With a heavy heart, I would like to announce the Demise of the section of my Portfolio that I decided to Day trade with.
I put in equal amounts of money into 2 sections. One for Day trading, and other simply into a diversified portfolio. The part I held was also staked and for convenience I only used Binance.
I traded mostly with the most trending Coins, and whatever were the most Volatile. My technical analysis skills are similar to cloud watching as kids and saying that cloud looks like a Dragon, and another like a Duck. So yes, my Day Trading was full on Gambling.
I did make about 8%-10% on the first day but also lost a massive amount on the second and third day.
Every time I went into a loss, I tried to make bigger and riskier trades and it all went downhill from there.
Someone suggested me to try Futures, it would be more fun for this experiment He/She said(Fuck you whoever it was) and I dipped my toes into Leveraged Trading.
I made 10x-11x money in a week. mostly Shorting Shib and Longing some of the trending coins. I was so proud of myself and started doing bigger trades and riskier trades. I jumped from 10x leverage to 40x and 50x just to make quick money.
While I did this, I worried about how I’ll lose my moon Bonus if I Share all these profits with you, And I started brainstorming Ideas and making shopping lists. But the universe had different plans. Liquidation after Liquidation, and a few more consecutive ones followed.
I put in more Fiat to cover up my losses and lost some more.BIGGEST MISTAKE EVER And I put in some more.
Bottomline, as of today, I’m about -180% From where I started, My view of Crypto, my Habits, my attitude towards the market has not changed, but has slightly calmed down. All these times I lost most of my money Chasing Profits and letting emotions do my trading. Now I play safer and plan to average down all my losses, and still do very small Leveraged trades to eventually make back what I lost.
On the Other hand, I was HODLing some BTC, ETH, MATIC, DOT, SOL, AXS, CKB, TRU etc
It’s quite evident how simply Hodling these worked out for me over the last month.
Key Takeaways from personal Experience and advised-
Don’t fucking Daytrade or Swing trade and whatever more fancy names there are for these. Leverages will Suck you dry. Stay away from it. It’s a bad addiction. If you do decide to pursue this, Use lower leverages, say 5x-12x. Use TP/SL Take Profit/Stop Loss to Gamble Responsibly. Try to take profits and continue to Gamble with smaller margins. Hydrate, take breaks, socialise a bit because Day Trading will keep you stuck to your screens all day and Leverages make it worse. Stay away from Shitcoins, and temporary hypes like Shib. One erratic massive Dildo changing from massive Green to massive red will liquidate both longers and shorters. Been there done that. So Stay away from ultra volatile stuff. It may look delicious but will empty your pockets if not fill it. News will break all Technical Analysis. So be very careful where you put your money.
That’s all folks. It all started as a fun YOLO experiment and now i’m a little sad that I couldn’t make money, and I lost more than I planned to because I got Greedy af.
So, Until my next random experimentation, Farewell.
May the Charts be ever in your favor