Don't Look Back .:. A missed opportunity can turn into an avoided mistake

in The CTP Swarm2 months ago (edited)

▶️ Watch on 3Speak


A couple of days ago I have created a vlog for the #FinancialGoals2021 initiative started by @thecallmedan, and I have received tons of great comments from you guys! I can't express my appreciation for your time and effort to do that and I would like to thank everyone that responded to that video... As I have shared some of my personal goals for this year and reflected a bit in the past year(s), people have founded that interesting... And a lot of you guys had the same sentiment as me, which means that we are on the same page...

There were some great comments where people engaged with each other, and I have gone a bit deeper in one specific comment as I found myself from a couple of years in it... The person wrote about possible regret if he doesn't buy BTC at this moment... That was exactly something that I have a problem with before... I had that Fear Of Missing Out (FOMO) things if I don't do something RIGHT NOW... Because... Everyone was doing it... So it has to be right, isn't like that?

Of course, we learn the most from our experiences, from our mistakes, but still, I like to share my mistakes that maybe some of you can avoid by living them "through me"... That "regret feeling" isn't just a one-way thing... You CAN regret that you didn't buy a certain asset because after that it skyrocketed... But, you can also regret it if you bought some asset and its value plummeted!

Some people remember only those "missed opportunities" when they are speaking of regretting, forgetting about others where decisions of "not doing" is where a good call... Also, it's important to say that "calling for action" doesn't mean ONLY that you take action and FOMO... It also means that you TAKE ACTION and MAKE DECISION to pass it! It sounds a bit weird, but NOT taking action is also TAKING action, as you have made a decision... and that is also an action...

My friend told me today that I have "itchy hands" and rush into things... Well, probably I am, but sometimes that rushing isn't that "dangerous", and that was my second topic of the video... I have shared a little trick that helped me to start with trading, where every trade is a "win"...

Check out the video for more details...

Thank you for your valuable time,

~ph~


Music in video:
Growing Up by Scott Buckley https://soundcloud.com/scottbuckley
Creative Commons — Attribution 3.0 Unported — CC BY 3.0


.:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:.

Don't forget to follow, reblog, and browse my Hivepage to stay connected with all the great stuff!

You can also find me on LEO Finance .:. Twitter .:. LBRY

.:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:. .:.


▶️ 3Speak

Sort:  

I enjoyed listening to your video. I have been learning these lessons myself over the last two or three weeks.

I can say that my early loss of $165 USDT on crypto futures trading is proving beneficial because it showed me that I really do need to train myself to trade, which is what I'm doing all this month with a "demo account".

About FOMO, I would add that there are new trading opportunities every day whether it is a bull or a bear market. Once that is understood, you can begin to look at the situation more rationally. Learning to use a selection of trading indicators is also very helpful, I have found.

@rarej also makes an interesting point about going for the long haul if your trade turns out not to have been well timed! I have saved several of my futures trades now by NOT setting the Stop Loss too narrowly, and sometimes by not setting it at all. But that is not "advice" as it depends on the type of trade you are engaging in.

All the best,

DH

If it's a true long-term token of value, stop-loss is usually not even needed in most cases. I only put that if the coin is high risk and more of a news and rumor type situation.

I can say that my early loss of $165 USDT on crypto futures trading is proving beneficial because it showed me that I really do need to train myself to trade, which is what I'm doing all this month with a "demo account".

Well, I have done the same when I was learning to trade... It was FOREX, and I didn't have the patience to trade on a "demo platform" for more than a week :) It was a good lesson, that I have remembered :)

I do agree about stop loss when there is "safe trading", as I described in my post... But, maybe that's not real trading as sometimes, I keep that other asset and not trade it back... lol... :)

Thanks for the comment, David!

!ENGAGE 20
I know that you like beer, but I suppose that you will not reject a good !WINE

:)


Cheers, @ph1102 You Successfully Shared 0.100 WINE With @hirohurl.
You Earned 0.100 WINE As Curation Reward.
You Utilized 2/3 Successful Calls.

wine-greeting


WINE Current Market Price : 0.000 HIVE

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

Buy low, sell high and NEVER FOMO. And if you do FOMO on a good coin like bitcoin or Ethereum, suck it up and be prepared to sit that sell out for the long haul until you can sell in profit, because something even worse than giving into fomo is selling in loss after giving into fomo. And definitely don't look back. I completely agree with your financial message.

Btw, thanks for the reminder on #FinancialGoals2021. Just did mine. :)

Posted Using LeoFinance Beta

something even worse than giving into fomo is selling in loss after giving into fomo.

Uh-oh... I forgot to mention that scenario... That is the worst thing... Running into something, and after selling it with a loss...

PS. Saw your post about goals on Dapplr and forgot to comment... Will check it up again on my laptop...

!ENGAGE 20
!WINE

Dapplr was awesome at first. But at some point it stopped registering comments I made and I could only do upvotes. Going to check if that is fixed yet.


Cheers, @ph1102 You Successfully Shared 0.100 WINE With @rarej.
You Earned 0.100 WINE As Curation Reward.
You Utilized 1/3 Successful Calls.

wine-greeting


WINE Current Market Price : 0.000 HIVE

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

Emotions are not the best friends of the trader in general. I've learned that the hard way LOL. I think that you are right to point out that FOMO is not a good situation to be trading in. There will always be new opportunities. The chances that the market turns the other way is as big as seeing the trend continuing. The long ther trend holds, the bigger the chances for a reversal. I like to think that it's a good idea to buy constantly in slow parts, averaging. Set on several horses and hope that one will be the winner...

Posted Using LeoFinance Beta

It's always the same problem over and over... As we have everything INSTANT, people have no patience to wait in trading either... Long-term HODLing is considered if you keep some crypto for a month, and short-term trading is counted in minutes... Things aren't like that... It can happen, but not every time... :)

I like your horse betting analogies... :)

!ENGAGE 20

Posted Using LeoFinance Beta

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

I also do not have BTC but still I do not take as miss opportunity. The knowledge I am gaining will surely make me to earn BTC one day.

Learning can help you to overcome the emotional decision too.

Truth too be told most of user who purchased BTC under 1K , already sold it for profit or misplaced their wallet keys.

As @hirohurl said, there are always opportunities to go into trades, and there is no need to rush into any...

Learning before making decisions is a wise way to avoid mistakes...

!ENGAGE 20
!WINE

Posted Using LeoFinance Beta


Cheers, @ph1102 You Successfully Shared 0.100 WINE With @saachi.
You Earned 0.100 WINE As Curation Reward.
You Utilized 2/3 Successful Calls.

wine-greeting


WINE Current Market Price : 0.000 HIVE

Thank you for your engagement on this post, you have recieved ENGAGE tokens.