My trading story - when its time to call it quits
Hi Steemers
So about a few months ago i started trading with around $300 after having started mining both ethereum and bitcoin and now put some money into trading different crypto's. I went in with the thought of buying lots of smaller coins and letting them sit and grow for a year. I got impatient, just like some others do - im sure
This was all good until they were all down and stayed down for around a month. I had not done my research into these coins and simply bought the cheapest at whatever the price of the day was - which just so happened to be tops on all of them ... What could go wrong i thought ???
Well after trading and getting it up to about $700 i was now down to $500 and struggling to keep motivated. One of my rules is never sell at a loss but in this case i was missing the boat with other cryptos and ICO's out there. So i sold all of my currencies at a LOSS and put them into 2 new ones basically having around $500 worth of cryptos and put another $200 in to buy what i wanted. this was yesterday 5/7/17.
this morning i now have the same amount of money i started with so all my previous losses have been cancelled !!!!!!
This is just some advice from my experience and how if something is going to do better than what you have, as long as you are covered, take the risk .... I did, and it worked for me. Doesn't mean it will ALWAYS work but this time it did and now im happy.
Happy trading all
Congratulations on recouping your loss. As a professional trader (not of cryptos, although I trade them ocasionally), there's one part of your motto I would disagree with....never selling at a loss can sometimes be impossible. With cryptos this is very much the case when investing in smaller alt-coins...as some take hits they never recover from. The explosion of the variety of them makes that inevitable.
The old adage in equity trading is to let your winners run, while taking profit along the way, but to cut your losses early.
Thanks for sharing your story and happy trading right back at ya.
thanks for your advice. selling at a loss was a must for me becuase i was going to "miss the boat" with the others i wanted to invest in so i did and recoup the losses. thanks again. followed and upvoted ...