Everybody was screaming HODL when Bitcoin was $20,000 and dropped to $10,000. It dropped even further. Still, everyone was screaming HODL. This meme is a trick by whales to sell to newbies. HODL is a great long-term strategy over several years, but a terrible short term strategy.
- Past performance isn’t indicative of future results
This is something that every newbie spams around. Yes, past performance isn’t always right, but it is right 9 out of 10 times. Show me a more accurate indicator for future performance than past performance and I’ll change my mind. 😉
- Never use stop loss
Never use stop loss, because then the big whales manipulate the prices by triggering your stop losses. Yes, while this might happen every now and then, it doesn’t happen with more than 1 out of 20 stop losses and even then your losses are in the 2–3%. I speak from experience of thousands of stop-losses.
If you don’t use stop loss over the last month and had altcoins, you lost 60% of your holdings. I would choose being “manipulated” once for every 20 stop losses I make and losing 2% over losing 60% of my holdings a 1,000 times.