[DGB/USDT] - Crypto Academy / S6T2- Team Trading Contest Post for Reminane

in hive-108451 •  3 years ago 

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Greetings

Hello readers and Professors,
Today I'm combining two indicators taught by professors in the academy; SuperTrend indicator and RSI. I havecome up with apersonal trading style


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The Project


DigiByte (DGB)


DigiByte (DGB) is an open source blockchain and asset creation platform created by Jared Tate, known by the media as “DigiMan,” . The DigiMan oversaw the development of DGB then retired from his position in May 2020. DGB was created in 2013 as a fork of Bitcoin. DigiByte’s operations are dependent on developers and the DigiByte Foundation who volunteer to oversee the blockchain. The DGB awareness team takes care of PR. DigiByte has three layers: a smart contract “App Store,” the core protocol featuring nodes communicating to relay transactions, and a public ledger.

This project was aimed at improving on the Bitcoin blockchain’s security, capacity and speed.

The project runs five separate algorithms to maintain security and help prevent ASIC miners from monopolizing the network. DigiByte five proof-of-work algorithmsfor security reasons; reducing the risk of double spending and 51% attacks.

With a blocktime of 15 seconds, DigiByte could boast truly scaling the bitcoin capacity.

Tokenomics


DGB is earned by miners for validating blocks in a PoW system. It has a total of 21 billion coins.
In January 2014, a premine of 0.5% of the total DGB supply (105 million coins) occured. 50% of which were reserved for development purposes, and the rest shared to individuals.

DGB's block rewards reduce 1% every month, to curb inflation.


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Analysis/ Waiting for a signal


On the four hour chart, the low RSI confirmed bearish momentum, and the STI signaled a sell
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Sell Confirmation 1 & 2

I changed the timeframe to 1-hour and it still gave the exact same results, I was confirmed, so I took my trade.
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The Trade


I entered the trade,
Entry: 0.01909
SL: 0.01992
TP: 0.01824
Risk to Reward: 1:1
closing price: 0.01920
P/L: -$0.3

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I went to make deliveries and did not monitor my trade and I came back to this. I was at first suspecting binance of foulplay, for closing my trade at the wrong price, but I might have hade a mistake in my settings. This caused me great pain.
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Look at the final results of the trade. I would've doubled my account value had I not made such a mistake.
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Conclusion


Classic case of correct analysis, wrong execution. I still slap my head for making such a mistake. It hurts to know how much I missed from a simple mistake like omitting the number "9". I will take special care to ensure no mistakes like this occur again.

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Hello @khamara , I’m glad you participated in the 2nd week Season 6 at the **Steemit Crypto Academy Trading Competition **. Your grades in this task are as follows:

CriteriaRatings
Presentation / Use of Markdowns1/2
Compliance with topic0.5/2
Spelling and Grammar0.5/1
Quality of Analysis0.5/2
Originality1/2
#Club50501/1
Total4.5/10


Recommendation / Feedback:

  • The student have completed the requirements of this trading competition.
  • The student also answered all the questions expected from the Coin/token traded.
  • Your overall presentation is good.
  • I'm not impressed with your submission. I have noticed that you haven't been active for a while and as such missed some important lessons on trading cryptocurrency. You need to revisit the previous lessons before joining the trading competition.

Thank you for your participation.