Hello peeps, today im going to share with you a noob mistake that i did a while back trading cryptocurrency. My goal as a trader was to compound around 3-4% profit by daytrading. Well i got it right for a while and during the last bull run i got a bit too overconfident. In my trading process i am using multiple indicators combined( RSI , exponential moving averages and the stochastic oscilator). So if the Rsi is above 50 it tells me the coin i am going to buy is on a bull run, the Ema cross helps me identify support and resistance level, and the stochastic tells me when the coin is overbought or oversold. The mistake i did was that ive got in on Ada when it had a bull run buying in at 0,36 and target sell around 0,37-0,375. Thing is i bought like a complete noob at a resistance point, and then the fallout occured right away. The market as a whole started to dip hard, people began to panic sell their coins , lot of FUD. The problem wasn t really that i bought at a resistance point, problem ia i didn t cut losses at 0,35, 034 and so on , and then go in for another trade , instead ive decided to hodl like a fool hoping for a reverse in price. Well people this is crypto shit is always going to happen very fast compared to other assets where the market is much less volatile. At this time Ada is at 0,15 cents lost like 70% value due to holding. Right now my only option is to hodl some more and hope for a big reverse in price and if i hit around 33-34 cents and the market will start to decline im going to sell that shit and look for an different trading opportunity. So fellow traders be always ready to cut losses , don t get to greedy because you can t win like every trade amd don t hodl unless you are an investor with no trading interst, and most important thing never invest more than u can afford to lose. This was it people , hope u learned something from my mistake and i wish you all a good productive day trading crypto assets. Ciao!
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