Steemit CryptoAcademy season 2 week 4: Homework post for @fendit | Dont get lost in the fuzz

Hello, Good day everyone. Before I submit my homework post on this educative lecture by @fendit, I would like to acknowledge the crypto Academy community and the professors for such wonderful job.
Without wasting much time, I would present my homework.

Don't Get Lost in the Fuzz

In my opinion, this lecture is one of the most important lecture which should have been treated earlier . This lecture has made me realised a lot of facts about myself pertaining to tradings and betting. Thanks once again to the professor @fendit for such a wonderful article.

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

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If i was the investor before this lecture, this is what i would have done.

From the little knowledge I have, if i experience this situation after buying BTC at this rate, I would panic for a while just because the graph isn't looking good. However, if I agreed to buy BTC at such a high rate, it means i have the mindset of it rising in the future. Meaning am planing to hold for a long time. As we all know, most of the coins or assets has increased over the years. So I won't think of selling anything because of the mindset I had initially.

what I would have done after reading this article.

Well, this lecture has educated me a lot. Before this lecture, I never knew BTC collapse in 2018. Initially, all I check was the time of creation till date(the end to end). However, if I invest after reading this lecture, i would rather panic severe but still keep the BTC. The reason for me panicking now is because i now know that BTC is still not guaranteed over a long period of time. However, as i said, I would aslo hold the BTC till the time I intend to sell. Because, although BTC can collapse, the possibility of it collapsing is relatively less.

what I may do differently

In any case, looking at the graph of BTC, usually when it moves up, other Altcoins moves as well. Hence, i would monitor the graph closely for sometime and when it shows signs of moving up, I would invest in other smaller Altcoins with potentials hoping it would rise in future.

Mistakes I have Encountered During tradings

Although I've little experience when is come to tradings, I've made some unforgettable mistakes myself. I used to say I am not a lucky person when it comes to tradings. Initially, I used to think crypto tradings is purely gambling. I didn't know any criteria to base on during tradings.

When I was first introduced to crypto tradings, I said it was easy because my first trade was successful. At that time, I didn't use any huge money which could be costly when lost. With time, I mean few months, I decided to invest more for more profits. That was my first huge trade capital and i lost all the money in just two trades. However, about three to four days time, my parents gave me some money for my school fees. I used part of the money to counter the trade I lost. Luckily for me, It was a success. From that time till I joined steemit, I never thought of any trade of any sort.

Recently, a friend told me to hold on to the tokens we earn on these platforms (steem ,SBD and the tron). But I sold the SBD and the steem. Few months later, it has multiplied and i have regretted.

WHAT I HAVE LEARNT

From the first mistake I made, everything shows that i was ignorant at that moment. I based on luck for my trades. Which would have ended up in a great loss if I hadn't stop. So before you invest, try to understand and know what you are doing. The risk involved, amount to be invested, the effect of losing.

For the second part, I have realised patience should be allowed in the crypto world. Sometimes investors rush in selling and later regret.

From The Above,

I need all the four strategies.
Because,

• Get to know Yourself: If i had knew myself well, I would have known I am an anxious person and should have taken it easy from the first place and learn about what I was getting into.

• Never invest money you are not willing to lose: I should have never risk the money which made me used part of my fees as a counter trade. We should never take a risk without any backup solution.

• Don't let greed and fear take the worst of you : If not greed, I wouldn't have thought of using all my money to invest.

• Do not let your emotions control you : if not because of my emotions, I wouldn't have used part of my fees as a counter for my lost trades.

All these strategies works together. If you decide not to use them, Your trades could end in vain

After seeing such a post,

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Before the lecture,

I would ask my self some questions.
Who is Elon musk
Why is he doing that
Since Elon Musk is one of the richest people alive, I wouldn't hesitate to believe that, he has already invested huge sums of money in BTC. I would also invest any amount thinking that BTC would rise massively some day. I would even try to convince people who can imvest more to invest.

But now after this lecture,

I would take caution ⚠️. I wouldn't invest any amount I can't afford to lose just because Elon musk is promoting BTC. Anything could happen.

To Conclude

I would like to thank @fendit once again for giving us such a wonderful lecture. Overall, I think we need to take caution whenever we are involved in any kind of trading. We shouldn't let our emotions take over ourselves when we lose in trade. We could lose even more.