Crypto Academy Week 12 | Homework Post for @fendit

Hello every one welcome to my home work given by the professor who had a very communicative lecture about Don't get lost in the fuzz which you can check it out here After that you can now visit the my article were i solve my home work.

Question 1: 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 i would do if i bought bitcoin in 62k and it decreased to 58k

If i am in that situation were i fomo in and bought bitcoin 62k and it reduced to 58k and it keeps reducing the only smart thing is to hold and wait and look for more money and buy the deeps because if you panic and sell you loose your capital and the price may bounce back that is why you buy the dip so that when it bounce back to 62k and you bought the deep at 57k you will be in profit so think smart and without emotions.

1(ii). What I will do now after reading this lecture

This lecture has many smart thing to follow if you want to trade successfully so i will implement every thing i have learned like never trade with emotions because that is a very bad way to trade and also never fomo in just wait for the price to fall a little before buying.

Question 2: Share your own experience when it comes to making mistakes in trading:

2(i.) The costly mistake I've made in Trading

The costly mistake i have made is when i traded leverage without putting a stop loss that will help you prevent you from loosing all your capital and get liquidated, so i didn't include the stop loss option and i lost all my capital.

I used $300 and 3x leverage in a trade i was sentiment about and i didn't add a stop loss option that will exit my funds from the trade so that i don't loose every thing but lost every thing and i was sad for a week.

2(i.i.) What I have learnt from the mistake above

The lesson i have learned from the above mistake is that i should have included a stop lost option in my trade so that i don't loose every thing and also what i learnt my mistake is that trading with sentimental thoughts and without technical analysis is a bad idea.

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

The strategy that works well for me the most in all the strategies discussed in the lecture is Never invest money that you're not willing to lose. Why is this? I found this special strategy most suitable for me as I won't be too bothered about a crypto trade as I would be comfortable with whatever the outcome of the trade is. An example of such strategy is the one employed in my trade mistake highlight at the beginning of this lecture, I invested just 12 USDT and when the asset dumped so hard, I could hardly worry about the outcome because I actually entered the trade with an amount that wouldn't shake me too much. In simple word, I love the strategy because all outcomes, win or lose would be a good one by me.

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

In this type of situation when i see a tweet like that it means that the coin tweeted about will rise so meaning i will have to fast like if i see that the tweet is a 10 minutes i will rush and buy that token but if the tweet is 30 minutes older then i will not buy the token because by that the price has pumped unless the price has not pumped then i can still buy, It all comes down to time because crypto currency is a time sensitive type of assset.

C(ii.) What I would do after reading this lecture

The first thing i will start doing is including stop loss in all my trade, the second thing i will never do is fomo in again into any coin again and finally i will always be technical in all my trading and not emotional.

Conclusion
I think i am a better trader than i was yesterday because of @fendit lecture so thanks for this lecture and hopefully i explained the questions well.