Crypto Academy Week 12 - Homework Post For Professor @fendit | Don't get lost in the fuzz

Hello

It's a great lecture by professor @fendit. It is one of my favourite lectures in SteemitCryptoAcademy. I feel connected to professor at every single point of lecture. I think this is the case with every trader out there. Again, Thankyou professor!! for such a great lecture. I enjoyed a lot and also learned a lot from you

Homework

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Que 1.

Ans.

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At first I think I sold out my BTC because I might think that BTC is in upward trend from some time and it is the time that it stared to come back its fair price and it goes futher in downward trend. So, I try to safeguard my money whatever I can. And square off my situation even in making loss situation because of FOMO.

Now, after your lecture, I think I try to put aside my feelings and emotions and focus on technical details before making any decisions in hurry. I might look at some previous charts and might see this dip in price as a buying opportunity made by big whales. Clearly, I did hold my investment and did not sold out because of my FOMO.

If I had more money that I can invest then I even try to buy more in dips as now I think a sharp fall come with a sharp reverse trend.

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Que 2

Part 1
I am a newcomer in cryptocurrency market but still I experience a mistake that I want to discuss.

Once there a asset which is on my radar( watch list). I keep track on the price movement of asset. Suddenly the price of asset start making large green candles aftet green candles I did not do anything for 1day, not on 2nd day. As I am a newcomer and this situation is very new to me I don't know what to do But, afterwards my gut feelings took over me and Even in the overbought zone(not known at that time) I initated a intra day trade. It increase even after I make trade but only 1% and start falling, falling and falling. I ended up making losses on just starting phase of trading.

The learning that I get from this incident is that,

• First, do not go with your feeling or emotions.

• Second, If price of asset is making sharp upward move it does not mean it even go more in upward trend it may be. In this situation my advice is please do not initiate trade im hurry try to do technical analysis and show patience till price corrects itself.

As I am newcomer so I had only few experience till now.

I had one more experience from my friend as I asked him about his mistakes before I go into the field directly.

Here's his experience,

He bought an asset which is doing great and he is very happy with his investment. One day the asset make a sharp fall and my friend make huge loss but he did not square off. I think he has great control on this feeling. His decision was right for 2 days but afterwards asset started making sharp falls one after other , my friend started buying blindly at every fall and in this way he invested a huge amount which he is not willing to invest at first. Now, the situation is that bad, he has to square off his position to pay off his rents,bills. He ended up in making huge losses. He might make profit if he has more time to hold his asset.

My learing from this,

• Only invest that amount of money that you willing to take risk on.

• Do not blindly trade anything based on your guts that this is buying opportunity as there might be some very bad news about asset. So, only trade when you have proper knowledge and only initate trade after a proper technical analysis.

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Que 2

Part 2

All the strategies discussed in class has it's own importance.

I liked most is the *Stop Loss and FOMO strategy.

I think if you have a stop loss target then you know about your risk. You know how much money you loss and want to take risk on. If you have stop loss you did not need to track charts of your investment daily.
As nothing is perfect in world Stop loss has small disadvantage when you do not know how to use it. If you make a stop loss target less in very volatile market then your target hit oftenly and you ended up making loss as your trade square off when you hit stop loss.

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I think everyone once, feel FOMO in their trading history. I am also from everyone .
It is when you square off your position in fear of losing what you earned and you get very bad feeling when your target hit after you square off.

So, I think you must has to be patience. And try to control on your fear of missing out. Do not hurry and take entry in trade when you are sure on your research basis and did not square off positions because of fear.Market always gives you chances it depends on you if you catch it or miss it.
Happy trading!!!

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Que 3

Before taking your lecture If this situation comes in front of me I do which every newcomer do. The newcomers thing😅. I will hurry and buy btc blindly without even thinking about what happens next. In this type of situation I think I might get another bad experience about trading😅.

Now, After your lecture, I first of all do not make mistake of misunderstanding that price is going upward so it will further goes upward. I control myself and did do anything in hurry without proper opportunity. I will wait and watch the price movement and try to take entry at some good levels after sometime unless making decisions in hurry.

Things that I can do differently

• First of all it depends on time at which I am reading this tweet. If am reading this tweet just at the time of it's posting then I immediately buy BTC as soon as possible and make some good profit.( I am assuming here that this is not a fake tweet)

If I am reading this tweet after you say 10 hours later after this been posted then I should not trade and just wait and watch price movement for good entry points.

Thank you professor for great lecutre!!!