RE: Crypto Dilemma - HODL Or Accept The Losses?
The thing with charts is that they are partly a fiction, but they tell a story that everyone believes in. There are two kinds of traders: chartists and fundamentalists. The third kind is a rookie ;-)
I used to write a day-trading blog and one gets very cynical about the pump and dump advice that churns around the markets pretending to be insights. I truly can't be bothered to write one about cryptos as few people want to read some real analysis - indeed have come across very few crypto blogs that looked interesting.
So... I would suggest learning more about the coins, either the fundamentals or the technical analysis. Thing is, if you made a mistake in the past then you're likely to repeat it in the future. Just imagine BTC back to $20,000 - do you sell then or wait for 22k or 25k... You see, same dilemma.
You can even blog about what you learn :-) Will likely be more illuminating than the pump'n'dumpsters.
Oh yeah... advice! erm... pretend you bought everything yesterday and take it from there.
No one can predict the future. You can search for patterns - they are there - but even then it takes only 1 unexpected event to break a pattern. It's a bit like betting on horses, imo. You may have figured out which horse is most likely to win, but you can't forsee that it breaks a leg during the race, lol.
True, but that takes up a lt of time and energy, which I don't have. And same story... you can never be sure
Again, spot on. Sometimes I wonder if I should sell right now. I'd get 10x of what I paid for it (minus what I spent buying stupid altcoins 😁).
Up until now, I'm still holding. So indeed, same mistake. I guess it would be smart to sell and try to find a low(er)-cost altcoin with a great future.
After all, BTC is a 'only' a first generation blockchain...
Some food for thought 😁
Solid advice. The truth is that my biggest loss is Steem. When the price dropped from $7 to $4, it seemed like a great opportunity. When it dropped to $1, it felt like a great opportunity again, lol. But for some strange reason, I rarely worry about the loss. Maybe because I got so much in return (not financially, of course - but in like a zillion other ways)
It's not about "being sure", it's about being more right than wrong.
It's not just the patterns, it's also the strategy.
;-)
But perhaps it isn't about the right price, but about getting rid of your worry about it.
Story of my life 😂