STEEMIT CRYPTO ACADEMY S7W2 - RELIEVE YOUR TOP MOMENTS OF THE YEAR 2022(ABOUT YOUR CRYPTO TRADING EXPERIENCE)
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Hello to everyone in this wonderful community and in the steemit platform at large. I want to believe that we all are doing just fine, if so we thank the creator.
I welcome you all to yet another week of the steemit engagement challenge season 7 that has been organized by the steemit team for the purpose of building and enhancing interactions in the steemit platform.
Today, I will be participating in the contest that this community has set before us all which has been tagged About my crypto trading experience. I will be dropping my entry below and as such, I urge you all to stay put as I begin and I wish you all a happy reading.
What were your best moments in crypto trading in 2022?
My best moments in crypto trading in 2022 was during October/November. It was at the time when the issue of FTX was still ongoing and I was having little amount of USDT.
So I heard a lot of people talking about the fall in price as a result of the FTX issue although I took it likely because I was thinking it was a mere news and internet trolls. I never placed any solid consideration regarding the news that was all over social media platforms.
But then, I was still chatting with my friends on Facebook when I saw an update from another friend's wall, asking his friends who ar3 into cryptocurrency trading to place a short market order using FTX against USDT.
I thought it was a joke so I didn't key into the trade and so I continued chatting. shortly after that, I another update from a friend telling us to sell short FTX. It was then I decided to login to my binance trading application.
When I did that I noticed that FTX has been going down all this while but I never pay attention to what my friends were saying earlier. And so I managed to place a short order to of the FTX token and I was watching my trade.
It was getting dark and I logged back in to see what was happening and to my greatest surprise, it was going towards the direction I wanted it to go as though the cryptocurrency was selling off already.
I did something terrible by removing my **stop loss and take profit positions. So I slept off to the next day. When I woke up the following morning, I saw my profits and I was speechless.
I made 400 dollars with just 85 USDT. So I was still in the market but as soon as I saw that it was already retracing I became scared. The fear and greed in trading got hold of me and then I decided to exist the market and take what I have already. Although it later went towards the direction I placed the order initially but then I had to just off out of the trade.
That was my best moment ever in cryptocurrency and from that day, I didn't trade again for last year. I told myself that was the last trading for that year and it was in no doubt the best.
What were my worst moments in crypto trading in 2022?
Well my worst moments while trading cryptocurrency was when I had a huge about of USDT. I bought that USDT so that I can sell it when price goes up and eventually I decided to trade with the it. And that was supposed to be my school fees money.
So I got a market trade order from a friend and he asked me to place a Buy entry order which I did. At first the trade was moving towards the expected direction and I was already making profits of 30 USDT.
So I logged out of the market because my target 2 was yet to hit. I left the market for a while and within 5 hours time I got a message from binance that I should fund my wallet because I am running out of funds.
I didn't understand the message and before I could return to my position to see what was happening, I got another message from binance telling me that my account has been liquidated. Over 200 USDT gone down the drain that day.
I couldn't sleep nor eat anything but then life happens most times. So that was the worst moment of my trading adventure and this happened in August 2022.
What did you learn from these experiences of 2022?
It was an adventure that taught me a lesson. I have learned not to be greedy while trading because I have noticed that greed most times is the reason why certain people loss their Cryptocurrency assets.
When trading we should be contented with what we have got and immediately exit the trade for that day if possible.
So fear and greed is a factor that kills one during cryptocurrency trading and from that day, I have learned not to be greedy while trading immediately my take profit hit I should be over the market already and not waiting for more to come since cryptocurrency can not be predicted 100% sure.
Tell us about your future in crypto trading for this year in 2023?
Well in this year 2023, I have decided to learn more about cryptocurrency trading because learning never end. There are certain strategies and criteria for trading which I am supposed to learn. So I am currently making plans to better my trade this year by God's grace.
I want to be making more profits than loss because I realized that last year has recorded more loss than profit in my cryptocurrency trading adventure and that was because I didn't pay attention to learning basic criteria regarding cryptocurrency trading.
And to achieve that I have to plan a strategic method to make my future cryptocurrency trading much better than how it is now. Learning the necessary things regarding trading is the way to go big regarding cryptocurrency trading and that is what I'm set to do this year.
CONCLUSION
We all have our good days and bad days regarding cryptocurrency trading and so no matter how go one is, losses are inevitable but it can be managed to a minimal and that is what I am planning towards this year. Managing my risk and reward is the ultimate goal.
Thank you for such a wonderful topic regarding cryptocurrency trading, it was a great topic so far. I will like to invite certain users to also participate in this contest and they are @jenny281, @skilocy, and @samuelebuka.
Luar biasa anda beruntung menghasilkan 400 dolar dari 85 dolar, semoga di tahun 2023 semakin beruntung
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No logro entender tu post, dice que perdiste dinero con la stablecoin usdt?
Querías que una stablecoin subiera? No logro entender esto ya que las stablecoin están ancladas a dolares americanos.
Buen benefício obtuviste con FTX yo quise entrar pero era mucho riesgo para mi, así que decidí dejar pasar ese barco.
Wow what an experience you have here about crypto trading. Using your school fess to trade is indeed a big risk and that is what you took. The situation could have been controlled if you had the basic knowledge required i guess i.e exiting the market after gaining $30 but most times our greed doesn't allow us. I have faced similar situations my friend and that is why i have decided never to trade anything i can not afford to lose. I wish you success in this contest my friend.
Hello dear friend,
Wow, I am much surprised by the huge profit thay you make from the short trade during the bankruptcy situation of the FTX exchange. It was your luck that you were able to claim it at the time.
Sorry to know about the huge loss of 200$, its bad. We all know that the market of cryptocurrency is very much volatile so analysis is very important before entering the market so that there are very less chances of loss.
Thanks for sharing. Good luck for the contest.
Wow, menerima profit 400 USD hanya dengan 85 USDT itu adalah pengalaman yang sangat luar biasa, dan fenomena yang terjadi pada FTX di tahun lalu dampaknya sangat parah bagi beberapa Token Crypto dan membuat saya sedikit syok, sukses terus kawan.
Hello @solexybaba,
It's great that you made a profit of about $315 placing a short trade order on FTX Token. I think a lot of people made a good profit since the bankruptcy of FTX Exchange, my friends also made a good profit.
While doing crypto trading you faced a big loss even in the year 2022, I advise you to invest only the amount you are ready to lose in the crypto market. Thank you very much for sharing your trading experience of the year 2022 with us.
Regards,
@malikusman1
Thank you so much my brother @malikusman1 for your kind comment on my post. Greetings to you.