Hey guys! The last couple of days I've been releasing these mini market updates and some of you seem to find them quite useful and informative, so I've decided to try and pump one out daily!
The overall market
We seem to be stabilizing again today, with quite mixed results in the markets. However, it's been a great day for Steem climbing back to rank 24!
My Prediction
I feel like after a small bear trap a couple days ago, this sort of recovery indicates that we are indeed once again bullish. I am very confident that we will be breaking $500 billion soon and nearing all time highs again within months.
Note: I am not a financial adviser nor trained in economics
My Tips!
DON'T FORGET TO TAKE PROFITS!
This was my mistake. I felt on top of the world when my portfolio went x100 in less than 6 months but I only withdrew about 3 times my initial investment... before things started going to shit. Since then I've withdrawn around 10 times my initial investment altogether, which is not bad but could of been a lot better if I wasn't so greedy.
I recommend taking out your capital asap and withdrawing a bit every time you hit a personal goal, for example withdraw 1-2% of total every time you go up 50% from last target or something, set objective targets or else you're never gonna take profits and you'll get burnt like I did...
Don't give in to FOMO or panic + little story
Even at the worst of times, think rationally. For example, today my largest holdings COSS took a massive hit, dropping around 40% within hours. I sold and soon regretted it, but didn't buy back in due to FOMO, I waited. Not before long, I bought back in at a profit (in terms of COSS), and bought more and more and eventually had around 35% more COSS than I started, then COSS went back up and I sold all of my COSS again. I sold near the bottom, bought again near the bottom and then sold again way before the peak. I could've made a lot more money but I'm happy with the $6,000 I made today, of which I might put some into Steem! So I don't think about what COULD have been, because it's not reality.
Those traps are the worse, you start feeling a shift in the market and bam 💥 it all goes haywire.
Yeah! When I was just starting out day trading I fell at almost every trap. Now I've learnt to dollar cost average and things are going a lot smoother, albeit less profit
This post has received a 10.13 % upvote from @booster thanks to: @cryptoeater.
good....... please vote me