Losing Bitcoin Due to Fake News is Maddening! Story told in cartoons.
There Will Always Be Fake News.
Yesterday when I woke up early, analyzed my charts and placed my orders, I imagined a normal Friday. Then all hell broke loose. As I said in an earlier blog post I have been long since the last crash. There was no signal that told me that I should have been shorting Bitcoin.
WTF is Happening.
As I scoured the web and the trading channels I could not find any news as to why Bitcoin took this huge drop. So I bought more positions long thinking it was a flash crash. Which is quite normal for Bitcoin. Then @GoldSeek mentioned in my trading group that the Chinese government was banning Bitcoin. #WTF
Then I Start to Sell Some Bitcoin Positions Because this is Going to Get Ugly.
I felt powerless because there is no telling how low Bitcoin could go. The Chinese were selling at a rate of 2X1 compared to everyone else. Could this news be true?
It is Fake News!
Everyone starts reporting that it is fake news and the selling off slows down. I start buying positions again hoping to recover the BTC that I lost. I have a pretty substantial position and I have to leave the house to go to the chiropractors office. I left hesitantly. Looking back I wish I had just cancelled.
It took an hour to get to the appointment. By the time I arrived BTC was down another $100. Oh my God, what the hell am I going to do? I had to sell off a few positions and put some buy orders in down below to protect against liquidation. This is not good. The Doctor asked, "why is your blood pressure and pulse high?" I am loosing a ton of money Doc! He says, "that's right you are the Bitcoin guy."
I Go to the Casino.
Since it was too late to head home without fighting in rush hour traffic @AnaHilarski and I decided to go to the casino and to dinner. I was quite depressed so we went to a very nice Argentinian steak house. We never eat steak! Hell, who knows it might be our last meal.
During this time I put in some small positions and made back a portion of my earlier losses. Thank goodness for the ability to trade on Bitmex using my phone.
We Make it Home Where I can Trade Bitcoin Normally.
Over the next few hours I made back about 25% of my losses. I also was pretty confident that the market would trend upward overnight and it did. This made me another small chunk towards recovery. Now as I sit here writing about the carnage unleashed upon my trading life, over the last 24 hours, it looks like Bitcoin has shrugged off another attack.
I Hope You Enjoyed this Story.
Bitcoin trading is not for the faint of heart. If you can handle the ups and downs of trading and you are not living in the USA then I recommend you get a BitMex account. Use my link to get a six month discount on your fees.
Always trade with caution. If I would have traded at anything over 10X I could have lost much more yesterday. Have an amazing weekend everyone. I have to get back to the battle and win back my BTC.
BTW, yesterday was the first day that I did not write on Steemit in a year. I think everyone can understand why. ; )
Sorry for your down day but hey the ride up is going to be great!
Sometimes you have to ride the roller coaster ride and keep a cool head, even when the fake news is exploding all around you.
I still view bitcoin as an asset and it will be hard to let go @hilarski a shake down and then slowly rise again.
Ive been buying the fake china news since pboc started last year. Easy profit every time lol Never ever sell when the price is down. No matter what the news.
When you are trading with leverage you don't have a choice. If you don't sell you could lose the whole bag.
Oh ya, Ive been there before lol actually I made a post about it because I was panicking. I was withing a few percent to getting liquidated but than it suddenly changes direction for me. I ended up making some good profit too. But I haven't traded with leverage since!
Heres my post, this is when I almost got liquidated. Almost lost over 3k lol
https://steemit.com/bitcoin/@cyberblock/this-is-why-you-should-never-margin-trade
People read headlines and then make up their own assumptions it still is happening today even after my post stating the facts and now others stating the facts to. So dumb lol seriously though this is what we have to look forward to from just random people posting news.
The story of many traders now, the fomo makes people follow bad ways but we are part of the future technology and all we see now is just the begin, i mean we will see more and more positive news and bad news too
This was not FOMO. This was 100% FUD.
Perfect jajajaja i didn't know the real difference. Thanks
sir i agree ,This was 100% FUD......
people often get there fomo's and fuds mixed up lol
so in future please be confirm 100% then trust in any news.
Really @piyushkansal, do you speak or read Chinese? I sure don't.
No sir i don't know chinese language but if such situation exists i use google translate. It converts and speaks also.
Google translate does not do that well with the Chinese to English. Here is the site that first reported the "News". Translate it and see if any of it makes any sense, I couldn't tell what they were saying. Seemed like FUD, so I stayed long.
Ok sir i will check it.
You are right. That's Bitcoin if you can control the fluctuation of the business
I Enjoy this Story and large investors need to be careful.......
sorry to hear this sad news that you lose Bitcoin Due to Fake News. Hope in future you got high profit and cover this lose.
Very good information,thanks for sharing
Haha, I love the alien representation "that's right you are the Bitcoin guy." Sorry for the losses man.
@hilarski,
This is soo true friend! Some crazy bast_rds doing such nonsense and we have to pay for it by selling our HODLs :/ This should not happen, but we can't change it, coz BTC, China, ICO gave us a lot of drams in last couple of weeks! Anyway behind those we can see investor involvement! They makes news and use it as an opportunity to buy more and sell more!
Sometimes I might feel crypto trading is a massacre! So I decided to keep HODL statement! So whatever happen I am HODLING and won't sell it until I feel enough!
Nice article and thank you very much for sharing with us!
Cheers~
It is ok to HODL. The profits are not as good but it is good for peace of mind.