i already stopped trading after 3 scam-coins one after another.. i've got small losses, don't really care about the money i lost, more important i lost all my trust in any ANN or new project.. this stop me to invest in any new interesting coin, i probably will not put any more money in this for a while
If you take the lesson that came with your lumps and apply the lesson to investing in the stock market, you'll wind up saving a lot of money over your lifetime.
The lesson in question is a personal one: namely, what your limitations are. I found out the hard way here - and I found out the hard way on the penny stock market
- that I'm a lousy day trader. So I have to handicap the long term, buy, hold, wait, and find something to do with myself while I'm waiting. Here as well as there.
I also had to learn the hard way - here as well as on the penny stock market
- that I get undisciplined and impatient even when I'm holding on for the longer term. I threw away more than 15 million Reddcoin at 6 satoshis - right at the start of its current run into double digits. Just like - because I was meek on the phone with my discount broker, strangely enough - I threw away a $100,000 profit on a turnaround stock by failing to order it up in illiquid certificate form in the dark days of early 2009. Had I held on as I vowed to until the end of 2010, and waited the six-or-so-weeks for it to be credited to my account, I would have had six figures. But the broker, after telling me about that six-week delay, explicitly advised me against going through with my order for a physical certificate. And at that point, I acted like an agreeable fellow and chickened out.
I ended up selling it for a teeny profit and went chasing after sometime else. Chasing after yet another shiny object...
So I've ben a slow learner in two ways. I've had to learn the hard way what my limitations are, and I've also had to learn - the hard way - how to play within my limitations skilfully. Both have involved taking a lot of lumps, although thankfully for me my biggest "losses" have been thrown-away profits.
To wrap up me talking about myself
, I suggest you regard the losses you've taken as a disguised lesson showing you your own limitations. Once you figure out what they are, and once you take any further lumps learning to play within those limits skillfully, you will have a hard-won skill set that - once you make it in the "real world" -
will save you tens of thousands of dollars - and maybe more - over the course of your investing lifetime on the stock market.
One more thing: don't kid yourself about the woes you're facing resulting solely from cryptos being "unregulated." I've had enough experience in the quite regulated stock market to notice that the trading lunges there are strikingly similar to the mania-arc here. Truth be told, regulations only limn the ways in which you can decimate your portfolio. They do rule some ways as no longer in bounds, but they always leave other ways. That's because, at bottom, our biggest enemy as speculators is our own weaknesses.
And that can never be regulated away - only outlawed outright via prior restraint. Sorry to disillusion anyone, but that's the way it is.
Best post I've read in the month of July!
I love the accountability. Traders win and lose. Often, when they win, they attribute it to their brilliance. When they lose, it was a scam, bad luck, or something external to them.
I've learned similar lessons, and frankly I don't care if every alt and BTC all go to zero overnight.
I suspect there are a lot of folks younger than me in this forum (46) and I hope that, if nothing else, you view losses as paying tuition to learn something you can use forever. That post is a great start.
