When I started my crypto journey a couple years back, I didn't have full idea how the markets worked, and I invested a little sum of money (seemed a bit much to me then) into Ethereum or so (can't really remember the details), after a while (just a couple hours) it dipped and I was already afraid. I then traded it for BNB towards the end of the day. I woke up the next morning and BNB had pumped a little, giving me some good unrealized profits , I felt like a trading expert already. I didn't know that I knew nothing.
After a lot of panic sells, missed opportunities, and a couple rug pulls, the money eventually turned to dust.
I remember my first time experiencing a major dip. I was addicted to watching my portfolio at the time, dreaming of how much money I'd make when one of my coins does a x10 or more. I dozed off with my phone in hand that night, and when I woke up, lo and behold everything was red. I had to ask the person who introduced me to crypto If this was a glitch and it'll return to normal the next day. It didn't, and that was the day I decided I'd stop actively trading. I'd just hodl because I was very emotional at the time.
Till now I still don't trade actively, except one or two times when the Korean Whales are pumping hive and HBD. Then I usually do some scalping.
Recently I noticed that a lot of the time, G.M.T midnight to early morning is generally when a mass pump or mass dump starts, and those who are asleep end up waking up to see they've missed a massive pump, or they wake up to see their entire portfolio red.
I don't trade actively, but it's always fun when you make quick profit off a once in a blue moon trade. Like how a few days back I was able to catch HBD at 1.65. Lucky me, I was about to go to bed, when I just decided to ask someone I hadn't spoken to throughout the whole day why they were awake. And they told me HBD was 1.65.
It also happened a couple weeks ago, where HBD reached almost 3 dollars or so. I was awake for this one, but dumb me, wasn't looking at my phone. I eventually caught it at 1.5, before it went back to its regular price (1 dollar).
Now I'm someone who tends to stay up late and sometimes I get lucky and catch these pumps, but then I know I won't always get them.
But then there's the traders who are day trading, swing trading , and always on the lookout. What's their strategy? Because no matter how good a trader you are, there's no way you can always monitor the market.
I'm pretty sure in order to combat the unexpected midnight dips they make use of stop loss, which helps, but then there's the chance the price hits your stop loss for a minute and you're knocked off the trade.
The unexpected pumps are the tricky part however, because no one knows when they will happen, and how big they'll be.
In the end we just have to realize that we can't win it all. In crypto we just have to make sure our wins are more than our losses.
Do you trade actively? What's your trading Strategy?