Today's Vlog is about the importance of taking profits on your terms to guard against allowing your emotions to dictate your decisions on 'red days' like today.
Less than a month after the last big crash in Bitcoin, the markets are taking a hammering again today. My portfolio, like most people's is haemorrhaging in term of USD value.
In a nascent market like cryptocurrency it is natural to feel fear, uncertainty and doubt ('FUD') when the market is going down dramatically in price. Anyone that tells you for certain how this will all play out is either lying to you or lying to themselves or under-estimating disruption/ potential push-back cryptocurrencies will cause.
If you're a HODLer than what I'm about to say won't apply to you. However if you're someone, like me, who likes to hedge their bets and take profits occasionally then it's important (in my view) to do so strategically rather than emotionally. On days like today it is easy to make a decision (or not execute a strategy) based on emotion.
Cryptocurrency for me is about self-ownership and for me that extends to trading/ taking profits. I believe in doing it on my terms. I.e. setting out ahead of time, where I intend to take profit, where I intend to buy back in and ensuring that it is based on sound analysis or a sound strategy. So on days like today, the decision is less 'what am I going to do' but whether there is anything fundamentally different that should stop me from executing my plan.
I also saw today that Bitconnect appears to be ceasing it's operations. For me, this is just the nature of Multi-Level Marketing schemes. Pretty much all of them go belly up with a whole bunch of people who jumped on late losing out. I just hope that anyone who lost out was able to offset that with gains elsewhere or (if not) they only invested what they could afford to lose.
There is no sure thing in cryptocurrencies, no-one knows what the true valuation of this technology will be. However it's better to get involved in a protocol that you believe in. You're more likely to be steadfast during the downtimes and if cryptocurrencies are indeed over-valued at least you were involved in a technology that revolutionised people's lives.
Just my two cents worth.
It was sad being part of a scam , unfortunately it will be a learning experience for me and my family who invested
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A few days ago I wrote a post about this subject as well: Profit Taking Is The Most Difficult Thing To Do In The World Of Crypto - Here’s A Method That Might Work For You Too.
I see profit taking as a way of building an opportunity treasure chest for when a great opportunity comes by and nobody has the means to take it, except you ;-)
See yesterday and today as an example!
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Very good post! It's so true that taking profits can be difficult. The FOMO kicks in real bad. I try to stay aware by using technical analysis. Learn new things everyday and this correction has given me great insights. Try to share as much as I can. Hope my latest post can provide some powerful knowledge to you:
IMPORTANT Coin Updates (BTC, ADA, BTS, EMC2, ETC, GNT, SBD, STEEM, XVG)
https://steemit.com/bitcoin/@benkalashnikov/important-coin-updates-btc-ada-bts-emc2-etc-gnt-sbd-steem-xvg
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This is why the BitClub Network was smart enough to set up shop in Iceland instead of the U.S. and ban U.S. customers from joining. I hate to hate to admit it but if the company you are investing in is U.S. based stay away when it comes to crypto. http://bitclub.network/dibble1
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I really enjoy your videos. So many people let the market make the decision. I remember back in my youth I would make these type mistakes. Great advice.
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These last few days have been brutal, but profit taking should have helped!
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Thank you @nanzo-scoop. I think one has to differentiate between traders and investors. If you are in for the long term and not fully invested, you should be happy about the correction, as it allows you to buy more for cheaper. It will be positive for your long term performance. If you are a trader and if you are buying with borrowed money, you should feel the pain and it should teach you a lesson. I know that it is psychologically difficult, but people should at least try to follow this way.
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... and by the way with regard to bitconnect: I think this is the way every ponzi scheme goes at some point. Interestingly, I see people sometimes who know this but still invest because they think they are still early enough before the scheme goes belly up - I would never do this personally as it is a risky game to bet on the aspect that other people might be more stupid then oneself.
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@nanzo-scoop I want to thank you for commenting on what cryptos are doing right now and the END of Bitconnect........
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Its really great to take some profits at your own terms.
I also took some profits at around the 16k mark.
Someone told me recently that crypto is not for the fainthearted hehehe and never acceppt your emotions override you!
So all guys crying now never invested what they can lose,always invest what you can afford to lose.This is what i have learned so far as a newbie from Uganda.
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It definitely makes sense to have a strategic plan rather than invest on emotions.
As in the stock market general - EMOTION tends to kill your investment.
Especially in the case of crypto scene, where we have an extremely volatile market.
I therefore totally agree with your suggestions and would only add to just invest a part of your available budget for cases like this.
If you have - for example - only invested 20% of your playing money, then you would be pretty happy this days enabling you to buy at very low price.
Thumbs up
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I'm going to be a bit honest here. This month, I jumped into the brand new world of cryptocurrency with $36.
$36 was all I could afford and that was a number I didn't mind losing if anything went wrong.
At first, I gained $12 in Ether from that $36! I know that might not mean much to some of you here who have much more financial skin in this market than I do. But, seeing that small gain of $12 meant a lot and was so exciting to me.
That small gain meant that maybe I could finally earn something extra for my family through cryptocurrency.
And now, the market has gone way down.
Though I don't have much money in the market yet, seeing all that red hurts a bit.
But, I knew that going in. I knew that days like this could happen.
So, I'm forced to HODL. HODLING is all I can afford to do. And, that's more than okay.
I do appreciate this post because in the future, when I do have more money to work with financially and when I have more experience in the cryptocurrency market, I will need to know how to do more than just HODL.
Cheers to us all and et's all hope for the best.
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Nice, I did take profit last month, I think its time to buy since the crypto at a reasonable price.
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Try to get some fresh air and do not look at the charts all the time! If you are in for the longer term, corrections like these shouldn't kill you ;)
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Thanks for your comment and I hope people don`t sell all there coins.
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thanks for the information of my good friend ya.saya like your friend post
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I have started to take profits into precious metals this year and will do that once a month.
I invested into crypto currencies what I was willing to loose but with the crazy runup we head the last year I am not willing to loose that much anymore.
I want to keep a good portion into the space but also taking some chips of the table. Therefore Steem is really great as I can take profits from here a bit without touching my portfolio too much.
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I warned at the beginning about bitconnect in my channel, it was pretty obvious it can't survive and is not the standard not to be considered as a scheme..
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Hi sir your articles are very interesting good going best of luck. I am following to u and your articles. I am new to steemit plz help me.
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Good post my friend. thanks for information
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Good stuff. Couldn't agree more.
Have never been a fan of MLM. It stinks, and people end up being treated like marks even by close friends. It's not a sustainable way to do business.
Cheers for the solid post.
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It's really hard to predict crypto's fluctuations. sometimes i just close my eyes and take risks. Bitcoin and other cryptos bring fear and these uncertainties attract or refute people. For Steemit, newbies that do not understand cryptos suffer a lot, especially when their steem dollars keep fluctuating before the payout day or when they are tempted to withdraw their steem dollars when steem dollar is down. I like taking risks it's part of life. However, further studies and strategies on the particular cryptos are needed. Right now, i believe people are now motivated to buy more steem or bitcoin before they rise
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Very nice post friend.
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keep sharing, more power!
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Thanks for your thoughts. Of course I wish I would have taken note of this last week! I've learned my lesson though. Onwards and upwards. Have you seen my promo steem film?
https://steemit.com/promo-steem/@steem-ambassador/disrupting-bankers-and-filming-steemit-promo-with-danny-shine-viral-video
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we have to keep in mind something that many people don't know, we are undergoing a readjustment and it is also the Chinese New Year... we have to give it time and be patient...... 🤞🏼
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Despite all the warnings and red flags, people still chose to do Bitconnect. I don't just understand why.
I pray they recover from it.
Very good tips. In a volatile crypto world, this should be a safety switch without allowing emotions to cloud your sound judgement.
Another good advice.
Steem is a good example of this type of protocol you're talking about.
Thanks for this wonderful posts with good tips.
Happy Steeming
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Definitely sir it's a game for the smart people and who believes in the evolution of technology, every word you express here is milestones for the understanding of cryptocurrencies and risk calculations as this is the field for those who can afford to loose what they have. Profit booking and making a vault for dooms day is quite good idea and one should stick with these strategies.
Thank you sir
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Feel ya 100Percent!.. the name of the THEIR game as with the Stock market... is for you to keep your money in digits and codes attempting to make more and more but in the end, not seeing the profit or anything real acquired. Nice post.. their must be balance. Thanks H
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ANY CRYPTO IS A BUBBLE!!!! IF YOU WANT TO WIN TAKE MY WORDS,
YOU JUST TO HAVE TO CALCULATE YOUR PROFIT BEFORE THE BURST!
YOU MAY LOOK AT THE STEEM TOO ON THE LAST WEEK OF DECEMBER, FIRST WEEK OF JANUARY 2018 AND NOW. YOU WILL SEE THE DIFFERENCE. CALL IT SMALL BUBBLE?
DUE TO THIS TENDENCY BIG NATIONS AND OTHERS FEAR TO ACCEPT CRYPTOS.
I READ ON ONE BLOG, ONE OF THE BEST FINANCIAL ANALYST PREDICTS THE END OF BITCOIN WILL BE ON 2022 WHEN CHINA AND RUSSIA WILL COMPLETELY CRACK IT DOWN, BUT BEFORE THAT BITCOIN WILL CONTINUE TO RISE UP TO 50,000$ , YES 50,000$.
SO FRIENDS DESPITE THE CRAZY FALL OF THE BITCOIN , DONT FREAK , BITCOIN IS STILL BOND TO RISE HIGHER AND HIGHER, SO IT IS YOU TIME TO INVEST MORE BUT ALWAYS REMEMBER LIKE MY BROTHER SAID @nanzo-scoop, TAKING PROFIT ON YOUR TERMS" BECAUSE ALL CRYPTO ARE BUBBLES,!!!
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Thanks to you @nanzo-scoop.
I think one of the different between traders and investors
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You can't go broke taking profits.
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I believe that since crypto still has a lot of room to growth, we should not be worried about dips like this. In fact, this is probably the best time of the year to buy crypto.
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Going bonkers all over crypto is not a good idea sometime taking profit is important and moment like these where everything is in red and again purchasing is a good idea i like to go that way and what to say about bitconnect that just made all millionaires zero in few moments
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YOur two cents is enough, and am sticking to your advise
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Awesome post. I do notice it is easy to get on that emotional roller coaster ride when crypto goes red. Thanks for the awesome post, you are totally right... no one can predict the future, but it is pretty neat that we are part of the crpyto world! :)
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Your knowledge is deep! Thank you @nanzo-scoop for sharing your opinion! I also feel afraid when my account is rapidly declining!
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You must have an exit strategy in everything for everything you do. If you keep doubling down every time you win, eventually you are going to lose. I think this is a good lesson for everyone. Never invest more than you are willing to lose. Know how to draw out to get a return and know how to get a "good loser." After all, no one forced you to sign up for anything that you've lost in. That's Life
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My one of a friend lost his life saving 12000$ in bitconnect he invest 10 days ago. I suggested him not invest whole investment but he greedy and he lost his life saving .
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Well, in my case I do "hold" because I do not have much money to invest and make good short-term profits, so I prefer to have medium or long term and get a good percentage of each of the proposals I have in my portfolio.
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Hey buddy, I mentioned you on a blog about what I did with my profits. I really liked your video today. I saw it on YouTube first.
https://steemit.com/crypto/@walkingkeys/no-lambo-but-here-is-what-i-did-with-my-crypto-profits
On a side note, I really appreciate all the support you've given me on Steemit and honestly can't thank you enough. Thank you.
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Thanks for sharing this informative post
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Good
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A publication deserves sound
good choice
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Thanks for the update
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Cryptocrazy
too true never forget the updaysDownvoting a post can decrease pending rewards and make it less visible. Common reasons:
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i'm new.. Help me, follow me
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Awasome post...
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Hey bro what's up
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Every investment decision we make is a gamble. The risk versus reward should always be evaluated before deciding to invest. If I am able to take out my principal and earn on the interest it makes the investment a little easier to accept due in part my house money is safe. I feel this mentality is essential to surviving in crypto investing. Putting all my eggs in one basket leaves me with nothing if the investment turns into zero. Put in what I have and once the prices rises to a level I expect it to be then take out some money won't hurt as much if the investment turns to zero.
I think this applies to all investors, whether short term or long term, because it is always easier to earn more when you have more versus having little and trying to earn more. Don't blow up you account and expect a speedy recovery, aka bitconnect. We only live once so invest wisely. Thanks.
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Good job @nanzo-scoop. Ilike it
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"There is no sure thing in cryptocurrencies, no-one knows what the true valuation of this technology will be. However it's better to get involved in a protocol that you believe in."
I am replying with this art, with
because of this part of the post.
Thank you for your information, it is HELPING, I hope that this helps you and others.
RIGHT EAR TRUTH.jpg)
with all the I
can give
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Greeting from morocco Bitconnect is a ponzi scame , very nice video subscribed to your youtube channel resteem
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You are right. I lost a lot of my money this week 😢its so bad moment
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Thanks for talking about the emotions behind the trading.
I would like to advice one book called The Disciplined Trader. My post with a small description of the book is behind the link. It helped me a getting tranquility.
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Lets start with the question if Crypto currency could be used as a normal curency like your dollar , baht , euro , or pesos . So first of all The worth of cypto currency is changing all the time so you could buy a house with your bitcoins oneday and on the following you would just be able to affort a Sandwitch with the same amount of Bitcoins. This does happen beacause Bitcoin or any other Crypto currency is worth anything beacause people think, beacause people believe in this projekt, Bitcoin, Litecoin, or Steemdollar do not have a worth, there are just worth anyting beacause people believe that this virtual money is worth anyting.
Second there is no equivalent in gold or anyting valuabe. ( Euro or dollar are equivalent to the gold reserves )
These reasons are enough to say that this currency, that way it exists today will never be able to be used as the "money of the future".
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Very insightful. Keeping a cool head and trading systematically makes sense yet for some people is very hard to do. It takes guts not just intelligence. The guts to ride out the lows is what makes or breaks people.
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wrote this to you via steemit chat!
i like this man
i agree with it
when bitcoin dipped, i felt like i 'lost' 10k +
cause all i did was hold on to it
something i had to learn to slowly take profits to manage my trading better
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