For those who have coins (or USD) and are trying to speculate, it's important to follow a plan in order to make money. Emotional decisions are often costly. I could have made more money with this last drop, but the important part is that I didn't lose any money.
I use a strategy called "selling to your strength." It seems counter intuitive, but it's good for a few reasons. The basic premise of the strategy is to sell an amount of coins at increasing prices when the price is rising (and buy amounts at decreasing prices when it drops). So for example, my orders would be 1BTC@120, 1BTC@130, etc. This seems like a bad idea, but actually works very well, and here's why. When people see the price rise, they all feel that holding is the best option because having more BTC is obviously better when the price is $300/BTC or some insane number. But let's get real, no one can accurately call the top on when to sell, and no one knows how long the price will be rising for. So if you sell small amounts on the way up, you actually realize your profits AND you put yourself into a better position to buy back low AND (this might be the most important) you challenge the growth of a bubble by selling into it. This keeps the price from sky rocketing on .01BTC transactions (where people bid high numbers for low amounts of BTC to make the price look higher than it is), and ensures a healthy market growth.
Then you just play the waiting game. If the price goes back down, you buy back in and have more coins = PROFIT. If the price doesn't go down, sure you may have lost out on a few dollars here and there, but as long as you don't sell all your coins, your portfolio has increased in value AND now you have realized your profits.
I have my selling points set up such that by the time all my sell orders are finished, I will have completely recouped my initial investment in BTC. So if/when the price climbs as high as my highest sell order, I will be at my break even point, and all BTC in my wallet are profit.