Learning about trading bitcoin? Start with cutting losses and analysis of my recent loser.

In trading, you can only control the entry, exit and position size. Once you are in a position, price is out of your control. If your trade setup is good, your position is statistically likely to be profitable, but never guaranteed. I personally think our brain sucks shit when dealing with random variables: poker, trading, and gambling. Traders, including myself, hold on to losing positions for too long, not willing to cut loss, not willing to let it go to fight another day.

Learning from false gods, ibankbitcoins as a trader part 2

This is the second part of ibankbitcoin's past, I recommend reading the part one of my trading past first.

It took me nine month to overcome my previous bust and it wasn't easy. I avoided work and school while staying up at night doing random stuff to distract myself. I still read the financial news and charts from time to time, but I was so frustrated with the market.