Journal of a Crypto newbie
Thought I would start to chronical my daily learnings from time here in crypto-space... if for no other reason to create a lessons learned journal that I might be able to refer back to later. Maybe someone else out there might find these useful, or amusing... :) Either way, enjoy.:)
Journal day 1:
My first investment in a crypto-currency took place 6 weeks ago (Chirstmas day in fact). Just for fun, I invested $100. The first few hours were pretty stressful - as I waited for confirmation of my account activation on Coinbase. Being completely new, I fould the fact I had to take my picture and provide driver's license numbers, etc pretty weird. Then moving money from Coinbase to GDAX was odd for me as well. I remember thinking "what did I get myself into - these guys are supposed to IT geniuses and they can't even develop a user-friendly front door!". And this was just the easy part. Then I learned how to transfer my BTC to Binance (actually the first exchange I attempted was Bittrex... however, they were not accepting new accounts at that time, so I moved over to the second option that was suggested to me was Binance). Cutting and pasting these really long addresses and stressing that you got it right was yet another hurdle I had to get over, and again thinking, "really? these guys are smart enough to develop a complicated block-chain, but can't figure out how to transfer coins from one place to another with a click?!" Once safely in Binance though, I becam hooked.
My first week on the exchange was outstanding. I rode wave of Etherium (from $770 -> $900), TRX (from $0.03 -> $0.25) and XRP (from $1.04 -> $2.50) to move my balance from $100 to $280. Times were good. So good in fact I decided to increase my investment from $100 to $1800. It was January 10th. My wife's birthday. Oops. Since then I have learned more than I care to about Chinese New Year mass-migration patterns, South Korean and Indian governmental policies and Tether. But during this time, I've also learned some valuable tools that have helped me stay closer to the surface of the water than most. I have learned how to read Bollinger bands, what those funny looking long wicks actually mean and - most importantly, the money-value of patience. As fast as this market moves, what is clear to me that the quick trigger loses money, and the slow thoughtful decision based on analysis wins money. Check your assumptions, and look for validation in other places. Only then make your move. It's better to lose a little opportunity cost then losing much more by becoming stuck in a position you don't want.
As I write this, I am doing a little day-trading on VIBE/ETH on Binance. Typical. I had put my my buy order in at .00082, assuming that appeared to be a stable support level. Then I decided after watching the price wick off .00086 4 times and the trading volume fall off that it just wasn't going to have the energy to get down that low so I moved to a buy order of .00086. Within seconds, my order became filled and the price dropped to .00084. Something the Stoch RSI would have predicted had I looked down. Still learning....
Hope everyone has a great day!
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