Crypto Academy ||Season-2 ||Week-4|| Homework Post for @fendit|| Do not get lost in Fuzz
A) Place yourself in the following situation:
You bought BTC a couple of days ago at a price of USDT 62K. Suddenly, you see that this situation is going on:
What would you have done before reading this class? What would you do now? Explain in detail if there's something you would do differently.
Whenever I want to do some online trading, I recommend two ways. In both ways are useful for me. I will do its fundamental analysis and technical analysis. Whenever I call an online trader, I will first give the party cooler a price forecasting about them. Because in online trading, these two analyzes are very important for the price for casting. Fundamental Analysis and Technical Analysis comes in price forecasting.
First of all, if I buy a bitcoin at the same price, it doesn't make sense. Because you can't buy us just by looking at the price bull. When buying any coin, it must be fully analyzed. When buying this nation, its support and resistance are analyzed. We can buy any queen. It would be a mistake for me to buy a bitcoin at this price. Because I can never buy it just by seeing the price go up.
In this scenario, if I bought this bitcoin at this price, it would be a bit of a hassle for me. Because the price has dropped completely after the purchase. But it doesn't bother me much because we can see that there is strong support at $54,500. This means that the price is likely to go below that
But if the situation is quite the opposite and the price of bitcoin falls below 54,000, then this situation will lead to a common action from different people, that is, Panic Sell. In this situation, many people will sell panic in which they will say that we should sell bitcoin here even if it is to our detriment.
But if the bitcoin price goes down, I will never sell panic. There is another technique that I can use which can give me more benefits. I will use stop loss in this. And we all know that stop loss sometimes bothers us a lot. We must be very careful when using stop loss. When the bitcoin rate is below $45,000, we should use a total of four to five percent.
B) Share your own experience when it comes to making mistakes in trading:
What mistakes have you done when trading and what did you learn from them?
If you have little experience when it comes to trading, tell if you got to know about someone else's experience.
People who do crypto trading for long period also make a lot of mistakes because, this job will take a long time to become an expert. So, we also see some people who are experts in Crypto trading but they also make mistakes sometimes but most of their mistakes are not about loss but about low profit.
Anyone who trades in cryptocurrencies is a little greedy. He wants to sell the coin if the price goes up. Something similar happened to me. Some time ago I bought 27Steem and in return I paid 5 SBD. At that time the price of steam was at $ 1.20. I sold it for $1.32 after keeping it for a few days. I did make a profit, but a few days later the rate went up to $1.46. If I wait a few more days, I can make more profit. I said that because I was not familiar with the price for casting at that time. So, because of this lack of knowledge, I made less profit. Price forecasting is very important. In this, our fund conducts mental analysis and technical analysis. And we anticipate what the price will be in the future, and we design our strategies accordingly.
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Which of the strategies discussed in this class you find the most useful for you? Why?
All the strategies outlined in this lecture are very useful. I can't afford to give any of them a low status. Because each strategy has a different place according to its scenario. But if you ask me, this is the strategy I like the most
Get to know Yourself
Before doing online Crypto trading, we must first know about our nature. Knowing our nature means that whether we have patience nature of quick response nature. We ne to know that how we make decisions. We must know complete about what type nature we have? If patience is part of our nature, how can we trade? Online trading depends on our nature, how we should trade, whether we should do long term trading or short-term trading, it all depends on our nature. Similarly, if we are going to be hastier and angrier, then we should not trade online at all. It is very important to know all these things about ourselves. How is it and how should we trade?
OverTrading
In my opinion, over-trading is also a good strategy. Sometimes we see people buying another currency when its price is high. But this is a big mistake that many people make. However, we should not buy more when someone has our price down, because after the price goes down, there is a chance to get support and after getting support, there is a chance to get the price high. happens. That is why over trading is a very good strategy
C) Place yourself in the following situation:
You're browsing Twitter and you see this:
You see that whenever this kind of things happen, BTC prices rush. What would you have done before reading this class? What would you do now? Explain in detail if there's something you would do differently.
In this Scenario What would I do Before Attending lecture?
He is a very popular personality. People value his words. If they advise people about cryptocurrency, it creates a FEMO effect. Because people are very Conscious about their winter. If I were in that place, I would invest the money I was willing to lose. I also do a little research. I learn more about it using different social media platforms.
In this Scenario What would i do After Attending lecture?
First of all, I will do its price forecasting. I will also do fundamental and technical analysis. This will give me an idea of what the price will be in the future. This process will be of great benefit to me. After that I will invest only when I tweeted in Elon Musk. If I receive his tweet a few days late, I will never invest in it because his price behavior will have changed. If I buy it now, I will make a big mistake.
People who have little experience in crypto currency trading make too many mistakes. Because it is said that crypto currency trading takes at least 4 years to gain experience. The professor has selected a very good cap in which we have seen what mistakes we make when trading online. The professor said that if we correct these mistakes then, we will avoid lot of losses in crypto currency trading. This lecture is very useful regarding Crypto currency trading.
THANK YOU
Thank you for being part of my lecture and completing the task!
My comments:
Nicely done!
Good answers on your tasks, but try to give it a bit more depth for next time! I can tell that you understood the topics, but that's why I'm asking for a bit more :)
Overall score:
6/10
Thank you professor for quick response. Next time, I will try my best to explain more in details.