June 19, 2022
The market situation is truly alarming and would make one think if it is still safe to stay here. A new investor would probably freak out and might opt to pull out his investments before everything crashed. It's been two years that I've been staying here, and I must admit that things are still tough to fathom. The Cryptoverse is too enormous to easily grasp hold of everything. It's just too complicated as the blockchain's nodes and codes that even those with IT knowledge would find it hard to understand everything.
Over the past two years, it's been my first time being alarmed by the market situation. Because why not? All my investments are down from my hard-earned cryptocurrencies and losing them isn't just as easy to accept as losing a lolly pop grabbed by a playmate back when I was a kid. It is tough to accept just how complicated it is to read the indicators in a trading system. One who can't control his emotions would probably burst into anger and would figuratively turn as red as the bloody market.
Recently, I've been mulling over getting back on trading to take advantage of the situation and compensate for the huge losses I got from this crash. My SmartBCH investments are giving me a pang of pain and I couldn't do anything about it. Because if I let them go, that means I would lose more. From 20+ worth of BCH, the total value dropped below 10 and would continue dropping as long as the market is red.
Some would probably take this out before the market reaches the bottom, but I couldn't. Why? My initial investment is higher than this, excluding the rewards I accumulated in staking and farming. Who would let them go in a bearish market? Just call me impractical. But they are tough for me to dump. It's just too late to exit so I better wait for them to recover. Thus, I need longer patience, as long as I stay here abroad.
Getting back to trading on Binance
I can't remember when was the last time I traded on Binance, and when was the last time I studied the trading indicators. Things just suddenly changed, and I got demotivated in this aspect. But for the sake of getting back my losses, I opted to get back to the track as well and face the bear again. And hoping to face the bull soon.
I've been saving HBD on HIVE for my dream DSLR camera. I just couldn't use my BCH for buying this as I am into holding them until it recovers. Besides, it's not the right time to sell BCH for a not-so-important thing. Although it's my dream, other things are more valuable than a camera.
Using my 200 HBD, I bought 500+ HIVE tokens since HBD isn't tradable on any trading platform. 500 HIVE were sent to Binance and eventually converted to USDT before its price dropped more. Unfortunately, I only got $170 from it as it drastically dropped.
When back to trading gone wrong
The amount was intended to be used for Spot Trading to accumulate a small profit and not for holding. Unfortunately, trading went wrong due to ineffective decisions.
The first token I bought and sold was BCH and I immediately got a $20 profit from it. While checking other tokens in the market, I saw ADA doing fine and I opted to buy when it dropped a little. I tried to control my greediness, rather than losing my profit. From this token, I only earned a few dollars because I thought it would drop. Unfortunately, it even went higher before it drastically dropped.
The next token I tried was ETH because I saw it increasing. I tried to catch a falling knife and bought some at $1226, sold them at $1229, then bough back at $1998 with the hope that it will increase after. Unfortunately, I wasn't able to make a sell order before I hit the sack at night. Regrets just ruined my morning the next day as my prediction went wrong. ETH dropped so bloody to below $1100 then continued to drop below $1K. Thus, losing my supposed to be profit from it. This left me no choice but to hold them until the market recovers.
But the trading continues...
FUDs about BTC going to drop below $20K and the probability that it might pull down BCH to below $100 opted me to transfer some of my BCH to Binance for trading. That day I said to myself, "it's time to put my BCH back to work."
It was a tough decision for me, as I find trading difficult again since it's been a long time since I had one, especially since my spare time is limited at work. Thus, monitoring the market is hard. I took some of my readcash earnings this year and placed them in Spot Trading.
Because of my recent trading, I didn't dare to put all my BCH as I might just lose them all. I had a lot of failed transactions, but it seems like I don't learn lessons from them.
The trading went smoothly at first. I was able to sell BCH at $125 and then buy it back at $120, gaining a $25 profit from it. I then sold them at $123 and $125 respectively, and took a break.
I was about to place a buy order as BCH was slowly dropping. The USDT was automatically sent to the Earn account so I have to redeem them. Unfortunately, something happened that I wasn't aware of. Instead of clicking the Fast Redemption Method, I wasn't aware that I clicked the Standard Method. Probably it happened when I clicked the Redeem button since the Standard button is too close to it.
Thus, I wasn't able to place a buy order and I need to wait for the next day before I can buy back BCH, but I am worried that by that time, BCH might rise again. Based on its performance recently, it seemed like it's doing well and fighting above its support.
Comparing the sell and buy inflow, the buy orders are a bit higher than the sell orders which makes it a positive one. The top 3 coins on Binance are already down, but BCH is still up. The prediction didn't happen this time and hoping that it won't happen tomorrow or the next day.
Although it's positive news, I need to buy back my BCH before it continues to go higher. Or else, I'll gonna regret trading again.
I must admit that I can't be successful in trading. Despite the cautions, there are moments when bad actions would be executed due to excitement and carelessness. And emotions are still something I need to control if I truly want to succeed in trading. Although I somewhat failed here, I still got some profit. It's patience again that I need here.
About the writing challenge, I still need PVM's curation results, so I can't post it for now. Maybe tomorrow 😅. He's kind've a busy man.
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Hindi rin ako masyado sa trading kasi hindi ko mamomonitor. So I would prefer the usual way of earning. That is to rely on sites that pays per tasks.