The last few days has witnessed a lot of panic selling from noobs. I say this from observing a number of discussions on Facebook groups, some chats on Steemit.Chat, Telegram groups and whatsapp. The moment market starts correcting many with little to no experience in these matters start panicking.
This sort of behaviour is detrimental to the market because fresh money that gets pumped in also gets pumped out just as quick as people who are happy to digest a 100% overnight gain cannot deal with a 30% correction. $100 billion market correction seems like a lot but if history were to repeat itself we're bound to see far higher returns in the year to come and this too will be followed by massive corrections.
Markets don't move side ways and it's always up and down. If you want to enjoy the profits be ready to stomach the lows. There's no other way to go about investing in the world of high-risk and high-yield cryptocurrency markets.
People around you who are getting richer and richer trading or investing in cryptos are able to do that because they are able to diversify and book profits when they see 500% gains but are emotionally stable when they see a 50% correction.
Keep your emotions aside and do your due diligence. Don't simply go with recommendations or suggestions of anyone in order to make a quick buck. This market which may be controlled by whales at times will eat your investment before you know it if you decide to panic sell. This is the nature of the game if you want to play it, you've gotto understand how it works!
You don't profit unless you sell, but you certainly don't book a loss until you sell either!
So, tell me? Did you cut your losses and exit from a token/trade because someone told you or out of fear and uncertainty? Have you ever fallen into the hype of overnight profits in crypto only to buy at the top and sell at the bottom?
Remember, for anyone who profits in the market, there's someone selling at a loss!
Market corrections are always the best time to buy and if you plan on investing regularly, be sure to book your profits regularly too. On that note, did you buy some Steem at under $4 on the recent dip? :)
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- My Past Year On Steemit—Quick Recap of 2017!
- 4 Tips For Steemit Account Recovery & Wallet Security!
- Steemit.Chat Contest #12 + Contest #11 Winners Announcement!
the temptation to tinker a little bit with my portfolio was too much .. even as a hardened trader.. so i swapped a bit of btc for bch as it felt like there MAY be a run and btc was looking shakey.. then, the next day i flicked it back..
I also dumped a bit of BTS to ETH and flicked that back after two days.. made a small gain, which is always better than a loss.
I am learning to HODL, but sometimes it just seems crazy not to try to protect some of the gains... maybe one day! A Stress free life is more important than just making more gains!
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You can sell a % of it, to protect you initial investment and then olookit back again one year later
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Nope! Didn't get into this game to be a little B.
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Glad you didn't sell friend, neither did I.
For those who did and want to regain those losses, BTS is set for a run to 14,000 satoshis (3.2x) over the next two weeks.
Check out what's going to happen, right here on Steemit.com
-The Beached Whale-
Editor in Chief - The Anderson Report
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I had a mindset of Rules, before I decided to enter the market:
Rule #1: Do not invest, what you can not afford to lose.
Rule #2 Use your brain, do research on your own! Verify things and do not let Fomo or FUD kick in easily.
Rule #3: Hold on tight, even if there occurs massive market correction. You are in for the whole match, not for just five games or a set.
So, applying #3 also gives the answer to your question:
YES, I HODL : )
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Hey betbuddha :) You have set a very mind blowing rules , I think if everyone follow these three rules gently then these market crashes won't make them feel down or confused. these rules really taught me a lot. I am greatfull to you .
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I agree...
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I agree with this.
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As you mention, doing the due diligence is a must when investing in crypto currency as people can say a lot of different kind of things.
I personally think market correction is another way of just going with the market flow and also to re-invest to gain bigger.
Thank you for sharing this @firepower
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Great post @firepower! I agree with everything you said. So many of my friends texted and called during the correction asking me if they should dump their positions. Meanwhile, I had taken some profits off the table on some positions that were 500%+ a couple days ago. When the market correction hit, I used these same funds to reinvest into coins at a beautiful discount (and to answer your question, yes, I got STEEM at $3.5!!!). Needless to say, I was laughing my way to the bank while people were having panic attacks about their investments. 🏦
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My prediction: $12.50 STEEM on Jan 19th.
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for me where price drop It's time to buy. But sadly for me i don't have that much money to invest. Or i would had made a big gain these last month. But asmy investment is very low even if i make 5 time more i'm really happy but its no big money.. Btu little by little i keep my gain and i hope in some time i could do this correctly
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HODL TILL ITS GODL
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Good strategy is to even buy more and hold...panic sellers always lose...buy steem and power up as the future is very bright here (see my post for details) ...upped and more success.
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I do however thing it's a good idea to re-evaluate your positions in a bear market. To question what you know and make sure what you are holding is actually something of value instead of just a bunch of hype.
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Yep, there's plenty of time for recovery. When you see something drop big, as long as it isn't due to some news that could ruin the coin forever, people will be buying at the bottom of the dip. It usually takes a day or two because they want to make sure it's actually the bottom of the dip!
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hodl hodl !
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Biggest mistake investors make in any market is to trade on emotions.
People panic and sell when things are dropping, so they lock in a loss. Then they rush in for FOMO when things are up - and end up paying too much..
Buy low, sell high :)
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You're right when you say biggest mistake people make is trading on emotions.
Gotta have a long-term game-plan / goal in mind and stick to it. Corrections are going to happen, need to learn to ride them out.
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Yep. The only way you actually lose money during a crash is if you sell and lock in at that price. There's no reason to believe things won't recover at this point. Usually things will be flat for a bit before a real crash. People have to lose their optimism that there will be at recovery. Right now people are still too bullish so there are a lot of people willing to buy in at the bottom of a correction. As long as that's true, corrections will bounce back.
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Right on @snubbermike, you will see how much I agree with this post last night...https://steemit.com/steem/@cryptkeeper17/see-those-prices-steem-hodlers-longs-buyers-time-to-be-excstatic. Well stated @snubbermike! UPVOTE
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That's correct
I have done it several times and lost some money
https://steemit.com/contest/@manojm/contest-3-win-free-1-steem-by-defining-what-is-success
@firepower be sure to check this blog
It will be helpful for me
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most people who are coming in are trying to make a quick buck so they will sell when they see a correction, it is part of the coin market to rise and fall
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tip! ;)
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A very well written post!
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Not only did I HODL.....I dropped in to two more alt coins.
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PANIC HODL
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I sent this article of yours to several friends that wrote to me the last couple of days wondering if crypto was dying... I will also be resteeming it on my wall as I feel you are spot on here @firepower. From having been a part of this space since around 2010 myself I have learned to see trough the FUD. These corrections feels very small compared to the corrections I have witnessed in this market previously. A few google searches confirms that this is really the case:
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Volatility will trend towards zero as more people adopt the technology. Very exciting times.
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Trading is all about mind game, If you have mind you can get better profit it depends in your mind that you are holding or selling.
I prefer if you don't want to loss your money just go with lower profit.
More profit = More Risk it means loss of monye, :) Sometimes you get handsome profit but offen.
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When I came into crypto I thought I was going to avoid trading because everything was always going up it seemed. I only read stories about the rises in early 2017. Anything but though once I started trading. I looked at the exchanges too often and indeed emotions get to me.
The best way to cope I found is to ignore the price action and simply spend my time figuring out how to earn more. This is different from finacial because we as humans have the opportunity to find ways of earning more crypto which in turn more $$$$. Crypto can drop 50% but if I could double my quantity of coins/tokens by mining or partaking in giveaways at the end I am still earning. When the coin does moon I would be in position to gain a lot more.
So yes I worry when markets crash but I do not cash out because I am too involved to getting more coins to compensate ;)
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I burned myself several times during the early stages of my crypto investing for the exact reasons that you described, but I've since learned that it's better to buy and hold during corrective periods as well as accumulate more if my wallet allows. I honestly didn't invest in or use the Steem platform until the past few days after it had already faced a major correction. The South Korea FUD took a major hit on crypto portfolios relative to fiat value, but I gave them the same buy/hold advice because historically the market recovers and grows even larger.
Also, I'm glad that I've begun to embrace this platform!
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The new comers coming to crypto from news have a presumption that cryptos are get quick rich scheme. They have been fed that the market is highly volatile. They calculate profits in intervals of just a week or two. In reality crypto currency should be viewed as a long term investment. The investment should be done just like investment in bank. When you buy Bonds and Fixed Deposits in banks, do you think of cashing it out in just 15 days? No you don't, rather you invest in it thinking about it as a saving for long term.
If you look at yearly change in the price of bitcoin you will clearly realize that even though the price of bitcoin changed every hour, it was always high the next year.
Also, i was interested in buying the steem when the price came down, but could not since my KYC is still pending for approval on an exchange. Nevermind i will try again later.
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keep holding
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I shifted mine around the market to grab some dips, but its still in the market.
Like votes on steemit.com, ya gotta take the downs with the ups!
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smart move , reinvesting where their is life and waiting for the rebound
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I'm a noob and I have a little to no knowledge of the crypto world. I was kind of very hesitant on investing on any kind of product and that too on online. Anyway, with one of my good friend's inspiration and mental support, I pushed myself a little further and invested some amount which I could afford.
As far as the current market correction is concerned, I just held my nerves and HODL.
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Hi Dear knowkrish These market crashes are a part of crypto. Doesn't need to get panic , once bitcoin gets stable again shower of profits are gonna come. some HODL is a good situation to be in. :)
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I bought STEEM at under $5 and I'm happy with that decision. If you look at the last month of STEEM prices, it goes in 7-10 day cycles. I think this correlates with the 7 day power down time. When the market starts to spike, people start powering down. It takes 7 days for that STEEM to be available to sell in the market. The market will then decline for a week while there is more people selling then buying. After a week or so of declines it starts to go up again. Just look at the charts and see for yourself. Todays uptick is right on schedule!
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I am not sure how my mood would have been if the recent correction would have cost me hundreds of thousand USD...(unfortunately)...but for a minnow like me it was not a question to sell or HODL but a chance to acquire a little more of your favorite coins.
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Panic sell is the most common way you lose money
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HODL for life!
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I don't understand why noobies insist on jumping in or out, all or nothing. Beginner strategy seems simple and worked great for me: start off slow until you get used to everything, and don't take anything out. Just plan on holding. If someday you're up 10x then take a little out, but your strategy shouldn't be day trading or any short term time horizon when you're just starting out. Expect that you're not gonna pick a bottom and you may be below your starting point for a few months but it'll all work out if you're patient!!
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I held - and picked up some of my favorite coins on sale! The South Korea trading ban rumor got me thinking. If there were to be a country wide trading ban -- would all of the funds on the exchanges in those countries be seized? If they are seized would the governments sell them or just let the coins sit never to be touched. If it's the latter - could that be a positive a whole country of HODl'ers (NO sellers). This is kinda like the Lost Bitcoin theory -- where there are millions of bitcoins that are lost and will never be found (ie Never sold) so the Bitcoin becomes rarer and more valuable. Just some food for thought that I haven't been seeing anyone talk about.
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You want to take your money off the exchanges in case an event like this happens. Then you can sign up for an exchange in another country and sell them there.
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I try to invest in coins I think will pump but also who’s tech I feel could be world changing. For this reason I’ll only buy a dip. Plenty of good tech fails but plenty wins and a market issue doesn’t help me determine if I’m holding failing tech. So for this reason I’ll mostly ignore red when the whole markets red.
TLDR I held
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Held on, thanks to your positive talk. I made a loss on Ripple though - that was my mistake. Sold it off and invested into ten different currencies include PART which hit the roof a few hours back.
Still holding on to my BTC in the Indian app of Zebpay :)
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Its just a shake out for weak hands ! SO HODL FOR SURE !
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@firepower I kept HODLing. People are too spoilt by cryptos exploding nowadays. They all want quick profits. This is the market, it has its ups and downs. Just remember what the total crypto market cap was 6 months ago and chill, people.
Do not cash out your cryptos, trade. Keep the money inside the crypto market.
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When you don’t sell and more importantly don’t look daily, there is very little panic.
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Im about to hold it all under a pillow. Maybe in 2019 i will get some of them out, but.. i think this will gonna be long term invest.
Steemit still practically new, 100 K accounts is not as much as we can expect in the future so..
Just hold, as much as you can. If you wanna buy some candies, ofc u can get some out but... think about that candies can be worth much more soon or later.
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Old but gold ;)
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Thanks for the great tips! In fact just bought some recently and yea, have to learn to be emotionally stable to avoid panic sell and end up losing money!
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Remember Warren Buffet’s advice (even though he doesn’t believe in crypto) when traders are cautious be greedy and when traders greedy be cautious. Or something to that effect!
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You have it right, that is how Warren thinks
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If we talk about steem then today is the right time to buy it if you can. Because this community has a great future and it's growing everyday.
If we talk about the market strategy, the people who make profit are the people who has patience. they do not panic when they are in loss or the price is not good. Keep aside your emotions and don't think about the strategy of being quick rich.
Nice post.
Thank you.
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after I read your writing was very interesting, this is a valuable experience for me, I including otamg money easily panic in the face of market conditions, but we know the market conditions must be up and down and down, but obviously if the profit we get surely we are happy if the opposite is possible if like me not ready. maybe with me read the results of your thinking I become more mature in addressing my senior market's patented politics, once visit my post it brilliant hopefully
my comment is fun :-) :-) :-) :-) @firepower
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Love the content @firepower, I couldn't agree with you more. Oh wait, I did, yesterday https://steemit.com/steem/@cryptkeeper17/see-those-prices-steem-hodlers-longs-buyers-time-to-be-excstatic. Great post and excellent time for it. A service to the community @firepower!
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after I read your writing I realize that the game whose name is business marketing system like that ,,,,
it is very interesting, this is a valuable experience for me, I including otamg money easily panic in the face of market conditions, but we know the market conditions must play up and down and up, but it is clear that to the advantage we get certainly we are happy if the reverse its possible if like me not ready. maybe with me read the results of your thinking I become more mature in addressing my senior market's patented politics, once visit my post it brilliant hopefully
my comment is fun :-) :-) :-) :-)
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i did both in some i cut my loses and in most i HODL, i knew the correction was coming so i sold that seem not rebound fast but kept the rest
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I need to learn this.
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HODL!
wont sell any till i reached my goals! I dont panic or check my coins all day! :)
I Hope you are doing the same!
Hodl till Mio hit the bank haha
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I have two categories.
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Im not panic at all.
I will buy btc even everybody are selling. It will be more cheap to buy for me.😂😂
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I'm relatively new to Steemit. Have been using the platform for a few months now.
I completely agree with your viewpoint. A lot of cryptocurrencies are here to stay and the party has just begun. I appreciate the recent UI updates to Steemit and I can see a true movement based on freedom of speech growing here. This is a platform which is not regulated by any government or authorities and each member can actively participate in deciding its future.
I will HODL!!!!
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Steemit is the boss!
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I just HODL my coins during the dip..
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To be honest
Hold is for new investors
Shorting is for advance investors or for these who doesn’t have much capital
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I always try to add more coins in these corrections... like this:
https://steemit.com/bitcoin/@benkalashnikov/redd-rdd-analysis-123-potential-profit
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Thank you for sharing ♥
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niceeee
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Some people just are not rational with investing, there are always those who choose to sell at the bottom and those who like to buy at the top. I used to sell investment copper and the funny thing was that the market for it totally died when the price went down, instead of buying low people only buy at the peak.
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hodl hodl !
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already follow done @firepower and thanks for share for crypto
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hodl!!!
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@firepower, The best way is to set a profit margin when investing in cryptocurrency. Avoid any distraction from the market just stick to your plan.
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I panic bought Steem :)
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I have learned in this crypto world not to allow emotions take over! A friend gave me that advice recently.
I didn't panic as am becoming a stronger crypto guy,so held onto my small coins. The market will rebound soon.
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Hi @firepower! You have received 0.1 SBD tip + 0.02 SBD @tipU
from @cardboard :)
Check out new tipuvote! feature :)
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It's very difficult not to succumb to emotion when trading. I've had a lot of temptation to liquidate my holdings in crypto over the past year. Doing so at those times would have been ill advised to understate it. That's why it's important to come up with a good strategy and stick to it no matter how you're feeling in the moment. Unusually for me, it's elation that's been the hardest thing to deal with, not fear, in this market.
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I could not agree more! As a pretty newbie crypto trader (only doing this for about a year now), I really had to learn to HODL (especially when dips occured). What I also learned is that selling on a loss is the most stupid thing you can do. Read about the coins you buy and decide then if you buy or not. I never made a loss on coins that way. If the coin did not move the way I hoped, I kept it and eventually I was able to sell it break-even or even with a little profit.
Thanks for the great posts you write! Can't wait to read the next one!
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50% hodl! 50% trading, better safe than sorry!
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Really helpful and super easy to follow! Thank you for posting!
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HODL lucky for me also had the right coins.
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I just hold because that might probably be the best option, and that’s the only thing I can do right now since I don’t have an account in bittrex
But I am looking forward to learn how to invest in those exchanges
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I am holding my Friends! I'm a huge believer! The membership numbers are going to be phenomenal in 2018! The Steemit Community is full of great Karma! It is such a very kind and helpful Community! Always wishing everyone the very best of health and happiness! Positive Energy! Great Karma! Light and Love! Blessed 2018! :)
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I haven’t done any of this yet. For the first time, I did transfer some of my Steem Dollars into savings. Don’t know if this was a good idea or not. Feel free to let me know either way!
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Good Post. People dont want to lose more hence the panic selling. they buy on tops and sell at lows. Therefore it is essential to know about the crypto you are buying. You must know what problem it is solving, what disruption it will cause in future. How bigger market it wants to cater? How good is the team and its background? What is the total supply of coins and its circulating supply? what is the market cap? are far it has risen? you must question these basic questions before you invest in any alt coin. Once you have done due diligence you wont bother about corrections. I remember when I bought Canya coin it corrected alot. recently it went up again and corrected. Since I know what they have built and building I am not worrying about it.
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The best way to get successful in cryptocurrency trading buy and hold it...
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Thats true. Thank you for your post
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A lot of people are going to get burned when tether unravels in many exchanges and it's revealed that much of the trading on some of the shadier exchanges were the types of trades that are not allowed at all in regulated markets. In such a market true prices can't be found, so people will be very surprised when that happens in the future. Many have smartly taken profits before and will do so again if possible, and withdrawal limits and problems with banks and exchanges are some of the few things slowing the process down. And remember, if an exchange lacks liquidity, they aren't going to pay out their customers first.
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I bought xD
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When trading, one should always have some portion in fiat or tether and some portion in one of the top currencies like btc ether this allows them to buy more at dips and sell at highs. this current correction was not sudden it was widely expected and many still believe that the real correction is about to come. the upward momentum has not been converted into a big rally, so that shows weakness and another dip around the corner.
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panic is lost so that,continue winning
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I bought ;)
its like getting a discount
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The last time when there was a great fall in price for my litecoin and every other coins, I decided to dump my litecoin into steem when it was about $2 plus. Since steemit can still help me to earn so might as well. Within a day, the market actually started to recover. I guess I need to wait and stay patient!
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Yes, after seeing the market I become tensed.
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HODLing all the way!!!
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post is very interesting what you tell it can be an information for many people thank you very much
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I’m a one year old cryptocurrency holder, I’m pro HODL
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Bought! #BTFD
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HODL
The past couple of days the frenzy to exit is just crazy it made no sense to drop Bitcoin, Ethereum Ripple, steem, and every other currency. The fundamentals are still the same. Ripple was not offered on coinbase so it went down, yet a deal with moneygram went thru. The official in Korea almost caused a riot for saying something that was not 100% accurate. https://steemit.com/ripple/@dwolfe/ripple-announces-xrp-trial-with-cross-border-remittance-firm-moneygram
Did nothing this past week. Heard the bad news and sitting tight. Took a few profits from 2 coins while they were going up a few weeks ago and got my initial investments back . One amount is sitting on coinbase to buy more other transferred to bank account. Still not touching steam at all. If anything the past few days was a good time to buy.
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Good one @firepower ! We need some detachment to be able to be at peace here
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I really find this particular phrase deep as dope :
Thanks for backing us up :)
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Interesting. Thanks
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Nice post. Thanks for sharing.
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Good stuff! Having a plan in your mind makes resisting FOMO or FUD scenarios much easier to manage, for sure.
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Excellent post. The people who panic-sell are usually never seen in crypto again and its quite sad.
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Thanks for the business tip boss. How can I get across to you on the contest issue since steemit.chat is not working for now
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I first invested in cryptos this fall--I really didn't understand the world at all here before that (I literally asked what an altcoin was..! :). The first roller coaster was tough, but now I'm just in for the ride. The only disappointing one is SBD as I understand that may go down and not come up, as it was never meant to move up--but even that I've been expecting and have just been grateful to be able to cash out a little at a time when I really needed it, all the while still investing and watching those grow.
It is, as you say, about have the stomach for it all. So important. As I don't know the market and in my experimenting with trading I haven't been very good, I basically just assume some of my investments will completely bottom out and have decided to be okay with that. But if even a few take off, I'm a very happy, grateful girl. I think that's the right disposition, at least until I learn a little more about trading well.
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Enjoyed your post. I've been into the bitcoin/blockchain world for several years now and its a bit frustrating to hear all the noobs talk about how one should get out of a certain crypto (i.e. Bitcoin) now because its time is over now. Shaking my head, these people don't understand the concept or technology.
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This is totally true people definitely need to do their due diligence or the investment will get swallowed.
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Buy the dips and HODL!
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From now on, I'll do the best I can to avoid from selling. HODL HODL HODL!!
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Good post! Nice work
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NEM (XEM) next boat will go to $ 3.30
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Good information i liked this post.
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I sold some that actually gained to buy some that had taken massive losses. With all the hype and fear. The market is pretty predictable. Bad news, everything tanks, wait a week or two, things shoot back up. The whales always seem to encourage the swings by adding to the fear by dumping to push it even lower, and then getting in at much better positions and driving the price back up. A lot of newbs think cryptos have no value, so they are freaking out selling, thinking the end is coming with every correction. When in doubt hodl. Its not rocket science, as long as you believe in what you are buying, otherwise, get the fuck out of this space and put your money in fossil fuels and coal.
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I have a personal opinion every person gets a profit on the other side there is a loss, every loss here does not have him roll out or out of the market because those who previously lost has also many benefits, Business in this market is endless because this market profitable as long as there are still sellers and buyers.
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I don't do much but observe and analyse, because I believe that is the best course of the actions. If I manage to draw out some common conclusions I take it as a knowledge and experience nobody can take away from me, so I take it as a sort of the educational curve.
As for the collapse, of any market, all the things are volatile, so there is no room for the disturbance. It is almost an everyday thing.
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I actually wrote a book about the emotional/spiritual challenge of holding and not being swayed by the market's manic energy. You might find it interesting. Thanks for the post. https://steemit.com/cryptocurrency/@benleemusic/the-tantric-yoga-of-hodl
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