During this massive pump on crypto, I realized that I still have in loss due to bad decisions.
In fact, I published about “My Biggest Regrets On Crypto” and I included all of my regrets and why I have losses. This happened because I do not have any plans in crypto except hold it for long term especially Bitcoin cash.
After evaluating the things, I realized that I should make a plan for my crypto-stuffs even though I am kinda busy on school, I need to do my best to manage them both but still, school is my priority.
These plans have a lot of risks but managing the risk will help you to sleep in peace. As for you know, holding your assets in Centralized Exchanges is big risk because of “not your keys, not your coins” but taking the risk will also give you a reward. Here are my plans:
Hold some Bitcoin cash in Nexo. Just like what other people, I will take the risk in holding my Bitcoin cash in Nexo. As of now, I am earning 5% annual interest because I put my assets in Fixed term instead of Flexible term that has only 4% annual interest. To manage the risk, I do not put all of my Bitcoin cash there, I only put ≈0.4 BCH and still planning to add more (maybe I will put another 0.1 BCH to make it an exact half BCH) since my earnings in noise.cash were sent to this CEX.
Another one is staking other coins and tokens on smart contracts or dApps like Bakeryswap and Pancakeswap. I have some $BAKE that was staked in Bakeryswap to earn interest. It has only few interest because of the limited supply of $BAKE. I am still in loss in $BAKE but still hoping to break even. But honestly, the staking is too slow. I staked my BAKE for more or less than three months but when I checked it, I only have 0.3 BAKE.
The next one is $CAKE. I recently bought a $CAKE and staked it in Pancakeswap. I can say that it is profitable for having more than 90% APY auto-compounding. After three days, I already got ≈$0.44 because of the auto-compounding feature and high APY. However, after making a mistake in staking my CAKE, the profit that I got is something like “useless”.
I also have stake in CubDefi.com after pulling out my CUB in Dens, I staked my CUB in Kingdom for auto-compounding feature. It is better than staking in Dens because it will auto-compound plus the higher APY compared to Dens. As of now, I am planning to hold it for longer term (unintentionally) because I bought it when the price was still $2.80 but its price now is ≈$0.65. Staking it while waiting is a wise move I guess?
One of the best dApps is Harvest Finance because of providing high APY compared to other smart contract. Since I have some Venus token or $XVS, I chose to hold and stake it in harvest.finance and earning bFarm as a reward. It has also higher APY compared to Venus protocol. I bought XVS to participate on the VRT token airdrop, fortunately, I received the airdrop. Conversely, I am in loss in my XVS because when I bought it, the price was $100+ and the current price for now is $30+.
Harvest Finance, I also staked my BUSD there. Since BUSD has high APY, I chose to hold and stake it in harvest.finance instead of Binance who only give smaller APY. I am taking the opportunity to stake it, since I staked it before instead of buying, I don't want to spend fees that I haven't get yet on the staking.
Lastly, in trading. I have a big regrets in trading cryptocurrency. Having a weak hands is not easy because I usually sell my assets earlier then lose a lot of profit after it flew more than 100% in just few days. Now, I want to plan my trade in detail.
Having 5%-20% profit is already a huge profit. Hence, once my trade reached this spread, I want to sell it immediately. To mitigate the mistake, I need to learn how to analyze the market through simple technical analysis. Hopefully I will not have a wrong prediction in my trade.
I will plan my entry and exit. I used to buy a coin without doing any analysis. This time, I want to try to plan my entry price and my exit plan to close my position. As what I have said, 5% to 20% is enough. But I will always base on my newbielysis, if I have a mistake, just accept it and charge for your experience.
I will never try future trading again. After some realizations, I realized that future trading is like a gambling. Putting leverage will make you nervous also, I am still lack of knowledge to read the chart. Spot trading is better, I only need to wait before it reach my exit plan.
Patience is a virtue, as what I have said on my previous article, I told you about the DENT that I bought before and after selling it, the price had a massive pump. I forgot the word “patience” and let my emotions control me. Thus, I had a lot of loss. I will only take it as a payment to get an experience.
Conclusion
Having plans in crypto is very important for every holders and traders. I always believe that a person that has a plan will only have a small mistake.
But it is always depend on the person, we need to learn how to manage the risk. Don't follow the trend, be advance and follow the next trend!