Keep the emotions out when trading, my cryptocurrency strategy
Yesterday i lost few ethereum tokens, because of my emotional instability. I will share with you my ethereum story. I bought about 1/3 of my ethereum stack at about $130 and about 2/3 of my stack at $170. I wanted to buy earlier though, but the verification process on exchange was so slow. I had FOMO (fear of missing out) so i bought the first 1/3 via a bitcoin ATM and changed to ETH on BTC to ETH on Poloniex. I actually didn't have too much information about Ethereum at that time, but after my investment I started reading about Ethereum a lot a i was lucky, i invested in something that actually has a solid development team behind.
After the price went to 200 and bounced back to 100, i was scared, i didn't know the true value of Ethereum, so i was panicking and sold and bought and lost few tokens on that drop. I didn't lose just the tokens, i lost the time, I was watching the price of ETH every 10 minutes, i was watching market predictions. But then i realized, the market is unpredictable and i told myself i am gonna hold for one year no matter what. I believe in Ethereum and i am willing to risk my whole investment. But you know what? I did stupid mistakes, i didn't hold. When the price went up i invested in things i didn't understand. I transfered some of my ETH tokens to ZENcash, Storjcoin X, Siacoin, Stratis and i also participated in an ICO Wagerr. I told myself diversification is important, so i just invested in some coins a i didn't know anything about!
Yesterday i was panicking again because of the ETH drop and again, sold and bought and lost few coins. So i am already upset that my emotions just make me to do so stupid decisions. Investing in the market needs discipline. I have a plan what to do and i am not gonna diverge from it anymore. I am gonna play it safe. So my strategy is: holding ETH longterm and selling off 1/4 of my ETH tokens on every price double, i will have low amount in some coins i believe might go crazy in the future (for example Zencash or EOS) and i am going to diversify only and only if i know what i am doing. I will have some portions of my money in steem power, since i just don't need to worry about the price.
So that's my plan, i hope i will not diverge from it. And also last thing i wanted to say, i am not going to react to shortterm drops! I mean it, i am just not going to! I don't want this stupid market to take my time, i am not going to look at the price more then ONCE a day and i mean it. I know, it's gonna be hard, but there is no other way.
Totally agree. My advices:
You are so right, i did all of these mistakes, i hope i am not going to do them again.
When I started in stock exchange I lost a significant amount of money... the price of learning ;-) Good luck for the future !
And last advice: don't be greedy: take some profits when you can
True. I know its a battle with your own emotions.
In my yesterday post you can see, how emotional i was. I am sorry for spreading the fear, i guess i still believe in my yesterday post, but i don't try to predict the market anymore, just holding longterm.
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