Why I dont care that I did not sell at $250, and why I am not selling

jubalix

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Quote from: ManBearPig on April 16, 2013, 04:24:02 AM

Quote from: jubalix on April 16, 2013, 12:16:12 AM

Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

This smells of remorse and written to yourself rather than to us Wink

Bitcoin has been amazingly easy to make money from, for a trader it has AMAZING advantages over traditional stocks/ FX.

You have to square it with yourself of course and for every dollar you lose, see it as a dollar invested in your financial education

but I'm not even watching the market to sell or buy and do not do this, I'm not "investing" as you would understand it, I am rather claiming a stake in currency and then content with that stake, I don't even really think about USD/BTC, but BTC to TRC/PPC/LTC etc....I'm not moving back into Gov Fiat with my coins, ever.

simonk83

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Quote from: ruski on April 16, 2013, 05:25:52 AM

Quote from: simonk83 on April 16, 2013, 05:15:40 AM

Totally agree. Well said

I've done all the trading I'm going to do, and that was simply buying a bunch more at $50-60. Now I'm done, it's actually quite liberating, knowing I don't have to keep an eagle eye on the thing all the time. Just sit back, and let it do it's thing, whichever way it goes.

Why would you not want to? That's my favourite part about trading!

Fair enough, each to their own

It stresses me out Cheesy

I'm not greedy, I've got enough

ruski

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Quote from: simonk83 on April 16, 2013, 05:15:40 AM

Totally agree. Well said

I've done all the trading I'm going to do, and that was simply buying a bunch more at $50-60. Now I'm done, it's actually quite liberating, knowing I don't have to keep an eagle eye on the thing all the time. Just sit back, and let it do it's thing, whichever way it goes.

Why would you not want to? That's my favourite part about trading! Stocks, bonds, commodities or BTC - you always have to be involved! I learned the ins and outs of the FAA's bureaucracy making (international) phonecalls and getting passed around trying to find out when approval for an airline's joint new runway was likely to be granted, due to the effect it was going to have on the stock price. Maybe someday that'll be useful. I learned about the transport and warehousing industry when I accidentally let a cashew future contract come to resolution and had to take delivery of them (that hurt.) I also made a friend. Maybe someday that'll be useful.

Besides earning enough to stay alive, that's the best part of trading anything! Cheesy

simonk83

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Quote from: jubalix on April 16, 2013, 12:16:12 AM

Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

So next time when I sell, thinking its a peak, and it does not come back, I will miss out.

So it's just not worth the effort/stress over a 10 year horizon to essentially get a zero sum game

Sure I could make 4x this time by selling at 250, but next time when I sell at 300 and it goes to 2000 and only comes back to 1200, same loss, to buy back in.

Totally agree. Well said

I've done all the trading I'm going to do, and that was simply buying a bunch more at $50-60. Now I'm done, it's actually quite liberating, knowing I don't have to keep an eagle eye on the thing all the time. Just sit back, and let it do it's thing, whichever way it goes.

ruski

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Quote from: ManBearPig on April 16, 2013, 04:24:02 AM

Quote from: jubalix on April 16, 2013, 12:16:12 AM

Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

This smells of remorse and written to yourself rather than to us Wink

I thought the same.

ManBearPig

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"Don't go in the trollbox, trollbox, trollbox"

Quote from: jubalix on April 16, 2013, 12:16:12 AM

Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

This smells of remorse and written to yourself rather than to us Wink

Bitcoin has been amazingly easy to make money from, for a trader it has AMAZING advantages over traditional stocks/ FX.

You have to square it with yourself of course and for every dollar you lose, see it as a dollar invested in your financial education

Qoheleth

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Spurn wild goose chases. Seek that which endures.

Quote from: kwukduck on April 16, 2013, 12:36:16 AM

media declared bitcoin pretty much dead

What do you think happened in 2011? Look up "The Rise and Fall of Bitcoin".

ruski

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Quote from: zvs on April 16, 2013, 01:16:59 AM

Quote from: ruski on April 16, 2013, 12:47:02 AM

Quote from: jubalix on April 16, 2013, 12:16:12 AM

Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

Translation: I bought at $250, cried on the downturn, did not sell and try to recoup my losses via trading lower, and am now trying hard to convince myself that I will someday recover my investment. When the market dips even further, I will declare bitcoin is permanently dead and sell my holdings for a 95% loss. No more than five minutes later the price will triple in recovery, and I will watch incredulously, telling myself that I was right about it being dead, and there's no way I could buy back into something that risky again.

After it has made at least a 2000% gain from the bottom, I will then buy in again with dreams of overnight riches.

How'd I do?

So the answer on a downturn is to lower your avg buy-in price by buying more?

Good way to go bankrupt

No, it's to cut your losses, and either buy back in lower, or recoup said losses by working the volatility if you're good enough. The technical term for holding after making a big buy-in mistake is being a "loser."

zvs

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https://web.archive.org/web/*/nogleg.com

Quote from: ruski on April 16, 2013, 12:47:02 AM

Quote from: jubalix on April 16, 2013, 12:16:12 AM

Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

Translation: I bought at $250, cried on the downturn, did not sell and try to recoup my losses via trading lower, and am now trying hard to convince myself that I will someday recover my investment. When the market dips even further, I will declare bitcoin is permanently dead and sell my holdings for a 95% loss. No more than five minutes later the price will triple in recovery, and I will watch incredulously, telling myself that I was right about it being dead, and there's no way I could buy back into something that risky again.

After it has made at least a 2000% gain from the bottom, I will then buy in again with dreams of overnight riches.

How'd I do?

So the answer on a downturn is to lower your avg buy-in price by buying more?

Good way to go bankrupt

adamstgBit

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Trusted Bitcoiner

Quote from: jubalix on April 16, 2013, 12:16:12 AM

Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

So next time when I sell, thinking its a peak, and it does not come back, I will miss out.

So it's just not worth the effort/stress over a 10 year horizon to essentially get a zero sum game

Sure I could make 4x this time by selling at 250, but next time when I sell at 300 and it goes to 2000 and only comes back to 1200, same loss, to buy back in.

The only time I would sell BTC is to trade into other Cypto's, as I have committed a % strategy to cryptos, the only uncertainty is which one will win out or which group, and internally this strategy pays off. Also I may trade between crypto's, but no coming back to FIAT with cryptos probably ever, In any event more and more services will accept cryptos....

I mean do you get some one to transcribe your emails and send them in the post for the last bit of the journey, no you just email, and maybe use a printer.

I agree that simply buying in on dips and just holding long term means that you can actually enjoy the mayhem when price crashes like it has been ( hell thats what i'm doing ). trading is fun and profitable in the crazy bitcoin market, but is also quite stressful when BIG moves happen...

as for litecoin.... i disagree, i strongly believe holding bitcoin will yield better returns long term... and ltc is even a little more of a risky speculative investment then bitcoin.

I like to buy stocks in bitcoin companies like S.DICE and Virtex, these are real companies! their performance is not directly tied to bitcoin's price, but the shares are priced in bitcoin, this makes for a good very hedged against bitcoin bubbles popping!

jubalix

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Quote from: ruski on April 16, 2013, 12:47:02 AM

Quote from: jubalix on April 16, 2013, 12:16:12 AM

Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

Translation: I bought at $250, cried on the downturn, did not sell and try to recoup my losses via trading lower, and am now trying hard to convince myself that I will someday recover my investment. When the market dips even further, I will declare bitcoin is permanently dead and sell my holdings for a 95% loss. No more than five minutes later the price will triple in recovery, and I will watch incredulously, telling myself that I was right about it being dead, and there's no way I could buy back into something that risky again.

After it has made at least a 2000% gain from the bottom, I will then buy in again with dreams of overnight riches.

How'd I do?

nope.jpg

I brought in a level much lower than now. But I stopped when I acquired a certain very small percentage of the 21M Coins. After that I need no buy or sell any more. Just careful divestment of small amounts into other crypto's

ruski

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Quote from: jubalix on April 16, 2013, 12:16:12 AM

Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

Translation: I bought at $250, cried on the downturn, did not sell and try to recoup my losses via trading lower, and am now trying hard to convince myself that I will someday recover my investment. When the market dips even further, I will declare bitcoin is permanently dead and sell my holdings for a 95% loss. No more than five minutes later the price will triple in recovery, and I will watch incredulously, telling myself that I was right about it being dead, and there's no way I could buy back into something that risky again.

After it has made at least a 2000% gain from the bottom, I will then buy in again with dreams of overnight riches.

How'd I do?

jubalix

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Merit: 1023

Quote from: kwukduck on April 16, 2013, 12:36:16 AM

Why do you guys even think bitcoin will recover?
The media destroyed it, bubble pops, everybody is looking for the new virtual currency that 'solves the many problems with bitcoin', and ripple and litecoin are often named (not that that makes any sense...).

It doesn't matter what a small community like ours wants or thinks, media declared bitcoin pretty much dead, i expect to see single digits soon.

I was very optimistic long-term too, but i think the confidence is too damaged now because of the media hype and panic sells.

Honestly i hope i'm completely wrong about it...!

I didn't not buy in because of media hype I will not sell because of media hype. Rather because of the maths and the implications

I purchased because CC's are a solution to a century's old problem, and will shift sovereignty to the individual away from the state.

Pandoras box is open, I care not for the old world/tech little markets or media, in the same way the flat earthers idea's are now treated

Frozenlock

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Quote from: kwukduck on April 16, 2013, 12:36:16 AM

Why do you guys even think bitcoin will recover?
The media destroyed it, bubble pops, everybody is looking for the new virtual currency that 'solves the many problems with bitcoin', and ripple and litecoin are often named (not that that makes any sense...).

We haven't been looking at the same media.

https://www.youtube.com/watch?v=6SLPy89gPE0

http://www.cbc.ca/player/News/Business/ID/2375415659/

ruski

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Quote from: keystroke on April 16, 2013, 12:26:16 AM

capital gains taxes
bitcoin

HAHAHA.

kwukduck

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Why do you guys even think bitcoin will recover?
The media destroyed it, bubble pops, everybody is looking for the new virtual currency that 'solves the many problems with bitcoin', and ripple and litecoin are often named (not that that makes any sense...).

It doesn't matter what a small community like ours wants or thinks, media declared bitcoin pretty much dead, i expect to see single digits soon.

I was very optimistic long-term too, but i think the confidence is too damaged now because of the media hype and panic sells.

Honestly i hope i'm completely wrong about it...!

jubalix

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Quote from: zby on April 16, 2013, 12:20:24 AM

Quote from: jubalix on April 16, 2013, 12:16:12 AM

Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

So next time when I sell, thinking its a peak, and it does not come back, I will miss out.

So it's just not worth the effort/stress over a 10 year horizon to essentially get a zero sum game

True - but if you sold you could now buy 4 times more BTC for your long term.

no but I would sell later and only be able to buy back a 1/4, back to square 1

Fiery Winds

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Quote from: evolve on April 16, 2013, 12:21:14 AM

Quote from: zby on April 16, 2013, 12:20:24 AM

True - but if you sold you could now buy 4 times more BTC for your long term.

This.

Why people keep bringing up the past as evidence for what they "could have done" continues to baffle me. If the price hits $2, of course people could say, "You could have sold at $60 and have been able to buy 30x as many coins!".

But the fact is, we DON'T know what's going to happen, and people like the OP choose to not risk coins in such a volatile market, and are content to simply hold. Sure, these people may not realize the same profit as other risk-takers, but some people can't afford that risk.

mgio

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I bought at 10 and didn't sell at 25 either.

My brother said I was stupid for not selling.

My brother also told me to sell at 49.

So if I listened to him, I'd be even worse off than I am now.

keystroke

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advocate of a cryptographic attack on the globe

Quote from: jubalix on April 16, 2013, 12:16:12 AM

Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.

So next time when I sell, thinking its a peak, and it does not come back, I will miss out.

So it's just not worth the effort/stress over a 10 year horizon to essentially get a zero sum game

+1

Not to mention capital gains taxes. Pay the government so you can buy more Bitcoins when the price in $ drops? Just doesn't feel right.

Topic: Why I dont care that I did not sell at $250, and why I am not selling (Read 2595 times)