Polkacity has no pity- Trade Journal 11/4/2021
Well on this day I broke one of my (the) number one rules of trading; don't chase a raging bull that has already left the pen. Wait for it to come back to a spot you feel comfortable getting on/in.
Polakcity is another Metaverse type project and is said to be the GTA of the blockchain ( until the real GTA comes that is). With a total supply of only 250,000,000 and a market cap of 17M. It was a very enticing trade, except "the Bull was out of its Penn".
What did I do.
PolkaCity was hovering around $2.36 down from almost $3.00 and up from $.40 just a week ago. So I set a buy order just below the day's mid wick at $2.17. I caught it and immediately it jumped up to $2.46. So what did I do? I set a stop loss just under the $2.17 mark at 2.15 to and sell at $2.14.
In the middle of the morning I wake up and saw that the stop loss got hit but only 87% filled. And that is the thing with stop loss, it doesn't always go all the way through.
What to do
So I still have 13% of the POLC tokens in my wallet, I have just set a sell price a little above what would be my break even point. If it goes further south, that is a little risk and loss I am willing to take. Buying more is not an option as it is not something I want to accumulate especially at these prices. (Though this coin could jump up massively once the game is officially released.
What I should have done was stuck to the fact that this was a quick trade and any gains made must be kept. I should have moved up the stop loss to $2.44 when I saw the price at $2.46 and I got in at $2.17. But that greed like that illustration on the cover will get you.
What would you have done?
Cheers!
| Earlier today | Just now |
|---|---|
 |  |
Here are my referral links if you ever wanna buy/trade crypto. (Though most people reading this are probably about that life).
| Coincheck | BitFlyer | Bittrex | Binance |
|---|---|---|---|
| 🎌 receive ￥1,000 in Bitcoin after sign up | 🎌 receive ￥1,000 in Bitcoin after sign up | 🌎 Leading global exchange | 🌎 Leading global exchange |
Posted Using LeoFinance Beta
Aye! Trading trading trading. This thing is a lot of headache but also one can make a lot of money from it if done right. There are chances that I would have made these moves too, especially with the thought that $2.40 zones could be little correction after hitting 2.47, so any rational person will want to set stop loss at like $2.18 or even .20 zones but will still get burned.
Posted Using LeoFinance Beta
It can be a lot of headache indeed. Through writing these posts I realize what I need to do more of though, take and secure profits quickly, if it's not a long term hold. So I guess the first step is for me to fully accept what the trade is and not wavering over greed.
Everyone breaks the rule. Hahaha. It really hard not too. Patience is difficult, I know how many liqudation messages I could have avoided if I waited for 20mins before entering a trade.
Well Greed is something that works like magic, I once made $7500 with $200 on a future trade, the biggest money I have ever owned lol, 2 days later, I left with with $420.
Ever since, I knew how greed works like magic but I learnt to take my time always(I don't trade much again). Thanks for sharing.
Damn bro you are brave messing with those futures. An experience like that is sure to have you not trading often. 😮 tat is some insane gains!
What did you do to blow that up?
Greed is a magical little witch indeed, if we can control that and keep our peace, trading becomes a more strategic and enjoyable thing but when that greed rush hits 😂
Bless up for poppin by 😎
It's been a while, the gains came from one mad eth pump from $1200 to 1600+ or so. I was on 75x leverage. Very high.
I blew it up gradually, I have had gains and loss after then, I just decided to share that one now, I am way over it.
By the way bro! I came across this video and I really believe it’s a major key 🔑
I will check it now. Thanks