Big mistake I made in Cryptos trading
source: https://www.google.com/search?q=swing+trade&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiUnq-WmPnVAhUW7GMKHR09DWUQ_AUIDSgE&biw=1366&bih=653#imgrc=X0bABOuBdTYA9M:
Like the title says, I have been swing trading with Cryptos and I have learned a hard lesson past couple of days. See, I thought I was being smart trying to take advantage of the stability of Litecoin by simply shapeshifting Litecoin to some of the undervalued Cryptos such as Golem. The strategy was to wait for Golem to rise in price then I would buy back into Litecoin to accumulate more Litecoins. This strategy worked for me when I've done it with Ethereum a while back and I've gained 2 Litecoins as a result of my trade. I thought this would work again because I was counting on the price stability of Litecoin but I was taken by surprise when the price had jumped from $51 upwards to $64. I panicked and bought back to Litecoin and ended up with less coins then I had originally.
The lesson I've learned here is :
1- Swing trading is extremely unpredictable.
2- HODL with Cryptos that you believe in and that has good fundamentals.
3- Don't be greedy.
My new strategy is to essentially never trade my main Cryptos. I will continue to day trade /swing trade with some of the altcoins and when it makes a decent profit I will take that profit and buy some of my main Cryptos.
In the case of doing swing trade, don't be greedy! In my particular scenario if I had taken profit earlier and not count on Litecoins to stay at the same price hope for more gain I would have succeeded in making few extra Litecoins.
I hope that you won't make the same mistakes that I've made and I want to share with you my experiences with you to save you some $.
yup, dude..ive been feeling the same way. the top 20 coins are in a good position to stay, but even then, everything is unpredictable.
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