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First post here: My lesson on chasing the pump
Alright, first post in the Introductions room. Been trading for about seven years, mostly FX and now getting into some options. My biggest lesson, one that still stings occasionally, was chasing $BTC during the 2017 mania. I kept moving my stop loss further away, convinced it had to go higher, only to watch it collapse and wipe out a significant chunk of my capital. Learned the hard way that FOMO is a killer and sticking to your plan, regardless of the noise, is paramount. Better to miss a move than get slaughtered in one.
1 comments · 1 points
That's a tough lesson, but an important one many of us have learned in different markets. Moving stops can be deadly. What strategies have you found most effective since then to avoid similar pitfalls?