Even After Years of Trading, I Still Bought the Top Today

[irhact]

In the end altcoins can be part of a portfolio but they should never be the foundation if you’re serious about building wealth in crypto focus on long term reliable assets and only put into altcoins what you’re prepared to lose completely because the line between big profit and total loss is very thin.

Very true and we can't do without altcoins in the market because newer ones are getting introduced into the market everyday and we can't afford to ignore them that easily because they're everywhere. Today I visited Twitter and saw news about Binance partnering with Ronaldo to introduce a new cryptocurrency and I immediately knew, if the rumours are true then we'll be getting a new meme coin soon. Coins like this will always be introduced since the exchanges aren't going to stop listing them because they're giving them lots of profits from trading fees and other fees the exchange are charging.

[Wakate]

In the end altcoins can be part of a portfolio but they should never be the foundation if you’re serious about building wealth in crypto focus on long term reliable assets and only put into altcoins what you’re prepared to lose completely because the line between big profit and total loss is very thin.

Very true and we can't do without altcoins in the market because newer ones are getting introduced into the market everyday and we can't afford to ignore them that easily because they're everywhere. Today I visited Twitter and saw news about Binance partnering with Ronaldo to introduce a new cryptocurrency and I immediately knew, if the rumours are true then we'll be getting a new meme coin soon. Coins like this will always be introduced since the exchanges aren't going to stop listing them because they're giving them lots of profits from trading fees and other fees the exchange are charging.

Many of all these fan tokens are not to be trusted and many exchanges list many of these coins because of the profits they are going to make from investors and traders. Rather than investing on fan tokens, there are good altcoins we can hold and wait for them to appreciate before taking profits. Altcoins investment also need a bit of consciousness so we don't end up losing more than we can afford in a long run. 
We can trade food altcoins on good exchanges but not those ones that are easily manipulated because they have small market capitalization. Altcoins with huge market cap is better to invest on for the safety.

[Hamza2424]

After several years of trading experience, I bought the top of an altcoin again today.

I made a trading mistake, and I wonder how come I haven’t grown past this stage in trading.

I thought I have learnt how not to FOMO, I still fell for it even after been a trader since 2020.

I wouldn’t have bought the top if I took some few minutes to check the chart. At least the daily chart would have given me the signal.

This shows that even masters makes mistake sometimes.

Do you have similar experience like this?

I would say if you would not have the money to lose and you fear it so much that you might lose your capital with this trade then you would not have fell for FOMO or would you?

The need and wish have differences, some traders trade because that's their need because they have chosen their profession as trading and if they won't make profitable trades they will be needy for money but before making such trades they do all the research, they don't fell for the FOMO because people who can risk their money and can manage to handle things out even if they lost it in that trade.

They go for it and don't think for another second, bro I am not blaming you but I think this could be the reason although you know better you are not newbie have 5 years of experience in trading so you must have known till now where you was wrong.

[Shishir99]

There are many people who do not know how to check the chart, remember they are not all veterans and there are many newbies in the trading world even if they are old at investing. I think OP isn't someone who checked the charts because he wasn't trading that way, he may have made moves based on their moves in historical patterns.

I think there was a time when almost every crypto newbie searched on YouTube about which token to buy. They followed some random YouTuber and bought the suggested coins without doing any research. I think I did it by myself, and I think I am not alone. You will often see tweets or posts on other social media that some influencers post like "you missed Shiba Inu, you missed Pepe, don't miss this and that," and then people get triggered to buy these coins. At least the crypto newbies do that. I think I did it a couple of times and most of the times I regret the decision. So, I think people who follow crypto influencers regret their decision later.

[taufik123]

-snip-
They go for it and don't think for another second, bro I am not blaming you but I think this could be the reason although you know better you are not newbie have 5 years of experience in trading so you must have known till now where you was wrong.

Many people make mistakes like this despite being said to be old traders, but they don't learn from the many mistakes that occur.
The main problem is not his knowledge but his mentality which really cannot be controlled.

Too FOMO when the price goes up and don't buy again when the price really crashes, even sell at a low price and get a lot of losses.

5 years is not a short time, it is a time that makes a person well shaped by the market and should have good self-control as well as more expert trading knowledge

[Hamza2424]

Many people make mistakes like this despite being said to be old traders, but they don't learn from the many mistakes that occur.
The main problem is not his knowledge but his mentality which really cannot be controlled.

Too FOMO when the price goes up and don't buy again when the price really crashes, even sell at a low price and get a lot of losses.

5 years is not a short time, it is a time that makes a person well shaped by the market and should have good self-control as well as more expert trading knowledge

You are right about the mentality and some are too stubborn to accept that they are wrong and they need to learn more. They think if they have made some trades in profits they are legends but they don't know anything and not accepting their errors can cost them more.

They also fall for every Fomo and they don't care until their wallets liquidated and they got no money, they sell early and don't book profits, for any trader the best practice is to hold coin until the market is good but if we are doing future trading our SL should be placed to save us some money and newbie will be doing opposite, they will be adding more to increase their liquidity range. Still some people don't learn in 5 years and there are traders who became expert only in a year, it depends on the practice, not on the time they have spent.

[taufik123]

You are right about the mentality and some are too stubborn to accept that they are wrong and they need to learn more. They think if they have made some trades in profits they are legends but they don't know anything and not accepting their errors can cost them more.
-snip-

Acknowledging themselves as legends and only labeling themselves, not from others, is a mistake that makes them arrogant.
Traders who are really professional and know how the market works, they don't do any flexing and don't think of themselves as trading gods,
they consider themselves to have no more knowledge and have a lot of mistakes so they can continue to be vigilant and correct themselves.

[dunfida]

Many people make mistakes like this despite being said to be old traders, but they don't learn from the many mistakes that occur.
The main problem is not his knowledge but his mentality which really cannot be controlled.

Too FOMO when the price goes up and don't buy again when the price really crashes, even sell at a low price and get a lot of losses.

5 years is not a short time, it is a time that makes a person well shaped by the market and should have good self-control as well as more expert trading knowledge

You are right about the mentality and some are too stubborn to accept that they are wrong and they need to learn more. They think if they have made some trades in profits they are legends but they don't know anything and not accepting their errors can cost them more.

They also fall for every Fomo and they don't care until their wallets liquidated and they got no money, they sell early and don't book profits, for any trader the best practice is to hold coin until the market is good but if we are doing future trading our SL should be placed to save us some money and newbie will be doing opposite, they will be adding more to increase their liquidity range. Still some people don't learn in 5 years and there are traders who became expert only in a year, it depends on the practice, not on the time they have spent.

Exactly, the mindset is a huge part of trading and many never realize how much their own ego and stubbornness work against them thinking a few profitable trades make them legends is dangerous because it blinds them to mistakes and lessons they need to learn.

FOMO is another killer most beginners chase hype without strategy and only realize too late when their wallets are emptied or profits vanish they sell too early or hold too long without proper risk management the smart approach is to wait for favorable market conditions and for futures trading always use stop losses to protect capital. Practice and discipline matter far more than time spent trading some traders become experts within a year because they focus on learning, analyzing, and adjusting while others can spend five years making the same mistakes over and over it’s about quality of practice not just quantity of experience.

[taufik123]

-snip-
FOMO is another killer most beginners chase hype without strategy and only realize too late when their wallets are emptied or profits vanish they sell too early or hold too long without proper risk management the smart approach is to wait for favorable market conditions and for futures trading always use stop losses to protect capital. Practice and discipline matter far more than time spent trading some traders become experts within a year because they focus on learning, analyzing, and adjusting while others can spend five years making the same mistakes over and over it’s about quality of practice not just quantity of experience.

Those who are FOMO will not think to do a review and do risk management, it happens spontaneously and buys at a high price for fear of missing out on an upward price trend,
even though it is a trap as an exit liquidity for those who have entered at the beginning.

I have certainly experienced this kind of situation, becoming FOMO and then panicking by selling at a loss,
it has become a regret that is quite imprinted until now, because being FOMO and panicking it really damages psychology, let alone suffered quite a lot of losses.

[Hamza2424]

Acknowledging themselves as legends and only labeling themselves, not from others, is a mistake that makes them arrogant.
Traders who are really professional and know how the market works, they don't do any flexing and don't think of themselves as trading gods,
they consider themselves to have no more knowledge and have a lot of mistakes so they can continue to be vigilant and correct themselves.

I have followed many arrogant traders and they trade and make a profit it is not that their analysis is wrong and they are doing anything wrong but the behavior is what makes other people buy you. Either you are not selling, having good behavior like listening to other before sharing your own high-class knowledge, without getting others' issues first is not good and arrogant.

They don't behave nice even and when they liquidated their accounts they even don't come to their senses but I don't want to talk about someone's behavior here just to point out that traders must have a open heart and willing to accept their mistakes so they could learn more and that's the right thing for any trader either streaming or have any community or not.

[HONDACD125]

Acknowledging themselves as legends and only labeling themselves, not from others, is a mistake that makes them arrogant.
Traders who are really professional and know how the market works, they don't do any flexing and don't think of themselves as trading gods,
they consider themselves to have no more knowledge and have a lot of mistakes so they can continue to be vigilant and correct themselves.

They say, "Work hard in silence, and let your success be your noise.".

So, you are right that those who have confidence in themselves and know how they are doing it is the right way to do what they are doing, and that they don't need to seek recognition for it because once they succeed, they will get the recognition they deserve based on their actions and success. You are not doing it right if you are seeking for validation instead of focusing on what you are doing, that's not the right way to do something.

A professional trader, someone who is an expert in trading and knows everything about the market, will not acknowledge himself as a pro-trader, they won't say they are the best and no one can beat them, but they will do their work, they trade, and when they make profit successfully over the course of their trading career, people will say he is the best without him having to ask them to say so. That's how it should be.

[SmartGold01]

This shows that even masters makes mistake sometimes.

Do you have similar experience like this?

A devoted trader and someone who knows about how the bear market and bull function can never make same mistake, this is excluding knowing about technical and fundamentals analysis. Those things are those who are routed into trading, while good investors or someone who has been in the cryptocurrency space should understand how the market function.

The thing is, if you keep making same mistakes for the past 5 years then I must you are not taking trading serious or it's not meant for you, meaning it would be more better you do investment than trading. Just imagine investment of 5 years, meaning right from 2020 you could had made serious profit from your investment than trading.

One thing people don't know is that investment could be good for some people while trading could also be good for some people but everyone wants to venture into trading without knowing that investment could be more better for them.

[OcTradism]

A devoted trader and someone who knows about how the bear market and bull function can never make same mistake, this is excluding knowing about technical
The thing is, if you keep making same mistakes for the past 5 years then I must you are not taking trading serious or it's not meant for you, meaning it would b more better you do investment than trading. Just imagine investment of 5 years, meaning right from 2020 you could had made serious profit from your investment than trading.

If a trader can not trade well and make same mistakes over time, it's a bad trader. Making trading mistakes in five years that are very long time possibly causes very big fund loss that can be an ending of that trader in trading career. You can lose all your money even within shorter period than five years if you are a very bad trader and has practice of using all money you have for trading.

It is risky to trade but if a person decides to go with trading, make sure knowing about stop loss order and actually use it in trading. It is very helpful for defending trading capital and reduce loss.

One of the best weapons in trading.

[Firstfrost]

This shows that even masters makes mistake sometimes.

Do you have similar experience like this?

A devoted trader and someone who knows about how the bear market and bull function can never make same mistake, this is excluding knowing about technical and fundamentals analysis. Those things are those who are routed into trading, while good investors or someone who has been in the cryptocurrency space should understand how the market function.

The thing is, if you keep making same mistakes for the past 5 years then I must you are not taking trading serious or it's not meant for you, meaning it would be more better you do investment than trading. Just imagine investment of 5 years, meaning right from 2020 you could had made serious profit from your investment than trading.

One thing people don't know is that investment could be good for some people while trading could also be good for some people but everyone wants to venture into trading without knowing that investment could be more better for them.

True, trading can't be for everyone and if one has been making the same mistakes for years, it might be better to reflect on whether trading is truly the right thing for them.

That said, we can also look at it from another perspective. Some traders are very passionate about trading that they stay committed in it even when the results aren't great. That passion can make them   persistent, however it can also prevent someone from pivoting to a strategy that might actually work better for them. But at the end of the day, it’s about being honest with oneself and choosing the path that bring good results.

[DPHOR]

After several years of trading experience, I bought the top of an altcoin again today.

I made a trading mistake, and I wonder how come I haven’t grown past this stage in trading.

I thought I have learnt how not to FOMO, I still fell for it even after been a trader since 2020.

I wouldn’t have bought the top if I took some few minutes to check the chart. At least the daily chart would have given me the signal.

This shows that even masters makes mistake sometimes.

Do you have similar experience like this?

If you keep experiencing loses while trading why don't you try another different thing than just trading and losing money. For I think trading requires more patients and research to be able to succeed in trading, you can't just succeed in trading with your own knowledge rather putting up more knowledge and ideas together, it would be ideal to have different resource material to educate yourself more better where you learn how to handle the market more better to avoid further loses.

[dunfida]

-snip-
FOMO is another killer most beginners chase hype without strategy and only realize too late when their wallets are emptied or profits vanish they sell too early or hold too long without proper risk management the smart approach is to wait for favorable market conditions and for futures trading always use stop losses to protect capital. Practice and discipline matter far more than time spent trading some traders become experts within a year because they focus on learning, analyzing, and adjusting while others can spend five years making the same mistakes over and over it’s about quality of practice not just quantity of experience.

Those who are FOMO will not think to do a review and do risk management, it happens spontaneously and buys at a high price for fear of missing out on an upward price trend,
even though it is a trap as an exit liquidity for those who have entered at the beginning.

I have certainly experienced this kind of situation, becoming FOMO and then panicking by selling at a loss,
it has become a regret that is quite imprinted until now, because being FOMO and panicking it really damages psychology, let alone suffered quite a lot of losses.

It's true FOMO can really cloud judgment people get caught up in the hype and buy at high prices without reviewing or managing risk often it ends up being a trap providing exit liquidity for early entrants experiencing FOMO and then panicking to sell at a loss is tough it can leave a lasting impact on psychology losing money that way teaches a hard lesson about the importance of discipline patience and sticking to a plan.

Over time, learning to recognize FOMO and controlling emotions becomes crucial in trading without that control even small mistakes can turn into bigger losses its a reminder that mindset is just as important as strategy when participating in the market.

[BitMaxz]

If you keep experiencing losses while trading why don't you try another different thing than just trading and losing money. For I think trading requires more patients and research to be able to succeed in trading, you can't just succeed in trading with your own knowledge rather putting up more knowledge and ideas together, it would be ideal to have different resource material to educate yourself more better where you learn how to handle the market more better to avoid further loses.

Losing in trading is pretty normal, but getting liquidated isn't normal. It's a part of the trading journey; even I have experienced this before. I thought I would never be liquidated, but at the end, due to revenge trades, I ended up holding a position without stop-loss.
So there's no perfect strategy; even experts still keep learning on the market. The important thing in trading is risk management; always protect your capital. Don't trade too much because if you trade after losing the first trade without analyzing and waiting for the next setup, you'll end up losing more.

[SmartGold01]

A devoted trader and someone who knows about how the bear market and bull function can never make same mistake, this is excluding knowing about technical
The thing is, if you keep making same mistakes for the past 5 years then I must you are not taking trading serious or it's not meant for you, meaning it would b more better you do investment than trading. Just imagine investment of 5 years, meaning right from 2020 you could had made serious profit from your investment than trading.

If a trader can not trade well and make same mistakes over time, it's a bad trader. Making trading mistakes in five years that are very long time possibly causes very big fund loss that can be an ending of that trader in trading career. You can lose all your money even within shorter period than five years if you are a very bad trader and has practice of using all money you have for trading.

It is risky to trade but if a person decides to go with trading, make sure knowing about stop loss order and actually use it in trading. It is very helpful for defending trading capital and reduce loss.

One of the best weapons in trading.

You know there are people who doesn't like to take correction or even used what happened to others as case study to mind how to follow same steps or not, I believe op doesn't have a trading mentor and this is where trading mentors do come in while trading, If I am not mistakenly I have created or comes across similar topic like this where people said they don't need a mentor to guide them while trading, in fact most people even said that they can get educated gain all necessary knowledge through online and Youtube. Though everyone with how they believed themselves and even if they can handle it themselves at least they need someone to guide at the initial stage to enable them remains guided. Like I know, when a trader has mentor it becomes that easier for them to reduce the rate at which they could have been losing more money

[taufik123]

It's true FOMO can really cloud judgment people get caught up in the hype and buy at high prices without reviewing or managing risk often it ends up being a trap providing exit liquidity for early entrants experiencing FOMO and then panicking to sell at a loss is tough it can leave a lasting impact on psychology losing money that way teaches a hard lesson about the importance of discipline patience and sticking to a plan.
-snip-

And the psychological impact is not easy to eliminate, it will even affect a person's normal quality of life which in the end makes him experience excessive stress.

Not just an opinion, but it's a reality I've experienced as well.
Got a lot of losses due to too much FOMO which ultimately affected my mentality for losing a lot of money by selling at a loss price when panicking.

The initial goal is to take advantage of the hype moment to take advantage, but in the end it is just a waste of hard-earned money.

[Hamza2424]

FOMO is another killer most beginners chase hype without strategy and only realize too late when their wallets are emptied or profits vanish they sell too early or hold too long without proper risk management the smart approach is to wait for favorable market conditions and for futures trading always use stop losses to protect capital. Practice and discipline matter far more than time spent trading some traders become experts within a year because they focus on learning, analyzing, and adjusting while others can spend five years making the same mistakes over and over it’s about quality of practice not just quantity of experience.

I agree, traders who learn consistently and practice on demo acccount or paper trade they have learned all the tactics and they don't panic and get into FOMO because they remain calm due to the pressure they pratice to bear, when they get into trading with real money they panic and that's for sure but nothing wrong, this is their first time.

They learn to remain calm and understand this is how the cryptocurrency market is because other markts have their own ups and downs but crypto is like more volatile, and to make money here they had to understand charts with not too much complexity thought but the manipulation and volatility increase the risk.