I did a day trade today since the first time in a long time and why I stopped doing them :)
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.
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.
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 ;)