Welcome dear Steemians, today I'll be showing you how NOT to trade cryptos.
1.Buying cryptos after they rose a significant amount
Everytime I open Bittrex and see all the little #altcoins that suddenly rose by a 100%(or even more),
I'm always like : "Aww damn, wish I bought that one. Better buy it now, it will probably rise even more and I don't want to miss that."
Can you guess what happens almost #everytime ? Yeah that's right, the coin crashes like crazy, the whale that just pumped it up, dumped it back down...
I'm even doing it right now !! #some #people #never #learn
2.Not selling your coins when they start falling.
This is kind of tied with the first one. Whenever I buy a pumped coin, I always believe that it's just a temporary decrease in price and it will get right back up - then it drops by 50%.
3.Not researching at all
Can you believe that I owned #STEEM for weeks, before knowing anything about #Steemit ?
I usually at least check out the site of the altcoin I'm buying - never the news though, that means I usually end up buying just before a #dump or generally in a #bad situation.
4.Staring at my portfolio ALL THE TIME
"Oh shit, it dropped by 1.78%, what do I do now ?.... Oh yeah, it rose by 0.25%, I'm gonna be rich!!"
You know what's the sad part ? I watch it #all #the #fucking #time and still do nothing to help it, whenever it looks like a dump, I just sit there and #hope. Whenever it's rising, I just sit there, look and let it #fall back again.
5.Selling too early
Sometimes I even manage to make a tiny #profit and sell the coin, then it rises by 50%. (fuck you too ETC)
I guess #ignoring the #market is just my #style. After I sell it and it rises by 50%, I try to get back in again, because I'm #clever. The coin loses 55%....
6.Not taking precautions
When I go to bed, I check my #portfolio and go to sleep, not setting an alarm,for if the #coin goes crashing down, not setting positions, to sell (or buy). #Nothing. I just hope that everything will be #fine and I wake up to this:
(not literally, I don't live in Spongebobs brain)
7.Some examples
Check out some of my trades:
Conclusion
As you can see I do a lot of dumb decisions while trading (well not only during trading...), please don't repeat them :). I hope this helps, just do the opposite of me and you'll be fine, you're #smart people. I sure do hope that I'll learn something from this. (doubt it)
Please share this - you just might save someone some money and stress.Thank you for reading this and check out my other posts please. :) (upvotes are always welcome :-) Have fun trading and #steeming !!!
Looking forward to your replies !!! Follow
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