Three of my worst cryptocurrency trades - so far.
Studying the charts is only part of the analysis - reviewing your trades in each market is the best way to learn from your mistakes.
The following three trades are from a group of losing trades during my short time of trading on Binance.
These markets have a nice simple trade history - all of them entering the market because I had chosen to move money to Binance. That was my first mistake.
Trading will not produce results just because you have money to speculate with. The timing was simply wrong, I traded outside of my trading plan, and ignored my risk control rules.
Logically, I should lose money. And I did.
Each trade had it's own tragic flaw.
I encourage you to check out the posts I have linked to above.
If I'm going to pay so much money for these trading mistakes, I had better review them closely and learn all I can.
Hi Doug,
Really appreciate your honesty in this one. Internet/Youtube is full of traders claiming to win 20 or 30% in just hours so it is really refreshing to hear someone else explaining the other side.
Sorry to hear about your loss, but I'm really confident you will overcome these losses very soon.
I would really be interested to read a blog from you about the trading lifestyle and about how it really is like. Really not buying the stories from others trading on the beach or travelling the world while doing so.
Thanks and keep these blogs coming!
I have a pile of losses to document and share yet! For the most part, I have come to accept that it's ok to be wrong when I'm trading. Now I am practicing the art of being wrong smaller.
Overall my trading is doing very well. According to CoinTracking global stats, I am in the top 16% of the most profitable traders in their membership of 320,000 users.
As for the trading lifestyle, I don't have a job and I work from home... and my family just came back from ten weeks in Brazil, where I traded via my laptop. I'll write more about my daily routine. Trading itself only takes a few minutes each day when I am doing it right.
Thanks for sharing this. It is important to resist FOMO and to trade your own methodology (which is really good in your case). Did you manage to increase the 1 Bitcoin you transferred to Binance from other trades or was it a loss all in all?
It was a break-even overall. I'll post the rest of my losing trades and my profitable trades too. The winners were big enough to make back what I lost... but overall I was doing two things wrong:
First, I was doing too much in my trading, given the time I had in each day, I was spread to thin to pay proper attention to all the trades I had on.
Second, I put 1 btc in there and took some positions before I put time into really studying the charts, making a spreadsheet and really reviewing the choices. In most of the losing trades I was trying to catch on to moves that had already started - then I did not have the time to review the new trades as closely as a new trade needs... so my losses were larger than they should have been.