Dumb Money Lesson - Rippin` Your Face Off
The last two days have been an incredible sell-off. I can ony imagine the fear that some people who are new to crypto and investing in general faced. For some it might have felt like your face was being ripped off. Or it could have been like that night that you mixed mixed beer, Sambuca, and tequilla.
- A max drawdown from highwater mark of -28%, while still mainatining a profit of 52%.
- As of this morning, max drawdown of -23% with profit of 62%.
Some people are very comfortable with HODL. For me I used my trading rules. This allowed me to maintain profits while reducing my drawdown. It also meant that dollars are ready to buy crypto when it looks like a great oppurtunity.
It doesn't matter how you trade. There is no correct way, except to always preserve your capital. No capital, no trade. It is a simple as that. With gun-powder dry, ready to go kill some varmints.
Trading Derivatives?
Crypto Forex Trading
OpenLedger Referrer
I've been in the trading game long enough to know that following your rules is imperative. Without rules, emotions will enevitably take over and you'll be out of the market before you know it. Having funds ready to jump on opportunities like this recent sell-off has been one of my weaknesses and yet another tough lesson from mother market. Live and learn...
LOL!
Yes, I had a pal coming at chat screaming but I think I put him back into his shoes.
What goes down has to come back up, it is only the right timing that makes the difference.
Couldn't agree more! Folks either need a disciplined strategy like yours or just decide to not check prices hourly/daily/weekly.
As Warren Buffet likes to say: "People that think they can predict the short-term movement of the stock market — or listen to other people who talk about (timing the market) — they are making a big mistake."No doubt the cryptos markets are the same (it's still humans trading with a lot of emotion after all!)
Portfolio with diversification is the next area to work on.
True5, capital is very important