This is my very first post on Steemit. Please be kind to me and don´t throw stones on me if you not like the post or my bad english. I am very sensitive and shy.
After I lost crypto and money yesterday again I have to try out other things to get rich very fast and without any pain.
As all of you traders out there I dreamed already of my own #Lambo. I like the green one.
This is how it looked in my dreams a few weeks ago.
Reality looks more like this.
I also dreamed that I'm able to cancel my job while I show my naked ass to my boss.
After some time in Crypto, I have to conclude that I must postpone my plans to the future.
Sad but true. I am still not rich. And I'm still sitting at the same desk.
Do you get how I feel?
All this started a few weeks ago as I bought all my cryptos at the really most highest price they ever had.
After the nice experience immediately to see a huge decrease of the value of my crypto, I have done some trades.
Of course most time I sold on low prices and bought again at a much higher prices.
It´s amazing. I love wasting money.
With this first post of a (hopefully not too long) post-series of my crypto trading fails I try to give you a kind of "How not to trade crypto"-guide.
Because since yesterday I definitely know how not to do. I hope.
Okay, let´s start...
The story
Yesterday while Ethereum was dipping there was a not to little spread of about $9 from one to another market.
ETH-USDT: 1 ETH = $196,71
ETH-BTC: 1 ETH = $205,78
So I was thinking why not taking this chance.
What should go wrong, ya? Well, let´s see...
Because the timeframe of the spread was expected to be really short I was in a kind of rush.
Let´s face it: I had not do my math too good.
Who can expect to loose even if there is a potential gain of $9 for each ETH?
Even if there are high fees for each trade
I startet with ≈ 4,25 ETH.
My trade scheme in a timeframe of 4 minutes was:
Step 1: Sell ETH to BTC at $205,78
Step 2: Sell BTC to USDT at $2481,00
Step 3: Buy ETH for USDT at $196,71
So actually this should give me smooth profit.
Well, it does not.
The result
My ETH was shrinked to ≈ 4,22 after my trades.
I ended up with a loss of 0,03 ETH.
Not too bad but still depressing if you looking forward to a small profit.
The learnings
- Even if all looks such wonderful based on the simple prices. Do your math!
- Avoid to trade on exchanges with high fees
- Try your strategy with smaller amounts to proof the idea
Finally
Call me an idiot. I am still not really sure what exactly happened to me.
But what I am definitely sure about is that we have to get rid of this crazy expensive exchanges. Is this super decentralized crypto world not a cool thing?
Comments are welcome. :)
Ps.: Balances on screenshots are fake. I am poor. Of course.