Mistake I made while trading cryptocurrency

in #money7 years ago

I always repeat the same mistake and some mistake what I make now I think could be a right move too at that moment. in order to remind myself not to repeat all this mistake again. I have to make some note on steemit to share to everyone too. Hope I will get your advice too.

Be Focus
I started my trading with 0.1 btc, bought only NEM coin. When NEM coin from $0.05 go to up to $0.10. I am more satisfied on what I get as a new trader with first time trading. I have sold it at $0.10. But, I am really make a mistake, I should hold a little bit longer. I might get not double but $0.25 sent. Is 5 times on my investment that time. Even if the price drop back to $0.20 I might still earn 4 x on my investment.
Why I want to sell it with so many unit that have that time. If I sell 50% with $0.10 and sell another half a $0.25 at least I still satisfied. May be I am too greedy.

Be Patience
I have buy DGB with only 0.00000025 that time, the same mistake I make again. DGB is more worst, I hold it very long. The price not even move. I feel that this is a scam coin, that's try to scam. Until when I sold all with 0.0000025, the price going up.
And, I think I should buy back (Chasing is another mistake) . The time when I back, DGB is very very high price. I don't even know what's happening, then only I go to their website and searching their news. Just to find out what's is the coin is about, their technoogy, news, customers they serve etc. That's a big pain.

Just Chasing
I try to chasing DGB just because imbalance on the previous experience. I don't want to miss it. I unable to buy that much of coin I really want previously. This still ok, but the time I have bought the coin. The price drop more than 50% of the price I bought previously.

Be Focus
The reason I want to write twice be focus here. Because the situation is totally different. This time, I think instead of purchase a coin that may have higher risk. Look at dogecoin. The price have drop and never go up for many year. I prefer to diversified to purchase many different coin with minimal budget that I have. Just to reduce my risk. But, when all the coin in bearrish I realist that's no way I can reduce the risk only then I go online to learn how those expert trader to safe their value.

And, I can't even focus. Too many coin to monitor until I suppose to earn 20%-30%, I not only unable to make it. In Poloniex, when I already set a price to sell. I can't set a stop loss. And, it is same vice verse. So, when I go to sleep hopefully tomorrow my income will grow.

It's didn't happen. Because, the price is drop even lower than the price I bought previously. I have no extra money to do dollar cost leveraging to buy at even lower price to leverage the price I bought. So, I have to wait longer time to reach my break even cost. On the same times, I have no budget to buy other coin. That's I found it was potential to make some profits.

So, I decided to wait. And on the same times, I have miss the opportunities to buy other coin that could bring me 50%, 100% even more.

Be Plan
Most of the time I do not plan well, what is my entry price and exit price. I have make a lots of mistake here. I don't plan to lock my exit price, because I hope the price can go even higher than what I have predict. So, I can take a maximum profit. However, I not even can't make the profit I want, again I face the same problem and make the top 3 mistake on top again and again.

If I not make any trading at all. Just buy and hold 1,2 coin that I really confident about. I can may be earning more than 5x on what I have invest previously. But now, I don't. I calculate and add all the coin that I make. Included some I have transfer to contract mining, cash out and transfer to trading stock with bitcoin

I am earning around 40%-50%。

Now, I should hold some valueble coin and high growth coin a little bit longer. And, on the same times I trading buysell on those coin that I just like to make profit on it.

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