Psychological attachment to first alts

Etemind

member

Activity: 93

Merit: 10

Quote from: CryptoAlphaStar on January 26, 2018, 09:13:27 PM

I often catch myself attached to some coins after I buy them. Probably because I want to prove my judgement right. Especially if it is a small altcoin nobody talks about, I feel like it is my discovery and my precious. So I build a chunk of an ego around it.
I recognize it as a dangerous behaviour, though.

Same here and you are not alone. During my early trading days I am too much attached to my coins until it has no value. End up as a bagholder. I've learned my lesson and the important advise I learn was " Do not be in loved your coin." Grin

newcoin1

newbie

Activity: 42

Merit: 0

Quote from: Tristan1337 on January 26, 2018, 04:18:30 PM

Yes. But it's important to not let your emotions get in the way of making money! Wink

business is business

styca

sr. member

Activity: 1078

Merit: 354

I'm glad that others have the same experience, and it's not just me

It's interesting how emotional attachments to certain coins can take precedence over logic, even when you know that it is happening. Especially with the first coins that you bought - even when it is clearly logical to sell, there is still the history of "this coin has given me more profit than anything else".

I have improved at trading over the last year, but if I ever try to trade my favourite coins I still get a little panic when I see the price immediately going the wrong way. I think this is a part of the problem as well - the coins that I like the most, I am worse at trading, which is another factor that prevents me selling them.

But I am determined to master it in the end!

qiman

hero member

Activity: 1036

Merit: 504

I understand this totally, My Wife gets very attached to certain projects and it is difficult for her to sell at all time highs, so yes she is always talking to me about this but it is hard not to get close to some projects, especially if you have grown fond of the community behind it and we all become almost like a family rallying behind a certain coin or project, so it is very hard to detach one's self sometimes from some altcoin projects. Even am attached to two projects in particular at present.

Futurm

member

Activity: 179

Merit: 10

Indeed, this is our weakness.

I lost a lot of money because I kept buying and selling.

So now I'm going to hold it for a long time, when I buy tokens, I'll delete my wallet, keep my private key, and I'll look at the price a month later.

Kozlov

full member

Activity: 212

Merit: 100

I have an attachment to Doge Cheesy

I have 40k from faucets and intend to HODL until such time as they hit their peak value. 0.1 cents is good for me though!!!

I think I have a think for underdog alts, I missed the BTC boat and also Eth...Doge is my one weakness!

Wilsonong222

jr. member

Activity: 130

Merit: 5

Quote from: styca on January 26, 2018, 02:35:49 PM

We (traders at least) are supposed to be hard-headed realists who don't let emotions get in the way of a good deal. We are successful when we make decisions based purely on logic. And yet...

I've noticed that I have a definite psychological attachment to the first altcoins that I started with. I can find a new coin that I like, trade profitably with it, and then sell it on in favour of the next big thing. But I find it really difficult to let go of ETH and XRP - these were my first alts back in April last year, and they shot up in price as soon as I got them. Logic tells me that these have hit big marketcaps now, and I should sell up and move on to the up-and-coming coins that are more likely to go x10 or x100. I've sold small percentages of both, but I find it so much harder to let go than is the case with other coins.

Has anyone else had the same experience?

I don't feel the same the trader's main objective is to earn money as much as possible. That altcoins has no emotion on trader as well so why I will bother to feel emotionally attached to them. Being sentimental doesn't belong on trading being logical is the sure way to success. I just hope you change your mind.

CryptoAlphaStar

full member

Activity: 574

Merit: 101

I often catch myself attached to some coins after I buy them. Probably because I want to prove my judgement right. Especially if it is a small altcoin nobody talks about, I feel like it is my discovery and my precious. So I build a chunk of an ego around it.
I recognize it as a dangerous behaviour, though.

Tristan1337

member

Activity: 98

Merit: 10

Yes. But it's important to not let your emotions get in the way of making money! Wink

styca

sr. member

Activity: 1078

Merit: 354

We (traders at least) are supposed to be hard-headed realists who don't let emotions get in the way of a good deal. We are successful when we make decisions based purely on logic. And yet...

I've noticed that I have a definite psychological attachment to the first altcoins that I started with. I can find a new coin that I like, trade profitably with it, and then sell it on in favour of the next big thing. But I find it really difficult to let go of ETH and XRP - these were my first alts back in April last year, and they shot up in price as soon as I got them. Logic tells me that these have hit big marketcaps now, and I should sell up and move on to the up-and-coming coins that are more likely to go x10 or x100. I've sold small percentages of both, but I find it so much harder to let go than is the case with other coins.

Has anyone else had the same experience?

Topic: Psychological attachment to first alts (Read 167 times)