Several times during our videos, I have mentioned the importance of finding a system that works for you and sticking to it at all costs. This is one example of how I let greed get the best of me and I missed out big time. As you can see from the image below, I made a pretty good entry (based on my system) and had the potential for a decent gain. Rather than taking profits, I took the risk (twice) to gain more simply based on greed. I can claim that I would have made 200+% profit because I was actually sitting at a computer, logged into my account and watching this happen.
Obviously, I need to make a change in how I determine when I am going to hold out and when I am going take profit. What I have decided is that when I get on a run like this, I will start scaling out at certain percentages. The first scale out will contain my initial investment and a certain percentage to actually make a gain. The second scale out will be to take "x" profits while the 3rd can be to completely pullout or hodl. It isn't perfect for everyone but it is for me. I won't miss a chance like this again. This won't be as easy for all trades because most don't go as well as this one did, but I learned that I have the potential for being greedy and I have to change if I want to continue making profits.
Hopefully in the future, this coin will come around again so I have another chance to make a move but if not, at least to taught me a good lesson. I'm not going to use this as an excuse to feel bad for myself but rather a price for tuition.
Hindsight is 20/20. Find a system that works for you, stick to it, make profits. EZPZ.
