Hey Guys..!!
Meet again with me Wahyu Nahrul on the other Steemit Crypto Academy homework.
Today I will be working again on homework given by one of our professors @fendit.

This week's assignment is to answer some of the questions asked by the professor regarding the attitude we should take when investing and trading in cryptocurrency.

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Okay, just get to the discussion. Happy Reading !!

1^st Question

Screenshot From @fendit

Answer:

I am someone who prefers investing rather than trading. I do not like to monitor crypto charts in the near future because in my opinion, it is not good for us, because every time I try to trade and always monitor charts in a short span of time then the value of cryptocurrencies tends to decline so that makes myself always I wanted to sell my crypto asset at that moment for fear of experiencing a bigger loss, but if only I had taken action to hold it for a while the crypto value would have increased significantly.

That's why I prefer to take action to invest in the long term and because of that I often do fundamental analysis on a cryptocurrency which allows me to predict the price of a cryptocurrency over a long period of time.

For example, as given by our professor @fendit in his class, if I buy Bitcoin at a price of USDT 62k while now it has dropped to a price of around USDT 54k, the thing I will do first is check the Bitcoin chart first and change the timeframe to be per day. After that, I will see the condition of the chart whether it is still experiencing a downtrend or an uptrend.

My Chart Analysis

If we look at the chart above, then I can conclude that the downtrend of BTC has passed while it is experiencing an Uptrend, so even though the current BTC price is lower than the price when we bought it earlier, it will still rise again in a short period.

2^nd Question

Screenshot From @fendit

Answer For Question No. 1 :

My experience of losing trades is when I try to trade on the contract market. At that time I participated in a contest made by TokenomyX and there were attractive prizes for the winners, this made me interested in joining this contest.

At first, I was very confused why from the appearance it was different from the usual trading, but I started to feel strange when my balance suddenly decreased by myself without me doing anything, then over time my balance kept on going even I went bankrupt.

My Last Balance On TokenomyX

This happened because I didn't read the manual when playing trading on TokenomyX, and this has really become a lesson for me that before following something that is not yet known we have to learn it first and really understand it.

Answer For Question No. 2 :

In my opinion, all the strategies provided by professor @fendit are very good and very much in accordance with the realities experienced by traders. For me personally, there are 2 things that the strategy given by professor @fendit that traders really have to do when they want to trade, among others:

• Know Yourself

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Before we really dive into the world of cryptocurrency, we must first know what type of people we are, whether we are someone who likes to invest money for a long time or prefer to trade in a short period of time. Then we have to find out whether we are the type of person who can be patient in facing a moment's loss or even if we don't want to feel the loss at all even for a moment.

All of these factors must be taken into account before investing in cryptocurrency so that we don't regret taking action to invest in cryptocurrency.

• Don't be easily provoked by emotions

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This is a scourge for traders, many people are easily provoked to sell their crypto assets just because they have gotten a small profit, even though if they are patient for a while they can get bigger profits.

And on the contrary, many people panic to sell their crypto assets just because they have suffered temporary losses, even though once again if they are patient they can get back their initial capital or even get a large profit.

3^rd Question

Screenshot From @fendit

Answer:

The first thing I will do when I see the tweet is that I will see the MarketCap of the BTC coin, then I will prepare the funds that I aim to invest in cryptocurrency and I will divide the funds into 2 parts. I will invest in the first part of the funds directly into BTC, I dare to make this decision because I think Elon Musk is a very influential person, everything he does will have a big impact and I think from the tweets he makes on Twitter this will result in people flocking to invest in Bitcoin, even people who are still laymen will begin to study BTC which will make BTC's prestige even greater.

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Then I will use the funds in the second part to buy other coins, This is because I think the impact of this tweet will not only affect BTC but will affect the entire cryptocurrency ecosystem which results in many other cryptocurrencies that will experience the same price increase that occurred for BTC.

Last Word

Those are my answers to some of the questions given by professor @fendit on this week's homework. In my opinion, these things seem very trivial but if they are not properly cared for they will become a big thing. I am very happy that professor @fendit makes a very unique lesson like this, instead of always learning technical problems, we also have to learn the basics like this.

I apologize if there are still many mistakes that you can get when reading my explanation earlier, I would be very grateful if you told me in the comments column below.

Thank you for reading my blog, hope it will be useful for all of you. 😁

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Note: All unsourced images are author screenshots of the post by professor @fendit and the TokenomyX website.

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