I hate to make another post about this but today I see more panic everywhere, and more red in the markets...
However, I'm not phased by this inevitable pullback. I'm new to crypto and since I'm only 18, I'm new to investing full stop! Looking back at the graphs, this was inevitable and I should've listened to those saying so, which I just labelled as "FUD!!" back then. However, despite the state we're at now I've taken out more than my capital plus I'm still up around 1500%-2000% my initial investment 5 months ago so I'm not panicked, despite being 75% under my peak just around a month ago.
If you've invested a LARGE sum of money into crypto and depend on it for a living, I recommend a different course of action. I'm not a financial adviser but setting a stop loss or pulling out a percentage is probably the way to go.
Why I think it's too late to sell now
Too risky... (to sell low buy lower)
For those day traders out there (myself included), we like to make a more crypto during a dip. Sell low, buy lower!!
However, I feel the rebound is imminent and I'll probably fall for every bull/bear trap as I'm not experienced and don't have a crystal ball.
I used to day trade emotionally during dips and I'd lose a lot... my heaviest hit was a dip back in December, I lost 60% of my CRYPTO, meaning I'd have 250% more money now if I just held during that day instead of day trading all day and being stupid.
I feel like most of us are emotional and more or less a little scared, even if we don't care to admit it. During these conditions day trading it LETHAL.
Belief in the tech and coins
The coins I've invested in are all coins I believe in.
My biggest holding COSS is taking a hit right now, but I believe with their implementation of FIAT in March and multiple trading challenges on now, I believe that they will soon become a consistently $1 million daily volume exchange, then $10 million then $100 million!!
I believe in the Steem blockchain my 2nd biggest holding.
I believe in ETH, my 3rd
And I hold BTC just because everyone does ;)
I also hold a small portion of many other alts, and I know that even if bitcoin falls, these coins still have real use cases or real world value.
US likely positive regulations soon (purely speculative) (source)
Many of the members who will be testifying at the SEC tomorrow are bullish on cyrptos, including the SEC Chief Jay Clayton himself. "There's no doubt in my mind that our regulatory framework is not holding back the promise of this technology," he says, "in fact it's the other way around".
Furthermore, a redditor points out there is no reason for the US to crush crypto, as they "know what's at stake". Plus they can make an "ungodly amount of money" from it.
Plus, this
Further Good news all round!!
- India not banning crypto
- COSS allowing USD deposit in March (oh... and Bittrex but without an ETA)
- (COSS TO THE MOON)
- Major bitcoin holders adding more to their wallets
- AUS banks allows crypto trading, sets an example for other countries + banks
- "cryptocurrency is apparently superbowl locker room talk"
- Twitter and Square CEO recently overtly supporting bitcoin
- IT CAN'T GET ANY LOWER RIGHT??