Made a bad Trade? Don’t Panic

By Crypto Wisdom | Crypto wisdom | 24 Apr 2023

For anyone who’s been in the crypto space for a bit of time, I’m sure it has occurred where you thought you made a disastrous mistake when trading and though sometimes that might be the case, more often than not if you don’t panic and make rash decisions based on panic mode, you’ll have a chance to bounce back or at least mitigate your losses.

While the market is very much unpredictable and there’s no real way to know where the next steep climb or drop will be, when you zoom out you can definitely see that there are market trends and while you not be able to capitalize on every big spike and uptrend you will however be able to benefit from the general trends. 

Similar to the concept of “dollar cost averaging” where since you don’t know when the best time to buy is you buy consistently and that averages your entry to market price, the same concept applies if there was a strong market swing that left you with a disadvantage, instead of acting immediately based on the current market and state of fear, play the longer game and with time readjust which will leave you with a better average. 

A few weeks ago XRP soared over 20 percent, I was in a position where I was using the dual investment in KuCoin and since this absolutely unforeseen my position closed and I was left with USDT which would be able to buy at that time 20 percent less XRP than what I started with. 

To me that was a great loss and I didn’t want to close my position leaving me with no XRP but I also didn’t wanna buy back in taking the 20 percent loss. 

In the panic state I wanted to buy back my position so at least I would still be holding but luckily I did not instead I waited and as the market does after a few weeks it cools down a little. 

I am now hoping to buy back my position slowly and to be in a much more profitable position than I started out in.

So I’m short remember always to stay calm and play the long game market shifts especially big ones tend to balance themselves after time sometimes longer than others and don’t wait hoping for it to go all the way down instead go slow and steady. 

Good luck! 

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