Literally!
In my 5 years or so in the cryptosphere, I can't remember when, or if, the market bled so much, at such a large scale. There has always been some retracement from time to time and now I realize we had misused the word "REKT" on multiple occassions.
NOW is what rekt really looks like, goodness gracious!
~$120 down to $0.006 and going down.
I don't really need to mention which coin this is. This is just one of countless train wrecks over the last week. Of course our beloved HIVE has been no exception 😂
Mind you, our ATH was 3.41, although that was quite a while back. So for the sake of recent analysis, from ~$1.25 down to ~$0.35, yikes!
There are two options when the market is bleeding like Class IV Hemorrhage. One, control your emotions at the loss - which is the safer, and sensible thing to do. Or, two, go nuts and try to minimize loss aggressively!
I am a very sensible person in general. So of course I went for option 1!
Took all the HIVE I had and started scalping like a maniac. Now that hive is back to where I "created" my 2 cents rule of scalping, I targeted that same 2 cents and alhamdulillah now that I have much much more hive than what I used to have back then, 2 cents actually works perfectly in the current market condition. The risk is measured, and the profit per scalp is decent enough to generate enough hemostasis to cut down on the bleeding!
HIVE maybe a shitcoin, but it is consistent as fuck! Follow the yellow lines and choose your poison wisely! My poison at the current range has been $0.42 to $0.40.
Scalping if done right is probably one of the most beginner friendly ways either make some quick profit, or cut the losses in a bleeding market!
Happy scalping!
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Here....an old post
https://peakd.com/hive-174578/@azircon/how-to-trade-like-a-moron
I very vividly remember this post dada!!
Buy the dip!
Keep buying the dip!
Why does it keep on dipping???
Double down at technical bottom, it's got to go up anytime!
Dips some more
...
****Out of money to buy more dips.
Keep some powder dry if you have decided it is no longer a falling knife.
Happy accumulating. Good projects will turn around in the medium to long term. And cheap can and do get cheaper.
Quite true, quite true! I have been in this position so many times now! Dips keep dipping!
Mmm, I have seen worse crashes than this, in Bitcoin for instance, with an 80 % retracement from 17k plus to 3k from January 2018 into 2019… It seems that people forget easily.
Hmm I guess I wasn't as invested emotionally and financially back then to notice it.
Also, even though you are correct that an 80% retracement is bigger than this one....~60k down to ~26k "sounds" like bigger crash even though it's only roughly around 60% LOL!!
The market is bleeding too much. I Saw hive at 0.40 cent today and I know is still going down.
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Seems like it! Eeven two weeks back if someone told me will you buy hive at $0.40, I'd say I'll buy a bunch if hive ever goes there, now I'm very skeptical, as there seems to be no bottom at the moment.
That's true
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This bleeding in market is really causing some 💔
Hold on for Dear Life!
In times like this, those who know how to do things still profit. Congrats to you on your scalping :) At least you are happier with more Hive even when the market seems to be crumbling down.
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More hive is always good. Yes, I'd like for it to be at a higher price. But because hive's charts are "usually" very predictable it's possible to profit from it at any price with very little risk. :))
It would be nice to learn how to do that myself, lol!
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I did a couple of posts on this topic a long time back.
https://peakd.com/hive-167922/@simplifylife/trade-mania-a-scalping-cookbook
https://peakd.com/hive-167922/@simplifylife/the-art-of-losing-money
Awesome! Thank you for sharing. I'd give them a read.
I'm making peace with the dipping and trying to work around it coz it's pretty depressing.
You know that feeling when you think you're mentally ready for something and then it happens and you realise you weren't ready for shit...
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I can relate mate! I know exactly what you mean...been through such crap days both on and offline. Sometimes things get better, other times you just gotta move on and start from scratch.
Yeah, starting from scratch is so damn hard though. I hope I never get to do that.
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The hemorrhage analogy is extremely funny. I watched as so many people cried about the massive bleed. But could scalping be a scalpel if used unwisely?
Oh yes it absolutely can! I myself have bled trying to scalp quite a few times, important to accept the fact that not every trade will be a winning trade.
This while thing is complex. On days, I just wish there was a fail proof way of walking these streets.