higher, who knows. If your outlook is bearish, then you shouldn't have any problems recognising when the momentum is about to run out on the retest of whatever 'high' it produces in the first instance. Look for negative divergences in peaks on RSI, OBV, etc on 4hr chart.

 Then you are the dude who took Impross88's money!  He has no need for your advice, he needs your money.

Hey I can sympathize you.  I've lost a lot of money in stocks before as well.  I think the thing you should do is sell as much of your holdings to get to a position you can accept losing everything.

You are stressed out because your position is too big.  The price might go up or down more.  Nobody knows.  What you know is the size of your position and how much you stand to win OR lose.  Try to think defensively out it

Ignore the pumpers here.  They are perma bulls.  They don't care about your money.  I have no position so I don't care if price of bitcoin goes up or down.  I just don't like to see people get suckered into a pyramid/ pump & dump

 You don't know the good advice from the bad until it is too late.

You are idiot! I have successfully shorted bitcoin since $600, which makes me an intelligent gentleman.

like you i am not rich, i bought in between 600 - 800 and have only managed to break even by trading and mining alts, if it drops much more i will be in loss but i refuse to sell now, i sold nothing at 1100 for 35ish% profit because what use is 35% of almost nothing so why would i sell now

it comes down to what you find easier to live with, getting back half of what you invested and if you're poor that probably wont make any difference to your life because you will still be poor with that bit of money back, or watching the price shoot up after you sell and never able to get back in, we cant tell you the answer

You often can tell good advices from bad ones from the simple fact that the latters comes almost always with insults or fear inducing clues like "cut losses now or lose everything".
Good advices are seldom trying to force you do anything but rather try to reason you by means of logic.

yeah great advice from one of them.

A shining example of the critical thinking skills of the bulltards on this forum. "You disagree with my investment strategy? Fuck you, man!!1"

Life is chance and risk and you can't really predict anything etc.  But there's a book "How We Decide" http://www.amazon.com/How-We-Decide-Jonah-Lehrer/dp/0547247990, that explores the subject of decision making (what your doing) and they use the stock market as an example.  I think it applies perfectly.  In a nutshell (from memory) the conclusion is to NEVER make stock market decisions with "your gut" or involving emotion.  This is the time to be rational and cold.

Bitcoin certainly looks like it has a bright future ahead of it.  The price will go much higher with greater adoption.  It's an experiment that's risky, but look around you - everything is risky that was once considered safe!  

Best advice I ever read was to buy it, save your paper wallet / password somewhere safe, and forget about it for 2 years.  Stop looking at the price, and look at the important things like merchant adoption etc.