Losing your hard earned money on trading is one of the traumatic experiences that might happen to you. This is usually happen when you are so bullish on the coins you are investing. Here are my thoughts on how to redeem you from this kind of experience.
1. Acknowledge that you did something wrong
There are no other ways to start the process of redemption by accepting the fact that you made wrong decision. You need to accept that every once in a while we do poor judgment. It is important; when this thing happens to us we are ready to humble ourselves that we committed mistakes.
2. Identify the problems
a. Lack of experience I was a successful trader in stock market winning mostly of my trade. But playing here as a day trader in crypto is something new. Your success in stock market doesnt guarantee you success in BTC.
b. Playing aggressive Since I have too much ego in my head I put all my money in one coins only. I didnt consider altcoins to hedge risk from BTC. There are altcoins who doesnt affect much by this massive correction.
c. Didnt follow my trading plan Foundation of trading practice is to follow the plan you have originally set. Your exit strategy is one of those important decisions you will made. It composes of selling and cut loss strategy.
3. Courses of actions
a. Never stop growing (learn the new market) In every new things to we do it is very important to know our strength, weakness, opportunities, and threats (SWOT). Money is involved in every trade which make, which gives us reasons why we need to study the every aspects of cryptocurrency.
b. Follow religiously your trading plan There some trader who doesnt have trading plan, in my case I have one which was not followed. Trading plan was based on your personal experience in trading. In time these plans was polished and test its effectiveness. If followed properly chances of success are increase.
c. Never stop trading If this single defeat dictates me to stop then the real loss will happen. These circumstances should ignite us to continue, make this experience to hungrier for success.
d.Diversify your portfolio Never do all in trade. These will gives you room for another alternative once the other coin doesnt do well. Balance your portfolio composes of your well research coins.
After careful assessment of my situation, I believe that once a trader will always be a trader. I may lose sometimes but will rebound harder and stronger.
Remember merits are perishable if not use
1. Acknowledge that you did something wrong
There are no other ways to start the process of redemption by accepting the fact that you made wrong decision. You need to accept that every once in a while we do poor judgment. It is important; when this thing happens to us we are ready to humble ourselves that we committed mistakes.
2. Identify the problems
a. Lack of experience I was a successful trader in stock market winning mostly of my trade. But playing here as a day trader in crypto is something new. Your success in stock market doesnt guarantee you success in BTC.
b. Playing aggressive Since I have too much ego in my head I put all my money in one coins only. I didnt consider altcoins to hedge risk from BTC. There are altcoins who doesnt affect much by this massive correction.
c. Didnt follow my trading plan Foundation of trading practice is to follow the plan you have originally set. Your exit strategy is one of those important decisions you will made. It composes of selling and cut loss strategy.
3. Courses of actions
a. Never stop growing (learn the new market) In every new things to we do it is very important to know our strength, weakness, opportunities, and threats (SWOT). Money is involved in every trade which make, which gives us reasons why we need to study the every aspects of cryptocurrency.
b. Follow religiously your trading plan There some trader who doesnt have trading plan, in my case I have one which was not followed. Trading plan was based on your personal experience in trading. In time these plans was polished and test its effectiveness. If followed properly chances of success are increase.
c. Never stop trading If this single defeat dictates me to stop then the real loss will happen. These circumstances should ignite us to continue, make this experience to hungrier for success.
d.Diversify your portfolio Never do all in trade. These will gives you room for another alternative once the other coin doesnt do well. Balance your portfolio composes of your well research coins.
After careful assessment of my situation, I believe that once a trader will always be a trader. I may lose sometimes but will rebound harder and stronger.
Remember merits are perishable if not use
actualy loosing is a part of investment,sometimes you earn profitable and sometimes you can gain failure but in this situation of loosing almost $2000 in investment trading,is very heart because its a big portfolio and capital,maybe you can ask yourself why would happen this to you,and you thinks yourself that you are a failure in this trading investment in crypto world,will maybe there is a regrets,but if that situation would happen to me, and make its those a charge of experience,so that when next tym i make a trading i create my own analysis and strategy of when should i buy and sell all my crypto coins.