I made a bad trade…





Have you ever made a trade and TOTALLY messed it up. Well, welcome to my life and my recent $ZCL (ZClassic) trade. Let’s analyze what I did and how I totally ignored my key principles because I got greedy.

Here are my thoughts on the ZCL trade and how I messed it up:
– I had a plan going into the trade.. And I didn’t follow it

– Why didn’t I follow it? Because I got greedy. Simply put. I hit my profit goal, but didn’t take profits because I thought there more more left in store.

– I listened too much to what other people were saying and because of that I took an L

– What did I learn? Don’t hold all the way into a fork. Even if you like the coin, ditch it prior to the fork and buy back in prior to (at least that’s what I would do next time)

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42 replies
  1. Dude-Got REKT
    Dude-Got REKT says:

    Man that was brutal brother…pretty impressive you being honest with your viewers…this is why i hate most exchanges and deal with mostly Bitshares..plus they have stable FIAT coins backed by 1.75-2.00 collateral instead the Tether bullshit

    Reply
  2. Gabriel Dimitrov
    Gabriel Dimitrov says:

    The $BTCP big fail started to dump $ETC week before the actual fork. People have just lost the optimism about forks. At least I'm glad I didn't lose this much, the $ETC case may be completely different story but it's following $ZCL and there's no need to have a reason why. That's the trend.

    Reply
  3. Matt
    Matt says:

    Refreshing to see someone with more than 25 followers admit a bum trade. It happens. To EVERYONE. We just hear about the good ones unfortunately. Kudos for educating!

    Reply
  4. brad h
    brad h says:

    I had no knowledge of the fork when I opened a trade with Zclassic Saturday. It went up as I expected. Then it came back down to even while I was in church. So I was just going to sit on it until it went back up. Now this. Now I know about the fork. I need to learn how to do trailing stop losses. And I need to be more prudent with research when opening a trade.

    Reply
  5. Jeremy Whitcomb
    Jeremy Whitcomb says:

    I bought ZCL too high also…..Then when Bittrex wouldn't announce if it would support the fork I got worried and moved my ZCL into a zclassic wallet. Now after the snapshot Bittrex has ZCL stuck in maintenance and all I can do is watch it fall off the planet. I just hope BTCP opens at a nice price or climbs shortly to make up for the debacle.

    Reply
  6. Phil Davies
    Phil Davies says:

    Very honest of you Bobby……that sums up how even "experienced" operators can get sucked into the game of "Greed is good" 😀. Thanks for your videos, they are a big help to me as an investor 👍

    Reply
  7. Crzces
    Crzces says:

    It’s funny, I’ll take stupid physical risks (like swimming at night with 10+ foot waves in a hurricane, or diving off 200’ bridges into water that’s 25’ deep) but not with $. I’m always a little early on sells and buys, so never max profit, but never a big letdown either.

    That sucks, but it’s a really good shitty lesson to learn. Hopefully it’s just the one, or the last, but doesn’t make you overly cautious, as though I’ve made a decent amount, I’ve cost myself tens of thousands from early bails or not wanting to risk missing bottom buys and buying at what I thought “could be” (like btc at 3133 instead of 2853 for instance, or bailing at 17.5 instead of holding to 19.8, then buying back $400 over the bottom again instead of waiting…crap adds up).

    Good luck, good vid, and who knows, maybe you’ll be able to make most of the money back from BTCP? I feel the same as you about it, but with crypto, especially new alts, you literally never know.

    Reply
  8. Jared Turner
    Jared Turner says:

    Thanks for another great video! Reading below I see most have found themselves in this situation. I would love to know the next step ie. how do you get out of the situation? Do you sell at a loss and roll over to something else, or do you wait it out in an attempt to recover at least some of the losses? This is a conundrum I wrestle with a lot. Would love to know your thoughts. Thanks Crypto Bobby!

    Reply
  9. Mr Teetee
    Mr Teetee says:

    Bought some XRP @3.4$ a while back when i wasn't totally sure about them and literally from the moment i bought them it just dropped before my eyes and still 76% down,gotta laugh and should trust the gut ! From the UK here btw.

    Reply
  10. Just Pelé
    Just Pelé says:

    I did something similar with NULS, I bought it at $1.50 and planned to ditch at $7-7.50. It hit $8 and I didn't sell, thinking it could reach $10… oh well, I still have it and it's at $2.75. Bleh, I'll just ride it out and maybe it'll bounce by the end of April.

    Reply
  11. chrisiden
    chrisiden says:

    Live and learn! I made a good and bad trade/swap mistakes xmas day last year… i traded some of my btc for ltc… i was happy about it until my tax acct said i have a huge short term tax gain! if i were to wait a few more days until Jan 1, 2018 my taxes would have been normal for a long term tax gain!
    so the outcome for us is mistakes are expensive lessons and if we learn by them it really was not a mistake but and expensive lesson!
    Bobby, i got ur back… its all good my man..

    Reply
  12. Mr Ebenezar
    Mr Ebenezar says:

    Thanks for sharing, not only your successes but mistakes as well. i am sure a lot of us have made similar mistakes. When making a trade you should always be clear on your plan for that trade. Long-term hold?! Swing Trade?! Set your levels and stick to them (unless something significantly changes). Great video, keep 'em coming!

    Reply
  13. EricPadden
    EricPadden says:

    Bittrex totally dropped the ball regarding this fork and Coinomi picked it up and scored a TD. Not only are they SUPPORTING THE FORK but they are offering a way to get a head start on the mass Exodus back to Bittrex to sell your ZCL immediately after the snapshot and minimize losses compared to those holding on ZCL wallets who are being told to hold through the entire fork process. Share the love 🤗

    Reply

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