Well hello everyone! With this being my first post here on Steemit, let me just say that I look forward to the feedback I get from this post and my posts in the future :)

I plan to make this #introduceyourself into two parts. This post will contain my views on what to avoid in the #cryptocurrency scene, not just if we wish to make money, but if we want to preserve capital in situations such as the last few days.

Sunk Costs and How They Control Us

Do you ever find yourself justifying riding an investment as it goes further and further down? Do you ever think "if I sell now, I know the price will just start to go up as soon as I'm out"? If you have found yourself in either one of the situations, you are tying yourself down to a sunk cost.

Backwards Looking Decisions

As humans, we have a tendency to reflect on the past rather than focus on the future. It is in our nature to be adverse to loss. In the case of investments, we aren't just adverse to the loss of money, but the loss of time. If you are in an investment that goes down 10% since your entry price yesterday, what do you see yourself doing? 

Risk Management and Capital Preservation

In the #cryptocurrency world, one the best options available to you is using a Stop-Loss. A Stop-Loss (also referred to as a Stop-Limit) is designed to protect you from big price crashes like the one we say today for Bitcoin. How do you utilize Stop-Loss in your trading activities? I'll share my thoughts and strategies in part two :)

Neeko