Meet
$SOXL right away and I got a loss of 28 USDT. Honestly, at that time I did not research enough; I only knew that
$SOXL was a reflection of semi-conductor stocks in the US—only that. Back then I was very sure and confident that US stocks would crash briefly around the FOMC. Unfortunately, when that important announcement came out, I fell asleep 😅🙏—unbelievable during such an important event—and with my short position, I fell asleep 😂👏👏. Flashback: 2 hours before the FOMC, I was actually still online, but after that I forgot and fell asleep, waking up 2 hours after the FOMC. When I checked the chart, in my heart I said, "If only I had set a TP target earlier, maybe I would have won 🫢 and profited." Just like that, I felt relaxed—so I went back to sleep and just watched during the day, maybe it could still go down. Or maybe it wouldn’t go down. Maybe later, when the BoJ raises interest rates, the market would drop again a little. Unfortunately, when the BoJ increased the interest rate, it affected me too much. And after that, I decided to cut my loss 😭😭.
The lesson I took from my story is:
1. Do deeper research if you are a swing trader:
1.a. Find out what factors make the price go up or down for the coin you will trade.
1.b. Find out the times when it’s volatile/busy, and the times when it’s quiet.
2. Always set a TS and TP to minimize the chance that you will fall asleep.
3. Don’t be overconfident.
4. ..........
Add it in the comments column so that only I am the one who suffered losses like in the case above. Hopefully my story can be a learning experience for other traders. Thank you 👏👏
#SOXLUSDT #FOMC