November 8, 2021
How was your last week readcashers?
Mine was a little bit challenging, both in digital and real-world. This made me think that I was just taking things for granted and not valuing the little blessings I had at hand. Despite this crypto experience I had acquired in the past year, managing my emotions when it comes to diving in and out of the market is sometimes tough to deal with. And this is something I have to master if I truly want to become a successful crypto trader in the future.
We have seen how CATS flew so high yesterday (from the time of writing) and we with weak hands who sold the majority of our CATS a few weeks ago just watched it fly so high. Because no matter how we try to catch it, it was too late and we might just end up falling to the bottom of the bear market.
However, I was just too stubborn not to listen to my other self and dived into ascending trends of CATS instead. The FOMO (Fear Of Missing Out) just took over my system when I saw CATS almost reaching the top and I thought I could still catch it, so I threw some coins into it. But right after that moment, it went down, lol. I was also cursing myself for trading even though I was with my boss and we were heading elsewhere. Thus, monitoring the trend was tough to handle.
I was knocked by my own mind when it really dropped. Yet, I was able to dive out before it hit the bottom of the trend yesterday (from the time of writing). Then I dived in again and added more CATS since the price was already low and the trend was ascending again. It did reach the peak at the price in the photo, but I didn't do anything, lol. I should have had 0.1+ BCH profit if I did.
Then it drastically descended right after reaching the ATH, *facepalm*. But I didn't lose hope as it increased again, although the price wasn't the same as the ATH's. I just HODLed my CATS and went back to work. At night, the trend was also a roller coaster and my other self told me to sell it because it might fall hard once I sleep.
But I ignored it and just hit the sack. As I woke up in the morning, I saw that it was 10% down. And after checking my purchased CATS, it still has a small profit so I waited more as it might increase more. But it just continued to go down, and again, I didn't do anything, lol. And as of the time of writing (11:30 am 11/06), I already have losses. Great!
How is this connected to my heading?
I somehow learned from @PVMihalache that we shouldn't be afraid to sell, and profit is profit, so we should take it (not totally like this, but the meaning is the same), then let the money roll.
Sometimes I can apply this to myself, but there are really times that I can't control my emotions in trading, especially if FOMO hits me. And after abrupt decisions are inevitable regrets.
If there is something we could get from here, it is....
We often let go of the bird we have in our hands as we thought that we could get more in the bush. And sometimes, we don't value small things and still look for more or better things. But when everything uncontrollably goes South, like crypto trends, we would end up cursing ourselves for taking that certain action or carrying out a certain decision that causes our regret and losses. I don't know though if this happens to you, but it does to me, lol, *embarrassed*.
Bottom Line:
After a year of staying in this crypto-verse, I'm still struggling with controlling these emotions that are affecting my decisions and actions.
If you are new to trading, it is worth noting that, "don't hesitate to take small profits." It is better than getting nothing or just losing something.
Control your greediness. A trader could only be successful if he/she knows how to overcome greediness. You should always have an effective trading plan before diving into the risky market. And another thing to be considered is, never do over-trading. Newbies are more likely to over-trade as they can't control greediness yet (I'm still a noob okay 🤣). They aim for more instead of valuing the profit they already have. So the tendency is, they would likely lose the profit along with the investment. So never trade in greed if you don't want to lose your money. Trade wisely and effectively.
Another thing you need to eradicate when trading is.
Don't be FOMOed or Fear Of Missing Out. Sometimes we want to catch the ascending trend as we thought it would ascend more. But not all the time it goes along with our predictions so we only end up losing more. Because trends can drop even before we blink our eyes. It is as if the whales are the ones in control of the trends, and we, small investors are just audiences and trying-hard divers into small spikes and dips of the crypto market.
And again, just like I mentioned above...
Don't hesitate to take small profits. Although there is no wrong in aiming for more profits, however, it is better to get the small ones as they'll grow over time than to fall in the middle of a risky trend wherein you have to decide whether to get small profits or small losses or lose all investment.
And always remember that the small things and blessings we already have are more valuable than those we are yet to have, and those in the bush are still uncertain. Do not aim for more, because greediness could only lead to our failures, and it would hinder our success in any aspect, not just in trading.
I hope you learned something from my mistakes.
Thanks for reading.
©read.cash@Jane (All rights reserved 2021)
Time of writing: 11/06/21 @11:30 am
that's life sometimes we start with a hard effort but there are times when we get maximum results, never stop trying and working because we always remember that living life is not easy in the process of profit and loss, working well and correctly is the key. "Effort will never lie to results".