The cryptocurrency community is built out of:
1.- Anarchists & Idealists
2.- Developers
3.- Scammers
4.-Traders
Being such a cryptocurrency geek it was hard for me not to experience the thrill of trading, 1,000% profit in a week, who wouldn’t want that!?
Trading is like gambling, it gets you hooked and no matter how good you are at it you will not always win. Of course the idea is to win more money than the amount you lose, to achieve this you have to be psychologically strong, why? – Because you need to know when to close your positions, the moment you start saying “it will go back up, let’s wait a bit more”, that’s when you are screwed.
But the reason I stopped trading wasn´t because I was losing money. After a couple of months I learnt to be patient and control my urges to close wins early and prolong bad positions, I also learnt when the right moment to trade was and being such an avid reddit reader I knew how to sense hype and fear on the crypto-community, this helped me to anticipate pumps and dumps.
I bought Ether at $0.50 and sold at $6
I bought Litecoin at $1.80, sold at $5.50 during last year´s Chinese pump and then shorted it back to $3.50.
The real reason why I quit trading was because it was destroying my social life and my marriage. Trading was stressing me like nothing before. I was constantly checking prices (every 5 minutes), price alarms where going off in the middle of the night, I was thinking about my positions when I was out on a family vacation or even when I was talking about something important with my wife. For me, it was really hard to trade big amounts and not be stressed about it.
Even when I won I was kicking myself for not investing more…
I am glad I don’t day trade anymore, I can sell if the price is high and buy when its cheap but its not an everyday thing now. I am not constantly reading on cryptocurrency sub-reddits and rushing to polo or bittrex. I can honeslty say I feel a lot better.
The real lesson I learnt from trading was:
Trading can definitely take hold of your personal life. It becomes very hard to balance the rest of your life, as your constantly checking movements & price changes! Time management is vital to a healthy trading atmosphere:)
Yeah, I was also on a bad mood when things didnt go my way, affecting people around me too!
Exactly! Lol Great topic chitty:)
I am glad you don't do that anymore, it does exhaust me everyday as well.
Yeah, I hope you learn to deal with it
The stress in trade is one of the most malicious enemies of the beginning traders.
It is indeed, I can understand why some professional traders went suicidal on 2008!
Yes you are really right
Most people should NOT be trading. But luckily one doesn't need to trade, per se, in order to make a lot of money from crypto. The key is to take a longer term view i.e. to invest, not trade. And don't invest more than you can afford to lose.
It also helps to be at least somewhat diversified. Besides powering up STEEM, building a position in BTS at these historically low levels is probably a very good idea. It's also probably prudent to have some Bitcoin.
It certainly can't hurt to diversify even further within crypto, but the above would at least be a good start.
At the end of the day, by investing wisely instead of trading, you can avoid the need to be glued to the charts...and you'll be able to sleep at night.
well said!
Crypto trading is not for everyone. Stress can get you. One month i was up 100%, next one i lost that and had to start from the beginning. So i converted all of my bitcoins to steem power. I want to chill for the rest of this year :)
That was a great idea imo
Yeah it can be pretty intense. I've gotten to the point now where I just feel apathy for trades I'm in. Slightly longer timeframe, much more chilled.
True, much better to buy and hold long term than to make trades 5 times a day!
oh...this brings back Forex-ing days. What a game trading is, what a time to be stressed, to cry, to laugh of joy while clenching your fists in the air and what a time have your nerves stretched to the max while pretty much ruining everyone and everything around you :)
I'm glad I quit. I'm proud to not have a single white hair on my head. If I had continued, I'm sure this would have never been the case.
Kudos to you!
Yeap is like playing the world cup finals every day... and going to penalty shoot outs!! lol
I have used that very analogy - but still don't let the excitement and suspense of trading take over.
Interesting ! I never traded because I know I would get hooked quickly . So I stay in the forest group : The Idialist having fun just writing and see what happens 🍷
You are smart :)
I was a futures trader for a pension fund 10 years ago (index futures). I did that for 5 years and found it too was causing much of what you describe in my life. The big difference was I was only getting a very small portion of my "winnings". That sucked even more as I lined the pockets of those above me who got a higher percentage bonus based on a higher base salary.
I'm forever grateful I walked away from that.
I am happy you walked away from it.. the only rush of trading is making money, without it would suck big time!
Is this how it feels to trade successfully?!?!
trading crypto are also profitable if you're lucky
In regards to one's personal life the ability to trade crypto currency 24/7 is a double edged sword.
Trading and investing has become a second job for me. I've learned a lot from cryptotrading and I'm using the knowledge to invest in stocks which are less volatile and more long term. I bought my first BTCs at $220 and had created good strong portfolios in both markets from that initial investment alone.
I think it's important to set both short and long term goals. I usually buy low and sell high, that's all there is to it. I'm sure most people who had 10k Bitcoins back in the day sold them the minute it hit 50 and then 100 bucks, no one buys at the absolute bottom and sell at the all time high. As long as you are making money and above 10-20% per trade (that's very realistic in terms of crypto profits) you are doing perfectly fine.
Margin trading in crypto is crazy, that's the only time I really lost money. The market is too illogical and manipulated sometimes that you can't just afford to wait due to high lending fees. Yes sometimes you short or long at the exact time a pump or dump it's on the way but it's very hard to predict or get it right unless you have some inside information, so for me it's not worth the stress (you can't sleep like you said!).
Just my 0.02 SBD.
Trading is probably one of the most stressing activities ever invented. It can turn your hair gray in notime.
indeed its stresfull as hell.
sadly hard to make good money "easier" than this
"Do what makes you happy, not what makes you money."
But what if making money makes you happy?? hmmm the feels.
There is a way to trade and remain happy.
I really want to get into trading. Would you be willing to create a post details on how you traded and the programs you used?