Crypto Academy Week 12 - Homework Post for @fendit

Introduction

Every investor or trader that has be part of this class, must learn to adhered to these steps to be a better trader or investor. All this mentioned in this class is something each trader or investors experience, that has made he or her to loss some huge cash from trading or investment.

I must recommend Prof. @fendit for this great knowledge that has impacted and made me to know the various steps to take while trading or investing.

currently now on crypto market there are too many types of trading set up but for me I manage to trade the spot trading. plays a vital roles in spot trading as a spot trader, I always show patience in keeping any coins and do sell when I see profit in it.

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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Question 1. What would you have done before reading this class?”

I will explain and answers it with my experience I had when I bought Tron coin earlier this month, 2021. I bought $22. Tron coin when it was around $0.085, and sudden it dropped to an extent I was just angry with my self for buying it and if I try to sale I would loss a huge amount of money. So what I did was to keep the coin for few months and the price increased and still hoping it will increased more.

Therefore, I would wait until it's above the $62k in order to obtain a big profit.

What would you do now?”

Thank for this question, I will exercise patience for the coin to rise in order to have profit from it. I believe after this class I will up my patience level because this plays most important role in crypto market.

In addition I will learn to apply my stop loss.patience is very necessary but at the same time stop loss is needed to monitor the lost situation. I think this stop lost step is an important weapon to minimize lost in crypto market as a trade or investor.

Most especially, one of the things I have noticed that made some persons to have a great lost in their investment in spot trading, is when am individual invest with cash that he or she can't allow for long time or when investor run into am urgent pressure comes either from the family or maybe need at a given time you don't have much money to take care of yourself, in this point the investor might sell without considering the lost.

"What mistakes have you done when trading?”

Knowledge about trading is very big in crypto market, but with what I have seen and heard from others investor and traders no amount of knowledge is enough to stop one from making mistakes I wish to be corrected. The mistakes can come in different ways and different steps.

My mistake in trading:

For some time now I have been learning and studying the market to know when to invest and when to sale early last week I tried my first ever trading but it was not a good one I invested just $10 after the investment i started trading but at a point I noticed the network was bed and I still keep trading them suddenly the network want off and on the process of trying to restore by the network the chat went against me and I lost almost all of my investment.

what did you learn from them?

To succeed in crypto market, I must avoid taking some unnecessary risk not to allowing the present condition of the market to control me and I learn to set stop lose. Price of cryptocurrency is volatile and does not require hast decision and before trading I must make sure I'm in a better place where I will not easy interrupt by network.

Which of the strategies discussed in this class you find the most useful for you? Why?

Stop loss

As a trader without this stop loss one can easily lost more of he's or her investment like me this has been one of my biggest challenge because of where am staying and the type of device am using to trade but with this new idea I can now apply it to my trading.

Get to know yourself

Knowing yourself is one thing that is very important in crypto market because you can control your emotions and manage other things been mentioned in this class. So knowing myself will help to know my weak point and my strength. Therefore, through this class I have learn to know myself and how to make big profit in my investment or even trading.

Should in case I come across this below.

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What would you have done before reading this class? What would you do now?

Before buy or invest in BTC I must first go through technical analysis even though I know it has every tendency to rise.

What would you do now?

After going through my technical analysis I will try and do some research about BTC, try to improve in my analysis, won't let my emotions decide my decisions.do my analysis before I decide to invest.

Conclusion

This class has really been impact to me, with this I have learn from my mistakes I did previously and it will be corrected. When you Encounter any lose in your investment or trading market don't be too emotional about it, and don't try to trade with bigger fund when you don't really understand the chat at that moment.

Cc.
@steemitblog
@steemcurator01
@steemcurator02