LESSONS FROM CRYPTO MARKET - page 21.

bittraffic

hero member

Activity: 3038

Merit: 617

Sorry to hear your story. We've been there too. I lost a lot too that I'm ashamed to tell how much I loss to my wife Grin

I brag about my profit last year but when I started buying back almost all of it are gone. Bought an altcoin worth 1BTC=$12K now worth $250. Thats sobbing story but I'd like to forget about it.

The best lesson I learned last year is to just keep my money to USDT when in times I don't know where things are going.

Naida_BR

member

Activity: 980

Merit: 62

Quote from: thinhthai on January 22, 2019, 02:37:41 AM

After a year, a lot of lessons that we did learn. There are 2 precious things that I think I should remember:

+ Fear
+ Greed

I learned that from my teacher, he said when you buy Bitcoin at 10k, it's then $12k your greed rises inside you and you don't want to take profit and expect more. Then, the downtrend is coming, BTC goes down to $8k, you'll be scared to cut loss, and what'll happen, you lose more while BTC drops to $4k.

So, we need to set up your expected profit point as well as the stoploss point.

How about you, what is your lesson?

2018 was a bad year even more for anyone who got involved in cryptocurrencies at that period of time and not before. I agree about Fear and Greed; these two characteristics are in our human nature. My lesson it was not to be emotional with any coin and any decision you have made so far. Always think with prudence and act fast.

Unblock_news

member

Activity: 186

Merit: 12

Quote from: thinhthai on January 22, 2019, 02:37:41 AM

After a year, a lot of lessons that we did learn. There are 2 precious things that I think I should remember:

+ Fear
+ Greed

I learned that from my teacher, he said when you buy Bitcoin at 10k, it's then $12k your greed rises inside you and you don't want to take profit and expect more. Then, the downtrend is coming, BTC goes down to $8k, you'll be scared to cut loss, and what'll happen, you lose more while BTC drops to $4k.

So, we need to set up your expected profit point as well as the stoploss point.

How about you, what is your lesson?

Yes you're right. You need to set your expected profit, don't expect for more because you'll never know what will happen in the market, if it goes down or up. Setting an expected profit will be the most safer way to earn and won't lose money.

umbara ardian

sr. member

Activity: 1358

Merit: 259

PredX - AI-Powered Prediction Market

from me know cryptocurrency trading and learn what I can get when trading it very much, from trading you can find out how to control your emotions, read charts that occur in cryptocurrency, control greed that many may have, and the most important is indeed patience is used when prices fall and you are stuck at expensive prices, those are some of the lessons that I got from crypto market.

avikz

legendary

Activity: 3080

Merit: 1500

Don't know about fear and greed as these are emotional quotients. But I can certainly vouch for "Stop loss" as this is a very basic mistake made by every single trader during their initial days of trading. I repeat, every single trader has done this mistake by not putting a "stop loss".

Let me share one of my experiences with you. In 2011, I used to work with a well known stock broking company as a customer service executive. We were the ones who used to get the trade recommendation of that day before anyone else. That was the first day of the month and I had just received my salary so I decided to try my luck with one of the recommendations. Every recommendation comes with a stop loss amount as well. However, when I placed the trade as soon as the market opens up, I simply ignored the stop loss. Within next 3 minutes, I had lost 70% of my salary because I didn't set up the stop loss. That month, I had to borrow money from my dad to cover my travelling expenses. That is one of the greatest lesson I learned that day for stop loss.

Ignoring stop loss can be super fatal that I learned the hard way!

mu_enrico

copper member

Activity: 2324

Merit: 2142

Slots Enthusiast & Expert

I feel sorry for beginners who came to the trading space directly to cryptocurrency market. I have learned my lesson for years in a stock market and still shocked about cryptocurrency price movements. In 2018, I learned a lot about blockchain technical stuff rather than technical analysis.

My advice to the young lads is to study macroeconomics and financial management before they invest a dime in any market.

thinhthai

jr. member

Activity: 294

Merit: 1

After a year, a lot of lessons that we did learn. There are 2 precious things that I think I should remember:

+ Fear
+ Greed

I learned that from my teacher, he said when you buy Bitcoin at 10k, it's then $12k your greed rises inside you and you don't want to take profit and expect more. Then, the downtrend is coming, BTC goes down to $8k, you'll be scared to cut loss, and what'll happen, you lose more while BTC drops to $4k.

So, we need to set up your expected profit point as well as the stoploss point.

How about you, what is your lesson?

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