Topic: bad week mojo lost - page 2. (Read 311 times)

Traders do have losses, but future trading is more difficult, on binance you can borrow up to 125x with the funds a trader have on binance, the more the leverage the more the losses. Even as spot trading is so risky and many traders found themselves losing, future trading is more. Some people will still go for 125x levegae and lose more and more often. But you are right, experience matters a lot, but what someone needs to really understand is to know how to manage risk, especially by reducing the leverage used.

All mistakes hopefully can make you more mature in making decisions in trading, all traders must have experienced losses even though they have been in trading activities for a long time.


You should have more confidence in your own analysis, while all the signals given by the group you are participating in are only for comparison.

It looks like these losses are really driving you down, before you end up losing all the capital you have, better for you to quit for a while from trading until you find confidence again.

Learning from our mistakes is a must.. Indeed it really help us to readjust the situation and it will let us also to make a correction in our strategies and etc wherein just to avoid losses especially when it comes trading.. So for short if we ignored our mistakes it can cause losses everytime when we enter trading.. It's not like always wherein there's just a factor that we can't prevent because of not being aware in every single mistake.. There is a big advantage actually in my opinion..

You really shouldn't be using those trading groups, most of those are scams. And they are especially dangerious if you are using leverage , such as 20x. And you can see how quickly you lost it all.

20x doesn't seem like much however if you long BTC now at $55000 your liquidation price is essentially $52500, which is only a little over 4% which is considered very low volatility with crypto.

You need to learn how to trade yourself instead of copying other traders. Imagine if those trading signals you got were profitable... what would you do if one day they just closed their doors and didn't give you any signals anymore... what would you do. Hence you need to learn to trade yourself and not rely on other people.

That's why One of the Best Weapons in Trading is very important in trading.
Having stop loss is a very lifesaver for traders. Especially in the case of you OP, you already in profits but you still didn't manage to put any stoploss? Even what you did is moving your stop loss from your entry price or from the TP 1, so you already in profits no matter what.
Another thing is, over leveraging, this is one of the most problems of future traders. Seems the 20 cross leverage for me is very high.

Why do you not trust yourself now, knowing that you were just following those so called "signals" in the first place? There's a reason why those "signal" groups are heavily frowned upon, and that if you want to trade, actually learn trading yourself.

Also, if I understand correctly you've only traded for 1-2 months. It seems like you've earned good money in your first month, and you got a bit too cocky the following month. If that's the case, control your total bank roll when trading; don't unnecessarily allocate significantly higher amounts of money on a single trade just because you're a bit more confident.

Relying on opinions, signals of others, groups to build up your career is bad, very bad actually.

All will be good till the day it is destroyed. You need to open and finish many positions successfully to get what you had along with high pressure you accept. Unfortunately, just one or two bad positions which were liquidated will wipe out all you have.

Additionally, 20x leverage is very risky that is for gamblers. Especially, traders who are relying on others are truly gamblers when they use 20x leverage.

Try to build up set of indicators that you will use for your trades. Leave any groups you are participating so far. Get rid of your dependence on them.

Leverage: minimize your leverage from 2 to 5. The max leverage you should use is 10x. Only use it if you know what you are doing with position, price and where to cut loss and close your position to protect your capital

Do you know you shouldn't trust blindly on anybody and should not put in a trade what you cannot afford to lose? Trading needs patience, hodl, etc. but if you do it at a very high leverage of 20x, then no strategy is going to work. Stop doing shit, keep calm and don't trade for some days as you may lose more because of your psychological nature and behavior that will make you to go for high leverage under the greed of recovering everything.

This happened because you believe into someones work, especially on that telegram group this is why having your own analysis is way better than to depend to anyone. Besides, features is very risky so you better do your own analysis, to avoid loses like this.

This is a lesson to be learned for everyone, we should always do our own analysis and its not always about winning, losing is inevitable in this market and you just need to be more consistent and keep trying to earn even a small profit.

@OP, Sorry about your loss. But I would suggest not giving up yet on your dream of acquiring an apartment yourself. You can either take some time off to reflect on your mistakes and then come back to start the rebuilding process or you head immediately into the rebuilding process. The bull market is still on and there's still a lot of upside potential yet to be experienced. That's why you shouldn't give up yet.

Also, I'd like to suggest you consider trying out Isolated margin in your futures. This, alongside your risk management should ensure that you don't blow up your account (aka lose it up) due to cross leverage. Additionally, you should reduce your leverage size till you get more experienced.

I don't want to sound rude or offend you, but only be honest: it was not the dump that killed your account. It was your hope, that if you stay in the trade long enough some magic will happen and turn around the market to save your account.

As you said: you've done it before and it worked out in the end. This is working wonderfully – until it doesn't work and it'll doom your account. My rule #1: I know my entry and all exits before I enter the market. And I stick to it as my life would depend on it.

https://youtu.be/-2y38NHzoKQ

The telegram group I am in overall is good but nothing is 100%.
Many of the profitable trades I did was based on their signals. It was just the dump that killed me

Not a signal channel but does anyone know a website that analysis coin TA and indicates if you should buy or sell it it
I know Trading view has some such features or what is the best way to do mass TA across binance

No, you should trust yourself and stay away from the signal group, they will distract your game plan and make you confused and not decide very well which way to follow, your game plan or them.  You should trust your capability in trading, as you have said in the first paragraph, using your own judgment by using your own TA.

You might need to use the stop losses strategy, so if there's a huge drop of the coin that you have picked, it will automatically cut your loss.  There are automated tools also that will execute the stop loss on behalf of you when you are AFK (away from keyboard).

That's good news on your side you can able to manage your losses, again, there's no need to be greedy and be careful in every decision.

All the lessions you need is in you. You don't have to do any more magic but to go on your paste and you will get back to your winnings. You had a plan that you got profit but you lost focus and went for a telegram group which is where your trouble started from and that has put fears on losing on you which is natural. But you have to get up and continue what you were doing right and take away fear.

I'm sorry for your hard learned lessons and can only recommend you to work on your risk and position management as well as your discipline when it comes to cutting your loses according your plan.  Also I'd recommend you to give these books a read (or get the audiobook on Audible):

What I Learned Losing a Million Dollars – Jim Paul

Mastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups – John F. Carter … Especially the first 5 chapters

The Disciplined Trader: Developing Winning Attitudes – Mark Douglas

Also I'd recommend to not blindly follow signals or other traders but to build your own profound knowledge on trading to make your own analysis and decisions.  And if you do not yet have a trade plan for your trading: develop one!

Risk management is a huge issue for me had it with spot trading but is especially true for futures. I saw a YT video which mentioned this it said we have a great habit of wanting to sell quickly a trade thats going in the right direction in case it reverses but hold on the a losing trade on the hope it goes back.
I am good at setting realistic TP targets but not SL
I will TP at 20% but set a SL at 50% which isnt good

We are all going to experience losses one way or the other. That's just how life works and that's going to be continuous throughout. What we can do as traders is to be consistent with our strategy and know-how to risk management. It's always going to be a factor. Greediness and satisfaction with what you have would be a key factor to be ahead.

One tool that you could probably use is Gunbot. If you are interested in it, it would be helpful for you. It could trade for you. Message me if you want to know more.

I have been trading in Binance futures the last month or so and it was going really well
I was using my own judgement, analyzing TA etc, following people on the leader board and following signals
All was going great and was dreaming of buying an apartment which on my current directory would be in about 1-2 months

However it all went down the toilet. One free telegram group I am in, which does have good signals, sent me a signal for a long on Wednesday evening I put on the trade and it hit target one, however kept it open with a TP at target 2. I was crossed at 20X which was the leverage I had been using for the last two weeks.
Well it all went to hell. We had the major dump and I lost it all.
I know I should have quit the trade before and put my money in a short but I had done a couple of other such trades and the market had fallen only to go back up. I just hit my liquidation point and the coin did recover up to the TP target.

Now I want to dust myself up and start again, learn from my mistake but I have lost my mojo with it all. Up til Wednesday I was on a winning streak and everything was going well but I dont trust myself now.
I put on a trade and if it falls by 20% (leveraged) I close the trade only for it to go back up.
I am looking for strategies or tools to try and figure out a better game plan with futures, I can see huge potential just need to get focused and try again