Special thanks to Prof @fendit for this week's lecture

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.

I believe I must have bought BTC at 62k USDT for a purpose. I must have done some sort of research to justify buying at that price. Now when it's coming down, assuming I am afraid, I would have sold it before it gets to 54k USDT. However, for me to have waited till it's now 54k USDT, I will chose to hold and observe the more. Selling off now is a huge loss.
Similar thing happened to me when I bought JulSwap token, and I was tempted at a particular point to sell off, but I decided to hold because selling it would be too bad for my investment, and now it looks like it's coming back. Patience is a virtue.

B) Share your own experience when it comes to making mistakes in trading:

1. 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.

On February 23rd, I bought JulSwap token worth $10 (23.1JuLD), due to its recent uptrend in its price. The price went up few days before that time, and it's fame begin to rise on social platform, and later the price started coming down, I thought it was the best time for me to enter the market and buy. I didn't do anymore research, I went ahead and buy. Then the price continue to come down, it came down from $0.43 when I bought it, to as low as $0.13.

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

FOMO (Fear Of Missing Out). The fear of missing out is one thing that sometimes affect me when it comes to making decisions on my next action pertaining my investments.

Why?

When I wanted to start crypto investment, I discussed it with a friend who also showed interest and we started. But in a little while after, I discovered, he has quit. I consulted him, and he said, he almost went broke because of Crypto. He said Crypto isn't for someone like him. What happened is... Someone forecasted a coin for him, telling him the coin have potential, even within a short period of time, He went into buying it without personally looking into the asset. He bought with all his capital, and things didn't go the way they forecasted. The price wasn't going up all through the time they forecasted, instead it was gradually coming down.
He was scared and sold his coin at loss because of the fear of missing out. Few weeks after then, the coin later went up.
A little more patient would have changed things for him.
What affected him are:

1. He invested huge amount of money more than he can afford to lose
2. He didn't do personal research on the coin
3. He was full of fear of missing out.

C) Place yourself in the following situation:

You're browsing Twitter and you see this:

1. You see that whenever this kind of things happen, BTC prices rush. What would you have done before reading this class?

The reason for every investment is profit.
I am a very profit oriented person.
I would feel like this is an opportunity to reap massively from the market. Not considering every other thing, the Fear of missing out will make me invest so high in it. I might spend and buy with finances I am not suppose to touch, Why? Because I am very confident of the price pumping. But this is too risky, what if things doesn't go the way I expected? Security is another issue i.e what if hacking issue occurs, will I not be having issue?

2. What would you do now? Explain in detail if there's something you would do differently.

Knowledge is power. Only invest what you can afford to lose. This is really a great message.
My decision now is to set aside a certain amount of money I can afford to lose for my crypto investment. Meanwhile, not everything will be going into one asset, I would need to divide it into every other assets I would like to invest in as well.
Therefore, no matter where information is coming from, I will firstly carry out my own personal research, so as to be sure I am investing and I am purchasing at the right time. Secondly, I will only be buying with available funds, ment for trading BTC
Thirdly, I will be making use of the great feature (Stop limit), to minimize risk of loss.

Conclusion

Due to high volatility of the crypto world, it is always essential to carry out research on assets. Also, as discussed in the lecture held by Prof @fendit, that it is good to understand oneself. This will definitely help in avoiding letting emotions get in the line of our decision making.

Images from @fendit lecture post