I made a bad trade... Turning a 90% gain into a loser (My $ZCL mistakes)

in cryptocurrency •  8 months ago

Have you ever made a trade and TOTALLY messed it up. Well, welcome to my life and my recent $ZCL (ZClassic) trade. Let's analyze what I did and how I totally ignored my key principles because I got greedy.

Here are my thoughts on the ZCL trade and how I messed it up:

  • I had a plan going into the trade.. And I didn’t follow it

  • Why didn’t I follow it? Because I got greedy. Simply put. I hit my profit goal, but didn't take profits because I thought there more more left in store.

  • I listened too much to what other people were saying and because of that I took an L

  • What did I learn? Don’t hold all the way into a fork. Even if you like the coin, ditch it prior to the fork and buy back in prior to (at least that's what I would do next time)

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Selling right before a Fork is almost always the safe thing to do.
That post fork dump is PAINFUL!!!

Great insight, thanks for sharing! Sorry for your loss though... :(
Keep up the good work!

For me, greediness occurred when XEM hit an all-time high before the hellish downtrend. A crazy up from the point I bought and I thought about investing that to an ICO. And then... "What if it can go higher and then I can invest more?"

From that point I know that's when I get rekt in a few days. Greed is way too expensive.

In swing trading / daytrading its always very very ez to "feel stupid" in hindsight :) Yes, you should have stuck to your plan. But look at it from the other side. Say you stuck to your plan and then the announcement did come and it did pump another 90%, how would you have felt then :)

Dont be too hard on yourself.

Love the content.

Your post are very nice

Don't be to hard on yourself sometimes it does happen ,i have gone through the same experience myself but i learn to let it go.

Coins mentioned in post:

CoinPrice (USD)📈 24h📈 7d
BTCBitcoin10742.600$3.88%-7.82%
ETHEthereum883.416$1.73%-4.46%
LTCLitecoin217.344$-2.2%-10.05%
NANONano15.669$11.64%104.74%
ZCLZClassic91.525$-14.51%-46.68%

I hit my profit goal, but didn't take profits because I thought there more more left

This has been an area of weakness for me too. Several times I have hit a good gain in a position I no longer love, but don't exit. Some is due to greed, over analysis or not seeing the price move. After listening to TCG enough, I am starting to enter my scale out positions on the way up as soon as I enter into my "trades".

Amen brother...I did the same thing with ZCL. Should have sold MUCH sooner.

Bulls make money, bears make money, pigs gets slaughtered... Expensive lessons of trading.