Use Volatility In Your Favor, Don’t Be Scared Of It (Part 2)- My Trade Mistake, NFL Draft

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Portfolio- https://cointracking.info/portfolio/bitbetterhavemymoney

$5800 as of right now. Up about $500 from yesterday. All of my coins are up about 10% after falling hard yesterday. Will take the gain. Nothing big to report.

Not crypto related, but the Cleveland Browns take Baker Mayfield at number 1. Wow, did not see that coming. Thought they would take Sam Darnold. This is why the beginning of the draft is exciting.

Now to a trade mistake I made.

I got a little too aggressive while making a trade. I know how volatile the market is, I know to be patient. But I still made the trade anyway.

I sold DBC at 108, I set a buy order for around 101 to gain more coins. After the sale it ran all the way up to 120.

Well sh*t. I knew it had to come back down after that big run up. I knew I should keep my buy order at 101 and wait. But I didn’t. Instead, I bought into another coin, which promptly fell. 

Double sh*t. To make matters worse, DBC then fell to below where I had my buy order set. So instead of getting more coins, I bought into a different one and lost money. Triple sh*t.

This is also a good lesson to not chase coins and price jumps. It rarely works. By the time you get into the other coin the run up is over. And you are left holding the bag at the top. Don’t do it. Holding the bag sucks.

So while we are talking about mistakes and volatility here is another I made.

I did not keep any Bitcoin or cash available for when the market falls. I do buy every Wednesday no matter the price, but only between $20-$50.

What I should have done with my trading portfolio is keep some of my profits made in Bitcoin. That way when the market falls because of the volatility I can buy into coins at a discounted price.

Of course you do not know where the bottom is, this is why you layer your buys over time. If I had done this, I would be much better off.

From now on I am going to keep some of my profits on the side waiting for a dip to happen. And it will happen.

To make me laugh, and maybe you….

 

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