Is it bad luck or bad trading?

[chesthing]

Blackcoin is pissing me off. I get in the 20s last weekend and ride it up to 48, then it dumps like a mf'r down to 12s. I actually hang with it and sell in the low 30s. Then last week I get in the high 30s only to see it take a dump toward the 20s and let go for a minor loss. Now the sob won't stop. Fuck me, is this going for the moon or as soon as I get in is it going to take a shit again?

[mazuma]

i think honestly speaking from experience, i had the same faith as you, but the more i stuck around the better i got with trading. I still have bad days though.

[chesthing]

Seems like I get in it goes down, stay out it goes up. I think I'm going to just find another hobby, this one sucks ass.

[kelsey]

bad trading imo, simply stay away from the overhyped flavor of the day coins, they are too much of a gamble.

[tom14cat14]

Day trading is very hard to do. Most of the time when you feel comfortable that ok this is going to go up you are already too late. And then on the flip side it goes down right away and you say ok it will bounce back and it goes down again and then you either keep riding it all the way to the ground or you ride it down a few more steps and then sell at a price when you might as well of stuck it out. (not saying you just many people i have talked to including my self have done) One of the best things that helped me be profitable in trading is make sure you have a stop loss. Since you cant set it in crypto's you have to do it your self. Go into it knowing ok I am willing to take x amount of loss and then I will bail and rethink my position. When I started doing this I limited my bad days to small losses and my good days made more then enough to make up for the bad days. You will not win every trade you just have to manage your losses. Try to keep emotion out of it. I still sometimes have a hard time with this. A coin spikes past what I want for a profit and instead of setting a trialling stop order(coins you have to just keep them in your head/be watching as far as i know) I dont lock in my profits because I get excited and stop thinking about it and start just cheering go go go and then I have to step away for a bit and bam by the time i get back market has tanked and now i am in a loss. Then I get pissed and say it will go back up just to break even I will be happy and it never does and then I ride it in to the ground. I have done this example a few times in the stock market when I would have had big profit but got greedy and stopped thinking and I still do this sometimes even though I know I shouldn't be. My point is try to be disciplined you will learn what works best for you. Minimize losses and realize you will not win every trade.  

[tom14cat14]

BTW sorry for the long post above. I am not sure if it even makes sense I think it is time for bed. 

[chesthing]

bad trading imo, simply stay away from the overhyped flavor of the day coins, they are too much of a gamble.

Not sure this explains me, I didn't lose any just lost profits. Went to bed in high 6's put a buy in at low 6's wake up to 8400 this morn after hitting 9500 so too late, yeah I think I'm going to puke. Following your advice is what I've done and lost out huge on this "flavor of the day."
This one is weird, just a steady steam from 3s to 9s with no major dips at all. This all after this coin exhibited pump and dump tendencies of other coins, wtf changed?

[Wipeout2097]

BTW sorry for the long post above. I am not sure if it even makes sense I think it is time for bed. 

Makes sense, yes. Good advice, thanks.

[chesthing]

BTW sorry for the long post above. I am not sure if it even makes sense I think it is time for bed.  

yes, your advice is pretty spot on, but I haven't been daytrading coins just looking for the big one where my btc can go 10x. I found it and got in at the wrong time, it dipped to 1/4 of the top during my entry which led me to believe this was a dangerous pump/dump. Turned out to head for the moon after my exit, so I think the answer to my thread is both - bad luck and trading. Now it's threatening 9000s again, but I'm totally out - it needs to be much lower to have a realistic chance at that exponential growth. I missed aur and maz because I wasn't watching, this one happened right in front of me. It's hard to take, knowing I just didn't have the balls to stay in because I'd rather not lose money than miss out on profits.
Need to find the next coin, this ship sailed and all I did was wave.

[cryptonikus]

My personal trade rule is "If it looks good, stay out of it".
From time I started to do oposite of what my instinct says, I got much better. 

[chesthing]

My personal trade rule is "If it looks good, stay out of it".
From time I started to do oposite of what my instinct says, I got much better. 

Well you should have lots to choose from, I can't think of a single coin that "looks good" right now.

[Equate]

I bought at 2100 and sold at 8800 , seems i was lucky.

[chesthing]

You held through it's dip to 1200 all the way through till now? what made you believe it would keep chugging? most coins would not have done that. Just trying to understand what to look for, since it dumped once bad why did you think it wouldn't happen again?

[gustav]

there is no such thing as 'bad luck' in trading ... there is only a thing called 'not paying attention' and another one called 'not done proper research' - it is really no luck.

[chesthing]

So when the coin went from the 2ks to the 4ks then down to 1200 then back to 3ks, what was I supposed to be paying attention to other than this is a classic pump/dump scheme? I'm not trying to sound sarcastic, I honestly would like to understand what made this coin different from your garden variety shitcoin pump?

[gustav]

So when the coin went from the 2ks to the 4ks then down to 1200 then back to 3ks, what was I supposed to be paying attention to other than this is a classic pump/dump scheme? I'm not trying to sound sarcastic, I honestly would like to understand what made this coin different from your garden variety shitcoin pump?

i didn't research that coin, but if it is any good one could have seen that before the rise - if it has no real value and is only pumped and dumped like crazy one would better stay out - but as i said i didn't research that one. I like taking a close look at coins when they come out and decide if i want to be in or not. One shouldn't chase rising prices. You should be in before the rise based on real evaluation is what i am saying.
If you only daytrade you have to pay close attention to all markets and all orders at any time to see changes in trends before they really happen. How is buysupport scattered out? How is sellresistance changing? How fast is the action and so on ... you can't predict 100% of the time 100% right ... but you can gain a considerable edge. In daytrading you have to react fast.