Hi Hiveians, as we know on my last post that I bought LINA/BTC at the price of 0.00000261. Today I cut my losses on 0.1384 USDT. I choose USDT fiat to mirror my price in USD. To be more accurate in computing my loss or wins. As you can see, I cut my losses when the price of LINA breakdown the 0.1384 levels.
I should have sell it more earlier to begin with when my anticipation for breakout did not happen. Well that's lesson learn as I forgot to follow my rule #1. What's rule #1 you ask? It's to protect your capital.
I'm gonna look for another coins to trade with but the possibility to buyback on LINA is still there for me. I just cut my loss for now to protect my capital.
I think I'll wait for LINA to break 0.1740 levels in LINA/USDT before I enter my trade again.
My second mistake on this trade is that I forgot to pyramid my entry. It means that I should not enter my whole challenge money. Instead, I should just put an initial capital first and when the odds is in my favor, I'll add more. Until my full challenge money is invested in.
I will apply this rules from now on. It looks like my emotions got ahead of me and gets too excited to feel the trading on cryptocurrency.
Please take a note that all of my post about my trade is not a recommendation. I'm just an amateur trader like you and many other people. Please don't take this posts as a good example and just continue to learn from my mistake and from my trades.
Happy investing! Let's see if this challenge money will be burnt or will turn to 1BTC or $60,000.
Please follow me on this journey/experiment and let's crack this technical analysis on how to trade and what rules should I follow on trading cryptocurrency.