Steemit CryptoAcademy Week12: Homework Post for Crypto Professor @fendit // Don't get lost in the fuzz

Hello friends i am so glad to be here today to discuss with you about my homework Task given by professor @fendit In the homework i elaborated and simply all the questions base on my understanding of the lecture.

Question 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:

A(I). What I would've done in a situation seen above before reading this lecture

I used to be an impatient trader especially when it comes to trading in the crypto-relm so fast in taking decision without even studying the price variation through time due to fear and anxiety, so looking at the chart above i would've sold out for even a lower price of $56,000 hoping for an increased in Bitcoin, since Bitcoin is the highest of all the digital currencies. in the crypto-relm.

A(ii). What i will do now after reading this lecture.

I would have still bought the coin but with the aid of this this lecture in which am fully aware of the risk involved i will utilized a stop lost at $60,000 so that it will save me from losing much.

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

B(i.) The mistake I have made in trading

I could remember very well last month that was 20/April/2021 the time was about 5:30pm in the evening my friend Edet Peter introduced me to a unique online trading called Forex trading with my little knowledge about forex trading, i just rush into it with out studying the price variation or even understand and knowing much about it , I traded $300 dollars in my CFD broker wallet, i was hoping to get $600 dollars, in which my money supposed to multiply. After waiting for long, i then checked the replied button, i was loosing, no reply from the buyer signal as well, i lost about $250 from my broker wallet. I was so sad, i lost heavily due to impatient, not knowing the right time to trade beside not studying the chart and price variation before trading.

B(i.i.) What i have learned from the mistake made above •

Trading is matter of getting in to the investment at the right time, so it better to wait to be sure .
so i learnt patient is very important as a good trader in the crypto-relm. not to rush.
• Also trading require time, to know the right time to trade so as to understand the chart.
• I have also learned not to follow friends that are inexperienced to trading just like my friend Edet Peter, he don't know much about forex trading yet he introduced me to trade in which i lost $250

B(ii.). Which of this strategies discussed in this class you find the most useful for you? Why?

All the strategies discussed are unique in their own different ways but the strategy i prefer the most is Never invest money that you are not willing to lose. The reasons why i choose the strategy are as follows:
•. Since crypto-trading is so volatile, in case of any lose I won't go crazy or even worry my self much about the lost.
•.it's the best strategy because it will enable me to plan and save money for future use such as money for bill, feeding etc in case the trading goes bad I won't be frustrated at the process.
• It's the best strategy because i will still be financially okay, not to asked friends for money to feed,

Question C: Place yourself in the following situation: you are browsing Twitter and you see this:

(Ci.) What i would do in this situation before reading this lecture

Always my usual self that is impatient, rushing to trade with out studying the chart or even patient to understand price variation through time, i would have rush in buying the Bitcoin not just that i will be so delighted in it because Elon Musk know as the world richest man at present is in to Bitcoin investment, which would've also prove that Bitcoin is the superior Coin in the crypto-relm. beside as the world richest man trading on Bitcoin i will also invest on the Bitcoin so as to become rich too.

(Cii.) What i would do after reading this lecture

With the aid of this awesome lecture i will apply the strategy of never invest money that you are not willing to lost, also i will asked myself some basic questions such as
• if i lost my money in the process, how will i be able to pay for my essential bill like house rent, electricity and water.
• where will i get another money for my daily needs like feeding.
• who will console me if i get frustrated in the process of trading and i eventually lost. So after properly questioning of myself i will only trade with the money that will not affect me financially in case i lost.

Conclusion thank you so much professor @fendit for your wonderful lecture, I learnt a lot, especially the strategy of never invest money that you are not willing to lose, also thank you all for reading my post i appreciate