RE: Emotional aspects of trading and making money
I like your post man. It is like a diary we can all take something away from. Thanks for the share.
We are a group of people into arbitrage trading and made some money in the hype of crypto last year November to December. It is a quick in and out to take some profits. It actually got so good that some of the guys would leave their money in longer to try and profit from the jump of the BTC price as well. This went on until there was the massive drop from around $14000 to $9000. One of the guys in our group still had his money in and not just the profits that he had made over this period but also some of his personal savings. He ended up selling for far less for what he bought at and lost more than $20000.
We had a great thing going and he, at that point, had made close to $18000 and lost it all and a bit more.
What I I could take away from that experience is never change you game if it is working for you. Yes you can look for other ways to do things once your streak has ended but why would you change to a winning strategy.
It sounds like you are quite clued up when it comes to trading and economics. i would like to hear your opinion on my latest post if you have the time to read it.
Hi @dpl,
Thank you for you sharing!
I'm glad that you found something that worked for you and that you personally could keep your profits. I'm sure your friend is better off as well since the experience in my opinion is way more valuable than the money.
When you say arbitrage, do you mean to profit from the price difference between the different exchanges?
I'll for sure read your post, but I have something coming up in my schedule in a few minutes, so I will do it first chance I get. Probably tonight, but at the latest in a couple of days.
Again, thank you for taking the time to write, I appreciate it very much and the feedback motivates me to put up some more posts!
Agree with you on the experience man. Although money makes things easier, it is not everything.
That is correct.
Take your time man and keep up the good work.