Need help from day traders, I think I just did some bad trades. Stupid me.

[Edward50]

Just did a stupid thing, should have known better really but I'm new to all of this.

I accumulated copperlark at around $.30 to $.35. Not much just around 350 of this particular coin.

Then I happened to be online now in cryptsy and saw someone buying large amounts of it at $.70.

So I figured let me sell 100 at that price. As He was buying way above anybody elses offer. I figured worse case most of these alt-coins fall down after being pumped.

Then he ups the price to $1.00 for a small amount. I hesitate thinking, I should only sell some at this price and wait.

Then he pulls the $1.00 price and sells for $.79 cents again. I said, shit I should have sold it at $1.00.

Then he puts a huge buy back up for $1.00 so I decide to sell the rest at $1.00, thinking I made a good profit from $.30 to $1.00. Even though I knew I should not have sold.

Then he puts a buy order to buy everything up to $1.50. Shit, I just lost 350 * $.50 cent or $175 dollars if I just waited.

Then it gets worse, he is buying everything on cryptcy up to $2.00. Shit I just lost $350 dollars if I would have just waited and not have been so stupid.

So stupid, I wish I never even came online at the time and he may continue to buy everything at $2.00 putting a $2.00 floor up. I just never figured someone could buy the entire market like that.

please help me daytraders. What should I do in situations like this? Is it just best to always  hold? I want to learn my mistake as I am new to this and do not want to do a stupid thing again.

 

[proinside]

Read up on http://en.wikipedia.org/wiki/Moving_average.

IMHO: I dont think you did something wrong. After all you should made some profit? Well, next time you see someone wanting to buy a whole market, simply sell for a reasonable price to even your last buys and then hold them. That way you wont lose anything and you can decide when to sell. $1 a piece is not that bad if you bought if for $.35. After all thats somewhat of a ~+150%. You simply did not buy enough in the first place to sell them for $1.

[rikkejohn]

you made a profit, so be happy.

Don't get into the mindset of worrying about maximum profits possible. That is a sure way to lose in the end.

Plus, Copperlark does this jumping thing, he is trying to get you back in the market, then he'll pull the rug from under your feet.

You did well!