Thin-fingering a Crypto Token Trade - Avoid my Blunder

in #crypto7 years ago (edited)

This is my story of how I lost out on a quick $30K crypto trading gain.

I've heard of a few crypto investors who did a 'fat finger' trade, accidentally buying 10x or more than they intended, due to a decimal point mix-up. Here's another way to blunder - thin-fingering!

This story also shows another human frailty - recency bias. I'd been buying a handful of coins/tokens in a trading session, all of which were in a similar range of a few hundred $USD worth of purchases in BTC and ETH, giving a few hundred bucks worth of coins to get a few hundred or thousand is tokens.

Then I went to buy BAT, and got the decimal point wrong on the buy. Way too few $USD equivalent coin was used to purchase, BUT i was getting over a thousand BAT tokens at the time. OK, looks reasonable quantity of tokens (not!) - a recency bias). However BAT is a micro token, and I should have bought being MANY thousands of BATS to be a meaningful investment. I only bought $3.80 worth of BAT instead of using $300 worth of coin!! then a few weeks later BAT went asymptotic up and my $3.80 went to ~$300 -- instead of $30,000 I'd gleefully intended to scrape over to BTC, I only had $300 to show for my thin-fingered investment sizing. Arggghhhh!

I would have caught this earlier, but it took weeks to get my cointracking.info tracker whipped into shape so i could review my portfolio easily for mistakes like this. By then it was too late for that breakout move. BTW - it sure is a royal PIA and lots of drudgery manual bookkeeping in portfolio-trackers due to exchange and wallet API's not reporting deposits and withdrawals automatically via APIs. Entering those manually is tedious, error-prone and time-wasting.

Watch those decimal places! (and recency bias).

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