This week will be about my most costly conscious decision (so far).
Was it a mistake?
No.... but I also never lost this big before.
I got the advise of a friend....
Well I hope she is still a friend....
I think she might be angry with me for not directly up-voting her post on Leo finance when I won this 250 Leo power delegation.
She advised me to buy....StormX on Bitvavo
In the end the advise costed me a little....but that was not the reason to not up-vote her.
No honestly, I up-voted her once I figured out how to look up an other userš But that's not the point of this story.
Stick to the story Baby
So based on the advice I bought StormX on 0.009 cents, as it was expected to pump...this week..... or after at the latest the weekend.
Being a big noob and knowing sheĀ“s been doing this for years I bought about $120.....and of course nothing happened.
The week after week I saw StormX drop, but hey that can happen I will hodl till the pump. So I kept hodling, waiting on a pump that never came, till there were only $80 dollars left.
As the $120 were not budgeted, I was already in trouble with my own planning and had set $80 as the point where I would cut my losses.
At the same time I was doing quite well on the Bitmart Exchange.
So I was like okay, I will do a bit of trading get back up to the $120 I started with.
I knew that I didn't want to trade the same conservative coins (ADA, BAT, XLM, LINK and BCH) I was trading on Bitmart. Therefore I tried some new tactics.... one being buying a coin with a cool name like Golem.
Another thing I tried was jumping onto speeding trains (coins rocketing up). Which I can tell you is a bad idea, especially for noob. Because if you do not time it well....it really hurts š¤ your wallet.
I tried it several times, but my advice is:
ā ļøDon't jump onto speeding trainsā ļø
My experience has been that if you're not on the rocket when it takes off, and try to get on in flight, youĀ“re bound to crash.
And indeed I crashed several dollars in less than 5 minutes trying to jump on these shooting stars. Grasping a shooting star in flight is bounded to get you burned.
After some fooling around I figured out what to do with what was left of my funds. These funds should be the start of a hipster wallet.
Like having a traditional Dow Jones and a more modern Nasdaq wallet.... btw can you call a cryptofolio traditional?
By buying the hipster coins like Pundi X, Mana, ENJ CHZ and UNI I was able to steadily gain back my losses and even get into profits. My hipster portfolio is now worth around $165. Yes those are Baby profits, but I was pretty happy with myself.....
Until I had another look at StormX which I sold on 20 Feb.
On 14th of March StormX started moving up, a week later it did 500%.
I am not even calculating how much that would have been in dollars if I would have hodled just a month longerš„“
Of course I did calculate it, and I would have been worth $500 more.
Did I screw up again?
No, I did what I always do. Set a target and stick to it.....no hindsight no emotions.
Even though it was no mistake, it still sucks, but I guess weĀ“ve all been there, selling just before the peak or buying the dip before the dip truly started.
Still I believe that as long as you:
- stick to your plans
- donĀ“t get emotional
- donĀ“t take huge risks (like jumping on speeding trains) to make up for your losses
- trade like a bot with human intuition
- be better than a bot by being agile, flexible and able to draw out of the box conclusions
You stand a good chance of making long term profits.
More Bitcoin Baby
Below the link to my previous blog
Day 13 "I made a stupid mistake ...."
Or start reading about my crypto experience from day one.
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