Topic: Bitcoin: Understand how to use your coins (Read 317 times)

Ouch, very sorry to hear it.
Unfortunately, this story is similar to the stories of 80%+ traders who eventually lose their money trading forex, stock, crypto, etc.

And what's the title's relation with your trading incident? You felt like you had big balls and went all in. Okay, I understand that. Does that mean you don't know ​how to use your coins? Nah. Your feelings were just prevailing your decisions instead of your reasoning.

The trading hobby is a dangerous one, whether you've taken these technical analysis courses or not. I, myself, had started watching some, but got bored soon. There's nothing interesting in this field for me.

As for leverage: Gambling squared.

Most people will lose a lot of money in crypto at some point in their trading lives. It's depressing, but you just need to jump back in during a bull-run to get started again.

The markets are rising now, almost everyone's a winner, get back in quick before the bear return. The Stock-to-Flow model is so far a good one to follow, that will maximise your gains and minimise your losses

I hope your negative experience won't prevent you from trying crypto again, but being a bit smarter with the decisions you make. You also shouldn't blame the market for experimenting with trading strategies you never should have touched in the first place.

This thread of yours reminded me of something I wrote a few months ago, especially the last case with the rapper KSI: What Can Happen If You Want to Trade Cryptocurrencies, but You Don’t Know How?

I totally had the same thoughts as you.

Making a mistake and failures is only a part of our success. We might stumble and fall in our journey, and but there is always a lot of opportunities waiting for us. Don't be discouraged that much. Maybe it's not time for you to shine yet.

I don't have any experience yet but I gotta admit, trading is indeed rather quite difficult because you're taking risks and at the same time, you're fighting with yourself because mostly greediness wins and when that happens most fails. So that is why I understand people who fails to trade. Anyway thank you for sharing your experiences to us. Remember this mate, there is always a second chance to stand up again and fight. You can do it, cheer up.

First of all, so sorry to hear that.
There are so many similar experiences like this.
And the problem may be also the same, investing, trading, and doing an activity on something that we really don't know.
Here, I appreciate that you are aware of the things that cost you all our money. And this is where another really begins. As long as you can take lessons from previous experiences, then you can learn how to manage assets more wisely, choosing what you should do according to your current abilities.
Trading by leverage for anyone even for professional traders is very risky, especially if for beginners, it is like gambling. Many people are too interested in getting higher profits by using leverage or futures trading. Meanwhile, they do not really understand this. And they end up losing their money.

Welcome to the forum, btw, helpmecryptocurrency.

I hope you are a bit better now. Thank you for sharing your experience: you may feel embarrassed for losing that money, but you have been very brave talking about it here, in my opinion. I guess that there are many other more veteran users here that lost this and larger amounts of money, even the smartest guy can have bad luck.

Yes because Leverage is so attractive. Looks like it will make us rich fast. But that makes us very weak and lose our minds to make decisions. Apart from that, on social media there are also many who show off his advantages, although I think he must have lost too. It also makes newcomers interested in playing like the OP. The important thing that must be mastered is to master emotions with consideration of loss and gain. Indeed, there are risks but risk management is the best thing for you before or after entering a crypto market. Because money is not worth playing. Actually I've done that too, but I know the risks and spot trading looks safer.

OP was probably gambling on getting the huge returns than trading. We all do mistakes in the beginning and that's how we learn.
But I would never go in with such a huge amount before actually testing what I am getting into.
OP should have tried leverage trading with a smaller amount instead before investing such a huge amount in leverage.

It's is a nice one for one to get understanding on Bitcoin operates by getting to know this one has to seek for the taste of knowledge, take time to learn what is required. Do not rush to earn when you lack updates about cryptocurrency.

All I know is, it looks like leverage is pretty much the same as Future. I've done that, and I'm disappointed in myself for losing money. I was addicted to playing leverage back then. But I'm glad I was able to let go of that. I'm not going to repeat that again.

The past has nothing to regret, we can only make it an experience and a lesson. Many people will probably regret it if they look at the current crypto price. They'd probably be billionaires if they held it back until now.  Our job today is just to take advantage of the opportunities that exist, let's stay excited.

Why don't you read what the OP wrote, and you might understand that this is exactly what I assumed in the previous post - he didn't lose $ 150 000 in trading, but it's the amount he might have had today if he hadn't gambled and done something which he did not understand at all. I hope he realized that crypto trading is not for him, and that he will very likely lose everything he invests in that way.

How is possible to loose that big amount?

Trading is difficult. Crypto trading is already something not for everybody, because of the chances for big sudden movements.
Leveraged trading is even worse.

Unfortunately far too many treat trading close to gambling (and there's a good chance you've done the same) and the wake up call is usually harsh.


On the other hand, holding is not that safe either, I have crypto I've bought some time ago and now they're completely worthless.

What I want to tell is:
1. In both trading and investing/holding caution is needed, more cold calculation (and study) and less feeling. And both can go wrong.
2. Looking back is not always useful. In your case 2020 was a good year to enter the market, but keep in mind that there are people who bought bitcoin at the end of 2018 and maybe sold, disappointed, in 2019, 6 times cheaper than they've bought.

Also comparing 2020 buying prices with 2021 ATH, when you've lost money at various, much lower selling prices, makes your 150k number inflated (i.e. incorrect).


However, your story has the potential to scare some newbies from going head first into trading, especially leveraged trading. Or at least I hope so.

Hey everyone.

I'm not new to the market.
I'm new to a forum that values ​​knowledge and the revolution that bitcoin has made.

For people who questioned the post: My intention was not to narrate in detail my story.
At the time I wrote the first message I was desperate and extremely upset.
I'm still upset, of course, but I'm getting up off the ground to continue my life in a different way.

My investments started in 2020.

I didn't have $150,000 in 2020. With investments in crypto and capital from other businesses I got that amount.
I made a lot of mistakes! I see that I was greedy and ventured into the futures market at Binance. I lost this capital during 1 year and not all at once.

There is a difference between insistence and perseverance. Today I understand that I insisted on a market that only brought me worries and financial losses.

If I had saved my bitcoin and my other cryptocurrencies, today I would definitely be over $150,000.

You don't have to believe my story if you don't want to, I know it's hard.

"How did this idiot lose so much money?"
"Why didn't he stop sooner?"

You can question these things because I would question that.


For those of you who have actually read this far, I will now explain my story.

I'm 22 years old, I'm from Brazil and I've always studied capital markets...

My parents are divorced and I grew up with my grandparents. I always looked for a way to earn money so I could help my family.

Well, I worked with a lot of things in a short time. I was never stopped. I made a lot of money from real estate sales and auction negotiations. But the pandemic broke 100% of the businesses I was building.

I already had investments in cryptocurrencies but I decided to enter with practically everything I had. I was desperate.And in desperation we make stupid decisions.

I started winning... But I didn't believe in the power of time. I needed more to be able to raise my business.

So I went to the futures market. I started putting a small part of what I had in my wallet.

I didn't know how it worked properly and I lost everything I transferred.

I wasn't satisfied, I didn't accept losing. In the business world we do our best to make things work. But the futures market doesn't work like that.

I was transferring funds every time I lost everything. I liquidated part of my coins to put into futures. yes this is stupid...

I won... But I lost more. I studied technical analysis, took courses and trained myself to better understand.

But it was no use anymore. I had already lost a lot of money. This money was from my business and I couldn't recover it with the rest of the money I had.

My last loss was two weeks ago. I used $3700 with 20x leverage in an extremely dangerous market move.

Deep down, I already knew that this was the biggest bullshit. That all this future market is a big nonsense and that it led to bankruptcy.

But you know? We sabotaged ourselves all the time and I accepted to sabotage myself.

I know how much it costs $150,000. I missed them. I know how much time and effort it took to have this available and I screwed up.

No one told me to buy, no one told me to go to the futures market, no one told me to use all my funds to try for greed.

I did it alone. And my main intention in this post is: Don't do shit!

Believe in time and think if your actions are not self-sabotaging you. Everyone deserves to be happy and achieve financial independence.

But that just depends on you and no one else.

Thank you all for your words of comfort and not judgment.

And sorry for not respecting the amount of words per post.

With Futures or Leverage tradings, it is suicide if you open your position because you hear of someone earned big with such trading types.
And if you don't read their formula about collateral and liquidations.

If you read such documents, you should know 10x is very risky.

$150,000 is big enough and why did you have to gamble when you already have big capital?

Answer this question and fix your own problem. People mostly gamble because they have small capital to begin with but it is not your case.

Else, I don't think it is good to gamble with what initial capital you have. Do it carefully and increase your capital gradually is better and safer. If you win big with gambling, you will lose big with gambling again. It is zero-sum game.

As pointed out by others. You don't back your story with a piece of evidence to prove that your story is not fabricated despite the risk of losing money through leverage trading huge. However, it is the reason why Binance and other exchanges that offer service to the EU citizen once had an issue with the Financial Conduct Authority cause they don't want any EU citizen to participate in it cause it is another method of risk gambling.

The OP has not put any evidence in support of its claim, so the only question is whether someone will believe it or not - and I think that in situations like this there is always a reasonable doubt as to the veracity of what is presented. Also, the amount the OP states ($150k) is perhaps a possible profit rather than his stake, and it’s not the first time I’ve seen a newbie says he lost big money referring to the amount he lost because he didn’t make the right move at the right time.

Either way, it is classic gambling in which the majority (certainly more than 90%) loses their money.

Simply because whether we like it or not, a huge majority of people are still only here solely for the money. And while I don't think it's necessarily a problem, it's the reason why we have people doing bets like this because they feel like they're missing out. If the majority actually knew that bitcoin is a good long-term investment and a potentially good market hedge, bitcoin wouldn't be having 20%+ price drops in very short timespans.

Let's just say what you said is real. $150k on leverage is kinda risky, and you sounded like it was nothing to you. We appreciate the warning but honestly, Why I think that this situation you mentioned is like a made up for your first post.

Newbie usually end up asking here, but your case is quite confusing. A trader whom had a lot of funds could not have been starting here instead. But of course maybe I was wrong. Hope you learn your lesson now, it's not small amount to lose.