Trading strategies and plans in general. Not always easy to make, and even more difficult to stick to when your plan isn't going (as fast or slow) as you would. The whole idea often is to set realistic goals, and let it ride. Do you want to be the 15 hours per day trader? I surely don't because I like having a life actually ;)
This means you often end up is the more risk free trades and investments and actually, that feels good enough for me. No sleepless night because you are not sure you will be liquidated. Spot trading is the way to go.
And this actually the perfect answer to both of the questions from the 'Ladies of Hive' question of the week on trading tactics. Let's have a look at these questions:
1️⃣ Whether a newbie or veteran blogger, it would be good to have financial goals and a plan. Have you considered diversifying into other cryptocurrencies or tokens in your plans? If so, which ones would/did you choose and why?
2️⃣ Do you think men or women take more risks trading in the cryptocurrencies market, and why?
At first you have to start asking yourself when do you consider yourself a 'veteran' trader or when are you even a trader in general. Is this when you enter your second bullrun cycle, or is this when you have trades a certain amount? No body knows the answers to this, or at least I don't know the answers to this
What I do know for myself is that I can call myself a trader with a bit of experience at least. I've seen some crashes, I've seen some rises, I have an idea what the market does in general, but I don't have the knowledge that fits this macro economic situation we are currently in. If you do have that, please step forward...because I think no one really has haha.
As far as taking risks in trading and the difference between men and women. I think that in general men are more risk takers in almost everything. Women have a way of more thinking about the whole package versus going 'degen' modus jumping into the newest token.
Is that the smartest? I'm sure it is not the way of making the most money, but this might be a bit evolutional what women are more thinking about the pack back at home, and men decide to risk their lives and fight lions. You catch my drift right?
In terms of diversifying in my plans, I think it could be smart to not bet on one horse with everything, but I also think it is smart to look a bit more of the actual usecase of a token.
One of my tactics has been collecting tokens from exchanges. Whenever markets go up, people trade more and often as a token holder to receive a part of the trading fees. Having more makes more you know.
The same thing with Hive. Owning Hive means you get curation awards and using for instance your Splinterlands cards makes you receive more SPS or DEC (in the past). The idea to let your funds work for you is not a bad one. Also to look at the total supply of a token comparing it to other marketcaps always makes sense (hunting tokens 101).
But for me trading back and forth the whole time takes a lot of time, and I do want to give it that time but I also don't. And that is where sticking to your plan comes back in. Because you should stick to your plan because your initial though and gut feeling is usually right.
Do you want to be in this competition as well? To make sure that your entry is valid, and can not be missed for the contest, please make sure that you follow the RULES:
- Blog must answer at least one of the questions(or more, if you wish!)
- Blog must be submitted before the end of day Saturday, August 27, 2022
- Blog must be published in 'Ladies of Hive' community
- Blog must be linked in a comment to this post
- Blog must be original in order to win
- Blog must be 200+ words (word count must be met before any translation of your blog!)
- Blog must invite another woman to the community