Today I learned an important lesson in crypto trading which could be described with one word... Patience. I was working out a trade with tron but immediately after purchasing everyone's worst fear happened and the price dropped. I would like to point out that the time I bought was not the best but that isn't really the mistake here the mistake was letting a price drop affect my plan. What I should have done was just put in my sell orders and forget about them for the time being but I was concerned with my coins being tied up in a trade for so long. So then I made the choice to sell some at a loss. This is a pretty common situation for most of us I'm sure but let us break down the steps I could have taken to make this a nice smooth profit.
- Don't buy at a high, wait for a dip then go in as deep as you are comfortable.
- Be patient! If you are confident with a coin why concern your self with minor dips just sit back for the ride.
- Don't go all in when the prize is near a high! Buy a portion when you are comfortable and slowly increase the buy amount as the prize decreases.
For my situation I think choice three would have been the best option but this will of course very depending on your situation. To close I would like to reiterate that patience will be a large factor on whether you are in the green or in the red.
So I’ve been slowly looking to invest also, having 3 kids money is always tight so I would love to start off slow with newer cryptos that really haven’t had any big booms yet, are there any that you would suggest, that u have looked into??
None that come to mind right now, tron has been blowing up lately so you may have missed the main spike I still think its a solid investment though but I would recommend investigating yourself, try and find a pattern in the charts and move based on that as I am still pretty new at this as well.