You know those people who only talk about their winning trades? Not me my friends. I'll tell you right now that last week I gained over 40% on my account in about 3 days and this week I completely missed the move down and lost most of that. I'm only up about 10% right now over my initial investment, and stuck in GNO down 20%, down 13% in GRC, down 30% (argh!) in REP, down 20% in OMNI and down 10% in XMR.
So first let's talk about that phrase 'stuck in.' I'm not stuck, I'm just not selling! This is an emotional mistake because I'm tied to these particular trades and don't want to post a big loss on THESE PARTICULAR TRADES. That is a real rookie mistake, as was trading without stops in place.
The cryptocurrency market may be on fire, but that doesn't mean it goes up all the time. If I'd been working with 10% stops in place I would've still have 10%, 20%, and 10% on three of my positions, they would be closed, and I could be looking for new opportunities.
So what do I do now? Since I'm in these positions now I have to decide if they are a hold here or if I cut my losses.
GNO - so far it is above support at the .0515 level so I'll watch for a break of that to sell.
GRC - the former area of resistance around .0000102 is now acting as support - I'll sell if that support breaks.
REP - key level is around .00805 - lower than this I'll have to sell. What a train wreck.
OMNI - needs to stay above .005ish
XMR - Want to see this regain .017 fairly soon
As dumb as I was, and as bad as things look - I don't believe alts continue diving because BTC is having a good move. The move to the downside in alts is overdone just like the move to the upside usually is.
I'll check in later today and see where we are. Hope you all are faring better than I have over the last 24 hours.