RE: Bitcoin Is Now Preparing For A Major Move

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Bitcoin Is Now Preparing For A Major Move

in bitcoin •  7 years ago 

My first missteps: Best thing I've heard in a while. GUYS, I'm a 4 month trader noob. LESS IS MORE. If you're like me, you're probably over trading. Don't stare at the computer all day and night. Good advice Alessio.
Some of my Missteps: Unintentionally developing and trading with a mixed, and often contradictory, trading style, and philosophy. Information is not always a good thing. We need to search out credible information, and the least amount needed to succeed the better . Analysis paralysis is a noob dudes nightmare.
Trying to day trade and HODL at the same time - because, well, the Tshirts....HODL, right? Was I not supposed to HODL through the end of DECEMBER?? You mean my a stubborn and righteous HODL all the way from $18,000 on down to $9,000 was a bad move??
Not knowing about time frame, the different ways to trade the different time frames on a chart, nor seeing how they relate.
Not using a stop loss EVERY TIME.
The next mistake: Once I did learn how to use Stops I made the mistake of just setting them where I felt emotionally comfortable. I found that this was a terrible habit. Set stops at price points which coincide with my entry $ amount , and stop targets specific to a mathematically sound risk/ reward ratio.
Trying to enter a stop loss too quickly - selling at $740, rather $7,940.
Zooming in too close, or too far out, on a chart.
Not understanding the relationship between BTC/USD, BTC/LTC, LTC/USD. Losing the amount of BTC I held in exchange for currency which I just reinvested for less BTC than I had prior to selling. Spreading my bank roll across 3 exchanges, to where it's just too much to keep a handle on. Way too much info to wade through. Never really understanding how to trade margin, and learning that even though it appears you made money on margin, I still lost money and never understood why. Spending more time on entry strategies, and zero on exit.

Those are the few that stand out. It's been helpful reading other's early missteps. Just think how fast crypto moves. I feel like we are getting years worth of market trading experience in mere months. It reminds me of the change in poker playing style and how good players got once online poker hit. You saw 4 times the amount of hands one would see at a traditional casino table with dealer. I see the similarities in trading crypto in comparison to trading traditional. Interesting time we're living through. :-) STOPL not HODL.

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