Sit on those paper hands until they turn into diamonds.
There exists a meme in the crypto world that goes something like this: “Whenever I buy, the market dumps, and whenever I sell, the market pumps.” Like a cliche, the widespread status of a meme is a sign that it contains an element of truth, as anyone who has spent five minutes on a trading site will have learned with great pain.
Those who hold onto a dying coin for too long are considered delusional, while those who sell too soon are derided as having “paper hands.” In between are the estimated 1%–3% of day traders who actually make a profit.
A confessional by one trader on social media site Reddit painted a vivid picture of paper hands at play on Thursday.
