This is my home work post to the above topic. Lecture by @fendit

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Question A

Place yourself in the following situation:
You bought BTC a couple of days ago at a price of USDT 62K. Suddenly, you see that this situation is going on:

What would you have done before reading this class? What would you do now? Explain in detail if there's something you would do differently.

Question A1. What would you have done before reading this class?

Typically, I was a very impulsive trader and always hoped to capture the trend immediately before any downfall. Looking at the chart in this issue, my previousself would have sold out, but maybe $58,000 at a lower price as I can expect a rebound from the fact that bitcoin is a great piece of coin.

“Question A2. What would you do now?”

Well I don't think I would make any of this mistake common to new traders after going through this class. The thing I think I'm going to do is to set a stop loss, yes like what the professor rightly said in class, price fluctuation can happen overnight, so I'll set a stop so that I won't lose more.

Question B

Share your own experience when it comes to making mistakes in trading:
What mistakes have you done when trading and what did you learn from them? If you have little experience when it comes to trading, tell if you got to know about someone else's experience.
Which of the strategies discussed in this class you find the most useful for you? Why?

Question B1. What mistakes have you done when trading?”

I started trading as a novice with little experience I gathered from my mentor. I lost a lot when I started, I could remember that I started with $200 which I could not explain how the capital reduced to $60. I have been expecting a huge profit overnight, but by the time the day break, almost all the coins I bought dropped badly. It was very brutal for me and it took me months to get back on my feet. I did not inform my mentor by the time I started, because I wanted to surprise him, although he was surprised when he heard of my great loss. I made many more mistake when I was trying to recover the lost money which did more damaged to my financial aspect of life.

Question B2 The lesson I learnt from my mistakes in trading

Emotion trading should be prevented and controlled. It most time causes more damage than any good, this is what i have experienced. When you go into trading so as to be able to retrieve all the assets that were lost, one may lose more.

Another lesson is that we shouldn't invest more than what we are ready to lose. We should not forget that loss May come along the way.

And finally, trading shouldn't be all the time. There are time we are to sit back and observe the market.

Question B3 Which of the strategies discussed in this class you find the most useful for you? Why?

The main lesson I learnt from the lecture and what I think will be more useful for me is that one should avoid Revenge Trading at all costs and if you lose your patience and make a decision in a panic, you will continue to lose and end up with a massive loss. We must always maintain emotional control, and if we have suffered a loss, we must learn from our mistakes and continue to search for and discover ways to recover. We must also think patiently and avoid making poor decisions by losing control.

Question C

Place yourself in the following situation:
You're browsing Twitter and you see this:

You see that whenever this kind of things happen, BTC prices rush.

Question C1 What would you have done before reading this class?

Before going through the lecture of professor @fendit, expecially when I was still a novice is that I would sell all other coin in haste to raise more money to buy the bitcoin as soon as possible.

Question C2 What would you do now? Explain in detail if there's something you would do differently.

making a quick decision to buy more based on this information alone is too risky and this is what this lecture has taught us all. This is one of the mistakes that crypto traders do often expecially the newbies.

Before my decision to buy or not, I would do some analysis on it and if I would buy, I won't buy more than what I can bear to lose. This time around, due to some of the mistakes that I have made in the past, I will excise more patience.

I won't forget to set the stop loss to minimize loss that may occur.

CONCLUSION

This lecture has open my eyes to most of the losses we incipure due to some of the errors in trading.

Traders should avoid over-trading because is not the number of coin you have in your portfolio that matters but what you will get at the end of it.

Thee is no need to rush into any trade if you don't feel confident. Do thorough research on the coin you want to invest in so that you won't regret later.

Your in crypto trading @steemco

Cc:
@steemcurator02
@fendit