We've all heard the stories, watched the youtube videos, and wished we could be like that guy or gal who made thousand, tens of thousands, or even a hundred thousand dollars plus by trading crypto. If you see those stories and you're inspired and you want to try your hand at day trading or swing trading, then by all means go for it. Some of you may have seen the first and probably last post I made in a new series called Adventures of a Neophyte Trader which I intended to be a documentation of my journey from a trading nobody to a day trader. Well, I've decided I'm not going to do that anymore, and here's why you shouldn't be afraid to make that same decision.
Trading is awesome, it's glamorous in a way when you make that big trade and make 50% on a position, or when you get really good and can just sit in your office all day staring at charts and making money out of this air, but the reality of the downside to this hobby/profession is that you can lose a lot of money really quickly if you don't know what you're doing, and sometimes it's just not worth it. I started with $60 dollars and was hoping to grow it by 100 times in a year or two. Super ambitious, I know, and some of you may think that quitting after a couple weeks is no way to do big things, but what I learned in those two weeks was that I am simply not cut out for trading. I'm too emotional, get excited by big chart movements, and have a chronic case of FOMO. If that sounds like you to any degree, the trading game may not be for you, just as it's not for me.
If that does sound like you and maybe you've lost some money trading or you're finding it to be more stressful than you like, then you can do what I did and get into hunting for the next big coin. In the two weeks that I traded my $60 dollars, I lost 50 cents, after losing $30, then making back 20 some dollars in another trade, then making a few small winning trades I got myself back up to 60 and decided I was done with this world. I then took my $60, tossed it into a coin that I thought was getting ready to skyrocket (based on fundamental analysis), and voila, my $60 in Antcoins (now NEO) became $180 in a matter of days.
In just a couple days I not only turned a profit but tripled my money! After this experience I realized that maybe my gift isn't in technical analysis, but in finding coins with potential and taking long term positions (read, HODL) on them. Maybe I'm not a trader but an investor. If trading hasn't turned out to be your thing, then maybe you should do what I did and take a good hard look at yourself and your strengths and weaknesses, and find another way to profit in the crypto sphere.
Wise words - upvoted!
Emotion and FOMO are still something to control but probably easier as an investor. Maybe best to just put the coins somewhere and look at them in a year from now?
That's what I intend to do. Just make my picks, if they're not performing in 6-12 months then reconsider positions, but making day to day decisions just isn't for me. Thanks for the upvote, it's much appreciated!
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