Crypto Academy Week 12- Homework post for Professor @fendit

This is My task for @fendit assignment

Image credit to pexels

Question

Ai. 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 would you have done before reading this class?

Ans
I am at loss already, but before this class, I would have chose to hold. Because, I think to hold with patience won't be a bad idea too. It is a matter of time, who knows, the price might pump again. I may just have to continue to monitor the price, just for me to remain updated.

Question

Aii. What would you do now? Explain in detail if there's something you would do differently.

Ans
I guess I would need to use the stop limit here. The last time I was in Binance, I am not sure of what the stop limit is really used for, but after reading the lecture, I think it will really be useful here. Since I am not a bot, the price might go worse while I am attending to something else, but to avoid losing more than what the price currently is, I will set stop limit, so that I can automatically sell of at a specific price.

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Question

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

Ans
Two years ago, I bought platforms coin on bitshare, because they use the coin to summon vote on whaleshares.io, and the price was cheap, then a whale joined the platform curation trail which made their vote to be more powerful, I rushed to the market to buy the coin before so many people notice. Thinking when the price goes higher, I'll begin to sell. But unfortunately, Whaleshares later canceled voting, introducing Tip instead of Vote. This upgrade brought an end to voting and using coin for summoning Whales. platform coin became useless, and stucked in my wallet. What I learned: If I have done research on whaleshares blockchain, read their white paper, I would have known that their motives is far from just writing and receiving votes. Maybe I wouldn't have planned buying the token than just the ones I needed for the moment.

Question

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

Ans
Don't let greed and fear take the worst of you
I have gotten few experience so far, and I have learnt somethings too, even from people around me. Emotions and trading are not friends in any way.Fear often make me sell some of my tokens when I am not suppose to. I think this is because I am a lady, but I later found out that it does happen to everyone. This strategy "Don't let greed and fear take the worst of you" will work for me here. To successfully be an investor, or be it a crypto trader, greed must be conquered.That will help to chose right time to take profit. Fear must be conquered too: That will help me in mastering patience when necessary.

Question

C. Place yourself in the following situation:You're browsing Twitter and you see this:

Ci. You see that whenever this kind of things happen, BTC prices rush. What would you have done before reading this class?

Ans
I will look into my wallet, do I have any spare money to buy BTC? I will star calculating how many BTC to buy, because I know the more I buy the more my gain will be. I will simply try to buy as I can.

Question

Cii. What would you do now? Explain in detail if there's something you would do differently.

Ans
I will try to make confirmation if the information is genuine. Sometimes, people carry rumors just to manipulate the market situation. If after confirming, I found out that it's real, I will buy with with what I can afford. I will be sure I don't rush things. Such media information will have effect, but it will be continuous. That means I can wait for a day or two to be double sure it is right signal for me to buy.

Conclusion

• If you want to be successful in trading, conquer your fear and greed.
• Before falling for any media status about any crypto, DO YOUR OWN RESEARCH.