Hello Steemians,
Wow seems like forever since I posted on steemit. Been pretty busy lately and was under the weather for the pass few days. But I'm slowly recovering now, thank goodness!
Wanted to share something I experience yesterday, once of my trades that didn't particularly go that well. I got a tip to buy a crypto called Syndicate (SYNX). Masternode coin have been all the hype lately since the market is bearish and many good cryptos are bleeding. So it's very likely that many will buy a coin that is trending. After the tip I said what the hell, i'll jump in and make a little bit of profit. The coin was already 500% up and when I see this I DON'T normally jump in the train. But I took a chance.
The trade was doing well, made some profit. Until a massive sell wall started forming. At that point I just knew that the trend was coming to an end, but I was following the big SYNX community that were begging everybody to buy and HODL. So I took a risk and kept holding but I had my sell order for stop loss. The coin caved in very quickly, my guess was the whales made their profit and were long gone. My sell order went through and made very little profit, not a successful trade by any means.
The image above is a perfect example of what happened yesterday. One of my mentor spoke to me about this and it's something I had to experience for myself so I could learn from my mistakes. Never follow the hype, anticipate it! Now I'm in now way bashing the coins that offer masternodes but always do your due diligence before buying a coin. Drop a comment below if you had a similar scenario. Have a good weekend folks!