Topic: Near success syndrome in trading. - page 3. (Read 398 times)

We all want to be successful in trading, but of course, there are also the strokes of luck that should be well taken advantage of, especially in the alts, I have a friend who when he acquires alts he places a sell order at + 30% and when he gets there It sells them, because it knows perfectly that all the alts are m per bitcoin share, that is, they do not have a life of their own, the only one that has a life of its own is bitcoin. So he may always succeed there, he may not reach or take advantage of 100% of the raise, but he makes sure profit. But it all depends on the style of the trader.

This is an emotional expectations in trading that the success is near. Success can be defined with fullfilment of your expectations in the specific area. It will vary person to person. Individuals want success or want to be successful in a very short time and it's human nature. In trading, it is rarely can be seen. But the current bull ran can make you happy but can't determine a syndrome of near success because it varies.

I guess not.

http://www.rexchimex.com/2017/04/near-success-syndrome.html?m=1
https://www.rymstarayekwu.medium.com/near-success-syndrome

If he was really that close achieving the goal then it should have been that syndrome but if not I think that was just some sort of no plan B or something or does not implement a stop-loss even if it's just on spot market. I think I know one and that's my past self but I did grow and now I always stick to my plan and there's no way perfect on trading you really can't buy at the very top or bought at the very bottom but if you devise some plan that be happy if it will be executed.

She doesnt learn and as mentioned this isnt the first time she had make the same mistake.If she is really serious on making profits then she should really be
contented on what she do earn rather than on being greedy and do ask for more.As she had already the experience then she must be aware about the probabilities
or she do tend to make out some experiment until she do able to hit it out on making some big gains? Well, this isnt bad but you should prepare nor accept
on what are the probabilities of things to happen.

I do know if anything like that actually exists but at least to me this tells me of a person that doesn't really have the necessary skills to become a good trader, to become a good trader you need two different types of skills, the ones that can be quantified and the ones that can't, your friend was simply too greedy and I'm pretty sure that if she had been able to triple her capital she will still try to hold her coins expecting even more profits and then the same would have happen to her, so the first thing that your friend needs to learn is how to set a stop loss, that way in the worst-case scenario in which a crash happens she still retains most of her profits.

The second kind of skill that you require in this market has to do with your mind, you need to be able to be very patient and whenever you have thoughts about unlimited profits you should be able to control yourself and avoid thinking like that, this is where I am not so sure that your friend will be able to do it because as you say this has happened to her several times in the past and the problem is that with each devastating loss most people instead of learning that is not something that they should do they keep doing it thinking about all the money that they have lost already and that they want to recover.

This, unfortunately, is not a pseudo success syndrome, but as you said, idle greed. It is necessary to always fix your profit on the highs, no matter how much% in the growth of the coin. I hope this story of your friend teaches you something. I'm actually the same;)

Did you coin this phrase on your own?

Of course it has happened to many people. Getting stuck in the euphoria cycle is common specially the new entrants. The wise people will sell before the highest point is touched because they know that waiting for that top means a hurry in trade and possible exchange lagging, transaction fees being huge and all.

Altcoins specially suffer from these types of pumps followed by dumps.

But you are selling just before the top is reached you are still making a good profit. The important thing is to recycle the money after selling.

During the recent spike in the value of TWT, a friend of mine made double her capital trading. Although she had already made double her money, she set her exit point on the trade at a very high point hoping to triple her capital. Before the crash of the market and her profits along with it, she was excited and told me how happy she felt to have made something tangible trading on her own. I adviced her not to be greedy, that she should quickly sell since she has made double and not wait to make triple a her capital, but she refused and insisted on waiting. (I gave the advice  knowing that TWT is not a stable coin).
Some few moments after our conversation, i saw her with a long face saying that the market had crashed and if she had known, she would have followed my advice.

(This is not the first time she has made such a mistake)

Could this be termed "Near success syndrome in trading?".
Are you or Do you know someone with a similar episode?