On... Moving On

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If you fall into a hole, you must crawl out immediately.


Getting rugged in crypto is bad. But even worse is rugging yourself. And I rugged myself recently! It felt like falling into a hole. What happened was, I was supposed to send 1k AUD to a friend. But for whatever reason, I sent it to a wrong account. Needless to say, I am unable to retrieve the money up till today.


I actually know the person I sent the money to. It is my insurance agent that I haven't contacted for more than fifteen years but it was still worth a shot of trying to reach out to her. She ignored me after I explained to her what had happened. Can't say I am too surprised to be honest. My faith in humanity is not very high at this point. Years of investing in the crypto space has turned me into a cynic.


So after a few tries of trying to contact her, I gave up. And decided to move on. When you fall into a hole, you must crawl out as soon as possible. However, my family has from time to time, asked me whether I have resolved the issue and came up with some suggestions. I have moved on, but they haven't. I guess that is normal human reaction. When you have a problem, you should try to solve it. It is quite a hefty amount after all. And shouldn't I spend more effort to retrieve the lost money?


Well, not for me. Because trading and investing has taught me that losses are normal. And you have to move on. For whatever reason. You have to preserve mental capital and reach out for your next opportunity. Conventional wisdom taught us to solve our issues. But what they didn't tell you is what you should consider. 1. How much money is involved? 2. How much effort is required? 3. What is your opportunity costs?


I know if I move on, I can 'easily' make the money back. When you take a loss, and you will for whatever reason, crawl out of that hole and move on.

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