In this edition of The Daily Shard’s ongoing series, Know Your Downmarket, we explore the concept of “Diamond Hands.” What does it mean to have diamond’s for hands, is it bad or good, and should you see a doctor? These questions probably won’t be answered below, but read on anyway!
Defining Diamond Hands
If you’re new to the world of crypto trading, you may be wondering what all the fuss is about “diamond hands.” To put it simply, diamond hands are traders who are willing to hold onto their assets for the long term, no matter what the markets are doing.
This term was first popularized during the Gamestop saga, when a group of traders banded together to drive up the price of the struggling retailer’s stock.
When it comes to trading in the stock market, there are a lot of different strategies that people use. Some people are day traders, some people swing trade, and some people hold onto their positions for years. And then there are those who have what are known as “diamond hands.”
What exactly are diamond hands? Well, they’re basically the opposite of weak hands. Where weak hands are those who sell at the first sign of trouble, diamond hands are those who hold on no matter what.
And this week, we’ve seen a perfect example of diamond hands in action. With the GameStop short squeeze, we’ve seen a group of retail investors band together to take on the establishment and drive up the price of a heavily shorted stock.
Sure, there’s a risk that the stock could come crashing back down.
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