During the recent spike in the value of TWT, a friend of mine made double her capital trading. Although she had already made double her money, she set her exit point on the trade at a very high point hoping to triple her capital. Before the crash of the market and her profits along with it, she was excited and told me how happy she felt to have made something tangible trading on her own. I adviced her not to be greedy, that she should quickly sell since she has made double and not wait to make triple a her capital, but she refused and insisted on waiting. (I gave the advice knowing that TWT is not a stable coin).
Some few moments after our conversation, i saw her with a long face saying that the market had crashed and if she had known, she would have followed my advice.
(This is not the first time she has made such a mistake)
Could this be termed "Near success syndrome in trading?".
Are you or Do you know someone with a similar episode?
This has often happened in trade circles. Where they hold the coin regardless of the height limit, they are too sure the currency will continue to increase continuously without any prediction.
Usually happens to a beginner, who trades or invests his funds. They make a profit but are still not satisfied with what they are getting and instead choose to hold the coins to the point they want. Even though they already know the currency price will fall in time, the mistake is to continue believing and hold the coin for a bigger profit.
Supposedly, sell if you feel that you are getting enough profit, especially if the profits you get have reached twice the initial capital. I think it is more than enough to sell, if you are the one who continues to hold on to the currency, then leave a small part of the capital to remain on hold on the coin, so you can monitor the ups and downs of the price and buy it again, if the price is normal and goes up again.