A trader lost over $1 Million + on Binance Feature trading - page 3.

philipma1957

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Quote from: BitMaxz on April 14, 2024, 08:45:17 AM

That is super risky why did he invest in Meme tokens like Pepe it does not have any use and the thing here is he doesn't know how to use a stop-loss.
I see many traders got liquidated recently on the chart and almost billions were liquidated in two waves yesterday.
What I see here he does not have knowledge about risk management which is why he lost everything.

And correction its not feature trading it is futures trading.

he was likely spell checked ☑️

as for the loser of 1 million good for him a moron.

typical all or nothing mentality “nothing counts but more”

khiholangkang

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Quote from: Issa56 on April 21, 2024, 04:49:36 PM

Quote from: Bushdark on April 19, 2024, 12:29:06 PM

Trading isnnit easy and I am always surprised when I see traders trading in future trades with ease and relaxation.

Some people do claim they are professional trader, so they are always confident that they are not going to lose which is what’s always affecting some of them, when you are trading, you have to be careful, and always take precautions, don’t just trade freely because you have been trading for a long time, and I don’t really encourage people to trade on futures with such a huge amount of money. If you are trading you should do that with little amount of money, and if you are trading on futures, making use of stop loss is not really a bad idea.

His mistake was not setting SL, therefore his money was all liquidated, this is a common mistake of beginners or people who are too confident, I think maybe he is a professional in investment but he is not good at trading futures that have leverage, I think it is not strange to lose a lot of money in future trading because yes the high risk is very high compared to spot trading. And what's worse is that he used all his money, which means he doesn't have good risk and financial management in his trading activities, feeling confident is good but we don't know that there is a wormhole in our steps in front that can kill quickly.

This is quite a lesson, as long as whatever you are in the crypt world and no matter how good you are at trading risk management is very important and setting SL is a must in my opinion.

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Quote from: Bushdark on April 19, 2024, 12:29:06 PM

Trading isnnit easy and I am always surprised when I see traders trading in future trades with ease and relaxation.

Some people do claim they are professional trader, so they are always confident that they are not going to lose which is what’s always affecting some of them, when you are trading, you have to be careful, and always take precautions, don’t just trade freely because you have been trading for a long time, and I don’t really encourage people to trade on futures with such a huge amount of money. If you are trading you should do that with little amount of money, and if you are trading on futures, making use of stop loss is not really a bad idea.

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Quote from: taufik123 on April 14, 2024, 12:14:32 PM

Quote from: KingsDen on April 14, 2024, 11:26:00 AM

I remember when I was new in the cryptocurrency industry, when I was scammed consecutively online. It was easy for me to send $1,500 or $2,000 to people. At a time, I realised that if I changed the money to fiat, it will be so difficult for me to count such amount of money, which is in millions in my currency and give to someone I don't know online. With this same analogy, it would have been difficult for this man to use 1 million dollar in fiat nature to trade. But I will be so easy to wire it from portfolio.

At the end of the day it is about the realization that whatever it is even in the form of crypto Assets, Fiat is all very valuable according to its value.

I also sometimes make foolish actions by investing in memecoin without thinking that the nominal I invest is quite large around $1k-$2k,
and yes just like you, it will be worth millions and quite a lot of fiat money that I will hold for the needs of my life.

Now I am beginning to learn to appreciate everything that is valuable, look more at how it is produced and certainly do not commit foolish actions by trading futures without knowing the knowledge and investing in new projects that are not clear.

It was in 2023 that I decided that I will no longer invest my money, even if it's a cent in anything I do not quite understand how it works. I have learnt that it is difficult to earn money, so if you cannot earn more, you learn to spend less and not be careless with your money. If I am not 70 to 80% certain that I will make profits from a certain project, no need to venture into it.

Quote from: Essential10 on April 20, 2024, 02:38:03 PM

Since Pepe Coin is a meme it is undoubtedly a risky currency, trading in such currency is very risky. There are steps to take risk, it's really hard to lose $1 million just trading futures on Binance, I think this kind of activity is very stupid. If you go ahead with trading without knowing proper analysis, you will surely pay extreme price where you have already paid. He gambled overnight, when gamblers lose bets they lose patience and throw it all in and lose it all. If he had invested such a large amount in the top coin without trading and held it, he would have definitely made a huge profit.

Well, this could actually be what happened. What gambler lose upto 60 to 70% of their capital, they tend to lose patience and throw all in chasing losses. They will at that time forget that 30% of whatever amount is still a good money that can facilitate their comeback if well planned.

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Quote from: Hazink on April 14, 2024, 06:35:40 AM

Reference

Quote

“Just woke up and realised I got liquidated overnight. I was 3x long PEPE. I lost everything I had. I don’t even have $1000 in my bank account but had $1M in Binance. I have been in crypto since 2017. Today I lost everything,” he posted.

Investing in meme coin looks like fun for some people. They want to get in and be out but they are really high risky investments and they hold little to no value. But then as we know, what we see is that a community gets behind them pumps it using social media platforms and then FOMO is at the back of their minds which is what is basically responsible for increasing the price. If you have ever gambled, then you will know that there is absolutely no difference between them. The unknown is high higher than the know and you are sure that the there is going to be significant losses when it eventually blows up.

BABY SHOES

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Quote from: Wind_FURY on April 21, 2024, 03:32:54 AM

In my opinion, and although we should encourage people to buy the DIP and HODL Bitcoin, it's actually understandable if plebs with a very small amount of capital decide to gamble in a shitcoin + leverage. But for an investor who has $1,000,000 and insists on trading shitcoins, which are already volatile, and doing that with leverage then he is gambling with his mental insanity.

That's good advice by buying DIP and HODL instead of small capital by playing gambling on shitcoin + leverage is the same as gambling, sometimes I like to wonder about people who have $1,000,000 assets in shitcoin do they do that because they have spare money behind? But what the OP means is that all his money is in shitcoin so gambling madness is true.

Quote from: Wind_FURY on April 21, 2024, 03:32:54 AM

Let's pretend he bought Bitcoin with an average price of $65,000 TODAY. Come back to this topic during 2025. I believe the investment would grow, and be worth at least $5,000,000 in fiat value.

That's common sense thinking then we make sense with my own thinking.
But other people with $1,000,000 hope to $10,000,000 in shitcoin hahahaha.

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Quote from: AakZaki on April 19, 2024, 12:41:25 PM

It was a painful and mentally disturbing event to lose $1 million just trading Binance futures. why should you be so careless in using all that money for trading, let alone using large leverage, that's a stupid act and without using a stoploss. no matter how much money you have, you will definitely lose it if you don't have good analytical and management skills. The liquidity risk is very large because the leverage used is also quite large, I'm not even too interested in futures trading because of the risks.

I'm sure that's not all the money he lost. If the trader followed risk management, then he should still have sufficient capital left to continue trading and, accordingly, he has a chance to recover the lost coins.

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Quote from: Hazink on April 14, 2024, 06:35:40 AM

Reference

Quote

“Just woke up and realised I got liquidated overnight. I was 3x long PEPE. I lost everything I had. I don’t even have $1000 in my bank account but had $1M in Binance. I have been in crypto since 2017. Today I lost everything,” he posted.

This is one disadvantage of future trading. You can make a fortune over night trading on future, but you can also lose it all if you don't apply good risk management. It's obvious that this man did not set a stop-loss point; his greed overshadowed him with too much confidence that the bitcoin price can't dump since the halving is just around the corner.

It's hard to experience total liquidation like this on spot trading, but if I thought Binance by default doesn't allow 100% liquidation on future trading, at least it will automatically stop in the range of 85–90% of the trader's total assets they always tries to leave you with something.

What did this person thought it could happen? They were trading a meme coin, using leverage and money they could not afford to lose, refused to use a stop loss and finally they kept their position open when they went to sleep.

So this is not really about a person that made a mistake and suffered because of it, he made several mistakes in a row and for what I can tell this was just the way he did things, meaning that given enough time this could have happen at some point unless he changed the way he approached the markets, a possibility that cannot happen now for obvious reasons.

Wind_FURY

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Quote from: BABY SHOES on April 18, 2024, 10:45:27 AM

Quote from: Wind_FURY on April 18, 2024, 06:04:34 AM

You're right, with an amount of his capital at $1,000,000, he should either be starting to diversify, OR if he wants to invest in just one asset - make that investment HODLing Bitcoin. And he didn't merely buy and held a shitcoin, he took a long position in a shitcoin perpetual contract WITH LEVERAGE. He may not be a newbie, but the mental insanity with what he did is real. He's a gambler, not a trader nor an investor.

If he puts his hopes on shitcoin then he is gambling for years, he is not making a healthy investment in a safe asset, say bitcoin, but he believes more inecoin in the hope that it can go up by using high leverage, this is the mistake they have been doing all year.

I can't understand how not a beginner does this ridiculous action, logically if I have that much, I might play in shitcoin 10% of total assets or below, I don't want to go crazy because of his own actions, ahhh but he will regret his mentality.

In my opinion, and although we should encourage people to buy the DIP and HODL Bitcoin, it's actually understandable if plebs with a very small amount of capital decide to gamble in a shitcoin + leverage. But for an investor who has $1,000,000 and insists on trading shitcoins, which are already volatile, and doing that with leverage then he is gambling with his mental insanity.

Let's pretend he bought Bitcoin with an average price of $65,000 TODAY. Come back to this topic during 2025. I believe the investment would grow, and be worth at least $5,000,000 in fiat value.

Essential10

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Since Pepe Coin is a meme it is undoubtedly a risky currency, trading in such currency is very risky. There are steps to take risk, it's really hard to lose $1 million just trading futures on Binance, I think this kind of activity is very stupid. If you go ahead with trading without knowing proper analysis, you will surely pay extreme price where you have already paid. He gambled overnight, when gamblers lose bets they lose patience and throw it all in and lose it all. If he had invested such a large amount in the top coin without trading and held it, he would have definitely made a huge profit.

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Quote from: slaman29 on April 20, 2024, 08:50:45 AM

Quote from: Poker Player on April 19, 2024, 09:54:01 PM

Quote from: slaman29 on April 19, 2024, 04:21:25 AM

I see this story so many times, back in forex days and penny stocks days<>

In the case of the protagonist of the OP's story, we do not know if the million he lost was accumulated in earnings. It seems more dramatic since he says he lost it all and it does not seem to be pure profits from trading on the site. In any case they act as degenerate gamblers, as has been said. I think we will have to start talking about degenerate traders.

Yeah that's why I brought up my story. It's never clear how much people actually lost as net. Did they earn a lot of profit and then lost all of it? Then it's not really a loss. We say you only have profit or loss when you either lose your deposit, and close account, or withdraw to your bank

Those were forex days anyway, realized profit/loss is not what you see in your account until you move it out.

Anyway, degen traders ARE degen gamblers. Sheep in goats clothing lol

Playing up with degen or memes or even with that 100-125x max leverage on which i could consider out to be gambling. Yes, you could really be able to apply analysis but doesnt mean that you could really be able to be that having a good grasps into it no matter how old or veteran you are on this space whether dealing up with crypto or with those traditional markets like Forex or stocks on which we know that
increasing leverage or even simply that increasing your lot size (forex/stocks) could really totally blown up someones account if you won't really be that careful.

I have seens tons of videos or reels that someone do make out some live trading. Setting up some huge amount of capital and made out some totally gambling-like leverage.
On the time that they are liquidated then this is the time that you would really be able to see those kind of regrets that they shouldnt have done this and that.
It would really be not always recommended even if you are old timer, how much more into those first timers?

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Quote from: Poker Player on April 19, 2024, 09:54:01 PM

Quote from: slaman29 on April 19, 2024, 04:21:25 AM

I see this story so many times, back in forex days and penny stocks days<>

In the case of the protagonist of the OP's story, we do not know if the million he lost was accumulated in earnings. It seems more dramatic since he says he lost it all and it does not seem to be pure profits from trading on the site. In any case they act as degenerate gamblers, as has been said. I think we will have to start talking about degenerate traders.

Yeah that's why I brought up my story. It's never clear how much people actually lost as net. Did they earn a lot of profit and then lost all of it? Then it's not really a loss. We say you only have profit or loss when you either lose your deposit, and close account, or withdraw to your bank

Those were forex days anyway, realized profit/loss is not what you see in your account until you move it out.

Anyway, degen traders ARE degen gamblers. Sheep in goats clothing lol

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Quote from: rojan on April 19, 2024, 09:41:13 PM

Quote from: Z_MBFM on April 17, 2024, 09:10:58 AM

Future trading is very risky I was once very addicted to futures trading because I became very greedy. And slowly I lost $40k there then I gave up futures trading very hard. This is a death trap for a trader. from here it is possible to make huge profits in a short period of time by trading with a small amount of money if an accurate prediction is made. But if the prediction is wrong, the trading fund is lost. It is very much like gambling so it is better to stay away from futures trading. and if one is interested then he should not spend too much money there. the op's story hit me hard because it reminded me of something that happened to me in the past

I am very worried about my friend who is addicted to future trading. My friend is busy with future trading for several days. I have explained to him a lot that you will lose all money in future trading for small mistakes but he does not want to listen to me. How can I remove him from future trading now please give me proper advice.

There is nothing you can do rather than trying to tell him to stop because the loses could be huge if care is not take.
Future trading can be very risky and one could lower all funds without a patient ability to stay days without trading just to observe the market and look for s better opportunity to enter and trade. It is very important for us to check very well before we make any decisions about trading especially in future trading that can could pose a big risk on us if we don't know how to balance up and trade.

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Quote from: slaman29 on April 19, 2024, 04:21:25 AM

I see this story so many times, back in forex days and penny stocks days before I even used Binance, but the one that stuck with me was a guy who turned a few hundred dollars (which is quite a lot of money here) into a few million during the GME thing where he made a lot then invested in meme and nft tokens, but everything was on Binance, and he just kept trading and trading and then same thing. Leverage liquidated everything.

In the case of the protagonist of the OP's story, we do not know if the million he lost was accumulated in earnings. It seems more dramatic since he says he lost it all and it does not seem to be pure profits from trading on the site. In any case they act as degenerate gamblers, as has been said. I think we will have to start talking about degenerate traders.

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Quote from: Z_MBFM on April 17, 2024, 09:10:58 AM

Future trading is very risky I was once very addicted to futures trading because I became very greedy. And slowly I lost $40k there then I gave up futures trading very hard. This is a death trap for a trader. from here it is possible to make huge profits in a short period of time by trading with a small amount of money if an accurate prediction is made. But if the prediction is wrong, the trading fund is lost. It is very much like gambling so it is better to stay away from futures trading. and if one is interested then he should not spend too much money there. the op's story hit me hard because it reminded me of something that happened to me in the past

I am very worried about my friend who is addicted to future trading. My friend is busy with future trading for several days. I have explained to him a lot that you will lose all money in future trading for small mistakes but he does not want to listen to me. How can I remove him from future trading now please give me proper advice.

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Quote from: Hazink on April 14, 2024, 06:35:40 AM

This is one disadvantage of future trading. You can make a fortune over night trading on future, but you can also lose it all if you don't apply good risk management. It's obvious that this man did not set a stop-loss point; his greed overshadowed him with too much confidence that the bitcoin price can't dump since the halving is just around the corner.

I had some bad experience about future trading in the past, so I don’t really encourage people to trade futures. If you are a future trader and you have been making profits, don’t be surprised that whenever you will be losing, then you will lose everything you have made in the past. I don’t know why the person should even trade with that huge amount of money, you should trade with what you can afford to lose, and not trade with all your life savings.

I don’t just know why the person decided to trade futures with that amount of money, it doesn’t make sense to me, it’s better to trade on spot than trading on futures. If you are trading futures and you are doing that with a big amount of money, then you should make sure you set your stop loss incase if things goes against you, then it’s going to cut your loss.

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It was a painful and mentally disturbing event to lose $1 million just trading Binance futures. why should you be so careless in using all that money for trading, let alone using large leverage, that's a stupid act and without using a stoploss. no matter how much money you have, you will definitely lose it if you don't have good analytical and management skills. The liquidity risk is very large because the leverage used is also quite large, I'm not even too interested in futures trading because of the risks.

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Quote from: Hazink on April 14, 2024, 06:35:40 AM

Reference

Quote

“Just woke up and realised I got liquidated overnight. I was 3x long PEPE. I lost everything I had. I don’t even have $1000 in my bank account but had $1M in Binance. I have been in crypto since 2017. Today I lost everything,” he posted.

This is one disadvantage of future trading. You can make a fortune over night trading on future, but you can also lose it all if you don't apply good risk management. It's obvious that this man did not set a stop-loss point; his greed overshadowed him with too much confidence that the bitcoin price can't dump since the halving is just around the corner.

It's hard to experience total liquidation like this on spot trading, but if I thought Binance by default doesn't allow 100% liquidation on future trading, at least it will automatically stop in the range of 85–90% of the trader's total assets they always tries to leave you with something.

Trading isnnit easy and I am always surprised when I see traders trading in future trades with ease and relaxation.
This is a delicate type of trading which is different from spot trading that could be hard for one to earn non experienced traders to meet up. I mist see people using 100x to 500x to trade without even bothering about the risk it could pose to them if the market goes wrong from their predictions. I can't trade like this and I am very conscious about how I take signals to trade.

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Quote from: Hazink on April 14, 2024, 06:35:40 AM

This is one disadvantage of future trading. You can make a fortune over night trading on future, but you can also lose it all if you don't apply good risk management. It's obvious that this man did not set a stop-loss point; his greed overshadowed him with too much confidence that the bitcoin price can't dump since the halving is just around the corner.

It's hard to experience total liquidation like this on spot trading, but if I thought Binance by default doesn't allow 100% liquidation on future trading, at least it will automatically stop in the range of 85–90% of the trader's total assets they always tries to leave you with something.

I'm not saying that's a downside - but it's a risk that some traders probably ignore. There are many traders who really desire to become rich overnight - while they fail to understand when it is time to cut losses and remain silent so as not to be provoked by emotions.

The high leverage used not only allows traders to make large profits - but behind it also carries a high risk of liquidation. Beginners are never advised to use leverage above 2x - even experienced traders would not be too brave to use 10x and above if they knew how risky futures trading is.

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Quote from: bitLeap on April 19, 2024, 10:34:06 AM

I've heard this story on X for a long time and it's true that he lost everything. I am sure that this is not the first time, but this loss is the biggest loss during his experience in crypto trading. It is important to know that in Future trading the risks are like that, since he decided to trade everything, the risks and conditions have been agreed upon. Don't blame other people, just blame yourself for being careless. As a trader, he must be responsible for all decisions taken, whether bitter or sweet, he must be able to accept them. Like it or not everything has become the main basis for trading.
Since that incident, has he stopped for a moment to calm down or instead used the remaining $1000 in his account to return to trading with the ambition to catch up on what he lost?

That has been proven to be a technical error, as Binance doesn't allow traders funds to liquidate completely.

It was later said that about $180,000 was later returned to the guys account, which is even for him to either start up with again with lessons learned or he could just move that out of his exchange account and focus on something else, because it will be very stupid of him if he repeats the same mistake again as he might not be able to come out of it again.

Topic: A trader lost over $1 Million + on Binance Feature trading - page 3. (Read 1032 times)