Pete Bainbridge Public Post: Over the years my most successful trading strategy has been
to buy low, period. No better time to do that is at the tail end of a
heated tax loss selling event. Just look for great industries that are
out of favor and companies that have weathered the storm with a strong
balance sheet and unrecognized upside potential like MUX.
My response: As a result we miss a lot of trades but even when we mess up big we still have winners generally XD.
Pete's Reply: Over time you will learn that winning is about managing the
trade and not picking a buy or short. We research to get the odds in
our favour, but ultimately knowing when to flatten out is where the real
profit track record comes from.
Tuesday, January 23, 2018
Tuesday, January 16, 2018
Lost 76% of trade value in an crypto pump n dump
Sent in 0.1 btc, came out with 0.024 btc. Wow. (2x resting price)
They picked a pretty reputable coin, Augur, (rep) with a market cap of 800M even after the crypto blood today.
Now granted I did flub it, placed first order at a price that was far too low...it was high on the chart. Fail. Before I know it was like 3x what I put the order in for. So then cancelled that order and put in another. This is where I should have stayed out. Already missed it.
Well, I went to the casino and came away without money. It was exciting though. P&D group betrayed us...set their orders and they got massive gains while we suckers got killed. The action didn't even last 5 minutes. There was maybe a 20x from resting price but that was about it. I saw 700% on the ticker...
Darn.
They picked a pretty reputable coin, Augur, (rep) with a market cap of 800M even after the crypto blood today.
Now granted I did flub it, placed first order at a price that was far too low...it was high on the chart. Fail. Before I know it was like 3x what I put the order in for. So then cancelled that order and put in another. This is where I should have stayed out. Already missed it.
Well, I went to the casino and came away without money. It was exciting though. P&D group betrayed us...set their orders and they got massive gains while we suckers got killed. The action didn't even last 5 minutes. There was maybe a 20x from resting price but that was about it. I saw 700% on the ticker...
Darn.
Sunday, January 14, 2018
I married a coin...
Had this for a long-term investment. Indeed I am having trouble determining what is a trade and what isn't. Therefore it is in my best interest to consider everything to be a trade I surmise.
I made the fatal error of not selling on the spike, despite ample evidence the price increase was temporary. And now we have a >50% correction.
Aside from losing money, there's nothing worse than having a massive profit (like 40x) turn into a much smaller profit.
I keep forgetting to take profits. Trying to incorporate multiple lessons, the lessons of holding, the lessons of profit taking, etc. It is not simple nor straightforward. From this lesson, however, it seems the most important thing is selling when it is time to sell, and buying when it is time to buy. This trumps hodling and all the other junk.
I made the fatal error of not selling on the spike, despite ample evidence the price increase was temporary. And now we have a >50% correction.
Aside from losing money, there's nothing worse than having a massive profit (like 40x) turn into a much smaller profit.
I keep forgetting to take profits. Trying to incorporate multiple lessons, the lessons of holding, the lessons of profit taking, etc. It is not simple nor straightforward. From this lesson, however, it seems the most important thing is selling when it is time to sell, and buying when it is time to buy. This trumps hodling and all the other junk.
Subscribe to:
Posts (Atom)