Quote:
Originally Posted by Mutt
why are u selling when they are skyrocketing - just hit 900?
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lol, lemme add about half a dozen investing cliche's here.
When the local mainstream news is talking about the massive spikes, that's pretty much the time to sell into the retail mom and pop folk that come in. The chart is almost vertical - you buy the rumor sell the news. Sure dollar cost average while you sell down so you don't sell way too early in a spike but the whole point is to buy low sell high, by the time things have already exploded by buying in you're more likely going to be the one left holding the bag. The skyrocket is more the rise from 100 to 900, it's highly, highly highly unlikely to go from 900 to 8000 in the next month so you take real profits and run. Like playing poker, if you look around the room and can't tell who the fish is, it's you.
Trying to pick bottom leaves dirty fingers, but trying to pick top is almost as bad. I'm just annoyed they killed BTC CFDs. Heh with some leverage and guaranteed stops this last appreciation would have been epic.
I'd be looking for consolidation at the ~$300+ level for a while before the next leg up but I'm FAR from an expert on BTC, this is just general trader paint by numbers stuff. I dunno, I learned a while ago not to get greedy on anything too volatile.. You just slowly derisk your position by selling down in tranches you're happy with. The 200% profit tranches look stupid when it keeps going up and you're selling 1000% profit tranches but they look a hell of a lot smarter than -50% tranches..
It could go a lot higher of course, just I guess some people at hitting their "happy to sell, won't cry too much about the possibility of it doubling from here because at least I've taken the certainty of 300%, 400%, 500% etc" profits.