This guy knows everything about missed opportunities because he sold a piece of Otherside land (the biggest expansion of BAYC by this day), while it was still unreveald. That token eventually became a Koda (the next BAYC basically), which made Micah lose a whopping 65K$ on his trade. This article is based on his thoughts about not damaging your mental health while trading NFT and is topped up with our advice on that same topic.
Firstly, everyone flips differently and obviously makes mistakes. You could miss an opportunity to buy some tokens for less then a cent and sell them for dozens of ETH later and you could also see guys doing the opposite, making millions of dollars in a single bullrun. You will surely blame yourself for not doing the same as the ones, who succeeded with their trades, but those who succeeded are also blaming themselves for not buying more and selling more. The only advice, that could be given is not to look at the success of others from the profit perspective, but from the strategy they were using. Remember copy-trading by BitGet? That is pretty much the same, but the copying should be done manually by yourself. Though keep in mind, using their strategies isn’t making the same purchases as they make - it means inspecting their wins and losses with gaining experience from those afterwards.
Micah gives an example of franklinisbored.eth, who owns 53 BAYC apes and is constantly tweeting about himself losing his mind. Micah totally understands him and so do we as well as we agree with Micah that if it was so that anyone from our team had 53 BAYCs on the wallet they would be most certainly sold many months earlier and not give any passive income as it is with Franklin and his tokens.
Another recommendation would be sharing your thoughts and losses with the community and not only. Everyone is showing off their tokens on Twitter, but none are talking about them not winning the raffle and not getting one. That doesn’t make any good to the community because everyone becomes convinced in that the chance of getting a rare token is 99.9% and the more people misunderstand the risks - the more people lose and the harder it becomes to mint anything valuable. Showing your failures to the media is a two-way deal, where you get the support of everyone else, who failed and they get the realistic view of how the market works. You could even try visiting a psychologist because who could be more appropriate for helping you solve your inner problems, than a person with a degree on this task.
Also keep in mind that most of the NFTs and their prices are actually a lottery and are truly luck-dependant. Micah said, even though his Otherside land had a Kodas and has been sold for 37 ETH, after he had sold it for just 16,5 ETH, it might have not had a Kodas in it and if he holded it the price would decrease to 5 ETH. By selling his token he secured himself from a 90% chance of selling his NFT for even less than he did (90% was the chance of not getting a Kodas from your land). Try thinking in a similar way, where you don’t take the unnecessary risk and are pleased with the result you get, no matter if anyone outruns you. That is exactly what coldheaded means and as we mentioned many times before being coldheaded is the main quality of a good trader.
Always keep the statements, mentioned in this article in mind when trading your NFTs because being too aggressive with your trades and with yourself might not only lead to money loss, but also to a shattered nervous state.
