I summarized the results of my disastrous yesterday fiasco for $690.
I'll write a short story; maybe it will be interesting to someone, or maybe this lesson will help someone—the lesson I learned and understood something.
$XRP opened the Long about 3 weeks ago at the 1.60 level. After that, it pulled back to the support level of approximately 1.39. Expecting liquidation to come from the Longists, I bought the coin in small amounts at lower prices (for example, around the 1.33–1.31 range) so that my average entry price would be below 1.60. In the end, I brought my level down to 1.45. The day before yesterday there was a false breakout, and in a burst of excitement that I was finally back in profit by +$95 after holding a loss for a long time, I thought it was all related to the adoption of the Clarity Act. And instead of closing in +++ and finally exhaling, waiting out the law decision in the Senate without trades, I came up with the idea to open another big position to “lock in” profit with an X-hedge (because I talked myself into it that the Clarity Act would definitely be passed and that I'd get a good profit of about 300% ROI from two trades). In the end, the Clarity Act wasn’t passed. $XRP dropped by -15%, and I got liquidated.
I really regret not taking that profit—I just kept going, greedily. In my head I had the right decision, but I didn’t make it 😫. The conclusions have been drawn; I’ll exhale a bit and continue trading.
Don’t repeat my mistakes!
I'll write a short story; maybe it will be interesting to someone, or maybe this lesson will help someone—the lesson I learned and understood something.
$XRP opened the Long about 3 weeks ago at the 1.60 level. After that, it pulled back to the support level of approximately 1.39. Expecting liquidation to come from the Longists, I bought the coin in small amounts at lower prices (for example, around the 1.33–1.31 range) so that my average entry price would be below 1.60. In the end, I brought my level down to 1.45. The day before yesterday there was a false breakout, and in a burst of excitement that I was finally back in profit by +$95 after holding a loss for a long time, I thought it was all related to the adoption of the Clarity Act. And instead of closing in +++ and finally exhaling, waiting out the law decision in the Senate without trades, I came up with the idea to open another big position to “lock in” profit with an X-hedge (because I talked myself into it that the Clarity Act would definitely be passed and that I'd get a good profit of about 300% ROI from two trades). In the end, the Clarity Act wasn’t passed. $XRP dropped by -15%, and I got liquidated.
I really regret not taking that profit—I just kept going, greedily. In my head I had the right decision, but I didn’t make it 😫. The conclusions have been drawn; I’ll exhale a bit and continue trading.
Don’t repeat my mistakes!