I have decided to start my trading journey! Over the next couple of days, weeks and months, I will probably be commiting every possible mistake in trading, blaming other people for it, complain some more, and maybe make some money!
And you can learn from it! By watching this series, you should know what not to do, if you’re starting out, and if you’re a pro, how about you give me a hand? ;)
I’m gonna write this as a list of all the mistakes, I mean steps I took as I started off!
Without further ado, lets begin!
Actually, with some ado... I started this a week ago. You'll recognize along the article that what I' saying doesn't match the current reality... Further articles will be more in touch with the times. It's justbthat I went on a mini-vacation and couldn't post for some 3 days. Hope you still enjoy this!
1 –Motivation is key!
We all need a reason for doing something – mine is simple. I missed out on Bitcoin’s jump from $1900 to $2800, and then again as it jumped to where we are, which at the moment of writing is $4972. BONKERS!
So yeah. I’m running into this train while I can! Because according to some friends, this train is taking off to the moon pretty soon.
So here we go! My strategy is as simple as it is brilliant – I will buy some Bitcoin with 50% of my funds, and go long on it, while I trade with 25% of the money I’ve made on Steemit. The remaining 25% will be held in case I f*** up somewhere, so I don’t lose everything in one go.
So the foundation is set! To the moon boys!
2 – Time to f* it up!**
So basically, here’s what my friend had also told me – Steem dollars (SBD) weren’t tradeable in an exchange, so what I had to do was convert that to Steem first, then I could start trading! Simple!
Fuck you D. You know who you are. SBD were perfectly tradeable, and you know what? Converting Steem to SBD is bullshit. Here’s why:
1 – It takes 3 f***** days. You cant ask a rocket to the moon to wait 3 days for you!
2 – The exchange is terrible. It gives 1 Steem for every SBD spent. Trading in an external market first is the way. It happens instantly even!
So basically, yeah, this was my first mistake. I haven’t even started trading and I’ve already lost 10-20% of my available funds, and don’t have the guts to do the math. Also, I now need to try to catch a rocket with a 3 day head start on me! Hooray!
But in the depths of my despair, one glimmer of hope came to me…
I’m a genius! I didn’t try to convert the whole thing! I still have 25% of my SBD intact!
I was planning on saving that, but hey! The rocket is leaving and I need a foot in the door! Safety nets are for idiots, time to make a run for it! I gotta buy some bitcoin while I still can!
…Now how do I do that?
3 –Exchange time!
Luckily, I had already done some DD – I knew to trade currencies, I’d need an exchange service of some sort, and there were 2 I’d already heard about right here on Steemit – Poloniex, and Bittrex!
I had also gathered some opinions – while Poloniex does indeed have the greater market share, Bittrex is outpacing it in many other ways. While Poloniex is a slow and fickle giant, with no apparent concern for customer support, Bittrex is a much faster newcomer, with an equal disregard for customer support! I wasted no time in choosing the faster one, and I have to thank many people for helping me reach that decision… including D. Thanks man!
I created my account in a moment’s notice – and then it was time to trade!
What happened next? Find out… next time!
That wraps this up!
I know you must really wanna know what stupid mistake I made next… and trust me, I wanna find out myself! I already did my first trade… let me see how it develops before I tell you what happens! At the current moment, I am shouting at Steemit to convert my money faster, so I can get on the train – at the moment of writing Bitcoin is dangerously close to $5k… if it crosses that, I will lose a lot of potential money!
Tomorrow, I may continue this passionate tale of failure, or move on with some other topic, who knows? But I will continue this story, I promise you that!
Also, as a disclaimer – I complain at this friend of mine more for comic amusement than anything else. Ultimately, I caused my own mistakes, and don’t hold a grudge over anyone due to that. Relax D. It wasn’t your fault…. Fully >:(
Steem on guys!