The game of trading is truly fascinating; you fight against others, against the market, and against yourself—it's endlessly enjoyable. I've been bearish since October 11th, so I wasn't in a rush to buy the dips. But I couldn't resist buying my first BTC at 78k, because it had dropped about 40% from its high of 126k, and I saw many people buying the buy the dips at 86k. Plus, BTC dropped very quickly from 90k, so I thought it was a good entry point. My decision to buy the dips wasn't based on the belief that the trend had reversed. It was simply because I observed that even in a bear market, each bottom often sees a 15-25% rebound. However, after nearly four months of patient waiting, I ultimately acted too hastily, and BTC plummeted back to the 60s. At this point, it was clear that panic and despair were pervasive on Twitter. Many people were watching BTC drop by 30,000 to 40,000, while many others were eyeing Yi Lihua's ETH liquidation line, preparing to enter the market and pick up the pieces after he was liquidated. The wonder of the market lies here: when BTC was at 60k, the corresponding ETH was at 1736, just one step away from the liquidation price of ETH. If it had slipped down even slightly, it could have triggered a chain reaction, and BTC would most likely have gone to 50-55k. This is what most people consider a relatively safe entry point. But just when it was about to hit that mark, the market started a V-shaped recovery and has now rebounded by 13%, returning to 68k. I fell asleep because I was too tired, and only completed the pre-placed buy the dips for 61888. So far, I've barely broken even. If I had been more patient, this rebound would have yielded a very good profit. In my recent trading, I've come to appreciate more and more a quote from George Soros, and I've gained a deeper understanding of it: "It's not important to be right or wrong; what matters is how much profit you make when you're right and how much you lose when you're wrong."
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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