Crypto Academy Week 12 || Homework Post for Professor @fendit || Don't Get Lost in The Fuzz.

5개월 전

Hi Steemians, this is @ericanthony, I'm going to talk about my experience on the topic: Don't get lost in the fuzz, by Professor @fendit. Hope you enjoy it. Thanks.

A Little Background.

Before joining this great platform (steemit) early this year. I have been studying about cryto market space and forex trading. In the course of this, I have used different demo account, with about $10,000 demo balance to trade. And I can now tell you that, all you have listed are real trading challenges. I have experienced it and still struggle to get rid of some of them.
Back to your questions.

IMG_20210508_141141.jpg

IMG_20210425_101204_627.jpg

(A) Place yourself in the following situation:
You bought BTC a couple of days ago at a price of USDT 62K. Suddenly, you see that this situation is going on:

C3TZR1g81UNaPs7vzNXHueW5ZM76DSHWEY7onmfLxcK2iPULbcHjyT5rW34s8FWNNgfv3enXEuRGYczaGXxhKdPJrKFT4kJ3FRsDBTXagRaDwPftv7bj2vJ.pngsource

What would you have done before reading this class?

Before attending this class, I would have exited the market and immediately open a new entry and buy again at this $54,585.22 (Revenge Buying). And in most cases, it will crash further.

What would you do now? Explain in detail if there's something you would do differently.

Frankly, with what I have learned thus far, I will not even buy at $62k, it's too high. If I must enter the market, it will be to sell, because the market trend in general (as represented in the screenshot) is just reversing from a down trend.
I will also set up a tight stop loss order because, no man is 100% sure of what will happen next.

IMG_20210425_101204_627.jpg

(B) Share your own experience when it comes to making mistakes in trading: If you have little experience when it comes to trading, tell if you got to know about someone else's experience.

As I have stated earlier, I have not done real life trading, it truly scares me I must confess. Funny enough, my trading expertise is on demo. However, truth be told all you have listed ranging from Overtrading, FOMO and Revenge Trading, I have all those issues and have been working on them.
However, this stop loss order has its own challenges ( as I have experienced) because. Sometimes the stop loss order will stop me from enjoying a possible rebound/reversals, that would have fetched me lots of money and, when I loosen it up, I may end up losing much more than I would have saved.

What mistakes have you done when trading and what did you learn from them?

I have learned the following thus far:

  1. I have to believe in myself and not to be scared to fail as long as I learn from it.

  2. If I had used that money to trade, and lose it. I would have learn much more than, not to invest all the money at once. Just the remembrance of this incidence makes me crazy.

  3. That you don't just invest by emotions or simple market interpretation. You need and in-depth fundamental, technical analysis and other forecasting tools like RSI etc to understand how the market is going before making an entry.

Which of the strategies discussed in this class you find the most useful for you? Why?

I find all of them interesting, which includes;

  1. Overtrading
  2. FOMO
  3. Revenge Trading
  4. Not setting up Stop Loss Order
  5. Not knowing Yourself
  6. Not to trade with your rent, fees etc (money you are not willing to lose)

I find them all interesting and very important, because they are the real life problems/challenges for every trader.
For any trader to be successful and have a better peace of mind then, it's a must to overcome the listed challenges or be able to manage them effectively.

IMG_20210425_101204_627.jpg

(C) Place yourself in the following situation:
You're browsing Twitter and you see this:

C3TZR1g81UNaPs7vzNXHueW5ZM76DSHWEY7onmfLxcK2iPK3FFvtHcv35K9bvGPhXLWCNqrS2cFbq48mbo1A7B9rBPcymt8SxTA481UXjGhZ2uQmsfdEUAA.pngsource

You see that whenever this kind of things happen, BTC prices rush.

What would you have done before reading this class?

Off course, I will join the frenzy and grab as much BTC as I can afford (FOMO). Because, who knows whether other brands, products and services will begin to accept BTC for their services and products worldwide.

What would you do now?

I will definitely take advantage of the situation, (knowing the power of Sentiments on price movement) I will wait until the demand for BTC is high enough then, I will sell and wait again until it is low enough, then I will buy.

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Thank you for being part of my lecture and completing the task!


My comments:
All tasks were too plain and brief, I was expecting a lot more development of them.


Overall score:
3/10