Since the bitcoin recovery I've been trying to day trade.
It's worked fine a couple of times. Made $100 in one go, $200, and $60 another time.
However, it's also worked not so well a few times, and I've lost $600 in one go, and around $900 in one go, as well as a few smaller losses which could have otherwise been profits due to fees.
I'm so pissed, because when this current spike to 135 happened, I was waiting for the coins to drop a little lower.
I ended up panic buying at 135 thinking that we'd break through the wall.
We didn't.
Fuck me. I'm just so annoyed. I'd have around 20 more coins if I'd just put my coins onto a usb stick an didn't touch it.
Fuck fuck fuck...
I feel like selling all my coins at a loss right now, and never talking about bitcoin again (even though overall I know I'm ahead)
It sounds like you are being very emotional about your trading. I've done it before - guilty - but consider it tuition. If you allow your emotions to
affect your buying and selling, you will almost certainly lose. Try just holding for now. And paper trade for a while. Keep in mind, that almost everyone would have done better just buying and holding bitcoins. Many would just be breaking even after say six months or more. However, those that bought/held coins are ten times over their original cost - without the headache of running a rig.
If trading:
1. Have a plan on when to buy (this is the easier part).
2. Have a plan on when to sell (this is the harder part).
Buying:
Typically people enter a trade on breakouts or bottoms. Choose one, or make your own new plan. Paper trade it to test it.
Before you buy, know that losses happen. So, don't freak out if you lose.
Before you buy, know the price below your purchase price that will prove your entry wrong, and take the loss - no exceptions.
Before you buy, know your stop plan (e.g. trailing stop).
Avoid trading in choppy markets.
Selling:
Never buy unless you already know the price that your going to stop out (sell) at for a loss.
Let gainers gain, and keep a trailing stop. Don't let a gainer turn into a loss, so keep your stops moving up.
If the price hits your stop, then take it. Don't jump back in if it reverses - you weren't wrong to take the stop -
plan a new trade.
If you are stopped out for a loss, you were right to take the stop, but your entry time was wrong. Again, plan a new trade.
You need to accept that losses will happen. So, take them, and consider it a good trade in the sense that you stuck to the plan.
Technicals:
The most valuable indicator are where prices reacted in the past. Support and Resistance.
New all time highs are when you should probably be holding.
New all time lows, are when you should be staying out of the market.
Don't trade on margin or borrowed property. You need a money management plan. Without one, you'll regret it and probably end up owing people property.
Stop trading if you feel emotional. It isn't a dishonor, because it really isn't for most people.
I still think buying and holding are going to be smarter and better way in the long run.Don't listen to anyone's trading advice, including mine.
