Getting wrecked!
You know those people who only talk about their winning trades? Not me my friends. I'll tell you right now that last week I gained over 40% on my account in about 3 days and this week I completely missed the move down and lost most of that. I'm only up about 10% right now over my initial investment, and stuck in GNO down 20%, down 13% in GRC, down 30% (argh!) in REP, down 20% in OMNI and down 10% in XMR.
So first let's talk about that phrase 'stuck in.' I'm not stuck, I'm just not selling! This is an emotional mistake because I'm tied to these particular trades and don't want to post a big loss on THESE PARTICULAR TRADES. That is a real rookie mistake, as was trading without stops in place.
The cryptocurrency market may be on fire, but that doesn't mean it goes up all the time. If I'd been working with 10% stops in place I would've still have 10%, 20%, and 10% on three of my positions, they would be closed, and I could be looking for new opportunities.
So what do I do now? Since I'm in these positions now I have to decide if they are a hold here or if I cut my losses.
GNO - so far it is above support at the .0515 level so I'll watch for a break of that to sell.
GRC - the former area of resistance around .0000102 is now acting as support - I'll sell if that support breaks.
REP - key level is around .00805 - lower than this I'll have to sell. What a train wreck.
OMNI - needs to stay above .005ish
XMR - Want to see this regain .017 fairly soon
As dumb as I was, and as bad as things look - I don't believe alts continue diving because BTC is having a good move. The move to the downside in alts is overdone just like the move to the upside usually is.
I'll check in later today and see where we are. Hope you all are faring better than I have over the last 24 hours.
How do you set up a stop? Is it simply placing a sell way below the current price when it's on the up?
Thanks for the question! I trade on Coinigy and I can set a stop/limit order that is held off the exchange. You can set a stop/limit on Poloniex directly too, but I find Coinigy easier to work with as it graphically represents my order on the chart.
Just pick your sell stop, like .001 - set that as the stop value, something as the limit like .00095 and enter the order. In this example a limit order at .00095 is place on the exchange if the price falls below .001.
DISCLAIMER - that Coinigy link is a referral link. If you subscribe I get $15. That won't change my life and I'm not pimping it, but if you do sub and I get $15 that's great.
Hehe, I will bear that in mind!! It's quite the referral isn't it!
I did wonder as I use bittrex and always thought an option like that would be handy
Coinigy works for bittrex as well. I don't know what order options bittrex provides natively.
It's actually safer to trade through an api because you can't be browser hijacked.
Oh that's true! Will have a think on that as well!!
Of course if you have proper security setup, you should be protected from that as well I suppose.
I can but hope!
By the way, your upvote was wicked helpful - thank you.
Really? Aw cool! A pleasure!