LTC has been embarrassing me lately. I bought in at $73 and took profit at $100. Went to sleep and woke up to this thing pushing well past $300. Bought back in at the dip to $315, angry at myself for exiting prematurely. After weeks of trading sideways, now this thing is bleeding out. BTC, of course, has been the main anchor dragging this down, but Mr. Lee dumping his coins and making comments about LTC going to $20 sure didn’t help sentiment. I’m holding, in hopes we’ll see previous highs again- hoping I don’t end up a bag holder here. What do you expect of LTC long term? Will it return to precious glory, or do we now have too many other options to care?
austinmfcoats
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@TheGush, it’s tethered to bitcoin, so it might retest highs when bitcoin goes back to 20k.
Nobody can predict the market with 100% accuracy all the time. If they could, they would not be here sharing their views (imo). I can't say what is the future for crypto currencies now that more countries are getting edgy over it.
Think about it, money is a sensitive topic and one that is or should be monopolised by the governments worldwide. They must remain the sole decision maker on printing more or reducing the demand. Either way, they must be in control. When is the locus of control is taken away as in the case of crypto currencies now, it makes the government looks foolish and redundant.
Who needs the government when the ordinary citizens can run the system so well? The play must continue and the plot must be thicken to cover up for the previous flaws, whatever it is and whoever causes it......
One thing to note is with the launch of crypto indexes , ETFs, options, etc , there would be more people joining the bandwagon. That to me means the medium term cryptocurrency is still bullish or rather I should say, it has not peaked yet. Currently, there are thousands plus of coins for people to choose from and it can be confusing to many retail traders who neither have the time to do their research nor know how to go about buying it. An ETF or index would conveniently solve the problem and also not forgetting, institutional players, bankers, sovereign funds etc have not yet enter this market (or have they secretly) in a big way.
All these bode well for the cryptocurrency.
Remember, use only money you can afford to lose and not to borrow to trade cryptocurrency. Do not be lured into thinking one can become an overnight millionaire. Of course, you can but in trading, it is about managing the risks element first. When you can answer the question - what if I am wrong? then you are OK, sleep well at night and without checking the price every few minutes for fear of it going against you.
All the best to you and trade safely !
TheGush
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@dchua1969, Well put. We all say that you need a plan, then you need to execute that plan. Don’t just throw caution to the wind and be reckless. If anything, the flash crashes in the past couple of months have taught me a valuable lesson: weeks, months, or years of gains can literally be lost in a moment. That being said, while I have not invested more than I can “afford to lose” (funny phrase, none of us call really afford to lose our money, haha)- I am setting my goal to double my initial investment, then immediately take profit and recoup that initial investment. At that point, I can sleep well at night knowing that at worst case scenario, I lost money that was never mine to begin with. To me, there’s a difference in risking money that took me months of hard work to save vs. “easy money” that I gained simply by investing. I’ll maybe stop and take some profits along the way as I see fit. In 2018, I will be smarter with my crypto investments and stop buying/selling on emotion. Emotional moves have cost me over $5,000 in the past 2 months alone. What a fool I’ve been! But we all have to learn, right? We all made these mistakes at first. The only true fool is the one that doesn’t learn from those mistakes.