[Blog] The most stupid thing a trader can do...
... is panic.
Everytime there is a drop in the market, either bitcoin or altcoins, people panic. Why did the market drop?, i see this question asked on various groups I am. Or I see headlines, written in a very catchy way "The markets are dropping, time to buy and to the moon".
I mean, for real people, stop going on how the wind is blowing. This is how you lose money.
Make analysis, look at the graphics, research. And most importantly, think. Don't just go with the flow.
I'm not the most proficient trader, but I take my time before I place a bid. And even though I use signals from discord groups or twitter users, I still make my own decision. Be responsabile, because it's your money.
Most importantly, invest only the money you can afford to lose. Because if you don't do that, you'll have anxiety attacks every time the market drops. And you'll be too excited when the market is on the rise. Last week I've made trades valued at over 500$ in Bitcoin and, strangely, I'm quite ok with that. Yeah, I wouldn't like to lose them, but if it happens, it happens.
Also, another tip. In cryptocurrency, you can't really lose money if you don't sell out in fear. If you wait, you can make your money back. The question is how much it will take before that will happen.
Be careful out there, the market is a dangerous place. The cryptocurrency one is a deep sea with a lot of storms and sharp cliffs. Don't drown yourself.
Thank you for reading. If you liked the post, give it an upvote. Give me a comment with you opinion on the subject, I would love to hear it.
Image source:Pixabay
That is what has caused me the biggest loss , now I just sit back and just wait , I got a lifetime to wait to come
That bold green candle yells at you “you are the only one not holding me”. At exactly this point you will notice lame people flooding the Crypto forums and the exchanges’ Troll boxes to talk about this pump. But what do we do now? Very simple, Keep moving forward. True, it’s possible that many may have caught the rise ahead of us and it can continue raising, but bare in mind that the whales (as mentioned above) are just waiting for small buyers on the way up to sell them the coins they bought in cheaper prices. Prices are now high and it’s clear that the current coin holders only consist of those little fish. Needless to say, the next step is usually the bright red candle which sells through the whole order book.
This is why I don't like this holding thing. The moment I make a buying trade, I immediately set the selling order as well. At the price I'm comfortable with the profit. That's it.
thats the best strategy.
I want to thank you for this post it was most helpful to me as a new comer in this crypto world and the steemit community. People like you that post like this are always a great help to new comers, so thanks again and I will be sure to follow you and look forward to more great advice in the future.
This is my biggest weakness at the moment. I keep wussing out and selling at a small (or big) loss, or sometimes breaking even, just to see my gains made a few minutes or hours later. :(
Do you trade on leverage or on buy-sell coins directly? Because when you trade on leverage is easier to lose money.
All Leverage. Check my blog for details. I have no idea what I'm doing, but so far, making pretty good progress! :P Any comments you have about my strategy would be greatly appreciated as my adventure progresses!
So true!! I see friends of mine panicking at every drop and it’s just not necessary. Crypto is going to fluctuate and if it’s too stressful to deal with then crypto is a poor investment for that person. Plus there are big fish that will always play the market to their advantage. Better not to let them play you.
Yes, I agree with your post. Every investment requires patience and calm. Dont panic because Only time will make you successful