Mister right

Make a poor trade? Remain Calm

I'm sure there have been moments when you've felt like you've lost everything in trading, and while that may occasionally be the reality, more often than not, if you don't panic and act rashly out of fear, you'll have an opportunity to recover or at least reduce your losses.

Even though the market is highly unpredictable and it's impossible to predict where the next sharp rise or decline will occur, there are market trends when you zoom out, and even though you won't be able to profit from every significant spike and uptrend, you will be able to do so by following the general trends.

If there was a significant market swing that put you at a disadvantage, instead of acting immediately based on the current market and state of fear, play the long game and with time readjust which will leave you with a better average. This idea is similar to "dollar cost averaging" where since you don't know when the best time to buy is you buy consistently and that averages your entry to market price.

A few weeks ago, the price of XRP increased by almost 20%. At the time, I was using a dual investment in Bybit, but because this utterly unanticipated event occurred, I had to terminate my position and replace it with USDT, which could only purchase 20% less XRP than I had initially.

That was a significant loss in my opinion, so I didn't want to terminate my trade and lose all of my XRP, but I also didn't want to reopen it and risk another 20% loss.

In my panicked condition, I wanted to purchase back my stake so that at least I would still be holding it, but fortunately, I refrained from doing so. Instead, I waited, and after a few weeks, the market began to calm off a bit.

Now that I am in a much better position than I began, I hope to regain my position gradually.

I'm short, so always remember to maintain composure and play the long game. Market moves, especially significant ones, tend to balance themselves over time, sometimes more slowly than others. Don't wait for it to completely reverse course; move slowly and steadily.

Good fortune!