The cryptocurrency community is built out of:
1.- Anarchists & Idealists
2.- Developers
3.- Scammers
4.-Traders
Being such a cryptocurrency geek it was hard for me not to experience the thrill of trading, 1,000% profit in a week, who wouldn’t want that!?
Trading is like gambling, it gets you hooked and no matter how good you are at it you will not always win. Of course the idea is to win more money than the amount you lose, to achieve this you have to be psychologically strong, why? – Because you need to know when to close your positions, the moment you start saying “it will go back up, let’s wait a bit more”, that’s when you are screwed.
But the reason I stopped trading wasn´t because I was losing money. After a couple of months I learnt to be patient and control my urges to close wins early and prolong bad positions, I also learnt when the right moment to trade was and being such an avid reddit reader I knew how to sense hype and fear on the crypto-community, this helped me to anticipate pumps and dumps.
I bought Ether at $0.50 and sold at $6
I bought Litecoin at $1.80, sold at $5.50 during last year´s Chinese pump and then shorted it back to $3.50.
The real reason why I quit trading was because it was destroying my social life and my marriage. Trading was stressing me like nothing before. I was constantly checking prices (every 5 minutes), price alarms where going off in the middle of the night, I was thinking about my positions when I was out on a family vacation or even when I was talking about something important with my wife. For me, it was really hard to trade big amounts and not be stressed about it.
Even when I won I was kicking myself for not investing more…
I am glad I don’t day trade anymore, I can sell if the price is high and buy when its cheap but its not an everyday thing now. I am not constantly reading on cryptocurrency sub-reddits and rushing to polo or bittrex. I can honeslty say I feel a lot better.
The real lesson I learnt from trading was: