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RE: Crypto Dilemma - HODL Or Accept The Losses?

in #palnet5 years ago

I made a similar entry to the crypto world (will probably post an article about my own journey in the not too distant future).
Nobody knows where the market is going so in the end you have to decide on your own.

Not accepting losses before it is too late is considered a common mistake between stock traders by the way. However, this doesn't mean every downswing in the market should cause you to FUD (actually that'd be the next common trader mistake). Instead research the projects, do what you missed to do when buying the coins. Then ask yourself if you still believe in the project.
You do? Keep the coin.
You don't? Sell it.

Cleaning up your portfolio can make losses real, but it can also bring peace to your mind, not having to worry about those coins anymore.

Imho: Keep MIOTA and ADA for the technology and consortium behind them. Keep NEO for the GAS dividends. Sell the rest. Do not convert it into other coins but cash it out. New investments might have been a good idea one-two months back, but they seem risky atm as a lot is going on in the markets right now.
Don't repeat the same mistake and hop onto the FOMO but HODL on to what you already have and see where the market takes is. Remember to set stop-losses this time in case the bulls take us back to previous heights. But when doing so don't set the stop-loss for 100% of your portfolio or you may get caught in a bear trap. Instead make your way out the same way the way in should have been (step by step to achieve a better mean value).

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Wow, thanks, @handtalk5. This really is a comment with information I can work with.
I need to check my portfolio again, but I had made peace with the losses anyway. Last time I checked, there was so little value left that I could barely pay the fees needed to cash it out. Fortunately, BTC is on the run again. I'm thinking about cashing out a bit - I won't make the same mistake twice 😉

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