{ Steemit Crypto Academy - Season 2, Week 4} Don't get lost in the fuzz - Homework post for @fendit

in SteemitCryptoAcademy3 months ago (edited)



Hello..!!
My Dear Friends,
This is @ariful1998 from 🇧🇩Bangladesh


Hello everyone, how are you? I hope all is well with the infinite mercy of the Most Merciful Allah. I would first like to thank @fendit sir for presenting this lecture beautifully and lively. I have learned a lot about cryptocurrency investing after reading this lecture.


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Question no A: What would you have done before reading this class? What would you do now? Explain in details if there's something you would do differently.

What to do before reading this class

People usually do business to make a profit, not to lose. But We already know that there are profit and loss to a business. So before starting any business we have to keep in mind that there can be profit or loss in the business, so if there is a loss in the business we have to be patient and not impatient. Because if you can't be patient in business, one wrong decision after another will only cause loss to the business. If I start a business, I will first accept the loss aspect of the business, and how to be patient in the face of adversity in this business, I will bring in myself the humanity to be patient at the beginning of the business. Because if I can be patient in the face of business losses, then I can make the right decisions later and benefit the business. If I had seen this before your class, I would have been very scared in business and would have made many wrong decisions in business. You have shown in this class how to be patient in doing business and make the right decision at the right time.

Now what to do after reading this class

I will first take a good look at the market price of the currency and I will buy that currency at a price that suits me. I will sell this coin when the price of this coin goes up. And if the price of the coin goes down, that is, if there is a loss of business, then I will not sell the coin and keep the coin patiently until the price of the coin rises. If I keep the coin patiently when the price of the coin goes down, it will be seen in the future that once the coin has gone up, I will sell the coin at my convenience.

Question no B) 1: What mistakes have you done when trading and what did you learn from them? If you have little experience when it comes to trading, tell if you got to know about someone else's experience.

My experience in doing business is very low so I once made a big mistake while trading. I have traded in cryptocurrency a few times which have lost everything except gaining two / one times. I bought some trx. After buying the trx I see that the price of the trx is slowly decreasing then I sell the trx at a loss for fear of more loss. After a long time I bought some trx again, this time I made some profit by trading trx. Then every time I bought a trx I lost my temper and sold the trx at a lower price. But after a while it was seen that the price of those trx has gone up. If I had been patient for a while, I would have been able to sell trx at a profit without losing anything.

What I have learned from my mistakes in trading is that business should not panic too easily and should not buy or sell in a hurry. When it comes to trading, you need to be patient and know the market and buy and sell at the right time.

Question no B) 2 :Which of the strategies discussed in this class you find the most useful for you? Why?

The first thing you need to consider before starting any business is to never invest money that you never want to lose. Those who will invest in trading first should not invest the money they may need in the future. If a person invests the money he needs in the future, then one day it will be seen that he needs that money and at that time the market price is low, then he has to sell it at that low price and take that money, in which case he will face financial loss. After reading your lecture, I realized that not investing the money you need in the future is the right decision for an investor. So I will never invest in the business the money I may need in my future.

Overtrading

Secondly, overtrading cannot be done in cryptocurrency, because the price of cryptocurrency is not fixed, its price always fluctuates. If someone is overtrading without understanding the cryptocurrency market well, he will surely suffer a loss. If one wants to invest in cryptocurrency, one has to analyze the past, present and future value of that currency and invest in it quantitatively after taking the advice of experts but overtrading cannot be done, because overtrading is more likely to be a loss. Since the risk / risk of overtrading is high, we should refrain from overtrading as much as possible.

Question no C: Place yourself in the following situation: You're browsing Twitter and you see this:

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You see that whenever this kind of things happen, BTC prices rush. What would you have done before reading this class? What would you do now? Explain in details if there's something you would do differently.

If I had seen this before reading your lecture, I would have been anxious to buy a lot of bitcoins and would have rushed to buy bitcoins. Because I wanted to make a profit by buying bitcoins and selling them at a higher price.

But after reading your lecture, I realized that investing money in a business cannot be rushed, it requires patience. In this case I would first look at when the post was made and what was the market price at that time and if the post was done at least 20/30 minutes ago then I would look at what the current market price is and after analyzing them well I would think of buying bitcoin. After seeing the post, if I get anxious and buy Bitcoins without checking the current market price of Bitcoin, then I could face financial loss. After reading your lecture, I realized that money cannot be invested in cryptocurrency without knowing the current market price.

Conclusion

Anyone who goes into business often makes the wrong decision when it comes to investing money in business. Many times this wrong decision leads to many financial losses. One of the things I have come to realize after reading this lecture is that investing money in a business cannot be rushed and requires a lot of patience. Moreover, before investing money, I have to know the current market price of that currency.

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Thank you for being part of my lecture and completing the task!


My comments:
Nice work!
Some answers could have been improved a bit, but overall it was ok!
Make sure you focus on markdowns next time as that can help you on your overall score!


Overall score:
6/10

Thank you very much sir.