Evolution of a Day Trader
Full Disclosure: I've recently gotten into day trading, and I've already lost about 30% of what I'm willing to lose. I figure I can just post my journey for the following reasons: 1) people can laugh (at least something positive comes from my losses), 2) people can avoid my pitfalls, and 3) the wonderful steemit community can claim credit for helping transform me into an accomplished trader. Believe me that I have the will and determination to get there, but I'm reluctantly yet humbling admitting that I have a lot to learn and I need a lot of help :)
Most recent trap I fell into: yesterday I saw that the Ethereum price was just over .018BTC, so I tried to short it. Of course, within 30 minutes, I saw the price climb to over .019. And being afraid that it was going to skyrocket to .020 and beyond, I closed my position for a loss. And of course, the price peaked and came back down. This might be hard to believe but I would rate this mistake as a 4/10 compared to other mistakes I've made in the less than 3 weeks of day trading I've done.
Let me know what you think. Advice is welcomed!
:)
What about a sttemit pump group?
Are you in?
Not sure what that means (I can make an educated guess though), but I'd be game! :)
The best advice I can give you right now is to stop trading for a week.
You either need a shitload of BTC or some insider info (or both)
Thanks for the advice. What needs to change in a week?
Steem is on a dip at the moment. Might be a good time to buy. I think it may go a bit lower before pumping back up. Create your position and walk away from your computer for a few days. Watching those prices go up and down can be more than nerve racking.
Ok. I'll give it some thought. Though it does remind me of another blunder