Making money is one thing. Keeping it? Another
Whether that be putting orders in at the wrong time, having them executed at the wrong time, having things move against you, being forced to close prematurely, you name it.
However, there was one thing that I did not expect to be a challenge that is actually almost as challenging as making money: maintaining it.
Maintaining wealth separates the big kids
Every alt's value is intrinsically tied to Bitcoin's price, and price of Bitcoin is constantly changing. This represents a difficult, time-based challenge that almost forces your hands in some direction if you want to keep your hard-earned wealth. Especially with Bitcoin falling over the last couple of days, it's been a bit stressful to figure out ways to maintain the wealth and minimize the equity shrinkage. As I said in my earlier post, this is one of the challenges of being a full-time trader, and something that a trend trader may never have thought about when getting into cryptocurrencies.
It's "easy" to get in low and out high, but you want to be making money all the time, right? Especially if trading is primary source of income. You don't want to only be making money whilst things are upside, because that theoretically cuts your earning potential in half. If you bought low and sold high and waited, then that's money that isn't doing any work and is thus dead money until it is.
I'm always feeling the pressure to maintain my wealth by going into alts whenever Bitcoin is peaked and about to correct, but I'm just not a good-enough trader to be able to make those calls in advance. I have to continue my learning and practicing until I can!