What am I going to do with my bad positions and trades during a correction?
While the Crypto-currency market has suffered a pullback lately, this may not be the last we have seen of the rally. We will face more turbulence ahead as we head towards the BIP148 soft fork on 1st August.
As a Day Trader: (Lots of FUD and Panic sellers here)
Option 1: Sell your positions for a loss when it goes beyond your loss threshold
Option 2: Hold onto your Top 20 Tokens as they will likely recover (Disclaimer: Not all top 20 will recover, correction is a process to remove the weak). If not, pray or go to option 1
As a Swing Trader: (Steadfast people who are busy but learning)
Option 1: Hold your ground if you are holding onto the Top 5. You will be all smiley unlike the rest of the ICOs and hype traders who got stranded in a storm without an umbrella.
Option 2: Buy in at better positions especially for the Top 5 tokens and wait for the recovery. It will come if you are patient enough to wait.
Conclusion: Most of us are too used to the high pace of trading and bullishness of the Crypto market. The corrections are here to remind us that we should diversify, practice patience and be aware of how to identify the right tokens. Learn from these corrections, as more and more correction will come to test the Crypto-market. It is the only way to truly build volume and establish the technology.
Analogy: Trading is like building a brick house
Young traders are always concern about the current losses (bricks), professional traders are concern about what can they learn from this correction (brick house). Your attitude towards correction will determine your altitude in any trading.
If you want to learn how to build a sustainable 6 figure portfolio, tune into my Youtube video here:
To join my Facebook Crypto Group: OBM Crypto Group
Upvote, share, follow me on Onbizmode! More great resources coming daily!
try to use markdown styling more. Your FB link should have https:// so it's clickable. If you want to have it say OBM Facebook Group as a clickable link you should use [OBM Crypto Facebook](THIS IS WHERE THE URL COMES)
Got it! Thanks!
you're welcome.
f you copy the code below and you replace all [ and ] with < and > and you paste your image source where the XXX is your image will be clickable :D That is, if you plan on using images haha
Cheers
[center][a href="https://steemit.com/@onbizmode"][img src="xxx"/][/a][/center][center]Type here text or leave it empty[/center]
Okay, any idea how to edit the post? Can't seem to find the the edit key. Thank you!
bottom of the post. to the right :P
Oh man, totally missed the small button. Thank you so much for your help. :)
again, you are welcome :P
Keep up the hard work! Appreciate all you do and the value you provide to the crypto trading community!
Great content, as usual, bro!
Keep it up!
Good post my friend. Keep it up! In my opinion there is no better time to buy-in when everyone is selling. Things get undervalued. Did it even went more down, just buy more to get the average price down, so you can make profits on a earlier stage when it starts going up again. But choose wisely in what to invest. :) But there is one thing I don't do. Day trading. I am more interested in where this startups will be in the next 5 or 10 years.
I always ask myself.
And when i want to do crazy for no reason I anticipate on what other people would do. :)