As BCH dumps lots of traders are losing huge amount of that they hold for a while. They were starting to neglect they haven't withdrewn while others were starting to look for a better platform.
Some were worried/shocked with BCH price but those who are aware with these possibilities started planning or making new strategies. They grab their portfolio and start to analyze.
Some were happy because for them that is healthy market as they get to buy more.
As a newbie to all these things, I observed and tried to do self study. There are a lot of factors that affects the traders.
Portfolio/Own Strategies- nothing is permanent and no one really knows what will happen the next few seconds in the market. Will it dump or pump? But if you have been active for quite awhile with trading and you've got a lot of experience and knowledge than the others your own judgement and perception often affects your decision to hodl or sell.
Experts Posts- there are couple of people that were considered as experts when it comes to understanding the market and they were the most followed people through out the social media. Their every posts were on the look out by newbies and other traders especially if they would usually consider these experts judgement or prediction.
Research - by doin so you would be able to understand history and how BCH and other crypto's works from the last few years and somehow it is believed to show a pattern. Try to learn things out. But remember its always bloody on the first time. Even when you start up a business you can't gain profit right away. You'd have to invest first on the products, building a store or renting a place. The question is, how much can you invest and how much more are you ready to lose?
Co-Traders- if experts affects the traders decision much more their co-traders turn into friends. Those that they have trusted. Some despite being a newbie were asked by others if how are they trying to position their BCH especially since its dumping. There were lots of discussions available in social media. Be it in twitter, facebook, noise and etc.
But on top of it all always remember, "TRADE WHAT YOU CAN LOSE".
Never ever trade expecting too much profit from it since we can never tell what may happen. It may be green today and then bloody the next day or vice versa.
Avoid trading if the money is supposed to be for your daily needs. Do not put your allowance or budget at stake just because you want to trade.
For me, TRADING is like a VIRTUAL way of GAMBLING. The only thing is your rival is the market itself and not some other person in a Casino. Ideally if you lose money you should only blame yourself and yourself alone, you have the last say and decision. The experts or your co-trader just got nothin to do with it because they are only there to voice out their own predictions but at the end of the day whatever would be the out come its gonna be YOU who will either lose or gain.
Now if I may ask the same question posted by Sir @Macronald :
A tap on the back for everyone! I won't say STOP but rather TRADE WISELY. And only trade an amount that won't hurt your way of living. As what I have observed, other traders are trading their profit and withdrawing their capital. But then again, it is YOU who has the last say.
Disclaimer: Screenshots taken from noise.cash posts of the following respected users: @bmjc98 @Pisces-jr15 @divinagarcia -noise.cash user, @tired_mommamo and @Macronald .
Thank you for reading everyone! Hodl wisely!
Published: February 24
Good points as ever. I'm also new to crypto and BCH hitting 25k is an opportunity to buy more and not dwell on how much we lost because it will naturally go back when BCH hits another all time high :))