Homework for @fendit - Steemit Crypto Academy (Become a better trader)

Thank you @fendit for your excellent lesson that explains some of the common mistakes traders make, not only traders but those who have been in the game for a long time. I enjoyed your study very much, and I am dedicating my homework.

sumber

A) You are in this situation: You bought BTC a few days ago for USD 62K. Suddenly, you see this situation:

Before reading this class what did you do? What are you going to do now. Describe in detail if there is something you would like to do differently.

The answer to question "A":

In my experience, on several occasions I have seen myself in a similar case trading currencies.

What will you do before reading this class?

Before reading this post, my procedure was to select a little "Patience" and continuous market maintenance in the hope that the cryptocurrency value could increase to the 62K that I previously invested.

This way you will access the disadvantages or maybe you can go over the initial figure and come out well with some profit.

After reading this class what will you do?

On the other hand, and according to the recommendations in this content, I see that the solution is to "withdraw" from the trade and accept that the investment is not going as expected. That looks good, because according to what I've experienced, if the currency continues to fall, the losses could exceed the investment proportion and remain without redeemable capital.

Therefore, it will proceed to "Sell" and store the value of the remaining capital in a stable currency.

B) Share your experience when trading:

Any of you have done, what have you done of them? If you don't have a lot of experience, you can tell about the experiences of a friend or acquaintance.

Answer

I had a legal blunder that left me out of numbers, and luckily, I forgot most of it. But, some of the common trading mistakes I make are selling in the trash. That is, I buy above, and then when the price falls, I get scared and sell, only to see the price turn higher afterward.

I've had FOMO-ed a few times, and I remember buying NEO for $ 36, only to see it drop to $ 30 afterward, and I feel like trash. I then sold most of it, and then, NEO hit $ 200. Luckily, I kept a few of them, but not as much as I should have.

The thing that is stronger in me is what I call FoS (Fear of Selling). That is a big challenge for traders. You just don't sell, because you always dream that the price will go higher. This generates a lot of regret afterward because instead of real profit, you just sit around regretting that you didn't sell. As a result, one of my biggest lessons is to make plans and then do my best to stick to those plans, both during the bears and the bullmarkets.

Just as courses are also luxurious with over-trading, I believe it's important to be patient. When Neo hit nearly $ 200, I did nothing. But, on my way down, I sold the whole thing for $ 80. That looked bad for a few weeks, as it jumped back to $ 120 after a while. I'm not stupid anymore. But, in the long run, that's wise, as Neo makes less than $ 10 (before starting to increase again during the current bull market).

Which of the strategies came up that found the most useful to you? Why?

In my opinion the behavior of the market behavior in a certain period of time is necessary. Performing fundamental cryptographic analysis, as well as, technical analysis leads us to a fairly clear vision of the reality of cryptocurrency, because the diagram fulfills a pattern that is repeated with a certain periodicity as it is a reflection of a certain demographic i.e. He is actively following the exchange by buying and selling for different profits. .

STOP LOSS: This is the proposed strategy that is most useful to me. Only by setting a stop loss when I make a "failed" trade, I will prevent capital. I even consider that activating a Stop Loss order is an easy, safe, fast and automatic process, which does not take time to program and does not represent any distraction that could distract you from the trading process. It is also ideal when you are trading multiple currencies at the same time as it allows you to cover one line of work without neglecting one of them.

In this way I have improved myself to learn as much as possible everything related to cryptography and its stock market behavior, the safer it is before investing my crypto and the lower the likelihood of losses.

You are in this situation:
You take a look at Twitter and find this:

sumber

You know that whenever this kind of thing happens, the price of BTC goes up wildly.
What will you do before this class? What are you going to do now. Describe in detail if there is something you would like to do differently.

Answer

There are successful entrepreneurs whose interventions and image in business are very influential. It should also be noted that some are very reliable sources of information, in my personal opinion, regarding their reputation and impeccable track record, which is not worth playing with for any reason.

In the case of Elon Musk; The CEO of SpaceX and Tesla Motors, also the co-founder of PayPal, made a huge impact on the Bitcoin market after investing $ 1,500 million through Tesla in February 2021, then, in April he positively influenced DOGE coin through enthusiastic comments sent via Twitter, increasing the value the DOGE cryptocurrency, even today.

What will you do before this class?

I've always known that a lot of precautionary speculative information is in the field of encryption. In fact, it was in the "Steemit Crypto Academia" class in the first season that I had the opportunity to study it. For this reason, before reading today's class, I will make the decision to be well informed, verifying the source of the information itself without being carried away by commentary or trading euphoria.

Then, seeing in a timely manner real market behavior and possible reactions on the exchange, you will make the decision to develop some BTC.

after reading this class what are you going to do?