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

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Hello Steemians, I really enjoyed the class and I learnt a lot from the lecture . So, let's dive in into today's homework.

Q1

FOMO
One of the mistakes I made was that I traded my cryptocurrency when the price was low. I should have left it and let the price goes up. I was afraid the would decrease so I traded it. Only for me to check two days last and founded that the price has sky rock. I was sorry sad.

Q2

Mistake and Experience

I got to trade with real money before trying my strategy on a demo account. I was not familiar with the account and how it works. I made the silly mistake of risking more than I thought I was and not enter a stop properly. This causes me to lose money.

I got to learn this. A contrarian is someone who does the opposite of everybody else. We are supposed to that. Buy when everyone is afraid. The ideal is good but there is a third element that is missing from the strategy.

Since I did not test my strategy on a demo account, I don't even know if my strategy or my ability to trade it, is going to work out well. I then learned that my mission as someone who wants to become a skilled and profitable trader is to test my strategy as well as my capability to trade.

There are three things that all great investors look for before they start buying into a market.
1* It has to be hated
2* It has to be cheap
3* Timing

Three things not to do when the price is falling
1* Not panic
2* Not buying until is right
3* Risk control

Q2ii

USEFUL STRATEGY
The strategy I find most useful is buying when the price has decreased a bit.

WHY?
I love this strategy is because you will earn more profit. Normal people would purchase when the market is up. It good to take in more products when the market is bearish, prices are down. It widens the profit margin but also prevents getting sucked into a bad bubble. The best moment to enter a downtrend is when it hits the bottom and rebounds. That would be the perfect time to buy.

Q3

What is would have done when the price of BTC deceased?

I would have left, it hoping it will increase.

What I would do now?

Now, when I see some factors that could make the price drop. I would sell my BTC. Knowing that moving a cryptocurrency asset to other platforms leads to the drop of cryptocurrency, it is good that one should sell is BTC.

Regards; cc: @fendit