You know how you sometimes give advice and then do the exact opposite of that.
That's what I did today.
Instead of enjoying life and going out I decided to sit at my computer and stare at the screen.
Today I couldn't get away from the markets.
I even day traded...and that's been a while.
I usually write about what occupies my mind and today that's only one thing.
The crypto markets.
I sat at my computer around 8 am and I have been there for most of the day.
Even though they are awful for investors, days like this, luckily, don't occur that much.
But they sometimes do offer chances.
That's what I waited for.
While waiting I had a chat with @ezzy where we talked about recent events.
I do feel lucky that I got to know him because sometimes it's just nice to talk to someone that is on equal footing and going through the same emotions.
I'm pretty convinced that most people in crypto go through these emotions alone because they, like me, could not convince or find anyone willing to invest the same amount in the past when crypto was even more obscure.
Now that I have to deal with hundred thousand dollar swings it feels crazy I can tell you that.
Around 2 am I saw an opportunity. And probably one not many expected.
I saw that the BCC token had reached an absolute low after being dumped today.
I decided to daytrade.
I never daytrade on technicals, I usually make a trade on peoples emotions or market events.
I just assumed people would be so angry that they would dump the token at any price.
I bought @ 150k satoshis and when it went to 65k satoshis I bought more.
65k proved to be the bottom.
Then it quickly went up and I sold everything when it doubled.
A day traders mindset should then be happy.
But this is the big difference between a day trader (no emotion) and an investors mindset.
Soon after it doubled again and I beat myself up for selling so early.
I was once reminded why I don't day trade.
I just don't have the emotions for it anymore.
But there is more.
Day trading makes me feel the same as when I used to play video games with my friends for the whole weekend and not shower.
Sort of Sticky and dry-eyed. It's hard to explain.
Basically, I don't think it's worth it.
So after this exotic excursion, I'm back to Investing long-term and buy and sell gradually.
That is my game and has done me well.
It's also way more relaxing :)
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Great post @exyle, I can totally relate, especially to the feeling icky and self flagellation at selling too soon. and I totally agree, in the end a long term hodl feels good, and short term flips kind of just aren't worth it.
It’s funny how you picked my most f-_-ked up poniz-crypto on it’s last day of trading to trade.
You’re lucky you got out alive with some profits. Too risky for moi. The horror! The suicides…
What Dougkarr said. I've been up for two days, dusk till dawn till dusk trading. My brain is mush.
Read about my trading exploits, highs + lows, and a hell of a lot of trading retweets @TradeCode
Thank you, man. And yes investing in solid projects just feels better and it's easier.
Nice day trading and risk triggered, i can imaging the feeling after you sold and the price went up again. Lucky you to make a lot profit from coin despite the current situation.
This is an amazing post and i admire your writting skills. @exyle
Hey good story!! What exchange did you use??
Hitbtc.
Thanks
@exyle I share the same feelings!
I learned to buy and hold when I was young, I started doing that on the stock market but when I started investing in crypto I applied the same strategy! I just sell a coin if it lose its value, not the price, the VALUE. I use all the time that I save to focus on my work, family and friends. I do monthly buys to average the price and whenever a big dip happens a buy some more! But when I do want to trade I look at the money the same whey a look when playing poker and I try to have some fun while trading. If I lose some its ok, but if I ended up profiting I take my girlfriend out to dinner. :D
You are among very few really lucky people to make a profit out of BCC token, which might be among one of the major reason for the whole crypto crash...Day trading is very risky, better to stick with the coins who has got longterm potential.....
It really isn't worth it. When you win it usually isn't a huge win because it's too hard to put huge amounts of money into day trading. Then if you do put in big money and lose you just feel like a total idiot. It's not for me. Holding takes a lot of stress out of weeks like this one.
Today I went shopping too, bought some BTC and ETH. The FUD around China and S. Korea it's temporary.
A song for all the Steemians that went shopping:
A stress free life and happy life is far more important than profits, that's for sure.
It's not clear to me why the price swings still affect you, in a year's time when steem's price will be in double digits it won't matter anyway.
When STEEM goes from $40 to $20 I think it will still affect me :)
lol, excellent description of a day traders roller coaster of emotion....Id suggest you also leave poker alone.
Be smug...not sticky is my motto ;-
Regards
I'm not the greatest at poker, so that seems about right.
I've been looking at the markets recently too, namely Verge, Ripple, bitcore, steem and siacoin. I noticed many had gone down about 10-20% in 24 hours after a long steady decline. To me, that's perfect investment opportunity.
Bought $50 worth of steem which then became worth $100. The others I have on bittrex and my portfolio went up by 50% today. I'm not even a daytrader, these were meant to be long term investments!
It takes it out of you. All the staring at the moving trades wondering, is this the point to buy/sell?! At least you doubled up!
Doubled up is something. I just checked the same market....it has gone 6x :/
Damn thing! I hate seeing where they go after I have sold
sir may be a question
lmao!! I love your description of how it feels to be a day trader. I don't know what it's like to have hundreds of thousand dollar swings, but that alone would make me pretty sweaty & sticky. I think of any times, now is a great day to day trade anyway, so you did good, you can relax now ;)
Day trading ehh, I was trading too at the beginning of my cryptocurrencies adventure to understand how the graphs play. And every wrong decision is exactly how you described not showering lol))
And all the time your head is filled with all possible ups and downs and you have to monitor everything.
I'd rather invest too, it's just too intense for your health.
Woh Mark, that was a heavy day for you. No wonder you couldn't take my phone call this afternoon (lol). DId you see that JJ made another post this weekend?
Day trading is a huge roller coaster ride. The emotions run just as wild. I prefer doing the same as I always do, invest in the long term.
Investing long term has my preference too.
Watch out @exyle is on a trade session hehe regardless you should still be happy if you make double of it back yea sure it sucks you lost out when it doubled again but I just lost around $370 in a trade because bitcoin when down I still gained more so I am happy.
Exyle, I read your article and then took a look at the bottom where it says you are a witness. Could you explain what this means? (shortly, I don't want to take too much of your time) I've tried looking at a few articles, but I don't really understand it very much. What does it mean to be a witness?
Hi, we get this question often so we wrote a post about it as @blockbrothers. You can find it here. I hope this clears up a lot.
@exyle,
You are correct friend, while day trading, I think I am going to be nuts! I mean greedy mindset, I am trying to control it sometimes it wont' work! End result chaos! So, HODL better, atleast it has only two choices without a stress! Profit or Loss :D Nice you talked about this!
Cheers~
I bet day training is exhausting and difficult because of the volatility... but there must be people that master this skill and makes a ton on a good day.
Of course there must also be people that lose a ton hah!
I'm with you, I don't know how people do day-trading for me it seems like pure gambling. I like knowing I've boughten something at a great value & then hold onto it for a long time (even during current market corrections like we're experiencing now). Glad you made a nice profit during more bleak times in the crypto world tho. Cheers!
@exyle, it is important to understand you game and then execute it well. Thanks for the great reminder.
I appreciate your willingness to be honest about something that is perhaps profitable, but does not improve the quality of life.
I enjoy trading and also long term investing. They are two completely different mindsets and trading you really need to learn profits are good and ignore the thought of missed opportunity.
Yesterday I traded some and probably shouldn't have bought back in at the end of the day, but in my mind it's called day trading for a reason. You close out at the end of a day when the future is unclear.
Investing is stressful for most people and if you feel stress about investing do not even think of Day Trading...it's a real roller coaster. You need to be able to cut losses and be happy even when you left some money on the table.
For me, it's hard to be both. I can say almost impossible. They are two different beasts.
I understand that feeling. Used to have the same issue, but over time you start to see the value in both. Half my crypto is long term , the other half is to trade. So far the trading account has to top off the hold accounts on a regular basis as I rebalance so both grow. Never once have I pulled from savings to top off the trading accounts.
This approach works for me, but can completely understand why it wouldn't for most.
Yes - day trading is a rough business. It is especially difficult with the automated systems. I listen to people try to predict the prices based on "technical analysis". I don't even waste my time. Look for good coins that have great teams and large networks and then HODL. You will live a happier life and probably make more money.
Interesting ! Like same thing happened with me too !! Brought some NXT and few KOMODO !
This post has been upvoted ans resteemed. I started following you as well. Love hearing your perspective on day trading, as I imagined, is high stress, but probably not worth the return in the end.
Hey nice trade tho man! Ya I quit day trading aswell. To unpredictable.
The crypto market is full of risks. He's very good at knowing the job. Technical analysis, basic analysis, etc. Enjoy the chance to say that you have a little luck.
Good Luck.
Oh yes, now a convenient situation for trading and I also once tried to trade on the exchange, the result was good and bad, emotions after that too :) You are right, in this trade need experience and great patience, so I, too, try to invest in the long term! Thank you Mark and keep us informed of what's happening!
In some cases we forget ourselves in front of a computer screen for a long time
But you do not have to do things that benefit you, such as trading or trading in currencies
I am also an integrator for Steemut not confirming my phone or computer
Trading seems very interesting to me and I feel like I would have fun. Although a lot of people say not to do it, it's too much gambling. What would you say?
Good post @exyle
i like your last 2 blogs keep up the great content :D
Congratulations on a snowy day. You have done business in the best way.
Great post @exyle, I can imagine your feelings . When you are a daytrader you have to deal with that kind of feelings I think.
I would put myself into category of long therm investor. I was daytrader once, but always panicked when the trade turned against me. I ended up loosing money. This was my lesson and since then I never invest anything that I can’t afford to loose. I almost panicked yesterday, but thank to veteran steemien’s post, my head cooled off and today I added to my position.
You guys are avesome.
These are tough times, just like history repeats itself. We have to stay cool. This is the moment when everyone says to buy the dip. Prove it, you have a chance.
I have always been against automatic vote, if you really build relationships with other users, it implies the reading of their materials and live comments on the subject.
But, I understand that it's hard to find free time for this (every day follow updates of friends and participate in discussions). And auto-vote in a sense is an opportunity to say Hello, to express respect for your relationship. Accordingly, if you withdrew from somebody list you have lost the interest of this person to you. So your actions in this case are absolutely correct....
What? But yet you're auto upvoting yourself? So are you saying you're actually for it? Confused as shit! lol
Am lost too... But i gt the point..😂😂😂
Long term trading has always been the best tho... Learn to resist the temptation! Day trading can eat your money like ponzi if you aren't lucky! 😂 ... Thanks for updating us!
Keep Steeming
Very good post @exyle, I like it, thanks.
@racoo
good post
Yeah I can see how it puts stress onto your mind when you do that. It's always best to choose the less stressful and less worrying option to have a healthy mind!
The truth is that, they is nothing more beautiful and exciting than doing what you love and still earn from it is àlways wonderful.
Your first paragraph really got me laughing, because that's exactly what happened to me today also,
Planned to be in my hood, fortunately got a letter I had to pick and I joyfully move out.
What a post, what a day.
I hear ya, it kinda reminds me of when my father would say "do what I say, not what I do". Trading can be addictive though, once you start you feel like you need to keep going.
At at this point I am not going that emotional because i have nothing to loose lol..
Good day!
If am to say ,daytrade make sense nowadays where is quite impossible to predict the next direction of cryptocurrencies prices .long term investment is also good if you are not bordered in any direction it might take.thanks for sharing your costly experience you brought to our door step free of charge.