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My Top Ten Tips to HODL

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8 minutes ago, Sio2yH2O said:

@Hound Not sure if you've seen this but is very informative. Watch the video.

 

To be honest..most investors do not trust the government after they pulled of this in 2016.

https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation

(Think of it this way, Imagine Donald trump goes on live TV and suddenly declares the $100 bill is not legal tender...the panic that would ensue?)

There was wise spread panic here during 2016-2017. Investing in Crypto is already considered risky to a great degree, Government FUD on Bitcoin is scarring investor confidence in India.

Because almost all exchanges trade Bitcoin the contingency of a shutdown means XRP investors get affected as well.

Our government is unpredictable so most investors here are on high alert for the time being. Out of the over 200 people in an online group i'am part of almost all have exited their positions, mostly because the market has been already in the red, and today's announcement just pushed them off edge.

 

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Got my Nano Ledger S. As soon as I figured out how to operate it I will place all my xrp in it. Then I will check the price at the beginning of every month. I don't want to stress myself out with the ups and downs that I am sure 2018 will be remembered for. I Will concentrate on my business that keeps bread on the table and will remind myself daily that I am a hodler and that this years xrp price is only the beginning of what the future hold for hodlers. If we really are hodlers-  then price should not be a concern right now, should it? 

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8 hours ago, Chewiecoin said:

Any other advice on how you HODL?

Yeah, here's a good piece of advice.

Open demo accounts in FX (use MT4 as platform).

Trade them into oblivion.

Realize you suck at trading.

Have fun winning 100k just to lose 130k ten hours later.

Have fun with this play money and let Ripple take care of the price appreciation of your real zerps.

Works wonders.

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I wanted to pick your collective brains.

I'm new to this, started like a lot of people in mid to late December, have quite a lot of XRP, and am currently averaged out at $1.42 and obviously heavily in the red.

It seems obvious to me that the thing to do is to HODL, and never sell in the red, having put in money that I'm willing to say goodbye to.

But are the majority of punters out there not HODLers? 

It seems braindead to me not to HODL, and sell at a loss, particularly looking at the long term as well as the recent performance of all of the major coins. You grit your teeth through the losses, then patiently wait for the big pumps. That's the advice given by most people on this forum. It feels reading this forum that that's what most of us are doing.

But do the majority of people out there not do this? Is there any data that gives us any clue about what proportion of people HODL, and what proportion don't?

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9 hours ago, Hound said:

@Chewiecoin Iám Indian and Hold only XRP, Today afternoon India Time, The Indian Government-Our Finance Minister has declared Bitcoin and cryptocurrencies not legal tender in the union budget, they have also made is clear that they will discourage trading and use of cryptocurrencies in India. There is panic selling on all exchanges, almost everyone i know has sold out their coins.

 

I do not know what to do, i would love to HODL but what if i cannot convert it into fiat into the future, or what if the government sends me a money laundering notice "They have sent a few to people i know, and those guys sold immediately..though they didnt even own that much Bitcoin.

 

This is getting pretty worrisome.. can someone tell me a way if i could work around the XRP to fiat problem. I will then HODL all XRP in cold storage..sadly for the above mentioned reasons i cannot buy anymore as the government has blocked accounts of the exchanges in India through the banking network..

 

To be honest iam freaking out...

You should follow the law of your land my friend. Don't try and get around the law or you may have to face consequences. That said, there is no law as of right now banning crypto but it seems like it is sure to come. If you think the market will recover some before the law goes into effect then hodl one last time. 

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12 minutes ago, charmaser said:

You should follow the law of your land my friend. Don't try and get around the law or you may have to face consequences. That said, there is no law as of right now banning crypto but it seems like it is sure to come. If you think the market will recover some before the law goes into effect then hodl one last time. 

Iám Hodling in cold storage, they can come and try to get the key out of my head.

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2 hours ago, djdhrubs said:

It seems obvious to me that the thing to do is to HODL, and never sell in the red, having put in money that I'm willing to say goodbye to.

This is logically unsound unless you're of the belief that the current drop in the price of XRP is just market "noise," and that the technology is fundamentally sound and will eventually become an accepted standard of global monetary transfer. I do believe that. That's why I'm holding it.

I can see the intuitive emotional appeal of "never sell in the red," but what if the stock, commodity, or coin never comes out of the red? There's no intrinsic, logical reason why you should have a better chance of getting your "lost" investment back in the stock where it's currently invested than in some other stock, commodity, or coin that's on the rise. So long as brokerage fees are low, you're better off moving your $$ to something that's rising than leaving it languishing in the depths where it is.

The money I've got in cryptocurrencies, I had in a brokerage account at a discount broker invested in a mining company that did well two years ago. I expected that the election of Trump would shake markets a bit and that gold and silver proxies would rise. Boy, was I wrong. I lost almost 1/4 of the value of my investment in that company over the year or two that I held it there. If I were following your advice here I would have continued to hold it until it rose enough so I would break even. And I'd still be holding it and would have lost even more.

Instead, I transferred it over to Ethereum. I did that in June, and by the end of December I had all my investment back and then some. Now I've got XRP and XLM as well. Yeah, I'm down a little today, but I'm still way ahead of where I was last June. 

What makes an investment worth holding while it drops is that the investment is fundamentally sound and you know it. Markets always rise and fall, but you have confidence that despite the short-term fluctuations of the market, the thing in which you've sunk your money is going to rise over the long haul. Plus, day-trading is a high stress activity fraught with risks. So for the average investor, the smart thing is to pick something that's fundamentally sound, put your money on it, and forget it.

But there's no point in holding on to a dog just because you're below break-even. If it's a dog, dump it and choose something better.

Edited by philwynk

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11 hours ago, Hound said:

@Chewiecoin Iám Indian and Hold only XRP, Today afternoon India Time, The Indian Government-Our Finance Minister has declared Bitcoin and cryptocurrencies not legal tender in the union budget, they have also made is clear that they will discourage trading and use of cryptocurrencies in India. There is panic selling on all exchanges, almost everyone i know has sold out their coins.

 

I do not know what to do, i would love to HODL but what if i cannot convert it into fiat into the future, or what if the government sends me a money laundering notice "They have sent a few to people i know, and those guys sold immediately..though they didnt even own that much Bitcoin.

 

This is getting pretty worrisome.. can someone tell me a way if i could work around the XRP to fiat problem. I will then HODL all XRP in cold storage..sadly for the above mentioned reasons i cannot buy anymore as the government has blocked accounts of the exchanges in India through the banking network..

 

To be honest iam freaking out...

thats real insane man... Move your coin to a ledger wallet and hold it for long term like 3 or 5 years.. If you have any family member in USA or in another country that lets you sell crypto , u can send it over to them and ask them to sell it and pay tax in their country.. And send the proceeds to you.. Tax is exempted for gift money from family members in India.. So you don't have to pay tax twice.. 

Anyway I am not a tax consultant or financial consultant.. Do your research and make a decision.. 

But this my personal stance on today's announcement from India's FM:

They want to create panic around crypto .. And they will let Reliance launch Jio Coin.. Govt won't show any opposition against Jio coin.. So everyone will jump in to buy Jio coin.. Reliance industries will pay off their huge debt for free with Jio coin ICO and BJP gets their share.. Its win win situation for both the company and govt.. 

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28 minutes ago, alottaripples said:

@Chewiecoin  what a great OP !

can we vote to have this promoted to a Sticky Post ? in a section “Help me, I need the HODL-AED” ?

what helps me: I wrote down some notes of all great news, pilots, etc on a piece of paper and keep on adding stuff. By writing it down I get even more excited!

Thanks @alottaripples  there's some great advice on here about how to HODL. I wanted to try and summarize it in one place and add my 2 zerps worth as well. 

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Great tips. I'd add just one – as soon as you're +/- comfortable with the price, get your initial investment out and leave the rest growing. 

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3 hours ago, philwynk said:

This is logically unsound unless you're of the belief that the current drop in the price of XRP is just market "noise," and that the technology is fundamentally sound and will eventually become an accepted standard of global monetary transfer. I do believe that. That's why I'm holding it.

I can see the intuitive emotional appeal of "never sell in the red," but what if the stock, commodity, or coin never comes out of the red? There's no intrinsic, logical reason why you should have a better chance of getting your "lost" investment back in the stock where it's currently invested than in some other stock, commodity, or coin that's on the rise. So long as brokerage fees are low, you're better off moving your $$ to something that's rising than leaving it languishing in the depths where it is.

The money I've got in cryptocurrencies, I had in a brokerage account at a discount broker invested in a mining company that did well two years ago. I expected that the election of Trump would shake markets a bit and that gold and silver proxies would rise. Boy, was I wrong. I lost almost 1/4 of the value of my investment in that company over the year or two that I held it there. If I were following your advice here I would have continued to hold it until it rose enough so I would break even. And I'd still be holding it and would have lost even more.

Instead, I transferred it over to Ethereum. I did that in June, and by the end of December I had all my investment back and then some. Now I've got XRP and XLM as well. Yeah, I'm down a little today, but I'm still way ahead of where I was last June. 

What makes an investment worth holding while it drops is that the investment is fundamentally sound and you know it. Markets always rise and fall, but you have confidence that despite the short-term fluctuations of the market, the thing in which you've sunk your money is going to rise over the long haul. Plus, day-trading is a high stress activity fraught with risks. So for the average investor, the smart thing is to pick something that's fundamentally sound, put your money on it, and forget it.

But there's no point in holding on to a dog just because you're below break-even. If it's a dog, dump it and choose something better.

Oh sure it's obviously wrong to HODL anything forever, I was kinda just thinking about XRP in my post. Given that XRP (and in fairness several cryptos, even some s***coins), bounce up and down a lot, it just seems logical, more often than not to HODL. I was just wondering what proportion of people actually followed this.

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Hi everyone

I am just posting this in a few of the threads that I have started. I think it's important information for all of us.

I hope you enjoy reading my posts. But please ultimately make your own decisions on your Ripple and other coin investments yourself, based on what is best for you. I can only share my feelings and beliefs about what I am doing. 

I don't know yours or anyone else's financial situation so I can't give you financial advice. 

I don't know what's going to happen with XRP and the coin market.  If I did I'd be rich. 

I like sharing my strategies and what I am doing to see if that can help others decide what they want to do with their own investments. 

I equally like reading about what you guys are doing and your strategies to HODL, buy or sell. 

I believe in Ripple and what they are doing and am in it for the long haul. 

I am HODLing. 

Edited by Chewiecoin

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14 hours ago, Chewiecoin said:

 

Any other advice on how you HODL?

 

tldr;   Just HODL x 10

 

 

Yes. no matter what coinmarketcap says, one XRP always = one XRP.

 

remember, one ZERP always = one ZERP. regardless of it's price in your native fiat.

 

also, when do you plan to sell? are you selling in 6 months? 1 year? 5 years? then aren't you hoping to accumulate along the way?

if xrp climbed 1% every day for a month people would buy it at every opportunity. if it climbs $.50 every week they'll do it. 

 

psychologically people will buy a green coin on the rise but are afraid of buying red. 

 

The goal should be to accumulate assets/wealth. 

 

so my advice is always the same. Pick a particular day of the week (such as pay day) and pick a dollar amount, and buy that many zerps on that specific day, every week, regardless of price. you will average out doing very well. 

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