There Will Always Be Fake News.
Yesterday when I woke up early, analyzed my charts and placed my orders, I imagined a normal Friday. Then all hell broke loose. As I said in an earlier blog post I have been long since the last crash. There was no signal that told me that I should have been shorting Bitcoin.
WTF is Happening.
As I scoured the web and the trading channels I could not find any news as to why Bitcoin took this huge drop. So I bought more positions long thinking it was a flash crash. Which is quite normal for Bitcoin. Then @GoldSeek mentioned in my trading group that the Chinese government was banning Bitcoin. #WTF
Then I Start to Sell Some Bitcoin Positions Because this is Going to Get Ugly.
I felt powerless because there is no telling how low Bitcoin could go. The Chinese were selling at a rate of 2X1 compared to everyone else. Could this news be true?
It is Fake News!
Everyone starts reporting that it is fake news and the selling off slows down. I start buying positions again hoping to recover the BTC that I lost. I have a pretty substantial position and I have to leave the house to go to the chiropractors office. I left hesitantly. Looking back I wish I had just cancelled.
It took an hour to get to the appointment. By the time I arrived BTC was down another $100. Oh my God, what the hell am I going to do? I had to sell off a few positions and put some buy orders in down below to protect against liquidation. This is not good. The Doctor asked, "why is your blood pressure and pulse high?" I am loosing a ton of money Doc! He says, "that's right you are the Bitcoin guy."
I Go to the Casino.
Since it was too late to head home without fighting in rush hour traffic @AnaHilarski and I decided to go to the casino and to dinner. I was quite depressed so we went to a very nice Argentinian steak house. We never eat steak! Hell, who knows it might be our last meal.
During this time I put in some small positions and made back a portion of my earlier losses. Thank goodness for the ability to trade on Bitmex using my phone.
We Make it Home Where I can Trade Bitcoin Normally.
Over the next few hours I made back about 25% of my losses. I also was pretty confident that the market would trend upward overnight and it did. This made me another small chunk towards recovery. Now as I sit here writing about the carnage unleashed upon my trading life, over the last 24 hours, it looks like Bitcoin has shrugged off another attack.
I Hope You Enjoyed this Story.
Bitcoin trading is not for the faint of heart. If you can handle the ups and downs of trading and you are not living in the USA then I recommend you get a BitMex account. Use my link to get a six month discount on your fees.
Always trade with caution. If I would have traded at anything over 10X I could have lost much more yesterday. Have an amazing weekend everyone. I have to get back to the battle and win back my BTC.
BTW, yesterday was the first day that I did not write on Steemit in a year. I think everyone can understand why. ; )
Sorry for your down day but hey the ride up is going to be great!
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Sometimes you have to ride the roller coaster ride and keep a cool head, even when the fake news is exploding all around you.
I still view bitcoin as an asset and it will be hard to let go @hilarski a shake down and then slowly rise again.
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Ive been buying the fake china news since pboc started last year. Easy profit every time lol Never ever sell when the price is down. No matter what the news.
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When you are trading with leverage you don't have a choice. If you don't sell you could lose the whole bag.
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Oh ya, Ive been there before lol actually I made a post about it because I was panicking. I was withing a few percent to getting liquidated but than it suddenly changes direction for me. I ended up making some good profit too. But I haven't traded with leverage since!
Heres my post, this is when I almost got liquidated. Almost lost over 3k lol
https://steemit.com/bitcoin/@cyberblock/this-is-why-you-should-never-margin-trade
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People read headlines and then make up their own assumptions it still is happening today even after my post stating the facts and now others stating the facts to. So dumb lol seriously though this is what we have to look forward to from just random people posting news.
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The story of many traders now, the fomo makes people follow bad ways but we are part of the future technology and all we see now is just the begin, i mean we will see more and more positive news and bad news too
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This was not FOMO. This was 100% FUD.
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Perfect jajajaja i didn't know the real difference. Thanks
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sir i agree ,This was 100% FUD......
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people often get there fomo's and fuds mixed up lol
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so in future please be confirm 100% then trust in any news.
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Really @piyushkansal, do you speak or read Chinese? I sure don't.
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No sir i don't know chinese language but if such situation exists i use google translate. It converts and speaks also.
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Google translate does not do that well with the Chinese to English. Here is the site that first reported the "News". Translate it and see if any of it makes any sense, I couldn't tell what they were saying. Seemed like FUD, so I stayed long.
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Ok sir i will check it.
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You are right. That's Bitcoin if you can control the fluctuation of the business
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I Enjoy this Story and large investors need to be careful.......
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sorry to hear this sad news that you lose Bitcoin Due to Fake News. Hope in future you got high profit and cover this lose.
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Very good information,thanks for sharing
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Haha, I love the alien representation "that's right you are the Bitcoin guy." Sorry for the losses man.
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@hilarski,
This is soo true friend! Some crazy bast_rds doing such nonsense and we have to pay for it by selling our HODLs :/ This should not happen, but we can't change it, coz BTC, China, ICO gave us a lot of drams in last couple of weeks! Anyway behind those we can see investor involvement! They makes news and use it as an opportunity to buy more and sell more!
Sometimes I might feel crypto trading is a massacre! So I decided to keep HODL statement! So whatever happen I am HODLING and won't sell it until I feel enough!
Nice article and thank you very much for sharing with us!
Cheers~
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It is ok to HODL. The profits are not as good but it is good for peace of mind.
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Just chilln & HODOL'N ...
IMPULSE DECISION IN TRADING IS NEVER A GOOD IDEA
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looks like you are all in , plus there is a rumor about chinese exchanges shutting down,we might see another fud
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I have to try to trade on BitMex, there I have not yet traded.
But how good that for me while bitcoin is just adrenaline, and not the way to earn money :)
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Take it slow on Bitmex, learn how to trade and practice, practice, practice.
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Hi friend as you know very well that business is a risk factors. So please handle it bravely. You are so powerful and genius if you believe that than what will be our condition if we be in your place. There is saying money is lost nothing is lost but when health is lost, what will happen to others. So please don't be upset friend everything will be alright. I also know that to advise others is very easy ,you are the sufferer, I know your condition, please take care of yourself friend, I wish you good luck for your sweet future.
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sorry to hear about your loss..but don't worry..ups and downs are there in the life..hope you ll recover your loss soon..
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@hilarski - FUD happened & now Saturday Madness :) oh my goodness why they are spreading such bad & fake news. Love your sharing Sir. Very useful guidance for us. Therefore, I wish to resteem your post Sir.
+W+
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They do it for profit. They open short positions then spread the news. They then profit.
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There main aim is to gain profit whether any one lose or gain it doesn't matter for them.
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Steemit Bank invested in your post.
Follow Steemit Bank
Support the project by upvoted the this comment.
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amigo #resteemia at your service
PBOC, BTC, ICO, ALT you all made us stupid. by the way this is FUD. nice post @hilarski
ReSteemia
'UpVote ReSteem Comment'
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In Venezuela Bitcoin miners are getting arrested for mining .... And this is not fake news
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That has been happening for a while.
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Great So BTC plunges then we buy then we sell when it gets back up. Cool.
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Lesson learned: Never believe in Fake news. Those news are fake!!!! :)
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How do you know?
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The problem is that its not really fake news.
These are real attacks against bitcoin from a group that is really good at telling lies. Telling different lies to different people.
Whether bitcoin was started by the CocainImportAgency or not, it has gotten out of hand, and TPTshouldn'tB want to stop it. They don't realize its too late, but they will do everything in their power to squelch this.
Fortunately the power of bitcoin will only accelerate. As more and more pieces of money transaction and safety protocols are implemented. TPTshouldn'tB do not have the ability to see the future. They are very much stuck in the past.
So, in the end, bitcoin will leave them in the dust (of their crumbled banks), but the ride to the future is going to be rather bumpy.
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I did exactly the same amazingly witty act, at the moment I also consider the loss. This is the life of the trader)
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I can feel your pain. I have some bit and alt coin positions and yesterday was bad news (no pun intended!). Luckily it's not my livelihood (spare cash) and only a little!!! Hope you fully recover!
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When emotions run higher, The loses are Higher Too
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Trading BTC as you do is indeed not for the faint of heart. Pretty funny story, the way you have written. I'm glad you can find some humor in it, but that is more stress than I would want to induce upon myself.
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The world of the cryptomonedas is somewhat unstable, suddenly increase its value and otherwise fall as at this moment is suffering, I do not have much knowledge about it but I am learning more and more little by little from this interesting world, in me personal opinion I still believe that the best investment nowadays is here in this world, for example the "bitcoin", I also think that it is taking as an impulse to increase its value and soon surpass the barrier of 5000 dollars, and with respect to what happened to you friend, this is what this world is like the wall street, you have to be at the right time to invest and win.
Greetings dear @hilarski
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Wow! What a wild and crazy ride!
I hope you took your blood pressure pills. :)
This is a market that never sleeps. I have only been hodling so far. I cant even imagine the stress you experience.
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China always ban everything lol, always rumors, and people still believe at them.
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Nice visual depiction of "Red Friday". Regarding decrease in coins value, don't know what impacts them apart from fake news. But large investors need to be careful.
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Yeah man thats so lame ass shit right there
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FUD will get you every time. I've made some good gains trading but then again I've been certain I was going to make some gains and found myself losing money and it is incredibly frustrating.
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Bitcoin can control the fluctuation of the business,,,,,,.......
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Sheesh. Makes me glad I just HODL and not worry about the consequences.
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This post has been ranked within the top 50 most undervalued posts in the second half of Sep 09. We estimate that this post is undervalued by $22.80 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Sep 09 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
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Tweeted
https://twitter.com/RandyHilarski/status/906552153799618560
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Disclaimer: I am just a bot trying to be helpful.
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Great post.....the Russians did it, no the Grays did it, no the Reptilians did it!!!
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greetings and blessings for you, here I give my support and my upvote, hoping to follow that great work on your blog, and I really hope your support, visit my blog your support is very important for me ,,, many thanks and success, ,,
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More good work always comes with beautiful results @bakabou159704
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Just hodl instead of trade, problem solved.
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FakeNews, FakeArguments, FakeMath even! The Crypto sphere has many information problems right now. Hopefully it gets better! I am try to do my share!
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Always buy BTC!
Make it simple :)
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I hate fade news. I hope you recover your loses.
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the stories this days are not helping fake news flying all over about faucets ain"t appealing
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You are right! Bitcoin trading is not for the faint of heart) like your story!
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someone call trump please for these fake news
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Lol nicely put together ^^
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You are right. That's Bitcoin if you can control the fluctuation of the business
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Amazing. . I like it. . Thankyou for sharing
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I thought we want to HODL. Don't get distracted by all these news. :-)
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As far as technical and fundamental charts are doing good , there is no need to worry about that. It just happens becaase people just start trading on the the fake news and become hopeless very soon, they even do not research by their own and trade.
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Yes, I enjoyed the story - I wish it was fiction.
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