16k DOLLARS LOSS IN JUST 1 YEAR - page 7.

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

Quote from: JULIA2023 on October 15, 2023, 01:08:27 AM

I HAVE JUST EXPAIN TO YOU MY JOURNEY OF TRADING THAT HOW I HAD LOST THESE DOLLARS.
I have started the trading from BINANACE app and I invest 1 k dollar at the start from spot while I had no teacher
i was in trainee at that time one day was will profit the other day was my loss day every month I invested in binance app from my salary
after investing these money would finish in just 4 to 6 days after that I again wait for my salary.
At the end in invested 6 k dollar at one time but there was a coin which has up from 0.92 to 14 dollars I bought this coin in 11 dollars and
unfortunately this coin dip to 2 dollars and I was see my loss in just 10 minutes.

From 1k to 6k and 16k dollars is a lot. You are bravely to continue your losing habit from 1k to 16k without break time to think of mistakes and learn from your losses.

Your story is mixed between Investing and Trading. You did not invest in Binance App but invest in Bitcoin and altcoins through Binance exchange app.

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My trading method I just sharing with you tell me where I done a mistake
1: invest in one coin also multiple coin

Invest in a single coin is different than invest in multiple coins. It's not the same.

If you change from invest in only Bitcoin to invest in multiple coins including altcoins, you are taking more risk with altcoins.

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2: trading was at spot also futures

Best is don't Trade.

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3.coin was buy from dip they again more dip
4.coin was sell from top they again go up

Best is don't trade or invest in altcoins.

mindrust

legendary

Activity: 3276

Merit: 2442

Consider this an expensive life lesson. Nothing is a better teacher than experience. Now you (hopefully) exactly know how to avoid losing money with altcoins. If you do trades without doing your research again, you will lose money just like that again. If you want to make money, study some fundamental and technical analysis. Read some finance books and get some college education if you can. (Not a must though) If you start your business, that’s better than anything. If you can manage your own business successfully, you will know how to make money safely. If you are young don’t worry, there still many years ahead of you. In the long run $16k means nothing.

hugeblack

legendary

Activity: 2702

Merit: 4002

These mistakes demonstrate the absence of a strategy, as a person can follow the same mistakes and achieve profits, and the only difference is the history of buying and selling, which may turn a gain into a loss by following the same method. Build your investment plan better. Always let your goal be to increase the amount of Bitcoin and dollars you have. Invest wisely and do not let greed chase you. Invest in the decision to buy more than to sell, meaning that you buy when the price is low, provided that you know that it will return to a normal level, and from there you achieve Profits, and stay away from emotional investment and feelings.

Lakai01

legendary

Activity: 2296

Merit: 2721

Quote from: Don Pedro Dinero on October 15, 2023, 01:26:05 AM

Quote from: JULIA2023 on October 15, 2023, 01:08:27 AM

<...> I want to khow where I done mistake.

Your mistake has been to believe the hype: that trading is a good way to make money, when the reality is that the percentage of retail investors who make money from it in the long run is very low, and the time and money invested to be one of the chosen few is often not worth it.

Unfortunately, that's true. Especially for newcomers to the market, it sounds so simple: you buy an asset (e.g. BTC) and simply wait until it is worth more than the price at which you bought it.
In reality, you panic and try to save what can be saved as soon as the trade turns negative and you incur losses. Often these rescue attempts lead to the fact that you spend much more money than you actually intended and in the end, like the OP, you are left with a high loss.

Even successful traders are 49% wrong with their trades ... however, 51% of their trades are successful. Exactly this difference then decides about profit and loss of the trades.

A few hints for you OP:

Trade only in markets you know. Analyze the market as good as you can and take advantage of news and trends (e.g. it was already known in advance that the SEC will not raise an objection because of Grayscale. The market turned significantly positive with the release of the news).
Stick to your plan: Set limits and stick to them (both stop-loss and take-profit).
and very important: don't follow signals or "successful" traders, you will definitely only lose money.

Being successful as a trader involves having a lot of experience. All of us had to pay a (often high) price to gain this experience.

KingsDen

legendary

Activity: 1288

Merit: 1081

Goodnight, o_e_l_e_o 🌹

Quote from: JULIA2023 on October 15, 2023, 01:08:27 AM

My trading method I just sharing with you tell me where I done a mistake

You done a mistake by trading when you don't know how to trade. You earn good from your salary job. Set out like 10% to 20% of your salary to upgrade your trading skills so that you can make profits on the long run.

Quote from: JULIA2023 on October 15, 2023, 01:08:27 AM

1: invest in one coin also multiple coin

It doesn't matter if you are investing on one coin or multiple coins, invest only on the coins you understand its movement.

Quote from: JULIA2023 on October 15, 2023, 01:08:27 AM

2: trading was at spot also futures

It will be nice if you avoid futures. If you lose on spot, you might later enter in profits if you don't sell at lose.

Quote from: JULIA2023 on October 15, 2023, 01:08:27 AM

3.coin was buy from dip they again more dip
4.coin was sell from top they again go up

This is why you should know your charts and only buy the bearest dip and also use your stop loss.

Don Pedro Dinero

legendary

Activity: 1358

Merit: 1565

The first decentralized crypto betting platform

Quote from: JULIA2023 on October 15, 2023, 01:08:27 AM

<...> I want to khow where I done mistake.

Your mistake has been to believe the hype: that trading is a good way to make money, when the reality is that the percentage of retail investors who make money from it in the long run is very low, and the time and money invested to be one of the chosen few is often not worth it.

In my case I don't do day trading or short trading, I invest for the long term which is much more boring but a much safer way to make money.

JULIA2023

newbie

Activity: 10

Merit: 0

I HAVE JUST EXPAIN TO YOU MY JOURNEY OF TRADING THAT HOW I HAD LOST THESE DOLLARS.
I have started the trading from BINANACE app and I invest 1 k dollar at the start from spot while I had no teacher
i was in trainee at that time one day was will profit the other day was my loss day every month I invested in binance app from my salary
after investing these money would finish in just 4 to 6 days after that I again wait for my salary.
At the end in invested 6 k dollar at one time but there was a coin which has up from 0.92 to 14 dollars I bought this coin in 11 dollars and
unfortunately this coin dip to 2 dollars and I was see my loss in just 10 minutes.
My trading method I just sharing with you tell me where I done a mistake
1: invest in one coin also multiple coin
2: trading was at spot also futures
3.coin was buy from dip they again more dip
4.coin was sell from top they again go up
Kindly share your experience that I m doing a loss you are also a part of my problem so that I want to khow where I done mistake.

Topic: 16k DOLLARS LOSS IN JUST 1 YEAR - page 7. (Read 947 times)