It's happened more times than I care to admit. I see the trend but then act much too soon. Patience in trading truly is a virtue. The only problem is, too much patience can also mean lost opportunities.
So it's been with many of my trades of late. Hopefully sooner than later, I'll ditch the excuse that my Hodlings are too small and learn to use trading ladders.
In a sense, I do try to use the philosophy of trading ladders even if not actually setting them up on buy or sell orders.
What do I mean by this? I won't put all of an asset I want to trade into a good deal I see. Trading in portions gives me time to adjust if market trends change suddenly. It also gives me a chance to get an even better deal if the trend continues.
The Current DeFi Dip Provides A Great Example
If you're reading this on LeoFinance, I'm sure you've been watching the charts. While BTC and ETH are enjoying a nice push, DeFi tokens such as Chainlink & Tezos are doing the opposite.
Because I was able to turn some fiat into ETH a couple months back, I saw it time to take some profits. Those profits went directly into LINK, XTZ, and ALGO.
Here's Where The Patience Comes In
I noticed this trend as soon as BTC started to rise, but I may have acted too soon. Had I waited on my initial dump of ETH into LINK, I would have had a much better deal today.
It's impossible to tell, however, what the market will do at any given moment so there's no sense dwelling on it. I also wonder why DeFi is taking such a hit? My only guess is that traders weren't expecting the continued push of BTC. Trading pairs like LINK/BTC were no doubt doing very well until the past few days.
Once traders adjust to the market, and perhaps with a bit of a correction, I think DeFi values are going to soar back up.
Then again, it may take longer for profits to go back into DeFi than I expect. If that's the case, patience will still be a virtue. 🤣🤣
Looking For A Leo Pullback Or I'll Have To Pay!
Besides the trades from ETH to DeFi, I put a bid of about 25 HIVE in for 171 LEO. Since I opened the order last night, LEO has gone up a bit.
I have to remind myself about that patience thing and give it at least another day or so before adjusting that order. It could end up being that example of too much patience that I mentioned at the start.
And if I can't take my own advice, maybe it'll at least help you.
Just be advised that NONE of the above is trading or financial advice.
Thanks for reading and as always....
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