Update on the Last Tripto Trade | Tripto's Trading Log, Entry #7

Intro:

I'm not a full-time trader, I just do it for fun on the side of what I call my "real" investments which are far more long-term plays in stocks and crypto.

Trading is a hobby of mine. It's proven to be profitable and definitely viable. I love doing it but I know that short-term trading like this is both risky and unpredictable!! That's why I don't rely on it for my main income stream.

I look at trading as being something for fun and profit (with the right mindset) - if you're as unemotional as possible and always look to take profits early and then take profits completely off the table, then I think long-term success is definitely possible.

I've trade for years on both the traditional stock market as well as the options market and now the crypto markets. Trading is high risk/high reward. It's similar to poker bankrolling if you're familiar with that practice/skill.

It's a skill to know how to manage your funds. It's a skill to be able to shift money in and out of the game and then take profits off the table. Seek to cultivate that skill, and I think you can see massive upside over the long-term. Stay curious and stay cautious!

Tripto Trade Log Entry 7:

As I mentioned in the previous trading log entry, the last trade was ill-timed. It was right before the ETH price crashed about 10% and that caused us to be in a poor position in this trade.

I mentioned that the important thing to remember is that some trades will go bad!!

Not every trade can be a perfect winner! I'm glad I get the opportunity to document this swaying of the wind with these daily trading logs!

So the last trade has been going on now for 3 days... It's going to take some time for the price to recover and for us to collect our 2%.

Many traders set stop-losses, but I don't. I hate stop-losses!! It's guaranteeing a loss at some point!!

Warren buffet says that you shouldn't lose money. That's rule #1. Rule #2 is to remember rule #1.

So my plan is to wait for the price to recover. I wouldn't have bought in at the price I did if I didn't believe that inevitably ETH was going to cross the threshhold again!

Opening Position (10/12/18)

• Underlying: ETH
• Buy Price: 221.06
• Expected Sell Price: $225.48
• Actual Sell Price: $225.48
• Expected Profit: ~2%
• Actual Profit = 2%

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The sell order is already set for 225.48, it may take a while for us to recover from such a dramatic fall (about 10%) from our buy range.

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Disclaimer:

Nothing in this post or in any other post I write about my own trading/investing should be read as financial advice. All information in this post is simply for entertainment purposes only.