Reflective Trading Question

[teosanru]

The year 2022, seems to me like the most challenging year for the cryptocurrency market especially Bitcoin. No one could have guessed that the  bear market would persist this long.

And for traders, I can't even imagine what they went through. Despite this we are still growing strong and thriving.

As you reflect on your trading journey so far as the year comes to an end, what did you do that so significantly enhanced your trading that you wished you could have done it earlier?

Right 1 year before exactly around these days I was pretty happy, i was all in fiat and market was almost around 50k or something. But then i somehow decided to step again in the market thinking that it will boom again and basically that was my biggest mistake, since then i have lost almost everything I earned in cryptos due to market falling once again, i just think everyday that how much more could I have earned if I had kept everything in USDT at that time.

[kamvreto]

Right 1 year before exactly around these days I was pretty happy, i was all in fiat and market was almost around 50k or something. But then i somehow decided to step again in the market thinking that it will boom again and basically that was my biggest mistake, since then i have lost almost everything I earned in cryptos due to market falling once again, i just think everyday that how much more could I have earned if I had kept everything in USDT at that time.

At that time you might have been hit by Fomo because when bitcoin will reach a price of $ 50k and above there are many rumors circulating that bitcoin will reach a price of $ 100k. But if you're getting in at around $50k why don't you sell when it hits $60k? maybe you want to get the price more and continue to hold it.
I don't think that's the biggest mistake of entering at $50k, it's just that your buying goals are not clear either long term or short term. If you make a purchase for the long term you certainly have to hold it until now and there will be no loss before you sell it, it's just that the reduction in asset value continues to fall. If you deposit USDT and the price keeps going up and up one more time, then there will be no profit for you. The risk of profit and loss is certain, you only need to do good financial management, and setting aside some money for reserves will help from losses more and more.

[teosanru]

Right 1 year before exactly around these days I was pretty happy, i was all in fiat and market was almost around 50k or something. But then i somehow decided to step again in the market thinking that it will boom again and basically that was my biggest mistake, since then i have lost almost everything I earned in cryptos due to market falling once again, i just think everyday that how much more could I have earned if I had kept everything in USDT at that time.

At that time you might have been hit by Fomo because when bitcoin will reach a price of $ 50k and above there are many rumors circulating that bitcoin will reach a price of $ 100k. But if you're getting in at around $50k why don't you sell when it hits $60k? maybe you want to get the price more and continue to hold it.
I don't think that's the biggest mistake of entering at $50k, it's just that your buying goals are not clear either long term or short term. If you make a purchase for the long term you certainly have to hold it until now and there will be no loss before you sell it, it's just that the reduction in asset value continues to fall. If you deposit USDT and the price keeps going up and up one more time, then there will be no profit for you. The risk of profit and loss is certain, you only need to do good financial management, and setting aside some money for reserves will help from losses more and more.

Obviously yes I was the biggest advocater on the forum to beware from both any kind of FOMO and FUD no matter what the situation is just hold on to the original plan. And when the market lured me just a little bit i went in altogether only to Sail a ship that sank. Anyways I am still hopeful that market will surely revive itself in an year or so. Maybe it'll give me back my money at that time if I am brave enough to hold onto my holdings till then as well.

[Rahul09]

There are certain things that I have learnt in trading this year that I was not practicing in the past and they have helped me to save some extra money that would have been lost unnecessarily and they are , I learnt to stop a losing trade where I see I would lose all the money if I allow the trade to continue. I have learnt to use stop loss and I have also learnt to be patient and watch my entry time to come.

Of course, you need to have some common knowledge to trade. Among them are stop loss and good time to trade. If you think that you will trade for a little longer time then you always use stop loss. Because you never know what the market can do. So it is better to use stop loss to avoid losing your original money. If you always trade, you will lose.When you see that there is good news for Bitcoin in the market and the price has dropped a bit, buy Bitcoin low and wait to sell high.

[TheUltraElite]

As you reflect on your trading journey so far as the year comes to an end, what did you do that so significantly enhanced your trading that you wished you could have done it earlier?

Nothing new really, I have been following my old but effective method and it always works out.

Buying low and selling high keeping patience in between works the best. No need to jump into newly launched shitcoins and attempt day trading with your holding. Keep it simple and you can sleep peacefully at night.

There will be good and bad news every year, that is the time you need to capitalize - every bad news brought down the market and it is a coincidence that too many happened this year. But treat these just like any other number and you will not fell anxious to trade.

[RealMalatesta]

Right 1 year before exactly around these days I was pretty happy, i was all in fiat and market was almost around 50k or something. But then i somehow decided to step again in the market thinking that it will boom again and basically that was my biggest mistake, since then i have lost almost everything I earned in cryptos due to market falling once again, i just think everyday that how much more could I have earned if I had kept everything in USDT at that time.

That may not be your mistake alone because I remember that many people had speculated about longer bullish trend like a new ATH to happen by mid of 2022 but nothing happened and most DCA investors also got trapped like you. At the same time, you sound like a swing trader who keeps buying and selling depends on market direction, such type of traders will face hard time sooner or later as market fluctuations are that kind of wild one.

Keeping your BTCs as it, could be the only way to remain happy and it is possible only for the people who bought bitcoin in the previous cycle.