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I just lost 200k XRP


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4 hours ago, billion said:

Just remember that chances are, none of us will be selling anywhere near the new to be set ATH when it does happen. So don't think of it as 'losing' 200k XRP, just pretend you didn't sell the very top when we do eventually moonshot. That's at least how I personally deal with bad trades (lost 10k XRP  back in 2018).

Of course you still lost a large amount of money, but later on selling and profiting $2 million instead of potentially $3 million (just random numbers) doesn't really sound that bad after all :)

This is true.  I said to others that a bigger bag doesn't always yield a higher return because selling it at the perfect time is near impossible. I'm trying to remind myself that, but idk. Thanks for the advice.

 

3 hours ago, Julian_Williams said:

Firstly sorry to hear your loss.  I behaved in a similar way after the pump and dump.  If I had been more cool headed, and attentive, I would not have lost 25K ADA instead now be 100k up on my stock of XRP.  I felt very bad afterwards, and my behaviour still annoys me now

Our behaviour is classic.  It is very well known through studies of stock market traders that when we lose money we go sort of mad.  We behave irrationally and out of character, making drunken bets that we hope will recover our losses.  It is a normal part of grieving.

Whenever you make a mistake and lose substantially, STOP!  Assess your options with a sober mind and act decisively but rationally and walk away.  Do not simply go on trading whilst grieving a loss, because you are in effect drunk on the pain of your losses.  It a lesson we can learn.  I certainly have learnt the hard way

I hope you have enough stock left to make very good gains on your investment.  Choose something strong and in a dip.  I think DOT looks good (not financial advice)  ADA is good, but it might need to go back to .75, although my guess is it will go to 1.2 before having a major retrace.  XRP looks good, just hold (not financial advice)

Do not chase money, do not buy high.

Thank you. I didn't know that this was a common behavior. Unfortunately I am mostly in XRP, i kept selling my Dot, Link and Eth each time I multiplied. I only have a small amount of Eth left. I guess my plan is to just tune out a little bit. I think imma just hold what I have left and forget about about everything and just keep an eye out for price action.

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4 hours ago, RobertHarpool said:

I understand. 

Fortunately, XRP's price isn't remotely close to maturity, and you know more about this space than a large portion of the population. 

And, don't worry that when the next few trading opportunities arrive, you feel gun shy. It's normal.  I've suffered significantly greater losses, and it took me nearly a year to 'get back on the horse', so to speak. Be patient. 

In the big picture, you'll be fine. The industry is still young, and you've got your hands on the reins of a true stallion (XRP), be it for short or long term gains. 

Cheers!

 

Thank you for the advice.

Just so you guys know.  In 2018 I landed a nice job, it's about 60-70k yearly salary.  I had just turned 28 at the time too. this was in 2018, and as you all know the entire crypto market crashed, and I was just learning about investing. So I decided to go all in.  I lived very frugal, finding the cheapest places to live. I haven't bought a new car or anything, I just kept investing. I would throw 80%+ of my paycheck  into crypto, btc, eth, Link etc. So, losing a third of my portfolio is heart breaking. I know this was risky, but I felt the only way to make me finally stand out was to take this risk.  My life actually sucks, no family or friends. That's why I went all in like I did. So you know there are crazies like me out there. Thanks for all the advice and support. 

Edited by stickynoodle69
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7 minutes ago, stickynoodle69 said:

 

So, losing a third of my portfolio is heart breaking. I know this was risky, but I felt the only way to make me finally stand out was to take this risk.  My life actually sucks, no family or friends. That's why I went all in like I did. So you know there are crazies like me out there. Thanks for all the advice and support. 

I have seen people in similar situations, after stack market crash, after housing, dot com, and any other bubble bursts.

Please keep your head up, life does go on. You still have 2/3rds left, make good use of it.

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24 minutes ago, stickynoodle69 said:

My life actually sucks, no family or friends. That's why I went all in like I did. So you know there are crazies like me out there. Thanks for all the advice and support. 

Sorry to see you feeling this way... I'll bet you have friends, but maybe are unaware?  Either way, I sometimes feel this way but then realize I do actually have family.... but maybe no friends?  At any rate, my point is that when I do feel down and blue, I think about the things I do have.  Both of my eyes... imagine only having one... or worse, neither!  That always makes me feel better, always.  Also, if that doesn't make me feel better I apply this to my limbs.  Luckily I have all four, but imagine missing 1, 2, or even 3 of them!  Actually, come to think of it, you might be missing limbs and if so, I hope that didn't make you feel worse.

Thank you for sharing this drastic story, if nothing else, it makes me feel better about myself. So it's not all in vain. Cheers!

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46 minutes ago, stickynoodle69 said:

I would throw 80%+ into crypto, btc, eth, Link etc. So, losing a third of my portfolio is heart breaking. I know this was risky, but I felt the only way to make me finally stand out was to take this risk.  

You must understand that with that approach you'll either be rich or broke. Just don't do it. If you're young then put your money in riskier stocks but crypto is like the riskiest of all risky investments. No more than a couple percent of your entire portfolio for a sane person.

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@stickynoodle69You just made the same mistake almost all of us did at one time.. I did it 3 years ago and learnt from it.

I really feel bad for you , because I know how I felt and this morning I lost a trade (lost 2k$) and it feels bad so can't imagine 100k.

I hope you'll be fine really , you'll still make huge gains 

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Stay safe friend. Definitely work with that counselor. Money comes and goes but it doesn’t matter how much money you have in the bank if there isn’t peace in your head and your heart.

As others have said, this is why you don’t buy high. Buying AVAX at 58 was literally buying at the ATH. If something has moved up a lot, you have to wait for a significant correction at least before you jump in. If it’s nonstop daily green candles, you are too late, be patient, and wait for it to come back to you.

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Sorry to hear about what you've been going through @stickynoodle69 - as @Julian_Williams says, it's like being drunk when you take those sorts of losses.

All I can do is share my own experiences: I learnt it's never good for me to hold too much of one token, or put too much into one asset class.  The emotions are magnified based on the stack size / initial investment.   I spread my bets.  I hold precious metals, crypto, some real estate, even...whisky (yes), and always with a decent amount of cash on the side.  Wouldn't I make more money if I just threw a LOT more into crypto? Probably...since everything is going up, right? But I know myself - it would rob me of my sleep and the ability to make good decisions.  I know that, because I've been there.   The smart money has the luxury to invest more deeply and take "shallower" profits on the way up.  A lot of us retail traders are trapped in a "moonshot mentality" - damn it, I'm hodling until I get my x100! Lots of people won't take profits in this bull run (just like they didn't in the last), even though they're staring at x3 or x5 or x10.  It's not "life changing" enough. 

This market is as dumb as a bag of hammers.  It was dumb in 2017 and it's dumb in 2021.  My portfolio is ridiculous right now - I'm holding over 30 tokens.  Having said that, I've invested ZERO extra money into this bull run.  I've recycled and recycled and recycled.  The last time I put fiat in was a couple of months ago.  2017 was a lot of fun for me, but stressful too...it mattered a lot, and the dips were stressful - probably slept 3 to 4 hours a night over 3 weeks.  I would feel offended when people talked about taking profits back then. What?! I was a true believer.    Now it's almost the opposite for me in terms of how I think about it: I see new speculators saying "I'm hodling for the next 5 years!" when their only experience is a 2 or 3 week bull run that hasn't even been properly back-tested yet (certainly a lot of the alts haven't).  A lot of alts aren't going to recover (just as many didn't in the last bull run). 

That's just me...we all have different mindsets, strengths and weaknesses.

 

Edited by 2ndtimearound
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I had a friend, once.  No literally, his name was Once.  We called him Twice obviously as he went by his last name.

Point being, we can all make friends.. and sometimes even having one friend might mean being Twice loved.

Edited by EcneitapLatnem
Twice was my first.
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12 hours ago, Julian_Williams said:

Personally I do not see Crypto as high risk, but it is the wild west and the sharks and whales will have all your money if you do risky things

Crypto is unquestionably high risk. We're talking in the magnitude of 90%+ losses across the board to those who buy at the wrong time.  

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You are just fine. Better than, even.

Now granted, you've taken a hit, partially of your own making, but you have articulated your predicament honestly and properly. Thats why you are more than fine.

To state the obvious but true cliche, taking a hit is guaranteed in this activity, nothing you can do about it, its what you do when you are hit.

I won't even bother attempting to offer some opinion on how to proceed from here, profit-wise, except briefly mention this: if the pain, shame and regret becomes unbearable, remove some off the table. Peace of mind is worth its weight in gold in the long run. 

Wish you all the best, have a happy survival in this (silly) game.

Cheers

 

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