That was rough haha. So basically what happened to me is that no matter which side of the coin I tried to play short term, I took a loss. My crypto outlook hasn't changed in the sense that I am in it for the long haul, but in regards to the stock market, I figured that things were likely to trend down and so I set myself up accordingly.
Well... I was completely foolish yesterday. Not with the amount of money I was risking or the trades I had actually chosen to position myself with, but I was completely reactionary. I made so many knee jerk decisions based on the words of Jerome Powell that I ended up shooting myself in the foot as the opposite of what I expected continued to happen. Of course today, the markets are reflecting what I believed that they should have yesterday, but my compulsive reactions caused me to trade out of the positions that would have ended up yielding some pretty solid gains.
It was a very hard lesson to swallow because in the end I was right, but my lack of confidence and knowledge in the area that I was trying to navigate led me to make some ill-advised moves. I think that if you are like me and have a general understanding of things, but are by no means an expert, you are in a dangerous position.
I am not sure why I figured that I knew what the market was going to do based on a few words, because realistically anything that could have been said in that Fed meeting yesterday was already priced into the markets. Thinking that you know more than the rest of the markets is a blind-confidence that can walk you right into blowing your investments. I think I need to realize that I am not Michael Burry running technical analyses and models showing why my thesis is correct and really I am just taking an educated guess based on logic... Well the markets are simply not logical.
I will be stacking crypto, but doing my best to stay away from traditional stocks and bonds because I simply just don't have enough knowledge to say what will go up and down. Of course I also don't know this in the crypto space, but what I do know is what the technology is capable of doing and believe that it could play a very important role in the future of the internet and how human beings interact and transact.
I'm sticking to what I know and not doing day trading and reactionary moves anymore. I simply can't win doing it!
Come talk basketball on Dunk Social!
Links and Connections:
Join me on Splinterlands exploring blockchain gaming
Get paid for your search results with Presearch
Follow me on Twitter/Instagram: @ Rob_Minnick23
Hive: @ rob23
NEW TRIBE: @dunksocial
Join me on Torum
Check out Cake DeFi for staking rewards
Bitcoin Cash Apps: @ rob23
Join me on Publish0x to talk crypto
Who I am:
My name is Rob and I am a financial analyst with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience.