I can't tell you what YOU should do, but here's what I did: I saw the dump, made some flips, then got out with a small loss on my last purchase. The reason I got out was in anticipation of lower prices....$25 or so. It's a tough call in your position, you can cut losses, wait for the drop (that is, if you're confident in the drop), then get in at a lower rate for the longer haul back up to regain your previous losses. It's a very tough position to be in, because you have 3 choices really. Lose money now, and be done with it. Lose money now, hoping the TA is correct, and try to recapture the losses by buying at upcoming lows. Or hang on tight, set you sales ladder above $40, and turn off the market. Watching it fall is only going to make you more anxious. I suggest making a decision, and sticking to it, accepting all possible outcomes, and hoping for the best one.
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ADEX (ADX) Update:Did the CUP & Handle Fail? Find out in this blog!
What is least likely? You pull your money, and flip it a few times today, and correct those losses. So don't bank on that idea, but cutting losses is a very important aspect of trading, so don't beat yourself up over it, but also don't expect you'll fill that void instantly either.
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Hi Scarlet,
Thank you for such a detailed explanation! I really really appreciate it!:)
It helps when you make mistakes like these, and can't discuss it with a lot of people! I will hold on for it to recover! and maybe buy more at lower prices to average out! I did some permutations and combinations, and the booking losses and buying back at dips or averaging it out comes to the same thing! So might as well just hold on and buy more in dips :)
Lets hope for the best! Thank you so much for guiding me! Thanks a lot! God Bless! :)
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Haha, I know EXACTLY what you mean "can't discuss it with a lot of people" !!! Whether it be a significant other or just friends, no one wants to admit that they lost money, especially when you're playing with fire already. Most people will never condone trading like some of the people here do. It is a high risk gamble/investment, no matter what the analysis says. Compared to classic investments that span over a number of years, this type of trading dances on the line of investment and gambling, and most people are afraid to do that, and to add on to that most people don't want other people doing things they are afraid to do themselves....especially if some of that money might be in a shared situation with them.
Just make sure and learn every single time you make a poor decision. Figure out WHY it was a poor decision, and how you can prevent that from happening as best you can.
In this case, you wouldn't be in as much deep water if you laddered all your positions in. Next thing is that if you don't get to sit in front of the computer, or with a good trading app in your pocket all day, don't assume that coin's progression is going to work on your timing. If you're going to be away, setup an exit strategy on both sides of your buy ins. Ladder positions out at a gain, and also build in stop losses in case it plummets right after hitting that number you've been told it would hit but you just weren't there to sell it in time.
Don't give up. Also, don't expect anything over night. Only the truly on point with TA, and the truly lucky hit 100% and 200% gains on their entire portfolio overnight, and even with those people, it's a rare thing.
A good practice for starting out is to cut your investment in half. Whatever you think you're ok with losing, cut that in half, and work with that half...and don't expect that half to double over night. It is an exercise in discipline to trade with lower amounts for small gains, and on top of that, you are gaining invaluable experience for when you decide to up the ante a bit. Even when you do up the ante, don't lose track of your new found discipline.
The other major advice is the one piece of advice that all traders really know deep down, but always end up tricking themselves mentally into breaking the rules. DIVERSIFY! Never all your eggs in one basket. I don't know how many times I've lost hundreds to thousands by not being diverse in my trades, and relying on what "should" be a really good buy to hit where I want it to. Leave those days behind, and be satisfied with smaller percentage gains that are spread out among many coins with good potential, because it's very likely that some of them will not meet the expectations....and if that's where all your money is....well....it's not there anymore.
Always remember that a 2% gain in a week spread across the board of your portfolio (say 10 coins with good TA potential showing) is always better than a 5% loss in a day trying for one big win. Even if you get that 5% to be a profit that day, then next day it may fall 10%, and you're back to square one. Continuing to gain smaller percentages with lower investments will cultivate the confidence you need to go bigger and not be so anxious....and that same confidence will help you if you do get caught in a bad situation to explain how you did everything right, and you know you did, but you just weren't one of the fortunate ones that day.
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