I've been one of those people, the people that buy at the high points of crypto and then sell low, losing my money and then later on losing out on a good amount of profits which I could've made. I'd like to know some of the reasons that people do this, besides doing it to cut their losses as that one is my reason.
Thanks guys!
Real reason? LAZINESS. Yes, you read that right, LAZINESS. Sorry to say it but that is the main reason in my understanding as to why this habit is continuously done by mostly newbie investors here in this industry. People often do panic selling because of lack of knowledge or information. Meaning, they are too lazy to do their own research first on their investments which leads to investing in scams, selling on small profit, or getting big losses on their capital and so much more. If only you spend some time studying your investments and giving the extra effort into looking for as many news as you can and confirming the sources of every information, you wouldn't have that much losses and may even get a lot of good profit. Because you see, fuds are everywhere and people will always want to have something to say in just about anything which may either feed the fire or put it out. So stop trusting a single source because most of the time, you will see people that have no clue on what they are blabbering about.
Another reason(which is the most common and obvious one) is investing funds that are obviously more than what you can afford to lose. This right here is the most common mistake that newbies do since they think that this industry is a one way ticket to the moon. Which is obviously not true. Investing money that you can afford to lose or just throw away is the safest choice for beginners in this industry because investing money that is of no use won't bother you and give you sleepless nights. Yes, it will make you hold firmer into your coins in times like these when all the cryptos are in a sea of red. Which can pay off in the end when the prices go bullish again(that is if you chose the right investment). And if it doesn't, then you wouldn't care that much since it isn't money that you need to have a roof over your head or to make ends meet.
Quite a lengthy post, but will surely open eyes if you have read it up to the end.
I know it is not allowed to ask for merits so I won't.
It will be up to you if you have found this post helpful and would share some merits.
But if not, then still I am thankful that you have read m post. Good day and hope this helps not only op but other newbies as well.