Phase OF A. (Activation )
When I started trading I started because of media bombarding about increased price of BTC and how people become Millionaire In a year .(and how ur life sucks without having bitcoins in your wallet )
Now at this time you realised that it’s Time to become a Millionaire .
Now toy started this making of money by mining bitcoins ..you start your computer and found that it takes MILLION years to mine one bitcoin ..
Phase of plan B (buying )
Now you realised I don’t have money to invest into mining rig ..
Now go to plan B buy some bitcoin and start trading .
After buying u realised there is large network fee for bitcoin ☹️
Phase of I
When you transferred coins to exchange then big question is to which Altcoin to buy ..
Now comes role of friends family Youtube
And social media .and google ..
IF u search on YouTube you find things like “COINS TO THE MOON”
Some IDEOT guy (and sometimes girl ) giving you garbage suggestions ..(while showing background of sport cars ..and big office ..and telling stories like how they become rich buy bitcoins .
Now You got the advice from great minds of the century on the YouTube and u buy altcoins .
My first one was TRX ..
Now comes the sudden increase in price of ur altcoin by 500%😎 ..buuut what u do is You again search about that coin and found common advice given 😷HOLD don’t sell .and then price drops by 550% .now ur phase of waiting starts ...and continues ...and continues ..
In this phase u realised that price is not going to up again ..
This starts phase of Maturation ..
Now u realised that public sentiment is irrelevant with pricing .
Then I learned about technical trading which is good thing to deal with crypto as it’s not based on sentiment and biases .
Now you think of urself as expert in reading graphs ..buuuut u found that ur not and because ur competitor is BOT ..
What I learned from my short experience is
- Never go with emotions it biases our decision making
- Go With merit of coin and not by advice of Youtube video
- Do ur math before buying
- Put limit orders to buy and not market orders .and same for sell
- Follow basic principle BUY LOW AND SELL HIGH ..this line looks simple but very hard to follow
This my experience with crypto trading ..