Presence of mind while making trades!

[libert19]

Story is as follows:

I had some token that I received from airdrop. It got pumped few days ago, it was apparently an artificial pump as there was HUGE gap between bids and asks.

Whoever pumped this used to buy some orders from asks field, daily.

I figured, he was doing this 'daily' few days later.

So I finally decided to place order. Hoping for the best.

To my sheer stupidity, I directly placed the order without realizing that it's market order as default. My order got executed immediately.

Next day when I check the recent trades, that artificial pump is still going.

I was like fuck, fool and his money are soon parted.

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[hugeblack]

This is one of the drawbacks of unknown tokens that the market is small and therefore easy to manipulate, also most of them listed in a limited number of platforms and thus the platform can control the orders of buying/selling and thus stealing customer money indirectly.

Even if you did not make a mistake and gave the correct order, it is often not allowed that the winning offers while doing the currency pumping.

[GreatArkansas]

(...)
To my sheer stupidity, I directly placed the order without realizing that it's market order as default. My order got executed immediately.

Next day when I check the recent trades, that artificial pump is still going.

I was like fuck, fool and his money are soon parted.

Do you think even if you did not accidentally market sold your order, you still gotta earn money? Like if you got your order on the exact amount you want, who do you think will buy it? Maybe he/she (the person behind the artificial pumps and dumps) will able to buy it just to continue the artificial pumps & dumps?
I am also curious about why they are doing it.

[pixie85]

The silver lining is that you had those tokens from an airdrop and you sold during a pump.

You got free coins and sold them for profit while the market was in the green. Later it was even more in the green but that quote about a fool is misplaced here. You still made money so selling a token you did not believe in was a good idea.

You probably still did beter than most.

[cytpoway121]

Instead of being absent minded, i think you got carried away. While trading, this is one factor you cannot slip or give way for.

Before trading, ensure that you are emotionally calm to proceed and also, try your best to understand what the market is saying before you proceed to trade; it helps.

[TheUltraElite]

I think is this one of the side effects of having to sign up on more than one exchange just because you hold a specific coin that got listed there and nowhere else. First thing first, for those who have collected altcoin bounties and airdrops in the past, its better to just forget about those coins but of course if they pump then it is a good point to exit them now instead of cluttering your ETH wallet like OP did.

But I guess sometimes we need to be careful about the type of order that we place. Maybe keeping your own double check or triple check policy before placing the trade will minimize chances of similar mistakes in the future. Exchanges where you are familiar with the UI less chances of mistakes happening there.

[drlukacs]

Story is as follows:

I had some token that I received from airdrop. It got pumped few days ago, it was apparently an artificial pump as there was HUGE gap between bids and asks.

Whoever pumped this used to buy some orders from asks field, daily.

I figured, he was doing this 'daily' few days later.

So I finally decided to place order. Hoping for the best.

To my sheer stupidity, I directly placed the order without realizing that it's market order as default. My order got executed immediately.

Next day when I check the recent trades, that artificial pump is still going.

I was like fuck, fool and his money are soon parted.

Don't feel sorry, profit taking is never wrong. What I learned in the financial markets is not being greedy. there are people who trade XAUUSD and are making a profit of 60k $ but he doesn't take profit. wait and until the market reverses, he has lost more than $ 20k on his total 25 lots traded. So when you trade and make a profit, have fun with it. We have thousands of chances and never be greedy in any deal. The market is always volatile and especially tokens pumped by whales can collapse at any time.

[pankaj1234]

Trade is not playing with chart it is played against your mind. Thats why people can't control their emotions when they open a trade. Their mind is going just like trading chart. In trade when you purchased then you have to calculate that any type of big money in this share share will increase the price then you havr to wait for sometime with relax mind. Another thing you have to buy on low. Their trading chart and technical analysis should done before making trades.
You will definitely going to get the profit.

[sheenshane]

You are rushing to place your bid, I also encounter that problem without thinking about the current price of the chart. It was accidentally placing twice in a wrong bid. But there's nothing lose with you because that has come from airdrop, sometimes these mistakes will make us learned the next time when we are selling our token on the exchange.

Avoid being greedy when executing selling your assets in the market. This is my problem too, usually, I set into the highest bid with the current price and leave a couple of the day, but sometimes I missed the pump and sometimes I get profited on it. We really don't know the movement of the price.

[hossamdz]

i think that totally fine mate , dont be sad because at least you got some profit from the airdrop and not just scammed you , think about those who sold their coins in a very lower price directly .

[BTCappu]

I had some token that I received from airdrop. It got pumped few days ago, it was apparently an artificial pump as there was HUGE gap between bids and asks.

I have seen that and indeed you are right these are artificial pumps.

Whoever pumped this used to buy some orders from asks field, daily.

They do this just to make the price of the token feel like its getting big.

To my sheer stupidity, I directly placed the order without realizing that it's market order as default. My order got executed immediately.

Yeah that's unfortunate but I would never want to play with the market when such pumps are going on because they can always dump the market in a small span too so not the worst mistake you made.

I usually don't hold airdrop coins but a few I do that are listed on small exchanges, I always see the pump and dump things going with them.

[libert19]

To my sheer stupidity, I directly placed the order without realizing that it's market order as default. My order got executed immediately.

Yeah that's unfortunate but I would never want to play with the market when such pumps are going on because they can always dump the market in a small span too so not the worst mistake you made.

Well, point is I was selling and if my 'ask' was to get filled (and it should have, cause I checked next day and artificial pump was still ongoing) I would have got the more money than the market order that just got executed.

[Luzin]

Well, point is I was selling and if my 'ask' was to get filled (and it should have, cause I checked next day and artificial pump was still ongoing) I would have got the more money than the market order that just got executed.

You may be a little lucky that the sell order you placed bought. If you regret selling at a low price, you can solve it by placing several sell orders at different prices, you can divide it into several sell orders, I think in this way your disappointment for not being sold at an ever-increasing price will disappear. But be prepared if the price drops again.

[libert19]

Well, point is I was selling and if my 'ask' was to get filled (and it should have, cause I checked next day and artificial pump was still ongoing) I would have got the more money than the market order that just got executed.

You may be a little lucky that the sell order you placed bought. If you regret selling at a low price, you can solve it by placing several sell orders at different prices, you can divide it into several sell orders, I think in this way your disappointment for not being sold at an ever-increasing price will disappear. But be prepared if the price drops again.

Did you even read the op?

[chichidori]

(...)
To my sheer stupidity, I directly placed the order without realizing that it's market order as default. My order got executed immediately.

Next day when I check the recent trades, that artificial pump is still going.

I was like fuck, fool and his money are soon parted.

Do you think even if you did not accidentally market sold your order, you still gotta earn money? Like if you got your order on the exact amount you want, who do you think will buy it? Maybe he/she (the person behind the artificial pumps and dumps) will able to buy it just to continue the artificial pumps & dumps?
I am also curious about why they are doing it.

You can see this almost everyday on small exchanges I know your also familiar with the term market makers some developer use them to create hype on there token to attract new buyers and if the price stayed for a couples of days or months its a success but if it tanks in just a day somebody have lose a lot of money. the OP is lucky since the artificial pump lasted more than a day.