Monday, May 8, 2017

Even When I'm Right I lose.

I bought some crypto currency on margin with some of the money I got from the loan.
Last night I lost it all. I was ahead by about 50% and then it went down.
Once again greed was my downfall. Instead of buying bitcoins I bought ether coin because it has been moving more than Bitcoin.
Anyway, bitcoin moved down a bit last night and then moved up strongly. Ether went down, not once but twice. I was margined out at the first down move. They left me with about $175 out of $500 I started with.
I used that to get back in with margin. I thought I just went through the "shake out" and the rise would be just around the corner.
I was wrong and I lost the whole $175 due to another down turn.
Bitcoin went up and I would have made money last night if I had bought that. It just doesn't move as much as ether.
I lost two weeks of work for nothing. Greed did me in again.
Later,

PS
About 45 minutes after I was totally cleaned out ether coin started moving up in a big way. I'll give it an hour and see where it goes to but I'll never buy ether on margin again. Maybe I'll buy bitcoin on margin but ether is just to risky. Maybe it's manipulated just like the stock market is.
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