CryptoCurrency : It’s Over: HODLing Made You Go Broke
I used to get roasted in here a couple of months ago when I would post about how much of a meme HODLing is and that you aren’t doing yourself any favors by sitting on investments that were down 50%. Now many of those investments are down 90+% and the market itself is looking bleak.
The idea of HODLing was a meme to begin with which exploited so many obvious biases plaguing rookie investors. Anchoring bias, bandwagon bias, disposition bias, etc. You entered an unregulated space with (almost) zero investing experience and got played hard by people who knew what they were doing. This is not a hobby. This is a full-time career for many seasoned investors and traders and they’re all out to take your money.
There is zero nobility in holding an investment which has depreciated by over 90%. You are not cool, you do not have “strong hands”, you likely are not buying any dips (considering most of you have been ‘buying the dip’ for months), and you’d be laughed at for holding anything this long in any other market.
My only hope is that this shitty series of events that has gone on over the last 8 months has made some of you understand the importance of cutting losses before they run away from you. You do not have to be a trader to set a stop loss, mental or in an order book. Many of the projects that were valued to highly only 8 months ago will never recover. People are going to end up with the realization that they have lost massive amounts of capital. Use this moving forward to make smarter investing decisions on BOTH sides of the trade – entry and exit.
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