3/6/2018 - Bitcoin Screwed Me

in daytrading •  7 years ago 

I didn't actively trade today as I volunteer at an animal shelter on Tuesday mornings. That's one of the great things about this job. You don't have to do it everyday. FREEDOM. The freedom is great. The money is not ... yet. The potential is there but so much learning and discipline is required. I have neither just yet.

Yea Bitcoin ... SMH. As I said in yesterdays post, I took positions in DPW, GBTC, and MARA anticipating Bitcoins move to 12K. I was gonna make bank! Then of course right before the market opens, Bitcoin tanks from $11300 to $10800. SO I started to bail on my positions, Sold DPW for a .03 per share loss and lost about $80 on my GBTC trade. for whatever reason ( I still don't know) I held MARA. I'm paying (literally) for that decision right now. I broke the rule once again. DO NOT HOLD. I keep telling myself this over and over again, but I keep doing it and I keep paying for it. Looking back at my trading history, Holding Losers is the only reason I have not been profitable. Why do I keep doing this? FOMO (Fear of Missing Out)? General Stupidity? a combination of the two?

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Hi, great post, have followed you. What do you think of the current state of the Bitcoin market?

Thanks for following. I'm not a huge fan of crypto currencies in general as investments. I know several people who are trading them daily or for short term swing trades and are profitable. I'm focused on small cap equities (NASDAQ) mostly, but I follow BTC prices as I like to trade companies with exposure to Bitcoin and crypto mining. I was this close ' ' to entering the crypto market when BTC was booming back in December. Then the price plummeted 50%. I don't have the stomach for it. Doing what I'm doing, I can pretty easily keep any loses to 3 or 4% of my investment and take gains of 10 to 20%. For me it's much safer and more predictable. My 2 cents. But I'm not Crypto expert by any stretch. Right now crypto stocks are getting beaten down pretty badly. There will be buying opportunities in the future. But I don't look at them as "investments" either. I'll buy them when they are moving and sell them when I make 10 to 20%.