Do not blame your Crypto losses on Elon Musk
I know this sounds very harsh, but please bear with me. If you are blaming trading losses on Cryptos on Elon Musk, you do not understand trading and risk.
In the markets, anything can happen at any time. When you speculate on the price of something — from crypto to gold to indicies — you must do so with the understanding that anything can and will happen. The market will not protect you, it will do the opposite, it will find all your weakness and ignorance and exploit them mercilessly. You have to know how to control risk yourself. There is no ‘should’ or ‘ought’ in markets, there is just price.
You need to make your plan before the price action unfolds. For example, if you were short term trading, you should have had a stop loss and you should have known exactly what price action would have told you that the bull was over (in the ST at least).
As a trader, you should not be guessing what’s going to happen, you need a plan and you need to stick to it.
The market does not owe you anything, no matter how long you spend looking at charts, no matter how much you’ve lost and no matter what you think should have happened. It didn’t.
You speculated and you can’t blame the market for your losses (did you take credit for your profits? Did you think you were clever?).
Believe me, the markets are very dangerous places and not for amateurs. Please educate yourself properly. If you have lost, you must not go back into the market to try and get your money back. You will lose more eventually. The worst thing that could happen is that you do this and win. This will allow you to delude yourself that you have talent, that you ‘know’ or ‘have a feel for the markets’. You don’t.
Please get help. Tell someone what’s happened and step away until you know how to control risk and how to create a trading plan and how to stick to it.
