I was watching one of my favorite YouTube news channels when the anchor brought up a very important topic. Don't trust anyone when it comes to crypto trading advice (including myself). With that said I'm about to give you some advice on some mistakes I've noticed people making and myself have made over the past couple of days here on Steemit. If you don't agree with anything I say please feel free to share your thoughts in the comments below.
#1 Don't Think Before Using Bid Bots or Making Trades
I was driving home last night and started to get excited. I figured out what my first $100 post would be. I would warn people not to use bid bots until the SBD -> $1 value was restored. With the price of SBD being worth more than $10 currently every 1 SBD you spend on a bid bot you risk losing a lot of fiat money a week from now. For example, if you spend 1 SBD on a bid bot for a 1$ upvote and payout a week from now, and the price of SBD goes back to $1, you have paid $10 for a $1 upvote (from a fiat standpoint).
SOURCE
This is true, however, not the entire picture. If you're looking only to build more SBD, for whatever reason, or you're assuming the value of SBD will be more a week from now, I say keep using bid bots! If you're using steemit bot tracker and see there is 1 minute left and no one has requested an upvote form buildawhale or appreciator you could get a $250+ upvote for 1 SBD. NOTE these suggestions are very high risk and low reward, but just want to get people thinking outside of the box on their own.
#2 Never Go All In
When you go all in on poker it's a usually a huge risk and an emotional decision. The same goes for trading. When someone goes all in on a trade it's usually an emotional decision. It's OMG look this coin is so low, I'm going to use all my Bitcoin to buy all the Litecoin I afford. These are famous last words and followed by Litecoin dropping another 50 - 100%. I know this from personal experience. Over the past few days I've seen many people making this mistake as well.
The first time SBD spiked I lost all my SBD when I had a Steem buy order for 0.9 (which was low at the time) and couldn't take advantage of the cheap Steem. Ever since then, I've been watching my income on steem.supply and slowly putting in buy orders for 5 - 10 SBD at a time and selling a few times when I could take profits. I currently have a few low buy and high sell orders on the books in case anything crazy happens just waiting. If I do get to take some profits, that's just more SBD I have for tomorrow to hopefully purchase cheaper Steem.
Focus Your Trading
When I first started trading I wanted to buy everything. Waves, QTUM, ETH, ETC, LTC, PIVX, XLM, are just a few of the coins I now own. I had no plan, no information on how to do my own Technical Analysis, and bought whatever some popular crypto YouTuber was saying was going to the moon next. I had no knowledge of price history nor a clue if the prices I was being told to buy or sell at were good prices.
After almost 6 months here on Steemit I've been tracking the price for about the last 3 months. I knew the Steem price was at an all-time low for the year or close to it. When I saw SBD increasing in value and causing the Steem price on the internal market to drop it was a no-brainer it was a good buy. With other altcoins recently at all-time highs and Bitcoin going parabolic I knew I wanted to focus on Steem as it's only a matter of time for a price increase. Steem is one of the few top coins people weren't being greedy in.
Conclusion
There is always more than one way to skin a cat and your crypto goals are different than those who are giving you advice. I didn't talk about it much in this post, but people's risk can also greatly vary as well. What's a comfortable risk portfolio for some YouTuber (who can make ad revenue to make up for losses) doesn't match the same risk portfolio of someone who has all there retirement savings in crypto (also not recommended in my opinion). Do your own research, make a plan, and stay greedy my friends :D
