FOMO, Cycle of Bad Trade Decisions!
Will she go down?
She always goes down, if you know what I mean! insert wink emoji here
Alright, let me stop you right there before you put on your "naughty" hat and expect me to get raunchy as the article goes on. I'm not doing an erotica, no. Is there a market for erotica on hive btw?
You know the age old saying, after a pump, there will always be a dump? I know it too. But that's about it. I never have enough patience to act on it. FOMO is real, stronger than the fear my nieces have of Annabelle, or The Nun.
During the last HIVE pump, (not the most recent one, the one that rode us to the ath) I began selling HIVE at 2400 satoshis kick self right on the rear.
Luckily, I was playing around with enough liquidity to ride the tide till the end and managed to sell some near the top around 9400 sats. But that's not the point, the point is, I didn't have the patience, fomo kicked in and I started selling way too early. I have since bought back my positions and made enough profit, but I kept a small amount of that profit in case HIVE goes really, really low. And I waited, with all the patience for about a couple of months. This time it was easy to maintain patience because my target range was low, and HIVE didn't come very close to it.
But then then BTC pumped, ETH took us on a jolly ride and everyday seemed like "today is the day" for HIVE. I wasn't really looking forward to it as I didn't want hive to pump before my buy order filled. I had a nice stack of HBD building up too, majority of which I placed on the market to buy HIVE at around 18 cents.
And then HIVE smoked some top quality "doobie" and became "high." And the fomo kicked back in. It was ushered by tweets asking, what if we never see a sub 20 cent hive again, or a sub 25 cent. And I was back to kicking myself and upped all my buy orders well done idiot!
I even gave myself a major "pat on the back" after I closed one of my position at 2000 sats! I was sure hive was never coming down again (no not really, I knew everything would come down after the pump, but hey! FOMO is real)! So I upped my buy orders to 23 cents and waited eagerly for it to fill. Boy am I happy now that it didn't fill and I was able to pull it off the market at the right time!
This is a classic example of inexperience. A good trader needs years of experience and a lot of correct intuition too. Needless to say, I have neither. Yet. I know I usually make bad decisions on trades. So I have always kept some extra liquidity stashed somewhere to makeup for a bad trade. This is probably the only thing I do right with my trades, having a buffer to cut down on losses. Oh, there's one more rule I follow, I never trade with large amounts. I am driving with a learner's permit here. Probably shouldn't be up on the busiest highways!
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STOPDo not miss the last post from @hivebuzz:
I engage in discussions where I tell people this too but they never listen. When I tried trading, I would do my analysis and think I'm doing everything right. I got stuck in my feelings and things ended ugly. Lol
Now, I just stay away from trading and buy alts with potential into my personal wallet. After making some profit, I swap to btc on ChangeNOW and go hunt for another. I might be getting lucky but I find this easier than actual trading. Lol
Great post
I know exactly what you mean. I was in that state of mind too, it took me a while to realize that I didn't actually know what to look for when researching. I used to consider just reading a bunch of articles as "research." Boy, I was wrong lol!
Great post
Doc; let me tell you something regarding trading:
Hope you ponder on these when it’s quiet out there. I expect this will help you.
Oh... just like everything else that I say... these are not just applicable to trading ;)
Expecting the unexpected surely does eliminate the element of a surprise panic attack, but it is much, much difficult to master. But dada, Idk why I have so much contradiction with the "There is no wise old man." Part of me direly wants to believe it and a part of me constantly contradicts this.
The few of us have known this much pretty well for a while now dada ;)
No you shouldn’t believe that there is a wise old man. Because if you do, you would always look up to that man, thinking that man or woman is always correct. That does two bad things simultaneously. It lowers your self confidence and it put unnecessary emotional pressure on the "wise old man" :)
Take it from me, no body is always correct.
I make mistakes like the next man. In fact, being.... forgive me... rather cleverer than most men, my mistakes tend to be correspondingly huger.
Isn’t that’s what Dumbledore said?
I can testify with my personal life that it is perhaps the most correct statement in the thousands of pages of that book series.
Of course dada. But believing "wise old men" exist does not necessarily have to have me looking up to them, right. Here's where we can merge the two things you said in the first comment!
So hear me out. The old man became "wise" by making mistakes throughout life and learning from them. But as you said, no one is ever correct and there is nothing truer than that. But assuming hypothetically, the wise old man is always "expected" to be correct, we should always be expecting the unexpected ;)
That’s wise :)
Therefore acceptable. Well done, dactar!