You are viewing a single comment's thread from:
RE: Cryptocurrency Bleeds Heavily - What's Your Thoughts and Plan?
If you feel like taking the risk, you could always go short on the market to cover your losses from buying late (not trade advice). The downward trend in the market was kicked off from MT Gox selling their holding to pay off law suits (don't quote me on that). The continued trend has been sustained by bot trading activity. A simple way of explaining it is seeing price fluctuations as the actions of one man: Mr. Market. He does as he pleases and sometimes, he just doesn't make sense. If you fight what he wants, you will pay dearly! lol
Going short would have been better at the peak time. Now, i'm just holding still and not doing much til I see some kind of stable bottom. LOL, i keep thinking its coming soon, but who knows. My next guess should be a turn around the time period of early September we should start seeing slow upward trends.
A good rule of thumb is to not guess what's going to happen and just go with the trend. You could have theoretically gone short at the peak if you could have predicted it with a crystal ball, but then you would have sold right at the peak as well. It's also a good rule of thumb to not take a loss as well. I would say if you have new money to put into crypto, use it to go short through poloniex and go long when the trend changes. You can profit on both ends.