It's one thing to make a plan, it's another thing to stick with it.
For about 2-3 months I have been selling crypto to Fiat.
When I made that move I felt that I was overextended in crypto.
I wanted to mitigate risk.
It was part 1 of a plan that could have gone either way.
Crypto could have gone up and the value of my total holdings would have been less.
But it came down and now I can use the Fiat I put aside to buy back in.
I started this process last night.
I'm not a person that goes all in at once. I buy gradually over a long period of time.
I bought a little bit of crypto from all the coins I want to have.
This is now my baseline.
As long as it's under this line I will buy the same amount in fiat of crypto at certain intervals.
This way I will have a nice buy in average.
I talk about it more in my vlog.
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Same, planning to get more ETH today. 2018 will be huge.
You did best thing to do - respect.
I took out some in December expectingJanuary to be weak but not as much as I should have as I listened to much to others.
And I bought back in to early (but that is s.th. you never know) as I thought it is the regular January dip and gets back up soon. To be honest I am not so sure about that anymore as really a lot of trends have been broken and a lot of people got burned. Who would put money in right now. Ok you - but I guess you are one of 100 who sold at the right time and you are the only one I know. All others have "Bought the dip" much earlier and gut burned - now starting to get scared that we might face a long term bear market like in 2014...
Thank you for your honesty. Buying in to early happens. All investors been there, including myself.
Do you have enough time to wait it out? Then, I would wait to see how the markets develop. If they go way lower you can add some and lower your buy in average and if they go up you will be fine too.
Don't trade on emotions, trying to win some money back, that's usually bad. I hope this helps.
You are right - luckily I got some experience (not too much) and have at least an indication when I am on "tilt" meaning my emotions taking over. But your advice helped (I appreciate it) because I know I am at the moment - closed all charts today and committed myself to a "no look at it day" ;-)
I still don't panic :D
I wish I could have some money at this downtrend and buy more cryptos.
Makes 2 of us. Now I think things will explode just like the boom of the dinosaur market of the 90s. But this time the masses just don't know what Crypto currency is so the 1% who do will catch the train out of here.
To the Moon and I hope to make enough to catch a ride on Space x, that will be enough for me.
yes friend it is a right time to buy crypto 😊
I Was telling my son about this yesterday
I remembered your post on this topic and thought it was great knowledge to pass on
We get overexited on crypto sometimes,
and tend to forget fiat even exists,
I remember you said something like,
It is great my crypto wallet is growing,
but my fiat is at a standstill,
and I will need that to buy in future dips..
Looks like you were spot on, once again 🤗
Being overextended in anything is usually bad. I believe in diversification. In hindsight I should have sold even more. But hindsight is always easy.
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this is so true. i didnt sell any - but luckily i am able to buy more on this massive dip and even if the dip continues i will buy small amounts in. i have a firm believer we'll be back to where we were (maybe even more), even if it takes some time.
https://steemit.com/life/@izuchukwu1506/who-is-leonard-da-vinci
Great strategy, you've been selling crypto to Fiat for 2-3 months?
I agree the downtrend will keep going for a while now. I'm going to wait till the lunar new year, then buy some.
Good advice, thanks, Exyle :D
Yes, I have. I wrote about it here.
legend trader
https://steemit.com/life/@izuchukwu1506/who-is-leonard-da-vinci
nice stuff, follow me and watch my latest health related videos.
Do you have any tips for establishing a base line?
I got in on ETH in june last year and basically did the same thing you've done.
But now it seems unlikely that ETH will ever get below €200 again, so I can never buy in again.
Obviously it might, but lets say it doesn't:
How do go about establishing a new baseline?
To establish a new baseline I took profit on the way up. This is key. Then I waited for the markets to turn (or never, then I just have less profit and less crypto and I accept that). Now it has come down enough for me to feel comfortable to buy in again but this 'baseline' is different for everyone.
It should great another place as ever
Do you use #BitShares @exyle?
I also liked this very much, it explains a trading line I didn't knew about:
Excellent video friend and you are doing right thing to buy and hold more crypto in such low levels and i think it's definitely a buying opportunity for sure, i wish I had some extra fiat in my pocket to pick up some crypto at such low levels, wish you all the best in all of your future endervors! Stay blessed
A very wise decision indeed....Wishing you same success with your Crypto portfolio as you are having it in Steem!
you really need a strong hart to deal with crypto - these days are the milestone that will separate the "so-n-so" people from the "really-committed-to-crypto" people
i am also enhancing my portfolio a bit these days...let's share the results in a few weeks/months
Cheers,
Adrian
I agree with this statement for CNCB:
One of the biggest problems we’ve had in this market is institutional investors don’t know where exactly they stand regulatory wise, what can they do, what can’t they do.
**This week Feb. 6,
The Senate Banking Committee are having a meeting and they’re going to be talking about what the regulatory oversight role of the SEC and the CFTC should be when it comes to cryptocurrencies and virtual currencies.
It should clear up some skepticism and give us more clarity. (Price is also suppose to soar, according to CNCB)
Check out more info here. https://www.express.co.uk/finance/city/914010/Bitcoin-price-why-BTC-falling-today-cryptocurrency-news-value-crash-latest-blockchain
I think that markets will still drop to 200bilion market cap as that is when market started to go up with unnatural speed - so I will wait a bit more :)
this is a good time to use dollar cost averaging
The best time to buy is right now. I bought some steem the other day
I will be HODLing , But what makes me worry is the marked cap is decreasing like crazy.
Smart move.
I have only remaining 20%-30% of my portfolio and i will not go for panic sale. I will hodl for almost 2018 last.
You are the lucky (Or Expert) to get the best entry-exit time of the market. Most of traders like me are just hopping to get the market recovered.
It goes great if i was able to manage to get some of my investment in fiat.
Exactly what I am planning to do as well. At every support level you can see there is a bounce back up, it clearly shows that smart money are accumulating.
Now is definitely a good time to buy, all have to do is sit and wait.
So much love to share,.. and Yes,... with the one who appriciate it everytime
Excellent strategy for the distribution of assets and the fact that now is a very convenient time to buy, makes our assets promising. It is very important, as you correctly noted, to buy in several optimally low markets and just a little, this will make the hold the most profitable! Thank you Mark.
Smart idea
Well done
After this terrible descent
Stoke a jump in the price of digital currencies
And will reach its highest level
It is bought now
He will certainly win in the future
@exyle great way to get back into the Cryptos you like, average in and you sleep better at night than those that Buy all at once.................
I like that you discussed this to share the experience .... ???
I don't know what you're talking about because i am still noob here. But someday i will follow your steps 😋
Just don't panic.
nice post..
Hy guys.. what aplication is that.. I want to download
Thats coinmarketcap website
That's really a nice plan for you. With the current situation of the market, I plan on HODLing till the market value regains it status and my profit high. I think I'd implement this your kinda technique.
Everyday crypto teaches us. Thanks for this post
really nice video
yes i really support you ,,,
please vote back,and follow
Buy XRP (this is not advice lol) ;)
Re-steemed
This is very wonderful writing about it & thanks to share this content with us.
Well said...
Good idea....
Great suggestion. Would check out your vlog for a better picture. This days, I've been quite skeptical about purchasing more Crypto coin.
But would give it a shot tho.. Like you said "don't jump all in at once". Sure I'll keep to that advice. Thanks @exyle
This nice story thanks for sharing this dtube..
Awesome plan!
wow....very nice story , beautiful writing , amazing post, thanks
Thank you
nice post
good strategy!!
Wow great intelligent work you have performed ,and also provide us the very best information and rules how to do business of cryptocurrncy. Thanks for sharing such a message to the people.
wow.....excellent story , nice writing , lovely post , thanks for sharing
Very nice decision your making buying at this down trend. It shows your level of faith and belief in crypto which is cool. Even at times like this when people are panicking, you still remain calm and for that, I am really inspired by you.
###lets do this...time for some crypto buy.
That's really a nice plan for you. With the current situation of the market, I plan on HODLing till the market value regains it status and my profit high. I think I'd implement this your kinda technique.thanks.
Nice thinking and good story
Your posts have been a good source of crypto knowledge for me since my first step into the crypto market was steem through steemit.
I sold my first earnings when sbd was still around 8k and I have been reinvesting that money into buying the drop in other currencies and steem over the past week.
Now I need to adopt this plan of yours for the longer term... Thanks for sharing this.