Topic: 16k DOLLARS LOSS IN JUST 1 YEAR - page 4. (Read 947 times)

You mentioned about using your salary to invest in these certain coins, right? But you failed to mention how much percentage of the salary that you have put in to invest. Maybe you need to start learning how to manage your money well like only putting an amount that you can afford to lose.

Greed got the best of you. I know how it feels to lose such big amounts like that in trading especially if you are going all-in for that. Managing your risks is very important and you should always acknowledge the fact that the cryptocurrency market is unpredictable and it can go up or down in seconds without warning.

If you are just starting your trading journey, then you did not need to trade such large amounts. Obviously, at first you will make mistakes, but your mistakes are simply catastrophic, you decided to buy a token that showed an increase from $0.9 to $11, what did you expect in such a transaction? After such growth, it was obvious that the price would fall. In this case, all that remains is to become a holder with the hope that the price will someday rise again, but this can be waited for years and this still may not happen. But because you want to do trading, then waiting is not an option. Another huge mistake is trading without a stop loss, you could save most of your deposit if you used a stop, if you don't know what it is, you should look into it. If you still want to continue trading, then enter a small deposit and stay on it until you learn how to make a profit, you shouldn’t even think about depositing a large amount for trading, you will still lose it.

He didn't mentioned if what coin he used but maybe he lacked in patience and sell at a loss because he said the coin he picked dumps right after a dump. Coins like this are not always the shit coins but it can also happen to the good coins especially now that we are still in the bear season.

In trading, I think it is possible to control the coin when it's declining but as long as you didn't set a stop loss. Whether we are trading for short or long term, a special skill is still needed because trading is not easy. He didn't use large budget at once but he only start with 1k dollars. The amount was still huge for the most of us poor but maybe not really for him knowing that he is only a trainee that time.

No its not if you are really that serious or having that sufficient time on researching things up, it might not that simple but its not something that hard yet everything could really searched on the internet on which means
that you wont really be needing that a mentor since everything could really be checked and would really be learned and the rest of learning would really be gained through real experience on which this is something
that a very normal phase or path to take. Just like the rest been saying that the only mistake on which OP did make is that he didnt make out any adjustments on the time that he do suffer losses on which it is really that impossible he wasnt been able to realize on what are the wrong things that he had done on several or couple of months. On the time that you would really be making mistakes then it would really be just normal
that you would be making adjustments.

1 year time is really that sufficient on making yourself that learn and find out on what are the wrong things that you have been doing. The amount had loss is really that
huge and it isnt something that not every trader could really afford on losing so and this is why it would really be that just wise that you should adapt
accordingly or making adjustments if needed.

Trading is actually a risky practice but we should not completely discard it just because it is risky. Trading is one aspect of crypto currency and should not be ignored. It's actually exciting and also profitable when you have what it takes to become a trader because it requires a lot of time to learn, energy and also focus. To majority of us who find it too risky will prefer to be careful with it while those who find it interesting and profitable will be excited to trade. So, I think it depends on individual preference and circumstances.

Altcoins are also part of crypto currency, though it is more riskier compare to bitcoin but when it comes to trading, altcoins are the best to trade if you have the experience. Bitcoin is very good and advisable for holding and not trading because it's not profitable like altcoins in term of trading.

Firstly, as a beginner who knows nothing about trading and is beginning to learn how to trade, why will you start trading with $1k? It's totally a wrong idea. You should start with a small amount. From your post, you said you had no teacher, so nobody to guide you. Then you should have just started with a small amount, you should have just deposited like $10–$50 and be using it to practice. Even professional traders do lose, if you're just starting and don't know anything about trading, you will lose almost everything you deposited to start with.

You should have just taken a break when the loss was too much. You should have just stopped trading and done more research on why you were losing, then try to improve your strategy. If you know anyone to be a good trader, you can just seek help from the person to put you through.

From your post, it shows that you were trading altcoins, which is very risky. If you focused on bitcoin, I'm sure you wouldn't have lost that amount of money. You were looking for quick money, which is why you FOMO, a coin that pumped from $0.92 to $14, then dropped to $11, and just because of the little drop, you decided to jump into it. You should have known that coins like this are pump and dump coins, and since the coin has already pumped,  the next thing is for it to dump, and it was dumped on you.

Investing in one coin is not bad, but it should be bitcoin. You invested in an altcoin (pump and dump coin), and that was the first mistake you made.

As a beginner, you shouldn't even go close to future trading, you can lose all the money you are using to trade within a very short period of time.

You went to buy a coin from the top instead of from the bottom. Next time, you shouldn't buy a coin that has already been pumped, because people who pumped it will dump it on people like you who are beginners.

This is not a wise strategy. Trading is not a piece of cake, and you have to learn technical and analytical skills beforehand to increase your chances of making a profit. Most retail investors are making the same mistake after their investment; if the price dips, they start panicking and sell their holdings. It is better to plan before investment and not invest in a shit coin as the chances of losing money are more in these coins. Only invest/ trade in well-known coins like BTC, ETH, etc. Once you have invested, try to hold for at least a few years, and do not go for a short-term profit or future trading.

For points 1 and 3, 4 it is one unit, indeed everyone has different views in determining what coins to invest in, there is no problem investing in several coins other than BTC. If I had that much funds I would do it in just one coin, namely Bitcoin. Increases and decreases have become commonplace in the investment world, prices are very volatile. You need to remember that in investing, don't think about getting rich quickly or instantly. Everything needs a process, learn like rich people like M Saylor, they continue to accumulate their bitcoins. Regardless of the current price, he is sure that this asset will be bright in the future.

For point 2, if you have tried this over and over again, I really regret your actions, even someone who is skilled can lose too. Have you studied it before, if I were you I would never try it, the risks are very, very big.

Learn from your failures, this will make you survive in the following year, this failure is your best teacher.

Trading without a mentor may be a steep learning curve, and although developing a strategy on your own is doable, it frequently comes at the expense of big losses. Mentorship may give vital insights not just into trading tactics but also into trading psychology, which is critical. Understanding the psychological components allows you to avoid emotional mistakes, manage impulsive actions, and make better informed decisions regarding market movements.

If you are experiencing a big loss, don't re-enter. Just admit your defeat and forgive yourself. If you come back in with bad psychology, believe me, you are gambling.

drill into yourself that TA is not 100 correct. A trader's victory is adhering to the trading plan. money management and trading psychology must be studied. patience is the key.
First analyze market conditions before analyzing technically. What are the issues today, and what monetary policies are being carried out by developed countries and others. then you do technical analysis. not technical first or even foremost. You can't fight the market.
If the market is in a bad condition, don't force it.

Don't be afraid to learn, because a pro has experienced many failures.

It is possible that you can make a trading strategy even without a mentor but it takes a lot of time to do it and you may lose a lot before you become profitable. So for me, it is not advisable to join a mentorship. If you join mentorship, they will teach you not only trading strategy but also psychology which is very important in trading so that we know what we should watch out for before we trade.

A trading teacher or mentor is certainly useful - but a trader doesn't need one if they have a desire to learn the basics of how the markets work self-taught.

Sometimes the best teacher or mentor before you succeed is your own failure. That could be an expensive experience for the OP – but I hope she doesn't change her plans after this.

OP needs to change strategy to make a profit - but he needs to avoid intending to recover his losses quickly after this incident. He needs to learn and improve his understanding - but I'm very confident he could have avoided major losses had he chosen long-term investments instead of trading.

How do you expect that you will make a profit in trading without having a teacher or a mentor, all this things is something we know quite well that come as result of some people backing up to trading, when they entered trading without having the skill.

It's very obvious that whosoever that enters into trading without understanding the protocols and procedures of trading should be done and well understood before joining trading, using a car drivers as illustrations, when you don't know how to drive a car and you have the pre-knowledged of how to drive a car, you move the car because of the ideas you have in driving a car, but you can't drive a highway journey, so when you insist to drive a high way their is every tendency that the car most collide

So when your knowledge is not sufficient in trading their is every tendency that if you use up 1000k to trade you might lose all before the months runs out, so it's better to learn and comprehend the strategic point of trading before joining trading otherwise or else you will lose your capitals.

Come to think that trading for 1 year? It is really just that impossible that you arent really that learning on a specific period of time.Yes, 1 year might not really be enough but i would say that its impossible that you cant really be able to point out with those mistakes that you've been doing along the way. You wont really be that so dumb on not to notice with those errors and mistakes  that you have done with that specific period of time but instead you had tolerated out on being like that. Come to think that even on first month try then you would really be able to see whether you are doing something good or not basing up with your montly gain or losses.If you do find out to be negative then reassessing those trades back and look at on what wrong thing that you have done.

It is really just that there are really those people who are able to assess early and there are ones who do tolerate those losses until they would really be busting up everything.
There really just those people who are really that could be making out those reactions while its still early and there are ones who do stop on the time that
they had been wrecked out.

The first mistake you make is that you start trading without learning and gaining experience, which is definitely a disadvantage for any newbie. The most important mistake you made is when you bought a $0.92 coin at $11, because it went up almost 11 times and was sure to go back.Those who do not have a teacher, they do harm by making such mistakes .Trading is very difficult. You started with a very simple understanding, from which your seriousness can be estimated.

One should never invest in a single coin, but always diversify one's investment into different coins. The risks of loss in spot trading are always low, because when the price of a coin falls, there is no fear that your entire capital will be zero. Futures trading is very risky, there can be a huge profit and your capital can be zero. However, you need to learn a lot in the crypto currency market because it will be very difficult to trade when you don't fully understand the crypto market.

I don't fully understand your situation, you started with 1k USD and kept adding more money up to 6k USD. But how did you manage to lose 16k USD? Maybe you are counting from the ATH of prices and not from the money you invested? There is a big difference between realized and unrealized wins and losses. I wouldn't be comparing my actual wins against the highest possible winning if i had sold at the right time. The same goes for losses, it's not helpful to assume the optimal decision making after events occurred. There will always be better decision we could have made and thinking about them is only bringing us down. Also buying a coin that went from less than 1 USD to 11 or 14 USD seems like a bad trade. We should be buying coins that are cheap and before they become popular, otherwise there is no upside potential left to make money.

Your first mistake was to think that you could conquer the market without knowledge and experience, you didn't bother learning about trading first and entered the market thinking that you know everything and it's very easy to get profit in this market, and you didn't even learn from your mistakes because you should have started learning after losing the first investment instead of investing again with limited knowledge.

Your second mistake was to FOMO and buy a coin or token that has already gained significant value and you still bought that token thinking that you will get some profits and exit the market as soon as possible, everyone with less knowledge and a greedy mindset think that way and eventually lose money. FOMO means Fear Of Missing Out, which means that you panic that you have missed out on profits and then you buy that asset quickly to enter the league of those who are profiting from it but you are actually late and the party is already over.

It seems @OP is trying to follow the hype in the market and not analyze the coin to find more information. That's the risk we get in trading if we don't learn much about trading. Many coins get a pump so people try to jump in and join in on the coin but it turns out the party is over and those people get losses.

Supposedly, with all his money, @OP could have chosen to invest in Bitcoin and not trade or invest in altcoins. That would be better. He also can analyze only a few coins to find the right one. And if he uses the DCA method, he can accumulate a lot of Bitcoin.

Hopefully, @OP can learn from his experience. He can try to find out how the coins he owns are through analysis. If each of the coins can increase, he needs to hold them and wait for them to increase. He needed to do that because if he sold it now, he would also lose money. So it's better to hold and wait for altcoins to have an altcoin season.

The reality that there lies the fundamental level of the coin and if they follow the movement of bitcoin then believe me in the next few years the price will fall much lower again and the worst case scenario may be faster as predicted. This is what is called the coin's fundamental level which is not strong enough to hold the price in the market. If you intend to hold coins other than Bitcoin, why not hold ETH, which has much more potential and has a large market capitalization value. Experience should teach you that there is no coin with much more potential than Bitcoin and choose large risks can result in unnecessary losses.

It is not a good idea to believe the hype because there are many coins that die faster than expected and is also influenced by hype which makes the price rise. Unless you intend to take risks and are able to see the opportunity to make a profit, the risk is still much greater and if you don't have good analytical skills it's best not to do it.

You already know that crypto trading may be extremely rewarding for anyone that attempts it and has a thorough understanding of it. That is, anything we might possibly earn here will be predicated on the concept and having a thorough comprehension of it. There are several traders, particularly newcomers to this area. They make their money based on their projections.

If the only basis is a guess and there is no reason why that is their guess, they are not traders; rather, they are gamblers who rely solely on luck. This is frequently done by persons who lack sufficient trading skills, and others continue to do so.