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RE: I sold my CryptoNight ASIC miner and accumulated 500 STEEM through mining and purchasing from its sale price.
fail fast and minimize your losses
Great advice. In fact in trading it is a great strategy since 80-90% of trades are of correct decision. If losses are kept low at 10-20% wrong trades with fast decision, then trading is almost always profitable. However, it is very hard to execute and needs experience and cool head.