Alright...maybe some of you will also find this as a resource. Thank you in advance for your input.
TL;DR I'm bleeding dark, dark red on the trades. Pl0x halp.
Have been holding on for dear life, thinking it's going to turn around any minute. I'm optimistic. What would swim do? Hold? Get out of certain? I'm sure a lot of us are in this situation, hopefully not too many.
Don't worry, this happens. No asset moves straight up forever. This pullback is necessary and healthy. The action recently is remarkable and unusually profitable with respect to other markets. My own crypto portfolio has tripled in the past 30 days so we all, I'm sure, can afford to give a little back. Assess your own time horizon for this investment. Is it a week, a month, a year? Nobody knows when this bull is going to turn around but I personally believe we have awhile still to go. The altcoins and bitcoin have been known to move opposite each other, or at least one after the other. They rarely make big moves together. For this reason, I keep bitcoin as my largest position and maybe that's something you might want to consider as well. Personally, I keep roughly 30% in bitcoin, 15% in Ethereum, 15% in litecoin and the remaining 40% divided among various altcoins. I hope this has helped. Hang in there!
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@ryansteemit - dude, totally appreciate the insights and help! Scary, scary scene seeing so much red. It makes a lot of sense to diversify my investments in a similar fashion to what you said;
< **Personally, I keep roughly 30% in bitcoin, 15% in Ethereum, 15% in litecoin and the remaining 40% divided among various altcoins. **
BTC/LTC/ETH are all the 3 heaviest hitters with the most market cap and community behind them - more stability and likelihood for growth as cryptocurrency eats away at the trillion dollar foreign currency market. Thanks again and I gave you a follow! Looking forward to your continued insight and help building this awesome community!
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What you should do depends on your reason for holding X crypto(s). If you're in as an investment, hopefully you put in what you can afford to lose, and, if you did, it would probably be best to hold onto your positions, because it'll be about the time you sell that the markets will turn again and it'll likely be bitcoin bleeding at that point.
If you entered as a trade without a stop loss, well, what can I say? I guess, consider this your lesson (I've been there and it sucks, but you'll grow from it if you make it a point to).
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@jamesbrown - I really appreciate it. Have been following the market, but thought the BTC would stop by now. It's starting to lose its steem (lol) as the night rolls on, I hope! Thinking I'm going to hold. Most of the coins seem to have decent contracts and technology based on the infantile stage of the crypto industry. Considering the foreign exchange market is a trillion dollar a day market, holding for the long haul won't be too bad an idea. I think I can afford some loss, haven't experienced this but I can't imagine losing much more than $1k short term with a long term appreciation to an eventual gain. Thanks for the input! Lacking confidence in my finance knowledge right now.
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It's the nature of crypto. Hold for now don't panic.
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Right on, much appreciated! Are you seeing something similar on your end? Or were you smart enough to foresee? Haha.
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I've watched the markets and know a little about the nature of crypto. What you wanna do as a trader is the opposite of what everyone else in the market is doing. So right now everyone is selling so it's your time to buy. When the dump is over the price will come back up and thats when you sell. It's a judgement call but I think crypto is here to stay so I say hold till you get a clear sign the bull run is over. You need more than one bad day to make the right decision.
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@white420 - thank you! I am learning LOADS about cryptos right now and still don't have a lot down. My education is in finance/digital marketing and I'm making waves in the US equity crowdfunding space. Staying stealth on this account, but am learning more about cryptos in order to further develop the startup/investing ecosystem infrastructure. Right now, I would not want to see ANYBODY without a high level of financial literacy trading cryptos like this. I totally understand the concept of buy low/sell high, but even the global foreign currency exchanges (trillion $$ day market) don't have so many different liquid assets and currencies...this is amazing, but very hard to read. I firmly believe this is just a hardcore wave (praying) of BTC buying, but do not personally have experience with crypto trading and I'm still working on finding the most legitimate sources of information for coins. Seems like the space is BLOOD red when it comes to coins fighting over the same technology and I guess this is a big lesson learned - gotta do my research before I go and hold a bunch of alts. Do you have any tips on where to find the most legitimate information about coins?
Currently use:
ICOs
Woah, didn't realize it would be this long! Thank you in advance for your time. Love reading insights from more experienced community members!
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I suggest you get over to an exchange and start learning to read charts so you can foresee the future too ;-)
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I don't think you should fret. When Bitcoin goes on an upward surge coins tend to go in the red. Once it stabilises they will increase hopfully again. Also those coins have seen quite the rise so its not a bad affair
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@meesterboom - thank you! I figured, but this increase in BTC price seems never-ending so I appreciate the input. Hoping I can recover from this drop - I'm a new trader and left Wells Fargo to work in the crowdfunding industry. Now I'm avidly learning as much as I can about cryptocurrency because it's very obvious to me that this is the future of democratized access to capital. I tagged you in another post I made about resource - would you mind just commenting the #1 resource you would recommend to newcomers on that post? Trying to make it into a pretty cool little aggregated information hub for traders interested in learning other sources. Gave you a follow too - your posts are extremely insightful!
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I dont mind at all and thank you I will check it out just now
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@victorfigol
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If you believe those coins have a future, then HOLD. If not then it depends on how much you are currently losing. Even if are losing 50%, you could cut your losses short and just invest in some other coin, e.g. ETH that might have more potential for growth.
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Have 3 ETH coming to CB, but the 6-7 day ACH delay is ridiculous...thank you for the input! This BTC flood seems to be never-ending. Did markets just open up in different countries for ETH/BTC or something? Overall crypto market cap flying like crazy too. I'm hoping for a flood of BTC into alts, but I'm newer to cryptocurrency and have not seen a jump/drop this big before.
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Was at 2.15 BTC at like...4700USD total? Now sitting at:
:(
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