According to a recent survey carried in the US, it is usual for a minority of American investors to carry out their trades while they are drunk and later they regret their decisions. About 32% of the respondents shared the same story that they were drunk when they placed certain orders of trading and few of them have shared their stories in their own words.
At least 1,116 consumers from the US were interviewed by an online surveying entity called “magnifymoney.com”. The survey was conducted to find out how American consumers do most of their trading and what methods they apply for efficient trading. However, the results found by the surveyor were not the same as the surveyor had expected.
The survey easily categorizes the surveyed respondents into two categories. According to the survey, there were two types of crypto consumers in the US. One is those whose trading decisions were not based on any rationale instead they were based on emotions and rather impulsive. The other category is of those who informed without any hesitation that most of their decisions were made when they were drunk.
It has been revealed in the survey that 66% out of 1,116 crypto traders from the US are from the first category. While 32% are those who claimed that they were drunk at the time of setting up their trades. Shockingly, only 2% said that their decisions were duly thought of and well-formed, irrespective of their outcomes. The consumers in the categories of 66% and 32% have been regretting their decisions.
For example, the respondents who average 66% were of the view that their decisions were poised with their emotions. They also claimed that most of the time, their decisions were simply impulsive and they had no clue what they were doing. It was because somebody else had convinced them to trade or that they were influenced by someone from the crypto community. However, in both situations, they admitted that they did not utilize their mind at all and instead made bad and wrong decisions. The results of these bad decisions were turned out as they should be i.e. failure, they regretted.
As regards the consumers from the second category with an average of 32%, they were the most regretful ones. The majority of them had traded crypto at the platform of Robinhood but their decisions were rather senseless because they were drunk.
One respondent shared his story of trading while he was drunk. He said that he happened to buy Litecoins against all of the money available to him. However, he did not remind me when he made a certain purchase because he may have been drunk at the time. He only came to knew when he logged into his email and saw an email notifying him about his purchase. But luckily, his senseless decision turned to be successful one as he ended up buying the dip. Later he sold half of his Litecoin against extra profits because the value had surged.
However, irrespective of whether decisions were right or wrong or whether they were senseless, but the respondents agree on one thing. They do not want to sell their coins in a short time and this is a good indication, recorded the survey.