Crypto Academy Season Two Week 4: Homework Post for @fendit

Greetings professor @fendit, I am much delighted to be part of this week's lecture. I must admit I was really looking out to someone who will educate me as to how to carry out my trading procedure. The time and situation one is expected to trade is very vital so therefore I am grateful to our noble professor @fendit for this marvelous lesson.

People might turn to see themselves as very big just because they know how to do normal selling and buying forgetting that, trading in crypto has a different form all together.
Certain analyses are required when dealing in crypto trading so as not to be found guilty at the end of the trading process.

Without wasting much time I will begin to give my solutions to the homework task of professor @fendit

Question 1

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:

source

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.

Well, before going through the lecture notes of professor @fendit, If I was to be found in a situation like this I wouldn't have rushed to released my coin. I will bare the patience and wait for another spike in the price of BTC. I will have used my small knowledge in crypto trading to check out the percentage of the coin which is BTC that is existing in the crypto market. If the percentage is less than that of 50% then my best solution approach is to trade my coin for a stable coin. This is because, the percentage been less than 50% shows that most traders and investors where trading their BTC for other coins therefore the price will still drop more therefore I will be making a big time loss from my investment.

In addition, after going through the lesson of our noble professor @fendit, I wont think twice than to set a stop loss in my trading process. As rightly stated by professor, the sinking of the price level can occur when I am not online or asleep. But with learning something new from the lesson, there wouldn't be any cause for alarm because a limit has been set for the price value of my trading process.

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.

I can boldly say no successful individual that made it in life through trading of cryptocurrencies hasn't made a mistake when he or she was still new to the process.
I will term my experience as not a mistake but it was a result of my greed that lead me to that mistake.
Some few weeks ago I believe that was in last month, the price value of steem was at $1.3 which was giving me a great amount of money when traded for my local currency. That is converting to the amount of steem I had in my wallet by then. I said to myself what if after trading the price reaches $2 in that way I wouldn't forgive myself. This was because I had no technical training as to how to trad in the crypto market. I refused and still held my steem in my wallet. Some few days passed then the price started to drop to $0.8 and below, you can imagine how the feeling was. I was disappointed in my own self for the mistake committed and I vowed never to repeat it.
I learned from mistake in such a way that anytime there is a good spike in a price value of any crypto asset I am holding and it's giving me a 50% or more increment than the original price. I wouldn't be greedy again than to sell that asset to make profit rather than ben greedy to make a loss.

I have a little experience in trading after learning from my mistake. I bought Dodge coin in Binance exchange that's where I do all my trading. The price had drop from $0.4 to $0.2 within a week. It had my attention so I bought about $30 of it. After some few weeks passed, the price of Dodge coin is seeing a significantly increasing and we all know it's that trending coin in the market cap today. My trade saw a 50% increment from thee initial price I bought it at. This made me proud of myself because I had made profit from my trading.

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

All the strategies explained in the class by our hardworking professor are useful to an investor that wants to be successful with trading in the crypto market.
I personally find three of these strategies very useful and they have really added a lot to my knowledge in the crypto market.

OVERTRADING
This process is very useful to me because sometimes I feel at any point in time I can just go into the market and start making trades. I don't do any research or not always sure of what I am getting myself into I just start trading. I have now realized this act is really bad therefore I will put a stop to it. I sometimes also listen to what other people say or what they do and at the end of the day I am caught in the process of overtrading.
I will hereby now relax, take my time, understand what I am getting myself into before trading so as to bring profits at the end of the trading process.

GET TO KNOW YOURSELF
This is also another vital strategy in the trading process when we dealing with cryptocurrencies. I am a person that finds it very difficult in taking of decisions regarding as to how to trade or invest. This attribute will aid me to know how I best I will make an investment so as not to make loss but profit. Also knowing the type of individual I am when it comes to investing into cryptocurrencies will help prevent me from losing all my money when making investments.

NEVER INVEST MONEY THAT YOU ARE NOT WILLING TO LOSE
With this strategy it is applicable to our everyday life. Most people involved into betting sites like football bets are also been warned to bet responsible. Since trading is also a form of bet, responsibility is needed here. The amount of money I am not willing to lose shouldn't be used in the trading process. This is because, you might go into the trade then at the end of everything all the money is gone. So should in case I use all my money or money I am supposed to use for other important duties to trade then I lose everything I will become an unsuccessful investor. Thanks to this lesson of @fendit I will not try and venture into that situation of trading with my money which I am not willing to lose.

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.

Well, personally my trading into Dodge coin was a result of a tweet from Elon Musk. This was because sometime ago the price of Dodge coin was very low but after a tweet from Him, there was a spike. I can say his tweet had a influence in the price of the coin. It also made me invest into the coin. Therefore me browsing in Twitter then I come across this Tweet from Elon Musk will definitely lead me to getting hold of some Bitcoin even though I don't need them. This will be before I went through the lesson of professor @fendit. Because I had seen a prove with a tweet from Him about Dodge coin and the price increasing. In that situation I might commit an offence of rushing into trading without checking the necessary fundamentals involved. This might lead me to getting into loss if the trade doesn't work out well for me.

But after I vividly gone through this marvelous work of professor @fendit I will apply the strategies involved before going into the trading of Bitcoin. I will check to see if the money I am going to use for trade whether I am willing to lose that money or not. I will also relax and take a good decision before trading so as to make profit and not loss. Because at the end of the trading procedure, the sole aim is to make profit.

CONNCLUSION

In a nut shell, I am very pleased and honored to be part of this great lecture of our professor. I wouldn't have been happy if I wasn't part of this lecture. My trading in crypto knowledge has increased from one step to a good point. I can now patiently trade my assets with the strategies been offered by professor @fendit.

Thank you for your humble attention