Utter Denial

[Mr_Akbar]

"It always goes back up"

Bullshit.

Hundreds of dead shitcoins in the graveyard prove that wrong.

New traders fall into this trap all the time... but plenty of experienced traders make the same mistake.

They buy into some coin, hoping to make a quick buck.
But then the coin starts to go the wrong way...

Losing money sucks, but you won't win every trade.
And anybody who says otherwise is full of 💩

The rational thing to do is to cut your losses and move on.

Instead…
So many traders hold on.
Hoping, praying that they can break even.

Hours turns into days... weeks...

Bleeding and bleeding...
Watching their hard earned money flow down the drain.

Often they're in denial.

Some have already written the money off as a total loss.
Lying to themselves when they say that doesn’t bother them.

But some cling on, desperately begging the market for pity.

"It can't drop much more"

"It'll bounce soon I'm sure"

The most ridiculous excuse of all is that you don't "lock in your losses" until you sell.

That denial used to be me.

I couldn't admit I was wrong.
The evidence was dancing naked in front of me, but I refused to acknowledge the truth.

By the time I owned up to it…
I was emotionally beaten down - it didn't matter anymore.

It took a long time to get out of that dark place…
But when I did -
I promised myself that I would NEVER again let such a small thing turn into a massive bloodbath.

What do you need to promise yourself?

[mk4]

"It always goes back up"

Bullshit.

To be fair, I don't think this statement is being used that much with altcoins though, mostly just with bitcoin. Though bitcoin is never guaranteed to "go back up", if there's a coin in the cryptocurrency space that's most likely to go up, it's definitely bitcoin. But of course, as always, risk control.

Those who think that shitcoins will "always go back up" are simply delusional.

[joniboini]

To be fair, I don't think this statement is being used that much with altcoins though, mostly just with bitcoin.

I've seen a lot of groups using the same phrase to deny that their future is bleak. Mostly ICOs group though. Some of them also said that if you see a price drop, that means it opens up an opportunity to buy more. Very optimistic even though there is no real product, real demand, real usage of their tokens.

New traders should learn first the most common mistakes every trader made, so they don't fall for deceiving phrase like those.

[rosezionjohn]

Another phrase I usually read is "it takes time to develop". This makes their supporters hopeful even if the price and volume keeps dropping.

To be fair, I don't think this statement is being used that much with altcoins though, mostly just with bitcoin. Though bitcoin is never guaranteed to "go back up", if there's a coin in the cryptocurrency space that's most likely to go up, it's definitely bitcoin. But of course, as always, risk control.

Those who think that shitcoins will "always go back up" are simply delusional.

Ironically, many of these bag holders use the bitcoin comparison. They think the alts they are holding will also go up after a few years like what happened to bitcoin.

[o48o]

I am betting that people who subconsciously don't believe themselves are the ones who wait to near bottom to sell. With that mentality they can keep their attitude that they knew that they are going to fail anyway. To the ground or to the top. Also they never sell on top.

It's strangely scary to jump out on the parabolic rise, or when you see the signs of reversal. It's really weird, it's like being too high and vertigo strikes you. You must jump and you can't look back. It's all profit but i guess it's not never enough.

With that being said, i have also hodled to the bottom and for the new heights that never came.

[NeuroticFish]

"It always goes back up"

The ones that want to scam you will always promise it always goes (back) up.
The ones that want to be fair with you will actually tell you to never invest money you don't afford to lose. And this implies quite some things....

[Mr_Akbar]

Another phrase I usually read is "it takes time to develop". This makes their supporters hopeful even if the price and volume keeps dropping.

Yea I see that all the time in the different coin groups I watch... Pretty scary how ingrained that herd mentality is...

To be fair, I don't think this statement is being used that much with altcoins though, mostly just with bitcoin.

I definitely hear people say this, and it saddens my heart. New traders especially get stuck in this mindset of "when I stop loss, it always goes back up." Or the ones who dollar cost average into the dirt...

[avikz]

Dear Mr. Akbar,

I am sorry to hear about your losses! I'm sure you had entered to the crypto market at a wrong time like many of my colleagues did. I have seen people buying bitcoins like crazy using their credit card back in 2017 when the price had almost reached the peak. These same group of people laughed at me when I first introduced bitcoin to them. They just couldn't digest the idea that a currency system can live within the internet with no controlling authority! Majority of them are still paying their credit card bills with 48% annual interest! Are they shocked, yes!

Now when the entire 2018 presented them an opportunity to recover their losses, they didn't realize it! They again laughed at me because I continued HODLING. Some of them even sold off their bitcoins when the price reached 3k USD because they couldn't face anymore losses and wanted to recover whatever is left! They didn't understand the opportunity and pledged not to go back to the bitcoin market because of their past experiences. I am sure they are shocked once again!

The above is one real example of closed minds and pessimism. I am sure your case may be different from theirs but it is evident that your experience was not great with bitcoin market. I will pray for you because that's the best I can do for you! We often don't realize when the opportunity is thrown in front of us because of our own mindset. Often we throw ourselves in to the advice of the self proclaimed investment gurus. The baddest part is that we don't listen to ourselves, we don't research or we don't keep an open mind!

I am sure that I would not make a lot of sense to you today! But it's my real experience from the crypto market. Patience and an open mind to learn from mistakes, are the key to survive. I wish you all the best!

Regards,
Avikz
An avid Bitcoin lover

[Negotiation]

I definitely hear people say this, and it saddens my heart. New traders especially get stuck in this mindset of "when I stop loss, it always goes back up." Or the ones who dollar cost average into the dirt...

1. Not Determining your Stop Placement in Advance

You should know where your stop is going to be before you open a trade.
The same goes for your entry and target(s).
As soon as the trade is live and you’re seeing your p&l fluctuate, you’ll find every single reason in existence to stay in the market.
The benefit of ascertaining your stop before you open a trade is that it removes any emotions from the decision, because you haven’t yet risked any of your capital. You’re simply looking at a chart.
Additionally, if you don’t have a predetermined stop and the market starts moving against you with the full threatening force of big, scary Japanese candlesticks, there’s a much higher likelihood that you market puke the position without considering whether your trade idea has actually been invalidated.
There’s no point ‘winging’ your stop — decide where you’re wrong before you open a position.
—

5 Stop Loss Mistakes To Avoid
Topic source: https://bitcointalk.org/index.php?topic=5162520

[tonyvo2017]

Honestly, I have invested in a coin and it has reduced more than 90% of the money I have invested.
I'm depressed and desperate. But be positive because we are healthy, have 6 senses and we can start learning again to invest more successfully in the future.
It is a way to help me get out of the dark.

[Mr_Akbar]

Dear Mr. Akbar,

I am sorry to hear about your losses! I'm sure you had entered to the crypto market at a wrong time like many of my colleagues did. I have seen people buying bitcoins like crazy using their credit card back in 2017 when the price had almost reached the peak. These same group of people laughed at me when I first introduced bitcoin to them. They just couldn't digest the idea that a currency system can live within the internet with no controlling authority! Majority of them are still paying their credit card bills with 48% annual interest! Are they shocked, yes!

Now when the entire 2018 presented them an opportunity to recover their losses, they didn't realize it! They again laughed at me because I continued HODLING. Some of them even sold off their bitcoins when the price reached 3k USD because they couldn't face anymore losses and wanted to recover whatever is left! They didn't understand the opportunity and pledged not to go back to the bitcoin market because of their past experiences. I am sure they are shocked once again!

The above is one real example of closed minds and pessimism. I am sure your case may be different from theirs but it is evident that your experience was not great with bitcoin market. I will pray for you because that's the best I can do for you! We often don't realize when the opportunity is thrown in front of us because of our own mindset. Often we throw ourselves in to the advice of the self proclaimed investment gurus. The baddest part is that we don't listen to ourselves, we don't research or we don't keep an open mind!

I am sure that I would not make a lot of sense to you today! But it's my real experience from the crypto market. Patience and an open mind to learn from mistakes, are the key to survive. I wish you all the best!

Regards,
Avikz
An avid Bitcoin lover

Avikz,

Thanks for taking the time to write out such a well considered response! Your words mean a lot to me.

I try to share my 2 cents with friends and family who are considering crypto. My general advice is to simply buy Bitcoin, unless it's been going vertically. Usually it serves them well, but I learned long ago not to give specific trading advice to people who don't understand how to use it...

Wishing you well also,
Mr. Akbar

[Jating]

"It always goes back up"

Bullshit.

To be fair, I don't think this statement is being used that much with altcoins though, mostly just with bitcoin. Though bitcoin is never guaranteed to "go back up", if there's a coin in the cryptocurrency space that's most likely to go up, it's definitely bitcoin. But of course, as always, risk control.

Those who think that shitcoins will "always go back up" are simply delusional.

This one, altcoins investors still think that we are still in 2017, damn boys, a lot of thing have change already. The business model that is ICO project  have been exposed already that's why I already stay away from investing on "to good to be true" project.

And perhaps the altcoin market is already saturated that no project can produce the magic of 2017. To @Mr_Akbar - I guess you are just venting here, but it's normal though, at least you are sharing us your experience that can be valuable to most individual here.

[el kaka22]

When people say it always goes back up thats not for the shitcoins you are holding, they may go to 1 satoshi each or even further down (there are now purely eth based pairs which makes it lower than 1 satoshi) and if you are waiting for them to go back up you are dead wrong.

However, the reality is that bitcoin does always goes back up, and I mean just bitcoin, ripple may not, ethereum may not, they have a great shot at going back up but even they may fail at it, however when it comes to bitcoin that always goes back up. Bitcoin is the OG coin and nothing could make it go down forever, you need to have something better than bitcoin created and invented in order to make bitcoin go down and that new thing go up and that can't even be a crypto currency, no crypto currency is going above bitcoin ever, it has to be something very new.

[Slow death]

It's very sad what you see in the altcoins section, no offense, but I can't understand how people in the altcoins section can be so optimistic even seeing that the altcoins are dropping a lot everyday. What people don't seem to want to see is that every day there are many new altcoins which means more competition and sharing of investors or buyers. How much bitcoin the situation is completely different, people need to analyze if there will be more buyers and why there would be more buyers before investing in bitcoin and then they should be psychologically prepared for some price drop. This is a market that we must be rational and we should not have feelings

[Lanatsa]

"It always goes back up"

Bullshit.

If this line is your motto as an investor then 99% you would really lost up money yet this isn't applicable on all of coins in the market.

Not all coins it always goes back up and this will only suit out with BTC and other top altcoin in the market.The only thing here is that there
were people who do hope on such pump up of their bags specially on low cap ones, once it hit 100x or 1000x then that's a very big profit for them
but most cases this doesn't happen.