Do not blame your Crypto losses on Elon Musk

I know this sounds harsh, but please bear with me. If you are blaming trading losses on Cryptos on Elon Musk, you do not understand trading and risk.

Anything can happen, and it will.

In the markets, anything can happen at any time. When you speculate on the price of something — from crypto to gold to indices,  you must do so with the understanding that anything can – and will – happen. The market will find all your weakness and ignorance and exploit them mercilessly. The market will never be nice to you because you have put the hours in. Nor will it take pity on you because you have already lost your shirt and believe it’s pay-back time. It doesn’t care about you or what you want.

The only thing you can control is your risk

You have to know how to control risk yourself. There is no ‘should’ or ‘ought’ in markets, there is price and that’s it.

Decide before it happens

You need to make your plan before the price action unfolds.
If you were short term trading, you should have had a stop loss. It could be hard or soft, but it would have been a defined price level or trend line, that if breached, would tell you that the bull was over (in the ST at least).

When it breached that level, you would have executed your plan without hesitation.

No guessing, no hoping.

As a trader, you should not be guessing what’s going to happen, you need a plan and you need to stick to it.
The market does not owe you anything, no matter how long you spend looking at charts, no matter how much you’ve lost and no matter what you think should have happened. It didn’t.

Speculation.

You speculated, and you can’t blame the market for your losses (did you take credit for your profits? Did you think you were clever?).

Believe me, the markets are very dangerous places and not for amateurs. Please educate yourself properly. If you have lost, you must not go back into the market to try and get your money back. If you do that, you will lose eventually. The worst thing that could happen is that you do this and win. This will allow you to delude yourself that you have talent, that you ‘know’ or ‘have a feel for the markets’. You don’t.

Get help

Please get help. Tell someone what’s happened and step away until you know how to control risk, how to create a trading plan and how to stick to it.
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