The crypto currency game deals with very high stakes Also it deals with very high rewards…it in itself is a lot like gambling (with higher chances ) especially in the wild wild west of the crypto currency exchanges
(which I personally love the unregulated markets)
BUT if you’re not tuned into currency trends and have NOT done your research on the specific currency you’re looking to trade and if you don’t watch graphs and don’t learn how to read graphs and you’re not watching buys and sell orders and overall volume…
well then 99.9999% of the time you WILL GET BURNED ha-ha and this isn’t me trying to scare you because the unregulated crypto trading game is extremely fun and exciting… also very profitable but I have had too learn the hard way that you MUST stay informed and you must follow a very basic rule (after doing the above ofcourse^^) that I would say is more common in the crypto trading space over the stock market trading space because there it is regulated to a point where this basic principle is over looked to a higher degree and that principle is...
Something I term as BUYERS GLEE, buyers glee is that single moment in time when you see your shares go up too such a degree that you think to yourself
“holy f*#@ I cannot believe I made that much money so quickly”
here is a video of that feeling exactly some weeks ago in my first stages of trading.
that thought should mean 1 thing to you (although circumstantial ill explain in a sec) SELL SELL SELL or your greed of wanting more will get you... like I said before BURNED…and of course Wall street traders know not too get to greedy if they have been at it long enough
BUT the difference here is in the Crypto space there are whales pumping and dumping those currencies very short term and its nice to ride the wave but not so nice to ride it till it crashes..obviously.
Yet there is a time when you wont think SELL SELL SELL when a share spikes nicely, that is when you’re obviously Long the currency meaning you see stable development in your research.
In that case you can hold…. But overall if you’re playing the pump and dump game you profit and you get out be happy with the profit because compared to people who are wage slaves you didn’t do much to get that profit.