Recently, in a private chat, I saw a screenshot of a person whose PNL was in the red by $1.5 million in a week. He tried to short $BTC.
This guy is not new to the market; he waited for the bull market to arrive and, when it finally arrived, he calmly dumped his deposit on short positions.
I used to be amazed at how cryptocurrencies make huge profits for people in bull markets and how easily they can make everyone involved rich. But I realized that the essence of human nature will not change: either people cannot wait to achieve their goals by playing on the stock exchange, or they lose all their profits in short-term transactions.
All this is caused by greed and the inability to wait. "Oh, a huge green candle!" - they think. âItâs not clear why weâre flying, but now Iâll open a short position and make quick money. After all, this canât go on forever without corrections.â Maybe. Bitcoin grew by 300% without any pullbacks. Forget the words âimpossibleâ and âlogicalâ, they donât work here. Time will show.
I was well ahead on futures. During all this time, there were a couple of eliminations, but they were not that painful. However, I decided to give up futures because it was psychologically uncomfortable for me to hold a position while constantly watching the chart. But the spot is not going anywhere.
So, what am I talking about? In such a market, during periods of enormous opportunity, it is easy to lose your deposit and your nerves. Don't lose your head, don't try to turn 100 dollars into 10,000 in a month, don't be greedy. Even if you make easy money one day, you will lose it even easier. Stick to your plan, maintain your investment portfolios, stay active and have patience.
The ability to wait is the main quality of a trader đ
