Newbie to pro Cryptotrader #2 - WHAT THE *! My first major crash as a trader!
WAAUW!!! What a major crash the past 2 days. There goes 25+% of my crypto budget! WHAT SHOULD I DO!!! No worries tho i am fine all chill. We all know those periods will come especially with the volatility in the crypto space. I consider this crash as a good learning experience where i hope to be able to take more advantage of these kind of situations in the future.
I was doing some Day trades with the stuff i learned from my mentor just before the crash they did not work out for the obvious reasons. I was not sure if i made some mistakes. But today i had a session and it looks like my trades were solid but i was just unlucky that the crash started happening at that exact moment. BUMMER!
So all in all i am be happy with my progress learned A LOT this week. I can't wait for the market to stabilize so i can go back to trading hardcore and learn. In the meantime i will just wait out the crash and learn more about different kind of coins and the crypto space in general. I am considering of investing 5k+ more just to take advantage of the dip and take profits of and cash out the 5k when i made my profits.
I personally think we are close to the end of the crash tho. When do you guys think the crash will stop and how fast will the market get to its former glory?
If you want to read more about my journey from Newbie to pro cryptotrader hit me up with a follow and if you got any question or comments just shoot in the comment section below!
Past posts:
Newbie to pro Cryptotrader #1 - Why i decided to jump into the crypto space
My advantage as a starting crypto trader as an ex poker professional vs others
Introduction - The Crypto trading dream/career switch
Good attitude for a new guy! I posted this earlier:
"I read an investment book the other day that discussed the telltale signs of bubbles before they are about to burst. It compared the recent crashes in both the housing market and the dot-com bubble. The main take-away was that right before both of these bubbles burst, EVERYONE was aware of the money that could be made, and ‘dumb’ or ‘unaware’ was pouring in left, right, and centre. For example, in the housing market in the UK, right before the crash, several footballers (sigh soccer players) were seen on TV bragging about their property empires. The mainstream was well aware of the profit-potential in these markets, and that hype added to the crash. The good news for us is that whilst we’ve seen some outrageous profits, the general public is still largely unaware! We may be going through a slight bear market, but rest your weary heads, for the bubble has not burst… yet."
The market will bounce back very soon :)
True the real bubble did definitely not happen yet. These kind of crash we see now we will more often for sure.
But do you believe we can compare the dotcom and the housing market the same as the crypto space? i am not sure it feels like something else. of course what is happening now with all the ico's left and right this cant be healthy long term
I think we definitely can. The asset may be very different, but ultimately it's investing at the end of the day. I think there will be a crash, it just may not impact everything in the market. I think it will be just before we go mainstream, and whichever ones hit mainstream will be largely safe.
It is very tricky to judge though!
Yea makes sense our job is to figure out what the best strategy will be when it happens. I think we still have a couple of years in front us before it happens
You are right, just stay calm and the market will recover soon!
true that
great post! followed
ty for the follow :)
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Do not blame crash or the market, it is just you.
As a trader, should be prepared for every option, have your targets and stop losses.
Will be ok, fingers crossed!