First Crypto Trading Experience

So I’m diving balls deep into trading crypto. One of the first things I’m learning is how to build small accounts.

Account building is the process of trading crypto pairs that are swinging up and down within a consistent price range.

Since I’ve heard there are a ton of account building opportunities out there, I went ahead and joined the Kucoin exchange, attached it to my Coinigy trading platform, and went through four dozen charts.

I found five good ones, picked two to trade, then entered my limit order trades.

My Trading Results

The first trade I panic sold for a -3% loss. This was due to my unfamiliarity with Coinigy suddenly wiping away my open trade history. I saw the prices drop and decided to sell at the next highest point. Little did I know, the coin went up as I was expecting.

Whoops! Better luck next time. Sold too early.

The second trade, however, net me 4% profit. Whew! This trade I decided to leave as is. The chart looked too awesome and wavy, so I had some faith in my trading process.

Aww yea. That’s how I think things should look!

Mind you, it’s still wayyy too early to celebrate. There is a lot more I need to learn as I figure out the pace of trading.

Lessons From Starting My Crypto Journey

These probably make great life lessons, too. Although I’ve only made two trades, I did pick up some very important lessons to keep in mind moving forward:

1. Trust the Process and Wait Patiently

One of the techniques I must use is to layer my buy orders. In the onset of a sudden dip, I can capitalize on the panic sell in order to lower my average price. If I find myself caught in a downward trend, I can always exit closer to breakeven.

I didn’t trust this idea because of Coinigy suddenly glitching, and I panic sold on what I thought was my next best out.

2. Make Use of Alerts

I suck at focusing. Fortunately, Coinigy has a system for setting up notifications for alerting me if there are sudden dips. Instead of tying up my Bitcoins, I can simply set notifications when a coin I’m watching goes into panic mode.

3. Start Small and Start Slow to Feel Things Out

Based on the charts I’ve looked at, I expect my trades to be completed (buy then sold) in 24 to 48 hours. I’m also using small amounts until I ease into this business and get a solid feel for how I should react to trading.

Being now aware of how I feel and behave when I panic sell is important. I’m working with 1h charts, so there is a lot of breathing space available. However, the panic is real and it’s worth making the mistakes early on and with smaller amounts.

At least, when the mistakes are made, we can better live with it.

4. Remain Diligent Regardless

I have experienced two buggy moments with Coinigy. The first was how all my buy limit orders disappeared. I resolved this by cancelling them on the exchange and replacing them through Coinigy. The second is how I would set a buy limit order at 58 satoshi through Coinigy, yet it would register as 57 satoshi instead. The exchange would say 57 satoshi as well. Weird.

When you rely on a third-party platform, there are always inherent risks. In my case, it is trusting that my orders will be placed accordingly.

In the crypto world, once you lose your coins, they’re gone forever. It’s worth understanding what those risks might be, and how you might want to deal with them when the time comes. Beginner traders should be mindful of those risks and think about them ahead of time. This also includes the risk of exchanges getting hacked and losing your coins over there.

5. Enjoy The Trades!

When I was in panic mode to sell, there was a weird moment in time when I kept refreshing the page and kept pondering what I would do. If you follow a process, stick with it, then sit back and relax. If you never dealt with money like this before, then the adrenaline might hit. I’ve lost a lot of money before, but playing with small amounts still rattled me slightly.

Looking back, I would certainly avoid refreshing non-stop. As long as everything is set in place, then it’s simply a waiting game. Do your best not to stress too much when starting out!

As a side note, I know I am bound to make mistakes. I’m only risking money I am willing to lose entirely. You should do the same, and remind yourself exactly what it is: an investment for your learning. Should be cheaper than college!

Final Thoughts – What’s Next

It’s one thing to read about things; it’s another to do it. I’ve had an exciting first experience to share having finally dipped into crypto trading. I was putting this on hold for a week since I decided to look into it. Personally, I’m not a fan of waiting so I’m mildly disappointed. I’m glad to have finally gotten my feet finally wet.

I’m not entirely sure what the next step is. Should I be trading more coins? Increase the amount I use to trade? I know I need more experience. That doesn’t necessarily require more money, but it does require more exposure to the market. Some things I intend to do include:

  • Continue my studies on crypto trading
  • Analyze more charts
  • Consider spreading my bankroll by trading more coins

I have no intention of stopping anytime soon. I only realize now the full potential of the crypto world despite this bear market, so I’m going to do what I can to make the most out of it. Of course, that doesn’t mean I’m giving up my other business anytime soon. I can handle both! I swear!

How to Set Goals and Actually Achieve Them

We look at three important pieces to the puzzle:

  • How to set your goals
  • What goals to set, and
  • How to achieve them

How to Set Your Goals

#1. Start with the end in mind

We can do all the good things in life, but if we do everything, then we are nothing. Since we will always spend time working on something, why not work towards something specific?

Pick an end goal, then reverse engineer what needs to be done. That way, everything we do today will always lead towards somewhere that matters.

#2. Break things down to what you need to focus on

We need to think about all the things we have to do in order to get to where we want to be. Think: bite-size pieces.

We can list everything out at a high level, then pick and choose to focus on the essential few items. Our objective to find the highest impact goals that when hit will take great leaps forward to our end goal.

Besides looking at what needs to be done, we should also look at what skills we need to attain or upgrade.

#3. We want to break it down all the way to daily tasks.

If you can’t hit your daily goals, you won’t hit your weekly goals.

If you can’t hit your weekly goals, you won’t hit your monthly goals.

If you can’t hit your monthly goals, you won’t hit your annual goals.

If you won’t hit your annual goals, you won’t hit any goals you set your mind to.

What is it that you have to do today?

#4. The tools for managing everything

I use Trello with a pen and paper. Other useful tools can be Google Calendar, Asana, or some smartphone app.

What Goals to Set

The areas you can pick

J.D. Meier has a good starting point with “hot spots”. There are three main ones we can focus on:

Our health

Without it, we are done. This can be fitness, diet, and mental well-being.

Our finances

We need money to live. This can be career, business, and investments.

Our personal goals

This adds an interesting dimension to our life and can be a passion pursuit. This can be a hobby, relationships, or a skill.

Important notes

Maximum 3-5 goals

Our lives are made of different interconnected pieces which we cannot ignore. Pick a number that makes you feel they are just out of reach but attainable.

We want enough to take care of all the important parts of our life. And we want to avoid becoming directionless with too many goals.

Not all goals are made equal

Life is not a balance game. We cannot go 20% effort and time on 5 different goals because we have different needs today.

Prioritize. Where are you in life? Where do you want to be? Then figure out what is it you have to do to get there.

Feel free to focus most of your resources on one goal. What is that one goal that you can achieve that will have the greatest, positive impact to your life and those around you?

How to Achieve Your Goals

Dan Lok shares four steps to hitting your goals:

  1. Set it
  2. See it
  3. Live it
  4. Share it

.. And ends his video with a great quote:

Live your life as if all your dreams have come true, then you challenge your reality to catch up.

Instagram Firecrackers

What the Hell is an Instagram Firecracker?

I was thinking “knowledge bombs”, but these 1-minute videos aren’t quite explosive enough. What’s smaller than a bomb? A firecracker, I suppose.

During two months of 2018, I aimed to shoot 1-minute video clips for every day documenting what I’ve been up to. You can find my experiment below.

My Instagram Daily Vlogging

June 2018 (25)

May 2018 (28)