Shitcoin Casino Ep. 02 – Wrekt – How to lose half your money
If you tuned into the last instalment of
Shitcoin Casino, which you can read here and laugh
..it turns out that the bear market wasn’t only NOT over, it was in full swing and looking forward to decimating my virtual $10k investment.
Let’s just say I’ve been humbled since then, and I’ve been learning quite a bit about markets, cycles and trading indicators, and I’m ready to come back with a bit more nouse this time.
Portfolio
So how’s the ‘portfolio’ looking?
Down over 50%, currently sitting at $4,873.
So what have I learned?
I’ve read a number of books, some of which have been instrumental in changing my thoughts towards the subject.
The first is called Secrets for profiting in bull and bear markets, by Stan Weinstein
Then I read a book called Elliott Wave Principle by Frost and Prechter
And latterly The Crypto Trader by Glen Goodman, which was a fun lighthearted approach to a sometimes overwhelming subject.
I like Stan and Glen’s books. I can take or leave the Elliott Wave stuff. It’s just too ethereal for me, like reading tea leaves.
The overwhelming message from both is this.
Do not ever stay in a losing trade, don’t rationalise it, don’t do it, ever, ever, ever, ever.
If you can do this one thing, you increase your chances of making rather than losing money in trading the markets.
Or you can do what I did and take $30k and sit tight as it turns into $3,000 losing 90% of your money.
Well, it’s going to be different this time around. I’m going to be taking profits in the next bull market, which looks to be just around the corner.
And I’m planning to retire on the proceeds. Only kidding, but it would be nice to have at least something to show for my time and effort.
Welcome to the shitcoin casino where the house usually wins. Usually…
Stay tuned for more updates!
