This week will be about my most costly conscious decision (so far).
Was it a mistake?
No.... but I also never lost this big before.
I got the advise of a friend....
Well I hope she is still a friend....
I think she might be angry with me for not directly up-voting her post on Leo finance when I won this 250 Leo power delegation.
She advised me to buy....StormX on Bitvavo
In the end the advise costed me a little....but that was not the reason to not up-vote her.
No honestly, I up-voted her once I figured out how to look up an other user😇 But that's not the point of this story.
Stick to the story Baby
So based on the advice I bought StormX on 0.009 cents, as it was expected to pump...this week..... or after at the latest the weekend.
Being a big noob and knowing she´s been doing this for years I bought about $120.....and of course nothing happened.
The week after week I saw StormX drop, but hey that can happen I will hodl till the pump. So I kept hodling, waiting on a pump that never came, till there were only $80 dollars left.
As the $120 were not budgeted, I was already in trouble with my own planning and had set $80 as the point where I would cut my losses.
At the same time I was doing quite well on the Bitmart Exchange.
So I was like okay, I will do a bit of trading get back up to the $120 I started with.
I knew that I didn't want to trade the same conservative coins (ADA, BAT, XLM, LINK and BCH) I was trading on Bitmart. Therefore I tried some new tactics.... one being buying a coin with a cool name like Golem.
Another thing I tried was jumping onto speeding trains (coins rocketing up). Which I can tell you is a bad idea, especially for noob. Because if you do not time it well....it really hurts 🤕 your wallet.
I tried it several times, but my advice is:
⚠️Don't jump onto speeding trains⚠️
My experience has been that if you're not on the rocket when it takes off, and try to get on in flight, you´re bound to crash.
And indeed I crashed several dollars in less than 5 minutes trying to jump on these shooting stars. Grasping a shooting star in flight is bounded to get you burned.
After some fooling around I figured out what to do with what was left of my funds. These funds should be the start of a hipster wallet.
Like having a traditional Dow Jones and a more modern Nasdaq wallet.... btw can you call a cryptofolio traditional?
By buying the hipster coins like Pundi X, Mana, ENJ CHZ and UNI I was able to steadily gain back my losses and even get into profits. My hipster portfolio is now worth around $165. Yes those are Baby profits, but I was pretty happy with myself.....
Until I had another look at StormX which I sold on 20 Feb.
On 14th of March StormX started moving up, a week later it did 500%.
I am not even calculating how much that would have been in dollars if I would have hodled just a month longer🥴
Of course I did calculate it, and I would have been worth $500 more.
Did I screw up again?
No, I did what I always do. Set a target and stick to it.....no hindsight no emotions.
Even though it was no mistake, it still sucks, but I guess we´ve all been there, selling just before the peak or buying the dip before the dip truly started.
Still I believe that as long as you:
- stick to your plans
- don´t get emotional
- don´t take huge risks (like jumping on speeding trains) to make up for your losses
- trade like a bot with human intuition
- be better than a bot by being agile, flexible and able to draw out of the box conclusions
You stand a good chance of making long term profits.
More Bitcoin Baby
Below the link to my previous blog
Day 13 "I made a stupid mistake ...."
Or start reading about my crypto experience from day one.
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