There are two of the most dangerous mindsets when it comes to crypto and a lot of you will have at least one of them.
What i see from every SPOT holder is the most common one which is "It's not a loss unless I sell.
Bro bought at $1. It's now $0.15. But he's cool because 'it's still in my wallet. In the meanwhile he has been on an 85% down and blaming himself for being a long-term investor.
That's not conviction. That's not just simply letting go of being wrong. The market is not concerned with how much you paid for the security.
I don't know how people can justify it, but your unrealized loss of money is very real.
No 3: Opening perps with a stop loss.
The traders that I come across most of the time do not use stop loss, their stop loss is their liquidation price.
"I'll close it when it comes back to my breakeven" Usually it doesn't come back and even if it does, It comes after Liquidating you.
Without any stop, trading is simply gambling with added complexity. You don't have a strategy, you have a hope.
What really works:
✅ Set a max pain level before you enter. If it goes to X, then I'm gone.
On a spot ask: "If I didn't have this, would I purchase it from someone right now at this price? If no, why are you still holding?
A trade is a trade, it doesn't matter whether you are taking it on Perps or on SPOT. Always have a pre-decided stoploss.
It's okay to take a trading loss. Not one trader has a 100% winning rate.
You can get out of a trade quickly and still have some capital left to take the next trade and make your money back.
However, if you rely on hope for all of your trades, at some point you will lose your money.$CGPT
BitcoinETFsSee$131MNetInflows#VitalikMovesETHviaPrivacyPools #DuneCuts25%AmidAIEfficiencyPush #StriveQ1Results15009BTCHoldings #SouthKoreaNPSIncreasesStrategyStake