This is a famous image which really affected me when I started trading... HODLing just seemed like an obviously better strategy than trying to navigate the treacherous waves of the charts...
But something I've realised:
When you buy a coin, for each moment that you own it, you are essentially making the choice to "buy" it again.
Just because you got it 3 weeks ago and have not sold it, doesn't mean you're not making choices. Every second you own the coin, there is risk involved, in that you have money invested there (depending on the coin's fluctuations) and also in that, while that money is tied up in that coin, you might be losing out on an opportunity elswhere.
Basically, I'm saying that, by not taking action, you are still making a choice. Not taking action is still a form of taking action ;P
I'm posting this because I'm part of a few groups on Facebook where I see many people saying "just HODL!" when a coin is not doing well... And that may work out, yes. It can be safe, because more often than not, a coin will return to where you bought it at... But one must consider that there is cost to this too... How long will you wait for that coin to get back up again? How much time will have been wasted, when you could have taken that money and put it elsewhere, possibly making up for the loss and more?
Opportunity cost seems to be something new traders don't really realise exists, so think carefully before deciding to HODL a coin that is running in a straight line or descending. It might suck that you've lost money on it, but that cost is gone already, even if you do make it up in value eventually, because the cost in time is still there.
To reiterate: Keeping a coin that's doing badly until it rises again does not mean you don't lose. You do, in opportunity. The investment could have been serving you better in a better coin.
Of course, if you believe a coin is only down for the short term and might skyrocket soon because of research you've done, then fine. Just don't HODL because everyone screams HODL because they're all holding bags of the same coin wishing it would go up. Always consider the cost in opportunity!
Another great post. Keep it up mate!