LTC Short success, LTC short chased and multiple lesson day

Last Crypto Trading/LTC

There's a lot of good lessons here.  Some revisits prior lessons, some reinforces new concepts/rules just learned and some new ones that I've just come upon.

1)  LTC Swing Lessons-- I saw signs of LTC toppinng out at 420, this was a deja vu from the ETH trade back in JUNE.. I initiated profit taking and sold 1/4 size at an avg exit for 360 with an avg entry of 70.  There was no clarity and conviction on exactly how much profit taking I was going to take therefore no further profit taking or trailing stops were put into place.

2)  LTC Short Scalp-- I decided to scalp some stoploss/panic selling.  I ended up on a short position too early.  Shorting in currency aren't as risky as stocks since you do not start with a negative position that you HAVE to cover at a later time--because of this false confidence, I let it go a little bit against me.  Once it went back my way and broke 250, I started buying my intial position back in for a 10% profit.

I have to be careful shorting too early, I was early by 25$.  I need to develop more patience on waiting for a better short entry.

3)  LTC Swing Stop Fail/Chased Scalp Short Fail/Buying the Panic Fail-- When I checked how LTC was doing, I saw it had broke through 200 and was at 170.  The position size I had was what I though was manageable--but the speed it broke through 200 and the want of scalping it pushed me into a trade.  At first I didn't check how far the panic had already been in and experienced a FEAR OF LOSS.  I was able to subconsciously take a breather and regained composure.  However, unlike what my system for trading equities, I did not pre-define my risk going into my short and I was just going off my gut instinct that it had a little bit more to go.

I chased shorting LTC at 170 looking for a 150 breakdown and more panic selling.  It broke 150 and I sold my Longterm position at once it broke 150 as well.  Earlier before doing this blog post I thought it was because I got scared out of my position/FEAR OF LOSS but now that I'm doing my AAR--the reason I sold wasn't because of FEAR but was of GREED--I wanted to ADD to my position.

My LTC position was only 25% of my whole crypto porftolio that I have already accepted that I can lose getting wiped out completely--the reason I sold all at 150 was to add to my existing short position.  It was a crazy battle between buyers and sellers at 150 with the spread widening up to $30.  I knew this was the bottom but I had frozen--Instead of getting back into LTC I hesitated as it rose.  Once it hit 170 I should've wen't back in breakeven or at least at 200 where my mental short stop was.  But I didn't do anything--eventually I applied my rule where if I broke a rule today, I wouldn't trade anymore.  That's at least one thing I did right today.  It's at 250 now by the time I'm writing this post.. 60% gain in 1hr is what I missed out on.  I have to tell myself it's ok though--there'll be more opportunities in the future.

4)  Don't mix trading capitals that have different time horizons--don't mix day trading, swing trading, investments together.  What can be a buy signal in one time frame can be a sell signal in another.  Planning helps lol.. Since there was no clarity and distinction between my positions--I sold my long LTC position inadvertently along with the portion I was scalping with.

5)  Don't have any distractions while trading.

Since this wasn't stocks, i've been alot more lenient/flexible with a few of my old rules.  In a 15second window I wasn't looking--I missed vital information of LTC bottoming out at 150.