USD/BCH trading experiment

My trading journey has been an on-and-off one. I’d start today but out of fear, I’ll take one step back the next day. Though I haven't lost anything in recent times since I stopped, but I can’t just shake off the feeling that  I’m wasting the opportunity to increase the Dollar worth of BCH I have or increase the satoshi.

The reason for my fears is that this trading is done on a custodian wallet, and it’s a known fact that this is dangerous. Even if I still have a little faith in custodian wallets, the coinflex fiasco has made me lose all trust in it. I won’t mention the name of the wallet I’m using but to some extent I trust them, but instead of having the constant fear of losing my money I decided to reduce the risk.

Investing the amount you don’t mind losing, do your own research, this is not a piece of financial advice if it’s too good to be true… these are constant warnings we put in our articles and it’s now a cliche. I sometimes ask myself “do you follow what you preach?”. what  I mean is if this investment goes North will I be able to recover? Or is the amount I’m investing not too much for my level (Financial status). So I decided to put just $50 which was 0.48 BCH as at that time into my trading wallet.

The essence of this experiment

I want to be able to monitor my activity, and know whether I’m at a loss or a profit. And this time around two things is in place. I can check the increase in both satoshi and Dollar. If it increases in the two aspects then it’s a 100 for me but if it increases in just one out of the two then I take it as 75%. the goal is that it shouldn’t fall below the two at the same time.

Most importantly, the start-up money of $50 is what I can afford to lose. If the wallet pulls a coinflex type of stunt I’ll be sad but won’t be sad for long since I’ve already taken the $50 as lost money no matter what happens to it.

First buy

As I said early I transferred $50  to my trading wallet and set a buy order limit of $103.5, in less than 24 hours the trade came through and I got 0.48BCH. So that will serve as the first benchmark. I know trading with a small amount of money like that won’t yield much profit, but with the fears I have, I think it’s better to play it safe. Going all-in has cost me a little in time past, so it’s better I’m cautious this time around.

Things turn red

Just when I thought I’ve got a good buy, I realize I was too fast in buying. BCH went down below $100 and I was short in Dollars, but my satoshi remains 0.48 BCH. Though the satoshi remain the same I wasn’t satisfied since the first deposit was in dollars, it seems dollars will be the best unit for judging profitability. BCH went down to $97 and I laugh at myself. Trading isn’t for me, now I know.

First sell

Yesterday, things started turning green again and I thought it was the right time to sell. I decided to set a sell limit of $111.11 but somehow I typed $117. I saw this mistake and quickly use the bonus I had to cancel the trade. I set another and within a few hours BCH got to $111.11, now I have $53 in my wallet, already a $3 increase from the initial deposit.

However, it happened that I went in too fast again, the $117 which I thought was a mistake might have been the work of some fairy. lol. I thought it wasn’t logical then but waking up this morning, I checked the market to see whether to create another buy order but to my surprise, I saw $117 on the graph. Trading isn’t for me, now I know more. lol

Going forward

The $50 was sent to the wallet to experiment with the risk of losing it all, so no matter how fast I am in buying or selling I don’t/won’t mind. There will be no regret at all and in about a month time I’ll see if I will have a 100% rating or a 75% rating and at worst lose it all. Don’t worry, I’ll surely update you on how it goes.

Thanks for Reading! 📊 💚📈

Cliche or not - Please DYOR and no part of this article should be taken as a piece of financial advice.