Topic: A long journey taken short - first and last journal entry of a failed trader. (Read 458 times)

No worries dude. Best of luck with everything. Keep us updated.

As I stated in my update. I dont expect anything. I am leaving my address in hope, nothing more. Someone today sent me a small gesture and that little gesture alone filled my heart. I cant explain what this position feels like. I've never had many things come at me in a single go but what that person sent me lifted my spirits for a moment.

Thank you for your advice on handling this with my father. Honestly, each word and persons opinion on that situation is valuable information to me on getting my head right to tell him.

All i have on me right now is a letter to my employer from my doctor stating why I can not work given my condition. I have blocked personal info but the context needed to verify my position is in it.

Sorry you feel this way, it is understandable given the nature of this space and past histories with others but I do not have in my intention to scam anyone.

Regards.

https://ibb.co/hxNBXwj

Doing trading too much also cause issues and that exactly happened with you, if you had enough patience you might pick the right price to buy and sell and also its mandatory to cashout the profits and move to holdings from trading capital.Sorry for your loss but now you can't do anything other than accepting your loss maybe you can ask help from someone to pay the debts and and repay then when you had money.

Don't forget there is no failures its all just the lessons for how to be successful.

I received it. I dont even know where to begin thanking you. It does not matter how much. For me, it is the thought, the effort you were willing to put in to do this. Thank you from the bottom of my heart and soul. I wish you absolutely nothing but the best for this gesture!

Okay! Lets be honest on here.I do feel sorry on the situation you are into and now you've come back telling that you had a thyroid cancer.Can you at least show up some proofs rather than on verbal things?
Im not really that emotionless when it comes to real life situation but im somewhat done when it comes to alibis for most noobs out there just trying to make up some stories just to get some sympathy
and might able to get some donations because they've fooled out other people on this kind of way.

In any case if this was indeed true then better to confess out your mistake into your father before its too late..Dont make that problem would be dragged down until you pass out..
Money can still be earned and problems can be solved yet you do still have your family to support you no matter what.

Wow. Really did not expect this kind of response from anyone. This has me taken back a little to be honest, reading through all the comments. I didnt think I'd log back in here but I'm glad I did. Guys really, thank you all ever so much for the advice above, i spoke with a friend and he advised some of the same many of you all mentioned.

As an update on my dad. I have yet develop the courage to tell him. I know I will in time but it will take some time. The unconditional love and care he has for me, as I have for him, will get us both through it I believe. He has always been there for me through all my teenage mishaps and never once turn his back on me. I say this, as most would but I do have the greatest dad in the world. Just hope i can be as too as his son.

As for me personally, my health took more of a toll on me from stress of all this than I ever expected. My mental health is somewhat healing for now but... about 2 weeks after posting this, I was diagnosed with thyroid cancer. The trading failing, mental health state and this cancer crap all came in one big box, everything hopping out one after the other over a period of weeks. I firmly believe the stress of all this, that I put myself through was the trigger for it. And now given my financial status, we are going to struggle to meet the fucking healthcare I will need. Even if I can fucking get it at all. My country doesn't have healthcare. It all costs mega.

So now, I could potentially have ended my own life my losing all this money I'm sure my dad would have used to help me. The fucking god damn irony of it all makes me want to vomit.

I dont know if there is anyone out there. Anyone who was read this who would help me out. I'm going to leave a bitcoin address here. I am not expecting anything as this is karma I guess but maybe I've done something good in my life which may turn around to help me now. They do say karma is a bitch and maybe it ends that way. Who the fuck knows.

Guys. Again. Thank you all so so much for the comments ye left. Trading may be a hard and cruel but what many of ye said above shows that their is really good people out there.

Thanks.

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Sorry to read that OP, I hope you look elsewhere outside this forum for some support. You can PM for some ideas, but you should not need to look far beyond your state or Google (I'm serious, search for help). I know someone else who's been down this road -- not in crypto but it's not a dissimilar activity when you trade -- and it has taken many years for the closure to happen and the courage to explain what happened.

There are more lessons I would say, other than to just "wait for your setup". I know it's pointless to say since we all take risks but always to risk what you know you can lose and go to bed all right. Also maybe not to borrow money ever.

And that yes, trading isn't just not for everyone. It's probably not for most of us. Hold that 240eur in btc and seek debt relief from your state. Good luck.

Thanks for the great read and I do definitely understand the emotional process you might have encountered during your trading.
I consider myself a hobby trader, as I am involved in the industry but trade only on my spare time.
I've started on bitmex at first and got lured into the 100x and soon realized it was my greed that keeps turning those 300% profits back down to 20% and even at a loss in most cases.

From what I've been studying some seasoned traders are, stick to a strategy that works through trial and error, put only what you can afford to lose and believe in your strategy and keep to the rules you set for youself (ex. take profits at 20% regardless, etc.)

Wish you the best of luck and hope you regain all your losses.

I feel bad for your current situation. I hope you get out of this situation soon. I've been in the same situation as you. I lost all my bitcoins by trading, which I think is the biggest mistake of my life. That time I haven’t good knowledge about trading. The only time I know how frustrating I am. Now I have started buying bitcoin again which I will hold for the future. Maybe I will recover all my losses. Don't be disappointed your good days will come back.

There's always hope as long as we are alive. I really hope he will resolve his problem. You are right, it's only money. You can always find the money, find a job whatever it may be and slowly pick up yourself. Maybe, this is his biggest challenge in life that he has to deal with. Later on, he will find out that there are other bigger problems than this one. And maybe, when he realized that, he will try to check again the crypto world.

Wow, I completely missed this thread until now.  I don't think OP is going to be returning, but I wanted to comment here anyway.

I saw similar behavior back in 2017 when bitcoin was on fire--people were borrowing money to buy bitcoin, sometimes taking out cash advances on their credit cards (with presumably high interest) to do so.  There was even at least one person who tried to--or succeeded in--selling his house to come up with more money to invest.  That's crazy, not only as a way to fund your hodling or trading in crypto, but for any other investment.  Even buying crypto on margin is extremely risky.

Hopefully OP is young and has a job.  If so, he's got a shot at paying off his debt to the bank and his father.  Also, his situation might seem to him to be hopeless, but it isn't.  Not by any means.  It's only money, even if it's a lot of it--and I suspect his father would forgive him even if he's pissed off in the short term.

I've also have done this kind of mistakes even in winning a trade i'd still lose more than i gain because of wrong entry point. After investing all my savings, i panic even the slightest drop in BTC price and instantly convert to USDT pair, not knowing it will pump. After that i've realized that trading is really difficult so i've switch to an hodler with the little money i have left.
After that i've decided to work for a regular job cause im really looking for money or we'll starve to death with my family. I do hope that you manage to make your way back in this trying times.

I think you had overconfidence in trading that leads you to failure as well. Trading can't actually make you millionare as you stated. Well, you can but not instantly. Even expert traders lose a lot. And since this market's volatility makes our trades win and lose, we should accept the fact that we are risking our money here.
 
 You go and tell your dad, bro. It is better if you'd be honest. I'm sure he will pretty understand you since you are his son. And please, do not be pessimistic. I, myself lose a lot in trading but I keep on motivating myself that I can still recover. This serves as a lesson for you, buddy.
 
 Never ever use loans in trading.

I believe that you are going to get your shit together and pay your debts,OP.Get a job,negotiate longer payouts for your debts and just work.Everything will be fine and you will get help from the people in your social circle and your relatives(not financial,but emotional support).
Crypto trading is pretty much like gambling and if you lack control over your addiction it will bring you down.
I guess you were every overconfident in the beginning.Trading with money that you don't actually own(loans,money from friends and family) is the worst thing ever.

It is a sad story I read, and I am sorry to know that. You now know that trading is not a quick way to make money, and in trading, you need to have control ourselves. We cannot force ourselves to enter the market if the situations are not right, and we need to realize when to get in and get out. But if you want to try again in trading, better you have control first and determine when to stop trading before you get the same thing as before.

I see you can make a profit before, but because you've been forcing yourself to make another profit, you lose the profit and your money. In trading, you need to use the money which you can afford, and I am sure that you learned from your lesson so you can know how much money you will use for trade. Don't chasing more profit if you don't see a chance to do that, and it is better to leave the market while you can.

I wish that you can recover your losses, you can be able to control yourself in trading or another thing, you can make another profit in the future so you can make your family, especially your dad to proud of you.

Meehn sorry about your situation, I really know how you’re feeling right now, but there is really nothing else you can do and you can’t continue lying to your family and telling them that things are alright while they are not, and you keep placing that heavy burden on yourself. I will advise you to just let them know what happened and you can all come together plan on how to sort out this issue you’re having.

This is one of the reasons you’re being told always, this has been repeated a thousand times on this forum, always make sure that you invest an amount you can afford to lose, stop throwing a lot of money that you can’t afford and at the end you regret. Bitcoin is not a money making stuff, don’t think that everyone here is getting rich just because you don’t hear or see stories of those that lost everything.

Trading would always remain the most complicated part of ones life. Trading has a lot of hidden risks which come forward on hitting some specific targets. Also most of the newbies might be thinking that they would never face excess loss because they have set up a stoploss for each order but this would never minimize your risk but it would only minimize the amount you might lose. I have seen a lot of people setting stoploss few cents below their buy orders.

We should understand that we are dealing with the most volatile markets and hence that price might be triggered anytime if you lack in research. This might make you hit your stop loss each. What you need to do in this situation is to change the percentage rate of your stoploss and find profits in smaller gaps.

That's the problem with trading. It's filled with different emotions.  You can easily get overwhelmed if care is not taken. This is why, the best traders are not those who are good with TA setups or FA. But those who have mastered the art of emotions control. When I started trading I read a book about the emotionless trader.  It taught me about controlling and managing one's emotions. I think that's one of the biggest problems that OP faced and he couldn't beat it.

To everyone else that wins and gets it turned to losses, You should take a break and read about how to better manage your emotions.

PS: OP. Sorry about  your lost funds. I pray you gather yourself up and be great again. This time without the mistakes of your past. Even if you don't trade any more but in your next endeavor.

The OP gives a good life lesson here. And for most traders here, it fits, we always thought that we can win any trade that we enter, we always believed in our capacity to overcome everything (including myself). So I also trade with that mindset, but somewhat in dawn on me that it is very wrong and could lead to many losses in the future.

So we should learn to adjust and adapt as well, not even the best traders can have a winning percentage if he didn't understand when to stop. And when our emotions clouded our decision, that's when everything started to go on a downward spiral, we lost control and before we knew it, we are in debts, how do I know?, because it happened to me.

I agree with you that we should immediately leave the markets if we are facing constant losses. This would only make you increase the number of debts without any actual profits. Majority of times, traders would only trade back again only to cover their loss but this is where they have to face excess loss by loosing even that trade. Trading is easier but only for those who have some deep experience and knowledge about what they are doing.

Most of the rest people just trade to find some profits and exit the markets but they have to face loss many times. If you can adapt from what made you face loss than you can again start trading with smaller amounts and try testing your limits but never pull yourself too much into the well of losses.