And the same old price story has begun
have you learned nothing of patience from this experience?
ideally, how often you sample a position's pnl (
profit
n loss, i.e. how the position is going), should vary inversely to the positions expected holding time.
e.g.
- If u plan to hold the position for 1 hour, look at the pnl every few minutes
- Elif u plan to hold the position for 1 week, look at it once a day
If you sample you position's pnl too much relative to holding time: you will lose your mindwhen i heard about the hard-fork I placed 200 lot buy orders down to 0.00025 and turned off the computer (price collapsed afterwards, got filled, but didnt stress cuz wasn't actively sampling). Got filled on bittrex yesterday five times higher. Would I have acted in the same way if I had checked how the position was doing every 5 seconds? Absolutely not, I would have stressed out, dumped it, got back in at a higher price, maybe even get chopped to death and not make any money at all. No good...
can't short these, so u gotta be long to sell em. ride out the heat with patience