Red Days
What do you mean by "Buy The Fucking Dip" (BTFD)
In red days like we have today and perhaps another day, what we do as smart traders / investors is we buy this dip, we buy coins that are in the top 50, not some shit coin that will not go anywhere. Now I know there are coins that are under the top 50 that are golden charms, however I don't like to mess with them. Well, maybe from time to time but mostly I just buy coins in the top 50 and guess what in a dip like this they are for SALE on a DISCOUNT.
So what we don't do is "Sell The Fucking Dip" (STFD)
Just like I have stated in my previous article about Panic Selling
That's something we will not do, because it will only lose us money, as long as you bought in a dip, so a retracement of a coin you are good. Now just because it dips a little further your mind is telling you "Hey you! sell this shit coin you have" but you know better and keep that coin, it will go back up.
What can I do if it drops lower than the current support?
This is real simple, just buy MORE of it. Of course wait for the coin to stabilize on a new bottom, this way you will average out and now people will tell me this is the most stupid thing to do, that's what I thought as well when I started trading, because I mainly watched Stock trading and Forex trading videos.
Don't forget that we are spot trading for the most part here in Cryptocurrency, what that means is that we trade with coins that we own. We don't trade a lot with leverage. We can hold the coins as long as we want without paying a dime for holding them.
But I love to trade, what can I do?
I am in the same boat as you then, I love to trade, however recently I've discovered that you can do both. Just start trading with a small amount while you still hold some coins that you bought on a dip, trust me you will come out on top doing this. Just take a look at the charts and you will discover what I've discovered. Coins only tend to go up in the long run, I can't find many charts where it goes down at all. Sure we've had some bearish months, but even those people that were stuck in Bitcoin in 2013 on the top if they would've held they would be in profit now. Same for some altcoins, the people that were stuck in Lite Coin got out too. Just like I've said in my previous article, all of my losses in trading so far have been for nothing. Don't make the same mistake where you see that your coin goes up after a week or sometimes a month and you got out of it with a loss.
In short: Red days are Shopping days! Have fun shopping with a lot of discount!