My biggest challenge with Crypto-trading is…?

… well, what do you think it is?

  • the technology?
  • liquidity?
  • time?

… no, none of those things although they are often an issue.

No, my biggest challenge is GREED!

I have never really considered myself a greedy person. I have been very fortunate in that I have always had enough of what I needed in life and often of what I wanted too so greed has never really been a problem for me… until now!

Crypto-trading has turned me into a greedy monster! Perhaps monster is a bit OTT but I have started to show greedy tendencies. You would think that getting a 1-2% profit per day on trading, where I don’t actually have to do very much at all for it, would make me very happy. After all, I wouldn’t get more than that by leaving my money in a savings account for an entire year! And yet here I am, seemingly able to profit at that amount per day fairly consistently, and yet I want more.

I see the big increases in the price of Bitcoin and I find myself wishing I had seen it coming and placed that buy. I see my positions sell only to see them continue to rise and wish I hadn’t sold. I then find myself second-guessing the market instead of following my trading strategy only to find that I sell at a loss and then I feel even worse! Am I becoming a trading junkie?

The good news is that I am not becoming a trading junkie although it is a similar feeling to being at the gaming tables… particularly poker! I am not actually getting down over all this though. I am naturally not a gambler but nevertheless, I do feel those pangs of regret at not buying or selling at the optimum time.

So my challenge now is to trade only, and I mean only, within my predefined trading strategy… for an entire week… and see how it pans out. The best way to do that is to use Cryptohopper, set the strategy and leave alone… no manual trading, no tweaking the strategy midweek. If I believe my strategy will deliver a profit then let’s see if it does over the week. Normally I would change my strategy in a bear market vs a bull market but unless things change significantly over the next week the strategy I have now should work just fine.

I do make one caveat though… If I see the market crashing I may turn off the hopper and turn it on when things have settled but that is the only caveat.

Am I worried???

What do you think?

2 thoughts on “My biggest challenge with Crypto-trading is…?”

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.