I Can Lose Money by Trading?
Crypto markets are volatile... Crypto markets are unpredictable... Crypto markets are crazy... :) Lately, there were some big movements on the Hive-Engine, the internal Hive tokens market, and I saw a lot of ridiculous posts on Hive regarding that... And I had to record this short vlog as a reminder about some basic things regarding trading and investing...
It isn't one of my best vlogs, as I was repeating myself a couple of times, but that was a bit intentionally done... Just to emphasize the importance of certain things... Especially for the people that are new to crypto... Most of them think that crypto is a one-way street when everyone wins... Whatever crypto project you touch, you will be a millionaire... It would be nice if it is like that...
Regarding posts on the Hive calling people to buy a certain token/coin when its on ATH... That is the perfect example of FOMO, and the perfect opportunity to NOT listen to those calls... Firstly, you have no idea where will the value of a certain token goes, as nobody knows that... Secondly, you should think about the responsibility that you are taking calling others to follow your financial advice... These things are very dangerous, especially in times when people struggle to survive day by day...
Yes, we all know about "investing only that you can afford to lose", but, unfortunately, just a minority of the people are following that rule... Especially when you are in the "surviving mode", people tend to gamble (yes, it is a gamble, and not investing or trading) and put a lot of money as their last straw...
Please be aware of these things, and take care... And don't forget to watch the video...
Thank you for your valuable time,
~ph~
Music in video:
Growing Up by Scott Buckley https://soundcloud.com/scottbuckley
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▶️ 3Speak
No, you can't lose money with crypto! Crypto is a win/when situation.
Of course, no one is sure where when the when will kick in, but everyone will win when the when is in.
Yes, they will win... Those who buy and HODL whatever happens... But, not everyone is like that... People buy coins on top, get scared, and sell when it drops 20-30%... and LOSE money...
I have no doubts that you know what you are doing... hehehe... As you are experienced HODLer :)
Have a great weekend and thanks for taking the time to watch my vlog... ;)
https://twitter.com/ph1103/status/1315068030494404610
When we see the price rising beyond expectation, we think we lose the opportunity. Some of us start buying knowing the price is high. You brought up some good points and I agree with you. It will go down, maybe then you can buy that token. Or, you can look for other opportunities.
Well, the irony is that we have experienced exactly the same today with LEO token... Because of the hack, the price fell down, and a lot of people started to panic and sold a lot of tokens... Luckily, I was there to pick them up... lol...
There is always a second chance to enter the market... We just need the patience to wait for it... ;)
When we are trading, we have a big ennemy and that is ourselves. Why? Human nature is not made for trading for the simple fact that we don't consider losses and wins in the same way. When we make wins we want to realise our winnings as soon as possible. When we loose, we don't want to realise these losses so we keep the assets believing that the trend will inverse and that we will win one time... So in general we will loose while trading because of human nature. To be able to make profits, we need to set very strict guidlines and keep the emotions out of the picture. That is however more difficult than it seems...
You have perfectly described the classic gamble logic... The usual gambler loses 100 times $10, and it's pissed off, but still, it's not a big deal... And after that, when he wins $100 he is super happy...
And another 100 loses until the next win... but always happy... lol...
Trading and emotions aren't work together... I'm still struggling with that, but I'm a bit better than I was, when I couldn't sleep because of an open position on the Forex market... lol...
I had the same problem. Finally I decided to leave my hands off trading. It simply stressed me too much :-)
A great piece of advice
Not only the newbies
but for the seasoned players
Yeah we get excited at times
Crypto or anything related to business is kinda same and there wouldn't be you winning all the time.
A crystal clear phenomenon
But we always need to keep reminding ourselves
Of the risks being involved :)
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Oh, totally get you... If you did 2-3 trades in a row, you are in heaven... and you are unstoppable... then you put all on BLACK, and lose everything...
Risk is always there, it can be reduced by having more information, but it is still there...
No risk motto :)
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When I first started part time trading in the regular stock market (before I joined the blockchain & became familiar with the cryptocurrency world), there were several rules we had in the trading room...two were don't trade with money you can't afford to lose & also, don't execute a trade when you're bored or fearful of missing out (our big FOMO!)...
These rules apply to crypto as well & really stuck with me. When I heard from several traders how they experienced blowing out their whole account (which was much more than a hundred dollars lol) because they didn't practice self discipline & entered blind trades, it made me even more careful...
Unfortunately, a lot of people don't have this discipline. To be transparent, it's not like I NEVER did a dumb trade, but I was fortunate enough to learn early on that once you stop being your worst energy, you can do well with investing & trading. It's just being mindful & thinking before you make a move...
Good video, Zoltan! :) Thanks for sharing this. It's a great reminder! :) Keep up the awesome work.🧡💚
Oh, we have all done a "dumb trade"... Maybe we don't brag about it, but we did... :) And, it is all about how much stake did you put on that "dumb" trade?
Self discipline, confidence, patience, and a lot of information about the asset BEFORE making a trade... All other than that is just pure gambling... and as you said BLIND gambling...
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STOPDid you unknowingly or knowingly predict the future about wLEO there Zoltan?
Lol, Erik... The worst thing is that I have recorded this video a couple of days before publishing... which is even worse... lol...
But, I have to admit, that I was maybe comforting myself that my buy order for additional LEO will come through in a couple of days... I didn't want that to happen as it did... I hope that this event will not throw them back a lot...
They will recover.