Helloooo. So, over the weekend, I’ve decied to withdraw a huge chunk of my coins. It might have been a bad idea since prices may go up again in the coming months, but I’m hoping price continues to go down so I could get in again if ever. What do you guys think?
Are you trading or investing? If investing it might have been better to simply DCA in if you can afford to spare more. If your belief is long term growth then that would save you trying to time it.
There is no intrinsic value in holding cryptos, so the order flow will dictate whether buyers or seĺlers are in control.
If you have a crystal ball it will tell you that by closing part of your holdings, as will many others, the price will continue to fall until it reaches a supply and demand zone.
In that case you could place a buy limit order and do nothing until you get order flow action going your way.
Oooh what prompted you to do this?
I just saw someone say something like “add during capitulations and trim during euphoria” aka buy low sell high hahhaa.
I am HODLing all my bitcoins right now. I still believe in bitcoins and they will go up potentially. Panic selling is not good when you’re an investor.
I mostly just HODL, and my initial plan was to withdraw once price goes up. But, with everything I’ve been reading, I saw that there’s a high chance that price will continue to go down. So I thought I might as well withdraw now, and re-enter eventually. I’ve heard of DCA but I’d have to read more on it!
That makes sense. I’m actually just thinking of ways to get back in and I might just go with your suggestion. Thank you so much Streve!
Definitely! Buy low sell high is the way to go. But with prices continuing to go down, I might as well withdraw while my coins still have value. Maybe add the money to my forex trading account? Once prices go further down, I plan to re-invest though!
Dollar cost averaging means you don’t have to know the bottom. Just invest what you would otherwise plan to in regular amounts on a regular basis over time. So If you plan on putting $100 into a coin or token over a month then do $25 a week. This means you get a good average price and are more likely to catch lower prices than trying to time it. Statistically it has been shown to work well when investing in bear markets especially.
Totally support this! Your trading’s doing really well!
Thanks for the clear explanation Cash! Sounds like a good way to go about it.
I hope it stays that way tbh. But thanks ponpon!
Some really good stats to back up how it works well for most investors over the long term.
May I ask what you were holding?
I’d just keep my eye on the market in the coming weeks.
That’s a good decision considering the current market condition. However, it can also be a wrong decision for some.