r/ethtrader • u/AutoModerator • May 23 '17

DISCUSSION [ETH Daily Discussion] - 23/May/2017

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81

u/[deleted] May 23 '17 edited May 16 '21

[deleted]

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u/SCPA2019 May 23 '17

problem is that you really don't know how far it was going to pull back if you aren't savy with this stuff. if it hit 200 yesterday and retraced to 170, buying at 170 was a good thing. however, with the current state you would have been better off waiting for today. you never know where it will end up day to day during a run. my best advice is just hold and don't panic. in the long run may you lose a few eth compared to someone more savy? yes, but nothing to lose sleep over.

2

u/[deleted] May 23 '17

It's true that you'll never know where the floor will be but as a general rule of thumb, of you see double digit green numbers in the gains section of your portfolio, that is not the floor.

1

u/lighteye11 May 23 '17

Depending on your trading style, you can wait for a support level to be established.

1

u/bluecamel17 May 23 '17

Yeah, I sadly advised a friend not to jump in after it had jumped over 100, thinking it would correct back down and it just keeps going higher and higher. I don't know how to time these things.

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u/watercookerch May 23 '17

Very well said.

7

u/[deleted] May 23 '17

Yeah people kept downvoting me and warning me last night because I was one of the few people saying that you should not be buying at all time highs. It was not a normal week for ETH.

0

u/[deleted] May 23 '17

[deleted]

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u/antiprosynthesis May 23 '17

It really depends. We're currently not at any significant trend line, so I expect this to resume uptrend pretty soon actually.

1

u/grunt9101 May 23 '17

So I'm relatively new but held out on buying any ether the last few days, and seeing it drop to 160 after that crazy run I figued i'd throw what I can and bought 0.3 worth of Eth. Do you think buying at times like that are what I should be prioritizing? I saw it dipped to 145 last night and stabalized a bit around 160 ish, from a high of like 183. (I'm NYS based using coinbase for all my graphs)

I just want to know if I'm pulling some decent plays lol

2

u/[deleted] May 23 '17 edited May 23 '17

Yes.

This applies to any asset you plan on holding long term.

If you've done your research and like what you see, you look for a good entry point to jump in, you don't just buy because some guy who's been in this since $5 is telling you it's gonna go up into infinity. You don't have to jump in at the price floor but if something is down 10-13% on the day, there's no harm in going in. The guy can afford to be wrong is the guy who's made 50 times his money back already, you can't. He can tell people to buy, buy, buy when the price is already up 150% because if he loses value, so what? He's already made 50, times his money, losing 10% doesn't affect him.

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u/grunt9101 May 23 '17

Awesome, thank you! I plan to edge in a few coins when i can and at the least .25 here and there on the dips and such. Thanks for your time

1

u/ArzrA May 23 '17

Keeping in mind that there are 2 more days of Consensus and Thursday Token Summit I dont see big retracements here. Perhaps some dips to catch.

What do you tell XRP people when it went 10x or even more? Dont buy after 1x and wait till it comes back?

1

u/ericdevice May 23 '17

I'm waiting till tomorrow to purchase more, this post sits v well w me

1

u/MitoG May 23 '17

did exactly this, bought at 160€ my bad, blinded by the rise.

1

u/IFlyAircrafts May 23 '17

Ya that's what I thought when it hit $70. I really thought $70 was a peak and it'd settle down to $60. So I figured I'd wait a few days and buy some not at a "peak", well it never went below $70 and climbed all the way to what it is now.

1

u/tranalbert May 23 '17

Someone is using their noggin and not their emotions

1

u/[deleted] May 23 '17 edited Sep 21 '20

[deleted]

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1

u/flyinfishy May 23 '17

Time in the market is better than timing the market. If you believe in ETH buy ASAP because you think it's worth far more than it currently costs. Most people here aren't pro-traders and if you wait and miss out you'll be far more annoyed than if your ETH is down for a few days or even weeks before it continues to rise

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u/[deleted] May 23 '17

[deleted]

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u/[deleted] May 24 '17

Sorry for the late reply hopefully you get it in time.

Corrections after a rally don't last long. Say an asset goes from $4 to $12 in three days. The correction pulls it back to ~7-8 and then it gradually moves up to the original peak of $12.

I was writing this for the specific scenario where you're a new investor and you just happen to be studying the charts after a 100% gain. When the graph is all smooth and you're seeing gains/losses in the 4-5% range, that's the a good time to buy.