[Vlog] Arrgh!! I Sold My Bitcoin Too Soon!
Emotional investing
I don't know about you but I find it all too easy to allow Crypto to take me on an emotional rollercoaster.
"I shoulda, woulda, coulda bought, sold, held, my bit,lite,byte,might,right,sight- coin etc."
These emotions are natural and to a large extent healthy. I find it resourceful to not get carried away with how I'm feeling at any given moment in time and stick to the plan that I've set for myself in a cold rational state.
In this video I talk about hindsight bias and dealing with the euphoria or despair of the moment... as it relates to my recent profit taking and the bitcoin price subsequently surging further.
Too dry?
For those that don't like the sound of any of that jazz and wish to stay connected to their emotional state. Kick back, relax and listen to H-Town instead!
Listen, it happens. It is really difficult to predict markets. In this sector buy and hold for years is the way to go.
1st rule of bitcoin: Never sell.
2nd rule of bitcoin: NEVER SELL!
... ok you can sell a little to buy a new house, but never sell most of it :D
Same here. I have never traded BTC in particular. I use to trade only Altcoins but now I only invest and HODL the best coins I feel after putting lots of research.
hahaha , good strategy indeed.
Hodl! Why would you sell Bitcoin? It hasnt even hit 50k yet!
http://www.FlippyCoin.com is the #1 Cryptocurrency Exchange!
Using this many images in comment is obtrusive and annoying. Stop it pls.
I was going to say exactly that. My bitcoin strategy for 4 years now, i can almost retire :-)
Even if I could by I house, I would only sell half.
Great rules. I will copy that. :-)
We should make a coin called "FIGHTCOIN" LOL
You summed up the emotional roller coaster beautifully. If you make any financial decision where emotion is present, more than likely it will have been a bad decision.
I just recently implemented the SSS strategy for my crypto holdings that you recommended. Thank you very much for providing it. It suits my investing needs and personality very well and has made things quite easy going forward. It's a perfect balance of long term investment and profit taking at specific intervals that gives you the best of both worlds without an emotional attachment.
Have a great night man!
Great advice! Acknowledge it, but dont react to it! Relax and stick to your strategy! Wise words, will use it in the future
Basically I tend to listen to you now; when you told me about your Steem strategy last year, I thought, 'yeah I'll do that as well' then I didn't, now I regret . .
I like your coolheadedness so you know, no pressure, just keep getting shit right! :-D
Cryptogee
Hey @nanzo-scoop, I believe you are not the only one. Many people get stuck in the emotional investment in Bitcoin and other crypto, including me, lol.
Great article and very good advice! And good luck with your trading!!
I've been on the same emotional rollercoaster ahah. Now I just HODL
Hindsight can be a cruel bitch. But I think your attitude of not acting on it, is the correct one. As long as it reached the price point that you were wanting it to go to then you are still a winner in my opinion.
You had an appropriate game plan with a good target and followed through on it since you know better than to get caught up in hindsight bias. Good job sir!
Crypt0's news advice : "Everything that you believe in enough to buy, Hodl until 2020." I'm going to try to stick to that!
I hope that strategy works for you!
Ty!