Wow I feel like a complete retard for selling my 23 dark for 0.2 btc 2 weeks ago.
Every single trade I make is always the wrong one.
Remember that markets only work well when people put their own value on the asset independently of the prevailing price.
The so called "market price" is a bit of a misleading term because that's just the value of the last sale which - if you look at the market depth - corresponds to almost nobody's order value. Most people value the asset at either above or below the market price.
Unless your day trading (in which case one needs to use and understand charts otherwise your almost guaranteed to loose all your money) then think of investing like buying a house - i.e. you either want and can afford it or you don't. Once you've got it you live in it and the prevailing market price doesn't make a damn bit of difference to the utility value you get from it. The market can boom or crash but you'e still got your house which is the thing you wanted in the first place.
The "wrong" trade is the one which liberates you of something you value. So the way to make up your mind is by using this checklist:
How not to make "the wrong trade" in 4 easy steps.[1] - Am I day trading ?
Yes: Get a pile of charts, spend 2 weeks reading investopeadia mumbo-jumbo trading term and chart indicator jargon. Get 2-3 months practice in using them making tiny 'practice' trades, pick a currency pair, your entry points and exit points and see if you make any money in a month
No: Go to step [2]
[2] - Do I value this asset based on what I know about it ?
Yes: Go to step [3]
No: Pick a new asset and return to step [1]
[3] - Where are we in the last year's valuation profile ?
a) At the all time high: Wait for the price to come down, then buy some
b) Going horizontal: Buy some
c) At the all time low: Buy quite some
[4] - Read the news for the next few months and if you read anything that impacts your own valuation, revise accordingly and return to step [1] if required.
Thats it ! You can't go wrong with that simple recipe
