Place your order - Don't sell right away !

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1 year ago

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In Russian there is a proverb : ''A century live, a century learn''. That means, no matter how long we live, we always may learn something new. We may think we lived enough to not learn anymore, but our lives always proves us the opposite.

So, in this post I would like to share the thing I learned even doing the opposite for years. That's maybe not a mistake, but a misunderstanding of how things really work. It's related to trading. Of course, that's trading cryptocurrencies. Because I never traded fiat money anyway, so I don't know anything about that and I don't like to learn about that anyway, and I have my own reasons.

The mistake I was doing is selling the coins right away. I mean, I didn't like to place an order and wait, but I was choosing the placed orders and setting the existing prices to sell the tokens I wanted right away. Then I traded everything I had to bitcoin and held that till I need fiat money to buy it. I like to buy fiat money. I think that's fun to do, guessing that governments think that we can only buy and sell with that money. lol

Recently I was trading a lot and thought, why I'm not placing my own orders and waiting a few days for the coins to be sold. Maybe that's another level of trading when you think not only about selling what you have, but you think about how to change the market. You may affect it, in fact. Maybe that's how pumps and dumps are created. When not only one trader place the order, but many of them decided to aim to the same price. That's how the price could increase or decrease.

From now and go on, I decided only to place orders choosing the most optimal price. I think the best one is between the buy and the sell orders. That's maybe the best way to sell a coin if I want it to be sold as soon as possible. But, in case I want to sell if a bit after, I can even set a bigger price than in the sell orders. That may bring even more interests. I think that's the best way to trade, when you know how such details work.

That could be a good strategy to help people to not lose a lot when they are in hurry.

Being patient is really an important characteristic to any trader and investor !

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1 year ago