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I once chased a trending meme coin at the tail end of a bull run due to FOMO, only to see it crash 30% after I bought in. Panicking, I considered cutting my losses, but forced myself to stay calm and remembered my rule: only stop-loss if the price drops 25% below my entry.
Emotional control: I turned off the charts and stopped reading the community’s panic, preventing impulsive actions.
Patient waiting: Over the next two weeks, the coin’s price fluctuated around the support level. I resisted the urge to act or “average down.”
Discipline: When the price eventually rebounded to my entry point, I exited decisively. Although I didn’t make a profit, sticking to my plan saved me from bigger losses.
The lesson was profound: The market will always test you, but the answers are already written in your trading discipline. Not acting on emotion is a victory in itself.