Greetings great steemians, greetings to the honourable Steemitcryptoacademy Professors. Am honored to be participating in this week's homework given by

Professor - @fendit

Question I: Placing yourself in the situation where you bought BTC a couple of days ago at a price of $62,000 and some days later you see that the price has gone down to $54,585.22

a) What would you have done before reading this class?

b) What would you do now( Explain in details if there is something you would do differently)

1a. Placing myself in the situation before reading this class, I know that I would have quickly sold my bitcoin on learning about the depreciation in price for fear of losing totally my trading fund. I would have surelybeen in a hurry to trade my BTC for another coin and it may also cost me some risk as well because if I am In a haste to trade my BTc fund to another coin , I surely will not investigate the next coin I am about to trade and this can cause even a greater harm to my portfolio.

1b. However after after this class, I have learnt a great deal about personal trade requirements. One of them is abstinence from revenge trading. I have realized that my rush to trade will cost me more harm. So what to do now is to have a rethink, and right now I can think of two possible things to do.
• Trade the BTC but not in a rush and to observe the price trend of the coin I want to trade my depreciated BTC for
• I could also leave the BTC while still observing it with no intention of trading it soon. I have understood from this lecture that sometimes the market could be a bit scary but in no distant time it could also gain on.
• After the class, I have realized that I might not have made the right decision buying BTC at its peak price whose fall will bring me anger and cause me to engage in revenge trading. I have learnt from this class that it is better to buy my coins at a price that is lower than the peak price so that when it increases, I can make some profit rather than dive into trading ignorant of the price trend and it's possible outcomes.

Question 2a.) What mistakes have you done when trading and what lessions did u learn from them:

Recently, I have made a trade on the Binance exchange platform which was not successful at all.
On the 3rd of may 2021, I used up to 17.78288597 USDT to purchase 0.000307BTC.

By the 4th of may(about 19 hours later) I encountered a loss of $1.7 USDT. I started to regret why I had purchased Bitcoin without observing it's price trend.
However fortunately for me, I traded my remaining bitcoin for steem still on the Binance exchange after studying steems price trend

and I got some profit as a result although I still traded my steems for ETH for since I have reached some profit percentage and for the fear of steem depreciation.

Right now I still hold on to the ETH which I traded and since then, ETH has not got any significant depreciation in value.

2b.Which of the strategies discussed in the class did you find useful for you and why?

Of a truth, there is not one point which has been discussed in the class which I didn't find useful. Everyone point discussed in class has been useful to me and some of the points even describe my attitude in trading.

One of them which caught my attention the most is FOMO . I always have this feeling that am missing out in the trade and also in opportunities that could increase my portfolio. This in return makes me to trade without caution.
But after reading this class, I have decided to try to hold back sometimes and also learn to control my anxiety.

Question no. 3: Place yourself in the following situation

You're browsing twitter and you see a tweet by Elon musk saying " You can now buy a tesla with Bitcoin"

3a. What would You have done before reading this class?

3b. What would you do now?

3a. If I possessed about 2 BTC in my wallet at the time of the information, I surely would speedily purchase a tesla car given that I would make the trade without having to convert to a fiat currency as the conversion process be time consuming currency.

3b. However after reading this class, I have understood that for successful tradIng, you have to control your emotion and use your head to think rationally. I would calm down to observe the information to ensure it is not a strategy to make me rush and sell my Bitcoin at a low price.

In conclusion

I have enjoyed every point given by the professor in this class . Along the class I knew I was guilty of some of the points discussed like revenge trading and FOMO.
I have also learned a great deal from this class as will work along side the points discussed in this class to improve my crypto trading life.

Thank you professor @fendit for such an expository lecture on trading.

#fendit-s2week4 #cryptoacademy #nigeria #betterlife #steemexclusive