How to Adjust Your Mindset After Losing Money in Cryptocurrency Trading

Mindset Collapse#

Recently, I haven't spoken or updated my status on Twitter for a long time, and the reason is obvious: after losing $300,000 in the TST incident, I was left with only $50,000. Through PVP operations, I managed to recover to about $140,000, but then I lost $100,000 on the alpaca project, returning to square one. Two consecutive years of losses (with a projected loss of $600,000 in 2024) have trapped my cryptocurrency operations in a vicious cycle. Investment failures have led to a collapse in mindset, emotional lows, which in turn triggered anxiety and worse decision-making, exacerbating losses. This article aims to reflect deeply, identify the root causes, and force myself to break out of this predicament.

Review of Operations#

Looking back at my losses, on the surface, it seems to be due to market fluctuations and bad luck, but upon deeper analysis, I must admit that my own issues are the main cause. My operations lacked planning, often relying on intuition to place orders without setting stop-loss points, like a headless chicken. With even slight market fluctuations, I would stop-loss and chase after rising prices, leading to chaotic losses. After experiencing losses, my emotions intensified, and in a bid to quickly recover, I blindly followed trends—chasing popular projects and heavily investing in "insider" information, resulting in more chaos and larger losses, with emotions completely dominating my decisions.

The most painful aspect is that repeated losses have triggered self-doubt: from quickly bouncing back to numbness, I began to question whether I was being eliminated by the market and doubted my suitability for investing. In endless self-blame, I chose to give up—watching videos, playing games, going out, using dopamine to numb myself temporarily, refusing to review my losses, and accepting a "one life wasted" mentality, which only led to further losses.

One wrong step leads to another, and to this day, I still cannot let it go. In the quiet of the night, I often regret missing out on many great opportunities. After years of aimlessness in the cryptocurrency world, I have not achieved significant results. Now, I have completely given up and fallen into a state of despair.

As I write this, I realize I must change. Short-term losses are not terrifying; what is terrifying is indulging in them. I need to pick myself up, redefine my state, and start anew! This article marks my new starting point and self-commitment: I will no longer be bound by losses and despair; I must take responsibility for myself. Investing is a long-distance race, and emotions and mindset are the gear; I need to repair the gear before I can go far.

If you are also in a low point, may we work together to overcome this predicament. If you have successfully made it, please share your experiences and advice; I would be very grateful!

Possible Issues#

The position may be too heavy; the market is not lacking in opportunities, and there is no need to heavily invest in a single trade; high leverage has little room for error.
For operations involving alpaca and TST, consider shifting to less competitive areas to seek opportunities.

Lessons Learned#

Reduce leverage and trading frequency; take profits and exit. Initially, I deliberately limited the number of trades, but I have now given up; placing orders has become an annual event. Full positions and not setting stop-losses have become the norm, but holding positions feels like a near-death experience.
Continuously study alpha and find a suitable track for myself.
Position management is crucial; gradually accumulating profits can improve mindset.

from @crypto_biubiu

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