Made a big, but recoverable mistake, that I hope to learn from.
Last night we went out on a social with some friends. We had the whole restaurant booked to ourselves and had a good time, but this meant I was away from the computer for several hours.
I'd liquidated to into $ before going out (just incase something happened).
We got home, I was itching to get back on the trade and Huobi started looking positive, I took a risk (which was in no doubt due to the alcohol in my system). In effect, I did some drunk trading.
Good move..... NOT at all.
I bought 750 Litecoin, after a DOUBLE TOP (big no no) at $26.30 a shot. There was nothing to back up the rise! WTF was I thinking?
Woke up this morning to see Litecoin at $25.30 and it continued to drop steadily throughout the day to $23.30.
If I was to panic sell I'd have lost $1500 in 24hrs.
Now, as a long term holder, these dips are no problem. But for a day trader, doing this for a living, it's not so funny; you need to skim profits to live.
Either I trade my a$$ off to regain that loss or I sit tight until we recover.
For now I'm holding and signs of recovery are in motion.
This is my take-home for day trading Cryptos.
Don't trade after after a night out and don't sleep in coins when the market is not clear.
Instead of playing the dip I got played and became a temporary bag holder....
This last dip seemed to have been triggered off by fears of the Huobi CEO switching CNY deposits from his personal to business account, yet to be confirmed, but after speaking directly with chinese people, not even they know what the real reason is.
Last night we went out on a social with some friends. We had the whole restaurant booked to ourselves and had a good time, but this meant I was away from the computer for several hours.
I'd liquidated to into $ before going out (just incase something happened).
We got home, I was itching to get back on the trade and Huobi started looking positive, I took a risk (which was in no doubt due to the alcohol in my system). In effect, I did some drunk trading.
Good move..... NOT at all.
I bought 750 Litecoin, after a DOUBLE TOP (big no no) at $26.30 a shot. There was nothing to back up the rise! WTF was I thinking?
Woke up this morning to see Litecoin at $25.30 and it continued to drop steadily throughout the day to $23.30.
If I was to panic sell I'd have lost $1500 in 24hrs.
Now, as a long term holder, these dips are no problem. But for a day trader, doing this for a living, it's not so funny; you need to skim profits to live.
Either I trade my a$$ off to regain that loss or I sit tight until we recover.
For now I'm holding and signs of recovery are in motion.
This is my take-home for day trading Cryptos.
Don't trade after after a night out and don't sleep in coins when the market is not clear.
Instead of playing the dip I got played and became a temporary bag holder....
This last dip seemed to have been triggered off by fears of the Huobi CEO switching CNY deposits from his personal to business account, yet to be confirmed, but after speaking directly with chinese people, not even they know what the real reason is.
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