How Does Decisiveness Affect Your Finances: Explained Through Trading SBD on Bittrex

in #finance3 years ago

Did I make the right decision? Is this the best option to choose? Do I have to decide right away?

All our lives, we are given the gift to decide. As what Stephen Covey said, our current selves are the products of our own decisions. We made right and wrong choices, yet every bit of them contributed to who we are right now, no matter how big or small they were.


source

Currently, I am working as a Quality Control Engineer in a company that manufactures prestressed concrete. I could work in a structural designing firm or a high-rise building, but I chose to be a QC Engineer instead, and I am working for a year already in such firm. @danyopana12 and @ja9garnett are my co-workers in the QC department. Since our job is focused mainly on the quality of our concrete products, we have to do the decision to accept or reject the raw and finished materials through executing several tests. It is in our hands where the company’s reputation relies. And it is our job not just to make decisions, but to make the best one the quickest possible way.

Let me stress that out once again,

Make the best decision the quickest possible way.


source

Decisiveness also plays a great role in our financial lives. Oftentimes, our current financial statuses are the results of the financial decisions our ancestors made ages ago. Consequently, the financial decisions we make today will greatly affect our future financial statuses as well. This will leave us a question, How should we decide then?

According to Robert Kiyosaki in his book Rich Dad Poor Dad,

The faster you can make a decision, the more likely you’ll be able to seize opportunities – before someone else does.

Indeed, opportunities are always there. How quickly you respond to those opportunities is one of the crucial parts of being decisive. Now, let me show you a little analogy through trading some SBDs on my Bittrex account. I am fully aware that not all Steemians are conversant with Cryptocurrency Trading, but I will make this explanation as simple as possible.

deciding phase.png

This is a screenshot while trading some SBDs on my Bittrex account. Green sticks are indicating that the number of buys outnumbers the number of sells for SBD, while red sticks signifies otherwise.

Deciding Phase. Take a look at the oblongs on the chart. These are the times when I asked myself, should I sell my SBD? Well, on the first oblong, I said “Yes, sell it! It might go up anytime now”. On the second oblong, I told myself, “No, it might go downwards this time. Just hold the rest of your SBDs and wait for another exit point.”

Turning Point. You see that green arrow? When I saw how SBD’s price goes up, I told myself, “Hey, it could go up any time now. You should set selling points already.”

Making the decision. After having the great intuition that SBD’s price will rise any soon, I immediately put sell orders at different intervals. Those four blue arrows indicate my successful selling of SBD at a much higher price.

What did I do during other times? I did nothing. Doing nothing is also a decision, I may have missed the opportunity to gain some more, but I may have also saved myself to sell in losses. Yes, not all of my trades are successful, but I always strive to do better trades next time.

If you can’t make up your mind decisively, then you’ll never learn to make money anyway. Opportunities come and go. Being able to know when to make quick decisions is an important skill.

Robert Kiyosaki –- Rich Dad Poor Dad

At this point in your life, what have you done to make your future financial life prosper? Did you save for the future? Did you make the right investments? If not, then you've got to decide now since delaying those things could mean financial struggles in the future.

Mastering to make good decisions in a little amount of time is a skill. Sometimes, having the decision to lay back and let the universe run on its own is the best decision to have. However, the fact still remains that in every decision we make, we are trading the future in our hands. We are our the bosses of our own lives. We have the power to change our lives, but we’ve got to make good decisions either small or big the quickest possible way. If you made a good one, celebrate it, but if you made a bad one, then you must learn from it.

divider-line.png

DQmaw4YCNkaAGqy93aEWv6wTQXCxGcwDj8wnK 8gz834prJj_1680x8400.jpg

follow_smaeunabs.gif

Sort:  

i think your decision is right

Yay thank you! Btc has regained its price at the moment and I'm just happy to sell my SBDs right before btc's breakout.

Indeed, shei! Making decisions is one of the crucial parts of our lives since its effects are not quick to realize and most of the time the results are affecting one decision to other decisions made. While it is also true that making decisions will allow us to make mistakes, it is also one of the ways for us to improve and be better next deciding phases of our lives. If we won't practice improving our decision making ability, then it could push us to pay higher prices in the future.

P.S I am not yet trading hehe lol, teach me your ways master!

And oh, try to open an account on Binance or Hitbtc and we'll trade together :D Bittrex does not accept new accounts at the moment

I attempted to open an account in binance, sadly iphone won't allow since it's in beta mode. Anyways, i'll try again using a browser! Yey excoted for the time to experience trading together with you. Looking forward for a lot of tips and learnings!

go na sa laptop :D yaaay ganahan sad bitaw ko mutudlo about trading kay mas maka learn kog new strategies when I'm sharing about it :D

hoepfully, you'll be able to create an account. you can multiply your steemit earnings thru trading gyud man

> If we won't practice improving our decision making ability, then it could push us to pay higher prices in the future

Yay, well said man! The important trades that we tend to overlook at the moment will accumulate greater interests soon enough, and we will have to pay for it, whether we like it or not

Hihi it took me a year to learn that though @smaeunabs! Hihi aja to us!

Strongly agree with u, you are right..

Thanks @angryboy, are you still angry til now? :D

wow.. lodi na jd tka dai...

yaaay thanks ate lodi pud kaayo tika. Naa man kay bittrex te no?

we do both the same thing.. I do save my earnings.. sometimes we think is the best decision we could make if we decide right away.. yet it is part of the challenge... you know how to play the game huh... I hope we could play badminton some other time.. huh? related saan yun.. just kidding.. good job po engineer...

Yaaay I'm glad that you're putting part of your proceeds to your savings. Since you've established the habit of saving, you should try venturing to investing as well. HAHAHAHAAHAHAH sure, I love playing badminton! let's try it some time :D

hindi ko pa alam masyado yung investing eh.. I hope malaman ko din yan

hayaan mo, magpopost ako about investing soon hehe

very good... hehehe

Coin Marketplace

STEEM 0.18
TRX 0.03
JST 0.027
BTC 19101.29
ETH 592.88
SBD 3.31