After several years of trading experience, I bought the top of an altcoin again today.
I made a trading mistake, and I wonder how come I haven’t grown past this stage in trading.
I thought I have learnt how not to FOMO, I still fell for it even after been a trader since 2020.
I wouldn’t have bought the top if I took some few minutes to check the chart. At least the daily chart would have given me the signal.
This shows that even masters makes mistake sometimes.
Do you have similar experience like this?
Your mistake was not buying the top but rather buying an altcoin.
Buying the top (of Bitcoin) and not selling, in the past has always been profitable, no matter how high the price was that you bought in. I cannot say the same about any altcoin or token. They are more of a dangerous investment which have been known to go to 0.
Don't put your faith so much into signals either. Trading is as random a lot of the time as gambling.
If buying Bitcoin is very difficult to reach ATH, and that is the mistake, this can be proven, that Bitcoin always prints new ATH in each cycle.
Unfortunately he is a short trader, it cannot be equated with investors who have a long -term perspective, even though he bought Bitcoin at ATH he will also panic when he decreases and sells it.
His mistake is not to recognize himself and how to respond to the operating market, I am quite confident, the significant decline time he does not have the courage to enter.
And most likely he hears and reads the analysis made by others on social media.