The crypto trading industry has created major milestones over the years. Many more milestones are expected with Donald Trump’s presidency. However, volatility and uncertainty still exist, creating challenges for traders. One crypto investor lost nearly $900k ($892k precisely) to such difficulties, highlighting the need for risk management and researched investments. In this blog, let’s discuss what went wrong.
Crypto Investor Succumbed to FOMO, Losing $892K in 2 Days
An anonymous crypto trader went into the trading industry, spending 4,248 SOL, equivalent to $1.06M, to buy various tokens. However, to his surprise, all the trading activities failed, leaving the trader with a $892K loss.
According to the Lookonchain post, all this happened within two days, as the crypto trader succumbed to the FOMO and invested in the trending cryptos of the time. Although trends often bring heavy returns, timing plays an important role. A trade placement at the end of the trend usually leads to heavy losses.
In this way, another trader lost $60k with constant wrong judgment with three cryptos.
This aforementioned crypto investor also lost to FOMO and repeatedly made the same mistake, losing in all trades.
Trader Failed With 12 Tokens Continuously, Reaching 0% ROI
Lookonchain’s analysis reveals that the crypto investor has invested in 13 tokens, including ALON, VINE, and many others. Out of these, the person faced losses in 12 tokens and barely made any returns on the remaining crypto, i.e., just $231. The biggest losses were on ALON and VINE, where the investor spent $627K and $888k on VINE, which all went in vain.
As a result, the ROI on this trader reached almost 0% and the loss to $891K in just two days.
What’s The Lesson Here?
The crypto industry offers various profitable opportunities, but profits depend on the trader, trading skills, and many other factors. The aforementioned crypto inventor failed in all these measures, losing $891k. This clearly shows why one should not trade with FOMO and implement the right trading technique to sustain profits in the market.
The post Crypto Investor Loses $900K Due to Volatility in Just 2 Days appeared first on CoinGape.
