Crypto trade of the day: 08/15/2017 – SC/BTC – MISTAKE I MADE ON THIS POSITION TRADE!

Coin: Siacoin
Exchange: Bittrex
Bought at: 0.00000229, 0.00000165
Sold at: 0.00000188, pending 50% position
Profit: Not finished
Duration: Ongoing since 08/11

INTRODUCTION

Finally a position trade as crypto trade of the day, well partly. I wanted to change this up a bit and give out some mistakes I have made while taking this position trade. The main mistake is that I veered off my strategy and lost out on some potential when trading Siacoin

SIACOIN BIG DROP

Before I even took the trade for Siacoin, I did know the price of the coin had already dropped 75% from it’s peak in July. However I still decided to place a buy order after coin continued to drop 20% from the base outlined intending to sell.

BUY MORE BUT STARTED FEELING NERVOUS

In position trading, if coin continues to fall harder, you should put more orders to get a stronger position because once support comes in, they will drive that price all the way back up to your base. So I bought again at 165.
However, I started feeling nervous when Siacoin continued to run down to the 140s, that I even went to Slack group to ask if anyone was in the same coin. If I bought again at 120, the price would have already dropped 50% from my first buy. I could find no significant news as to why the coin would continue to drop; nothing in reddit, coinnews, merkle, ect. So I felt a little lost in how I should go about this position.
This bit of anxiety led me to make the following mistake.

MISTAKE: MOVED SELL ORDER

When I woke up this morning, I noticed that the coin had spiked. I felt pretty good about it, that I decided to move 50% of my position from 230 to sell at 188 (the rest of my position was at 250) just to feel a little joy of selling off a profitable position. This was a mistake as the coin continued past 230, hitting 240 after a couple of hours. Subsequently this made me miss out on another 27% profit.

CONCLUSION

Suppress any emotions tied to big swings of trading coins. Pending any significant bad news, stick with your strategy and let the chart dictate your decisions, otherwise you can lose out on big opportunities like I did here.

Did I play it safe to sell off a big portion of my position, or was this an emotional mistake? Let me know what you guys think.

DISCLAIMER AND CREDIT

Nothing here is meant as financial advice. This is just a strategy that I'm using as a cryptocurrency day trader. Please seek a duly licensed professional for any financial advice. Never forget, cryptocurrency trading is extremely risky and never invest more than you can afford to lose!

I'd like to give a special thanks to Luc for his selfless contribution in teaching cryptocurrency trading. Please visit his blog at: https://steemit.com/@quickfingersluc

Props to @tizzle for running the Quick Fingers Slack group. That keeps me entertained and focused while trading.

Thanks for visiting my blog and happy trading everyone.