How I lost 90% of my portfolio and my new strategy!
You will probably ask how? It’s simple, because I am bad day trader. Lost in one month almost all 100% I gained for half a year. Last bet, that’s the correct word, was in Whaleclub, when I was trading using strategy by catching double bottoms or double tops. And history of previous weekend drops. So I cached double top on 19th 0900 UTC of JUL and Shorted BTC with leverage (big mistake). Everything went well and I was happy, then I went sleep (second mistake) never go sleep with open leverage trading. When I woke up I realized that BTC recovering, I taught OK nothing bad did not get to previous heights just a little bounce. Despite of news about successful BIP I still believe that weekend drop is behind corner and kept position open for all day. Checked just before leaving work for driving home and it was on downtrend that’s where blue finger shows. And when I get home I recognized this enormous peak and closed position due to the closed margin.
So what I did next I went to chop wood in yard almost broke my axe. While I was chopping I admitted that I am a bad trader, so need a strategy for next investments no day trading no margin trading.
According to research if you split 100$ for each coin in 2016 JUN and HODL till JUN 2017 you gain approx. 100 000$ and this is only because top gainer disappeared otherwise it would be 500 000$. Strategy is simple HODL with modifications. Every month I am accumulating some BTC by cloud mining. So each month I will by one or two researched coin and HODL till it reaches 200% then sell 50% for next researched coin I will not panic on drops or any other market news and sell only if it reaches target. After selling 50% I will let it grow or die depends how coin will react and only sell when I really need money.
Traditionally every broke person asks for donation so here are my DOGE address.
DDwthFVCqvvBjQVAaRTKkQM1bXmFYpxM13
P.S. Everything is OK that last is a joke, I DON’T TRADE WHAT I CAN’T AFFORD TO LOSE.
Your first mistake was not following my Bitcoin price forecasts! I have been a crypto trader for 4 years sir and I know a thing or two bout dem beetcoinz. https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-7-21-17 Also try to take a "Half position" on a coin you might be interested in rather than going all in and NEVER trade on margins... Greed will bite you in the ass more often than not!
That I realized Yesterday. New here as well.
Happens to the best of us, mate, yesterday I read a great article on how we all are irrational animals trying to live up to the impossible expectations of rational market actor who's constantly soaking in info. We all make horrible, stupid mistakes, so don't beat yourself up to it too ahrd. ( https://hackernoon.com/the-cryptocurrency-trading-bible-43d0c57e3fe6)
What I'm trying to do is talk to some of my friends about positions and market forecasts, because even if I think they're wrong about market, they might help me evaluate my possibly irrational decisions. (keeping a margin trade overnight for example, it's really a rookie mistake, sorry, but I feel that it's something my friend would've at least made a sarcastic remark about :D)
Good luck!
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