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WHAT SHOULD I DO WHEN LOSEING TOO MUCH?

Investing in coins but losing money happens frequently in the crypto market. It is because of the high profits that many people “turn a blind eye” or ignore the risks involved, still ignoring the advice of experienced people. Like any financial market, losses are inevitable. *But losses lead to collapse or even bankruptcy, never daring to talk about investment or crypto again is even more failed. **I/ Common causes of loss** * **Greed:** First-time crypto market entrants mostly fall into 2 groups: The group considers it a side job, wants to earn additional income; and a group of people because of FOMO, so they want to get rich fast. Because they are all free or their main job is too low, when they hear the press or acquaintances say “This crypto market has a lot of potential, it’s profitable to invest, …”, so they stuck to the multilevel project. And so they had to trap the FOMO of the professional “chicken hunter” leading to the top swing. The FOMO happens in their psyche, they pour all the money they have, even borrow more from relatives, black credit, put it all into the market and dream that the money will be x5, x10 times as soon as possible. But the words were nowhere to be seen, only to see less than a year later, their assets were all divided by 10, divided by 20,… They themselves were emaciated, disappointed, family and friends blamed, owed their husbands debts.. That’s the end of the money label starting from greed! * **No Knowledge:** To be successful, you must have knowledge in any field, have the right mindset and accumulate enough experience about it. Most newbies (newbies in crypto) are not equipped with basic knowledge or have knowledge in other fields such as Forex, Securities, so they have the illusion of strength that can be applied to the crypto market Mistake! This market is new, the rules of the game have not been fully established, so it will be very different from other financial markets. * **Thinking that the crypto market is not affected by the general situation:** The crypto market is part of the global financial market. If the macro economy is not good (specifically from mid-2022 until now, the macro situation is very bad: inflation, war, ..) then the entire crypto market will also go down. So, equip yourself with *macroeconomics* knowledge to have a broader view of the financial markets, which helps to increase the probability of successful crypto investment. **II/ Things to do when you lose too much** * **Try to balance your emotions** Most of us, when entering the market, have already experienced a big win period and then followed by constant losses. At that time, we will be in a bitter mood, lose our temper and try to enter as much as possible to remove it? But what is the result? It is lost, at that time sad and depressed want to give up. So, the first thing to do is to control your emotions well. We need to stay calm in *all cases!* * **Away from the market for a while** The next thing we should do is take a good rest and pause trading for a while to * forget* negative emotions. I’m sure most people here are advised to take a break after losing. But in reality, it’s the opposite, most choose to continue to trade until they lose everything. They only really stopped when they decided never to return to the market again. * **Find the cause of your loss** Until you are comfortable, face the problem again. Acknowledge that you are the cause of your failures, due to your own lack of knowledge, not the market or any other cause. ⇨ Find out where your trading method goes wrong, then learn from your mistakes. From there, sit back and list the mistakes you made. This will help improve your future trading. * **Know what you are doing and do not blindly trust others** When investing in any field, you yourself must understand what you are doing? Avoid investing only as one person or another says (Even if they are highly specialized KOLs like Ryan) You can consult many people, but when deciding to invest, you are responsible. Be responsible with your *decision*, because no one puts a knife to your neck, forcing you to buy this and that. Investing in coins, losing a few coins is natural, but keep this loss to a minimum. Let the profits from your investments in other coins make up for this loss! * **“Do not put your eggs in the same basket, but also do not put them in too many baskets”** Do not be too fond of a certain coin because you have researched carefully and bet all your assets on it . No matter how good that coin is, it does not mean that the price of that coin will increase there will be unexpected surprises with that project. But that doesn’t mean you put your eggs in too many baskets, there are a lot of new people looking at their portfolio holding up to 20, 30 coins, It’s very laborious to split up so much money. be complete and capture the fluctuations related to that coin. **III/ How to do it right?** After balancing everything from emotions to life, people can refer to the following steps to revive their spirits. Do not “plow in the middle of the road”. Here are the ways I review myself when losing too much. In addition, everyone can watch these 2 videos of Alden Nguyen which are very good, worth watching and worth learning (personally, in Vietnam, only Ryan of the present and Alden Nguyen are the most worth learning) (https:/ /www.youtube.com/watch?v=-cFSMA2Ooz4&t=1309s)(https://www.youtube.com/watch?v=-cFSMA2Ooz4&t=1309s) (https://www.youtube.com/watch?v =5PJyKs9GJLs&t=809s)(https://www.youtube.com/watch?v=5PJyKs9GJLs&t=809s) * **Step 1. Learn from past mistakes** First of all, you need to make up for your shortcomings. their own in the past. Knowledge is one of the must-haves to make money in this market. It takes a long time to become successful. * **Step 2. Research new methods** After equipping yourself with knowledge, apply it in practice and find yourself a new, more suitable method or upgrade your investment strategy self. * **Step 3. Start over with the smallest possible capital** This is what every Ryan livestream says, it still rings in your ears so don’t forget this. Once you have a new trading strategy, you should start implementing it. You can start with a capital of $50 and $100 or play a demo if you are not ready. At this point, you should once again adjust your method and strategy to perfection. Because theory and reality are always different. * **Step 4. Reassess risk** Everyone has a different tolerance for risk, so think carefully about how much risk you can take. How much money can you afford to lose on a trade? If you lose that money again, are you still okay? This is the question you must answer before entering the order to prepare mentally. Good risk management will help you trade more successfully. A lot of people are subjective and don’t care about risk tolerance. What they care about is just how profitable it is. But when they lose, they become panic and can’t control themselves. * **Step 5. Persevere with the goal** As long as you don’t leave this market, profit or not, you are already considered a winner, you may encounter many failures but no That means you will be beaten by it. Failure is obvious when starting something, so that you understand who you are, what you got out of, how you got out of it! ***In a nutshell:*** The opportunity in this market is huge and very potential, but the people who make money are only among the extremely few. Hopefully through this article, those who are losing too much can balance their lives and have more motivation to keep trying!

Source: Collector

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