A friend of mine has recently been especially anxious. He came to ask me: “Do you think I’m not suited to trading crypto?” I asked what happened. He said: “Every time I buy, it drops; every time I sell, it pumps. It feels like I’ve been targeted by some market maker.”

After talking in detail, I found out he actually has a habit: he really can’t stop staring at his own entry price. When the price rises to around his entry, he sells right away, terrified it will fall back again. If it breaks below his entry, he holds on desperately; he won’t leave unless it comes back to his cost line.

This habit is common—nine out of ten retail traders have it. It has a technical name: the “anchoring effect.” Your entry price becomes an anchor that pins you there, and all your later decisions revolve around that anchor. But the market doesn’t know where you bought, and it doesn’t care. If you bought Bitcoin for $70,000, the market won’t pity you and pull it back just because your cost is $70,000.

How to fix it? There’s a method that works quite well, called the “zeroing-out method.” You close your eyes and assume you’re currently out of the market, holding nothing but cash. Then open your eyes, look at the current chart, and ask yourself: “At this price, would I buy?” If the answer is no, then your position shouldn’t be held. No matter what your cost was, cut it. If the answer is yes, then hold it—and don’t keep watching that entry price.

This sounds simple, but it’s hard to do. Because it requires you to throw away that original decision, and the sunk cost, into the trash. People find it difficult to admit they were wrong, and even harder to personally cut the thing they bought. But in trading, people who can acknowledge mistakes at any time live much longer than those who stubbornly hold on.

Your entry price is a fact that has already happened—you can’t change it. What you can change is what you do next. Don’t let a past price kidnap your judgment right now.
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