Polkacity has no pity- Trade Journal 11/4/2021

Well on this day I broke one of my (the) number one rules of trading; don't chase a raging bull that has already left the pen. Wait for it to come back to a spot you feel comfortable getting on/in.

Polakcity is another Metaverse type project and is said to be the GTA of the blockchain ( until the real GTA comes that is). With a total supply of only 250,000,000 and a market cap of 17M. It was a very enticing trade, except "the Bull was out of its Penn".

What did I do.

PolkaCity was hovering around $2.36 down from almost $3.00 and up from $.40 just a week ago. So I set a buy order just below the day's mid wick at $2.17. I caught it and immediately it jumped up to $2.46. So what did I do? I set a stop loss just under the $2.17 mark at 2.15 to and sell at $2.14.

In the middle of the morning I wake up and saw that the stop loss got hit but only 87% filled. And that is the thing with stop loss, it doesn't always go all the way through.

What to do

So I still have 13% of the POLC tokens in my wallet, I have just set a sell price a little above what would be my break even point. If it goes further south, that is a little risk and loss I am willing to take. Buying more is not an option as it is not something I want to accumulate especially at these prices. (Though this coin could jump up massively once the game is officially released.

What I should have done was stuck to the fact that this was a quick trade and any gains made must be kept. I should have moved up the stop loss to $2.44 when I saw the price at $2.46 and I got in at $2.17. But that greed like that illustration on the cover will get you.

What would you have done?

Cheers!

Earlier today	Just now

Here are my referral links if you ever wanna buy/trade crypto. (Though most people reading this are probably about that life).