Day 2 of the blogging!
Bit of a bad day overall for Crypto's, the market cap has dropped 10 Bil and there are a lot of coins that loss value across the board - nothing major though.
This is actually what I wanted to see! As I am intending to buy another 7K of coins once my deposit comes through, so purchasing on a dip would be great news for me.
Sigh was hoping the deposit would come through today but it still hasn't. Frustrating as it has been nearly a week now.
Would love to be buying coins and topping up my Eth supply right now...Patience.
Anyway earlier today I was checking out ANS (AntShare) and saw it was up ~10% (from 3.6 to 3.9) when all the other coins were down...thought 'hmm maybe this is a good time to sell my ANS and buy the other coins on Bitrex, while they are up and the other coins are down' - right..?
So was just checking out the Buy/Sell prices that were happening (looking for any major ones) and watching the graph in real time, checking for any news online, taking my time, and then my misses was rushing me into leaving the house.
I knew I wouldn't be able to make a trade until the later in the day and decided to sell with the intention of holding the coins as BTC (as it was already on a 5% drop for the day) until the evening, and then to buy my other Bitrex coins when I get back (HumanIQ and FirstBlood) as it is the same exchange.
Terrible decision.
Do not rush decisions.
Buy and hold oh my days.
AAAHHHH. ANS went up another 40%~? in literally the next hour..oh geez and is at 5.3 now. If you do have some now would probably be a pretty good time to considering selling and putting that profit into other coins or into the solid Eth / BTC tokens, not going to go into too much detail about it, just worth investigating imo - but only if you are not intending to hold for the long term, in which just...just hold ! :D
Bitter, cost me (or at least I didn't make) about $500 because of that mistake, do not rush decisions :/
However I have bought my HumanIQ and FirstBlood now, and can guarantee you I will not sell them! ! ! I have drawn more arrows to the do not sell part of my spreadsheet, which looks like this now:
Something I saw on HumanIQ is that most of the orders are under 1BTC, except for one request for 9.68 BTC's worth (red square on diagram) - I did my order at 0.0000001 BTC above that persons requested price so that I would be able to buy (notice the black star in the black box, that is my order, most of it got filled just a tiny bit left).
I wonder who it is that wants to buy $25K ~ of HumanIQ?
So bad day in general for the portfolio as it dropped about $450, however do have my FB and HIQ Shares now so can relax about that, and hopefully my deposit comes through tmrw so can finally buy and do more trading.
Currently looking into slack's as a place to find out more "insider info" about coins.
On another note, I wanted to write up about one basic mistakes I have made since I started in Crypto investing so that you don't have to make the same mistakes if applicable.
I might cover some other mistakes I have made in future posts (there are a lot unfortunately), but will see what kind of response I get from this write up :)
The mistake topic I want to discuss is lack of preparation.
I got overexcited when I first started and just bought coins without thinking it through, I was soo excited apparently that I thought that if I wasn't able to buy all the coins I wanted ASAP then I would miss out (Fear Of Missing Out - FOMO, is a common term used for hypes) lol, and deposited sums of money without practising the process.
Also not studying the coins in detail and not creating basic documentation for recording your portfolio are common mistakes (which I also made), but won't discuss is this post.
My advice before you invest or if you have already invested is to practise the full process:
Practise the process with a small test amount before doing the big bahooza.
I mean the whole process: from depositing, to transferring, to exchanging, to withdrawing, and seeing it arrive back in your bank account, before dumping in a big sum.
Don't worry - the market is not going anywhere fast, you can take the time to do it this right...2-3 days or a week is very small relative to the masterplan of years. Etheruem is not going to jump to $3K tmrw...(or will it? haha :o)
It is much less stressful to get it wrong for a small amount, than a big amount!
And it's much more comfortable to do big amounts once you have verified everything / feel confident in the system / know how it all works / know the kind of time frames each part of the process takes.
Do this also for Exchanges that you have not used yet, but may use in the future, so that you are prepared if an unexpected opportunity comes.
It is very frustrating being stuck for a few days or weeks trying to get your account verified when you have money somewhere in the system.
Is is also very frustrating seeing a great opportunity and not being able to take advantage of it, waiting on a deposit/verification or transfer, and not knowing what is going on.
Then spending the next 2-3 days checking your emails every 10 seconds to see if your deposit has arrived...
Avoid the mistake I made of not practising the process and messing about with $10K~ somewhere on the internet lol without a scooby doo where it is...pretty stressful lol!
Easy way to add a few greys on top.
Any of you guys make the same mistake? Would be interested to hear your opinions/ comments, all feedback appreciate
Thanks for reading, get those tokens!
Steve