Continuously watching the market leads to a serious decline in sleep quality. My mind is full of prices, and it is difficult to fall into a deep sleep at night. I have to wake up to check my phone after sleeping for a while.
There is no peace of mind.
Last night was probably the worst night I slept in recent days. I barely fell asleep in the early morning and woke up three or four times in the middle of the night. My head was numb all day today. I wanted to sleep but couldn't. I was restless and anxious. At noon, the price of ORDI, which I had a large position in, plummeted. By the evening, all the profits I had made in the past few days were lost. It was all in vain.
Under the influence of sleepiness and anxiety, I felt like I was possessed. I was numb and had lost my alertness.
After the bull market ended in 2021, I stopped trading and didn’t enter the cryptocurrency circle again until October this year. I had a good start in October, adding 5,000 positions, and the 30-day profit reached more than 2,000, which was a good result for me. However, I didn’t hold on, and then I spit back all the profits in a few transactions in November.
December was even more amazing. I added another 20,000 to my position, hoping to increase my earnings faster by using large chips and small yields. I opened half of my position in ORDI and earned nearly 50% in two days. I gave the rest of my position to the soaring Luna, which also earned a yield of 10+ in a short period of time. In just three days, I earned 5/6 thousand and was very proud of myself.
Today, I cleared all other positions and added ORDI again. According to my technical analysis, there is a high probability that it will rise. However, I never expected that a black swan event would happen. Luke, the developer of BTC, posted a message on Twitter to attack ORDI, which caused a huge negative impact. The market fell by an astonishing 30%. I lost all the gains of the previous few days in one day.
Looking back on the past two months of trading, it was all in vain. I worked so hard for dozens of days, but in an instant I was back to where I was before liberation. Nothing.
Error 1: Having a strong FOMO sentiment, being easily influenced by the market, and not sticking to one’s own strategy.
Error 2: Blindly chasing high prices and being greedy.
Lesson 1: If you choose to do short-term trading, you must restrain your greed. Since you have already made a profit, and in an environment where the short-term increase is so huge, you must be more cautious about chasing the increase and lock in the profit. Only by doing every transaction steadily, as long as you make a profit, no matter how much, you will have a considerable return in the long run.
Lesson 2: In terms of news, if you cannot determine whether a piece of news is bad news or good news, for the sake of safety, you should be more inclined to believe that it is bad news. In addition, in the face of obvious bad news, you must act decisively and never act on your own will.
The purpose of trading is to make a profit. No matter what, you must always be prudent. Remember that technology is a means of trading, but not all means. Risks always run through the entire trading process.
Everything is over, take a good rest and start again.
