im new to this king of volatile trading, holding ~500 SPA bought at 0.0005, but maan steel nerves required. I'll die young for sure:D
LOL !!
If it's any consolation, that remark was entertaining enough to make many of my losses worthwhile
Here's some tips for you then from someone who has well troden this road;
[1] - whenever you invest in anything, make your mind up about which of 2 categories this 'spend' falls into:
a) - you really don't know if it's going up or down (have to be honest with yourself - no wishfull thinking allowed)
b) - you're absolutely sure it's going up, either because you've studied the fundamentals or because your using Bitcoinwisdom charts and you've checked the long and short term cycles, they all agree that you're at the bottom of a curve
[2] - if it's [1], send in a 'scout' investment. e.g. 25% of what you really plan to invest, and wait to see what happens. If it goes in the direction you hoped, send in the next 50% and if it continues, send in the last 25%
[3] - if it's [1], again NEVER invest more than you're prepared to loose. Missing a big gain is ok, but taking a big loss is not. The key to safe trading is having the nerves to miss out on big gains and not feel bad about it. It's more important to stay in control than 'catch' a big gain by pure luck.
[4] - never EVER trade in a panic. You've always got much more time than you think you have. just look at Spaincoin - there are regular dips every 1000 satoshi's or so. If it's rising quickly and you feel panicked, that's a signal to NOT DO ANYTHING until you feel in control again. Wait for it to level off at least, preferably dip a bit, and then get into the market if you still think there's mileage in it
[5] - think LIQUIDITY. If you are jumping of in or out, you need to look at how much liquidity is available, For example, Spaincoin topped off at an interim 340,000 satoshi's and dipped back to 280,000. So on the face of it it was worthwhile exiting and re-entering at the lower level. But if you had even a bitcoin invested, there wasn't enough liquidity in the market to make that manoevre possible because you would have had to push the price down to exit and up to re-enter and lost your gain. So price is only half the equation, you need to also look at what volume is creating that price change
Hope that helps you and puts a few years back on your life expectancy ! V = Live long & prosper !
