One of the most harsh truth about crypto currencies are, they never tend to stay at a position. Perfect definition of "volatility". Other than stable coins, if you are holding BTC or altcoins you can technically become rich or the other way around! The beauty of volatility!
Another term which can be easily heard in the bull and bear market is PANIC SELLING! Yeah, when you see your portfolio is going down massively due to the crash of the market, you automatically go into nervous breakdown. It is just a psychological state. It happens to almost everybody, even a pro trader goes through this feeling. I have done a similar kind of mistake few days back. I honestly, never panic in this sort of situation. But I do not know what happened to me, I severely panicked! Which made me loose around $100. I know for some people this might not be much but with the amount I was trading it was almost 50% of the total trade. So it was huge loss from my side.
So what actually happened was, a new coin was launched in Binance and I FOMO and got in on the peak. I have done this before and I successfully got out without any sort of problem, even if I had to hold the token for some time. But that day I was in a rush, not sure why! Which resulted in taking some rush decision. I also panicked over the fact that my 50% was almost gone, that is what probably made me loose the focus that day. I immediately went out to sell the amount that I had.
As a matter of fact, I certainly did the right thing! As it was falling even more then my selling point. I quickly took my mind off and went out for a walk. I was thinking about what I did and slowly it started to fade away. This works most of the time for me. Having a cup of tea or watching something on Youtube, these distractions helps a lot to get over some bad situations.
At the end I did some go through search about the coin and I bought it back again. Yeah, might sound crazy but I got some news about its upcoming project, thus might see a pump soon. Yup, I was able to recover my loss from the same token. Yeah not entirely but it was a relief that I must say. These sort of things happens. Do not panic, instead take some time and utilize what you have within your grasp. Patience, cool-mind and focus is probably the key to these sort of situations. We all have it but we just seem to forget to utilize them at the right time/right place. If you are into crypto than do prepare for these sort of situations. As in one way or another, you are going to meet the situation. It is just a matter of time, my friends!
