Why it is not a good idea to panic sell NXT/ARDR or any other coin that has strong fundamentals ๐ ๐ฐ
I saw some guys talking about NXT/ARDR price in the trade chat today and it reminded me about my days back in 2013/2014 when I was also panicing about every drop in the charts. It's funny how we always cheer about a 50%, 200% or even 1000% rise in the price and take it for granted, but when we see price going down we are not just sad, no, we start to PANIC!!! Stupid isn't it?
I felt like I had to jump in and say something, so I wrote a message in the chat to help some new people who are not that long in the crpyto game understand how things work in this market.
I thought I just share it with you. Maybe it helps someone out there :)
Panic panic! Ardr below 7k Satoshi!!!
OMG, guys! Relax! Ardr is not even live yet. People bought Ardor Mid-End-June because they thought it will go live on the first of July. It is not! There was never an announcement. It is still scheduled to launch in Q3 2017. But people don't research. They just hear something, rumor spreads and forms and everyone think it's true.
And like people are, they are impatient. Now they are selling their coins to jump on litecoin or antshare or stuff like that. Why? Because it's rising! Then they lose their money there because they bought in way to high and they will jump ship again to the next coin, hoping to make quick profit there. Till they realize they are still not making profit because the coin they just sold is going back up and the one they just bought is dumping.... same cycle over and over....
As soon as we have a date on Ardr and price rises quickly, they will jump back. Most of them will buy back at a higher price than that they sold at. And at the end you will hear "I should have just held my coins".
It's always the same. I am watching this since 2013 and I just sit back and relax. Because in the end, long term is king. It was like that 4 years ago and still is. Let it go down. It will go up again. For me it's just another chance to buy because now I know to where it can at least go in the next months.
Oh, and for all the newbies: Yes, you can make profit with coins by trading. But most of you will fail. Everyone thinks he is more clever than everyone else. Well, maybe some are. But most of us are not. Emotions is killing your money. Why stress yourself when you can just buy great undervalued coins and hold long enough to make much higher profit than by jumping ship on a daily basis?
Cheers! Over and out :)
So, to reflect this on other coins:
I think many people are better off holding coins long term. Trading is not for everyone (it's not for me either) and it can be really stressful for most of us. Always chasing the next pump and beating yourself up if price drops and you did not sell. I bought coins many times and they went south almost every time at some point. Look at bitcoin, ether, litecoin, dash, (should I go on?).... They all experienced heavy crashes at some point. And they all recovered at some point. It's normal.ย
What made me make very good profit although I was in red for many months sometimes? Well, I did not sell. I just held my coins and let it be.
Well, I have to say that I don't invest in coins that I did not research about and trust. I don't do that anymore. I would never buy "Funcoins" or coins that are just a copy of a copy of a copy (you get what I mean). While you can make profit on these coins, it's more like a gamble than a real investment.
When I believe a project is strong enough, has good fundamentals and a trusted and professional team behind it, I can sleep well. Knowing the problem will solve itself. Either in a few days, a few weeks or even a few months. I don't care anymore. Because it will go back up at some point.
BTW: This is a another chance to buy some cheap ARDOR and NXT before the launch of the Mainnet and the NXT snapshot for free IGNIS coins. Check out my other posts where I predicted the rise of NXT and ARDOR two months ago:ย
I totaly agree with you, Just bought some extra nxt, the other one i will look into. But i also have a question, don't you think the panic short term buyers and sellers making it possible to let the more 'hodl' people make money?
Thank you Robertok :)
Trading is important for markets to even exist. There will always be short term buyers and short term sellers. I could make a thousand posts like this and it will make no difference. Without them, there is no market. It would be boring :D
And there are of course traders out there who are making good money by buying and selling on a daily basis. But one has to be honest with himself. For me, I am a bad trader. And most people are (from my experience). But I am good in researching and understanding how those projects work. So I only buy and invest in coins that can convince me that there will be more buyers than sellers in the long run or that have the potential of becoming a real business. Even if it takes a while.
Whenever I made good return on investment it was because of long term. And whenever I lost money, it was because I was impatient, fearful or greedy. Or trying to make "a good trade" ;)
Loved reading this, as a newer member of the NXT/Ardor community who just made his first NXT purchase (it was small, my Ardor purchase is going to be a bit bigger because of how the process of this ICO has been explained thus far, Ardor, after it's release, will be the main focus.
Thank you so much @askaran for the information! Voted up, resteemed, commented, and followed!
I hope you are right and thank you for the support ;)
You're welcome :)
NXT will probably not drop below 3800 right now. Just something to keep in mind if you're considering selling.
Even if it drops below that mark the risk of selling and buying back later is to high. Most of the "I am a hardcore trader. I never traded in my life, but I am a HARDCORE TRADER" guys will probably not get the price they wished for and end up buying back at a higher price.
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STOPfor me Panic sell = shopping time :)
thank you for this great posting
following
Thanks, Machhour :)
I agree, I've been holding NXT since it was .07c and am keeping it for the future along with IOTA and Ripple.
That's the spirit! Although I don't own IOTA and Ripple (yet?), I believe they are great projects. I wish you all the best with your Investments :)
People are likely just simply tired of the "arduous" nature of Ardor. It took forever to get any performance out of it and then it dropped again. At a certain point there are better options to put your money on. And if you think Litecoin is a temporary hike, you are not doing sufficient analysis of the situation. You have a lot better potential on LTC than you will ever have on Ardor. LTC is going to become the silver to BTC gold.
I never said I don't own litecoin ;) I am just telling how most people trade on an emotional basis and lose money doing that.
Of course ARDOR/NXT is stressful for impatient people. But that's one of the problems and why impatient people USUALLY (not always) make less money than the long term holder. I could beat myself up on a couple of coins I sold because there was "no movement" back then although I believed it was a promising project. But I was still new in the game and was very impatient and fearful that I could lose some money.
I could've made millions now (I am not kidding you) :D
Time is money. If something is not performing and you can identify a better alternative for making returns, then you should switch. This is not to say that you should be jumping all the time and if this is what you are referring to then I completely agree that you should hold. My point is that there are much better alternatives to put your money at this time than Ardor. LTC is a perfect example, Cloak will go through the roof, and Verge will be taking off soon as well. If there are better fundamentals with better timing then switch to these rather then just sitting on something with fundamentals but never moves.
Good points in this article. Interesting to see I'm not the only one that is thinking about this. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. I was wondering if anyone of you uses: https://www.coincheckup.com I'm really enthusiastic about this site, they let you analyze every single coin out there. Go to: https://www.coincheckup.com/coins/Nxt#analysis To see the: Nxt Investment research report.
Good article. Interesting to see I'm not the only one that is thinking about this. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. I found this great website: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. See: https://www.coincheckup.com/coins/Nxt#analysis For the Nxt Report