Mindset Breakdown#
I haven't spoken or updated my status on Twitter for a long time, and many people might guess the reason. Since the TST incident, which resulted in a loss of $300,000, I was left with only $50,000. After a series of PVP operations, I managed to recover to about $140,000, but then I lost another $100,000 on the alpaca project, bringing me back to square one. Two consecutive years of losses (with a $600,000 loss in 2024) have trapped me in a vicious cycle in the crypto world. Investment losses have led to a breakdown in mindset, feelings of depression, and subsequent anxiety-driven poor decisions, exacerbating the losses. This post is not a complaint, but a serious reflection to identify the root causes and force myself out of this predicament.
Review of Operations#
Looking back at the recent losses, on the surface, they seem to be due to market volatility and bad luck, but upon deeper analysis, I must admit that personal issues are predominant. My operations lack planning, often relying on intuition to place orders without setting stop-loss points, like a headless chicken. I stop-loss at the slightest market fluctuation, then chase highs and cut losses, resulting in unclear losses. After losses, emotional trading intensifies; in a rush to recover, I blindly chase various opportunities, such as following wallets, popular projects, and heavily investing in "insider" information, leading to more chaos and greater losses, with emotions completely dominating my decisions.
The most painful part during this time has been the self-doubt triggered by repeated losses. From initially bouncing back quickly to later becoming numb, I began to question whether I was being eliminated by the market, thinking I was not suited for investing. In endless self-blame, I fell into a state of giving up, spending my days watching videos, playing games, and going out, using dopamine to temporarily numb myself, refusing to review my losses, thinking "if I lose, I lose," resulting in continued worsening of losses.
Always wrong, always losing, one mistake leads to another.
In fact, to this day, I still cannot let go; whenever the night is quiet, I recall those missed big opportunities.
Having drifted aimlessly in the crypto world for many years, I have never achieved significant results.
What should I do now? To be honest, I once gave up on myself completely, just letting things go, sigh.
As I write this, I realize I cannot continue like this. Short-term losses are not the scariest; the scariest thing is being stuck in this state for the long term. I must pull myself together, redefine myself, and start anew!
This post marks my new starting point and is a commitment to myself. I no longer want to be held hostage by losses and giving up; I must take responsibility. Investing is a long-distance race, and emotions and mindset are the equipment; I must repair the equipment before I can run far.
If you are also in a similar low point, I hope we can work together to get out of this predicament. If you have successfully made it, please share your experiences and advice; thank you very much!
Possible Issues#
- The position may be too heavy; the market has plenty of opportunities, and there is no need to heavily invest in a single position. High leverage reduces margin for error.
- For operations involving alpaca and TST, consider shifting to less crowded areas to seek opportunities.
Lessons Learned#
- Reduce leverage and trading frequency; take profits and stop. Initially, I would limit the number of orders, but I have now given that up; placing orders feels like an opportunity that comes once a year. Full positions and not setting stop-losses have become habits, but the pain of holding positions feels like experiencing death.
- Continuously study alpha and look for suitable fields.
- Position management is crucial; gradually accumulating by taking profits is better.
from @crypto_biubiu
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