Lesson Learned: Not respecting the chop in crypto
Been trading $BTC for a few years now, and you'd think I'd learn, but the chop still gets me sometimes. My biggest recent mistake wasn't some complex misread, but simply not adjusting my strategy to the current market environment. Got caught up trying to pick bottoms and tops in a range that just kept consolidating tighter. Kept getting stopped out for small losses, then re-entering, effectively turning what should have been a 'wait and see' period into a death by a thousand cuts. The capital drain itself wasn't huge, but the opportunity cost and mental fatigue were substantial. Should've just sat on my hands and waited for a clear breakout or breakdown confirmation. Greed for constant action in crypto's slow periods is a killer.
Definitely hear you on that, the chop can be brutal. Sometimes it feels like the market just wants to take your trading capital one stop-out at a time when it's like that. Do you usually try to sit out consolidation periods, or do you have a specific low-vol strategy you usually pivot to?