Getting losses, Take a break and just focus on Bitcoin. - page 2.

Mr. Magkaisa

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Quote from: Wakhid Mukti on November 08, 2023, 07:33:03 AM

Recently I was contacted by a trader friend, who told me that his trading position in futures was hit by Stop Loss. He played in altcoins, because Bitcoin has recently increased in value. My friend dared to take a long position in several altcoins with capital of $150, and after hitting a stop loss the remaining funds were $12.
I told him to stop and close the entire position he had just made. I want my friend to stop for a moment to calm his mind and emotions so as not to add to the existing losses.

And I suggest that if it starts again, it's best to just play Bitcoin and don't play with too many different types or play too many altcoins. I know that sometimes altcoins are able to provide greater profits than bitcoin when bitcoin experiences a 10 percent increase, but altcoins are also able to provide greater losses.

- When you enter the trading sector, don't expect there to be no risk; instead, we should be cautious and prepared for the unexpected because money is involved because you will be purchasing crypto assets. So focusing solely on Bitcoin is insufficient for me.

There will be various crypto assets that have market potential and can enrich us in the future. You only need to select the ones ranked in the top 20 to ensure that we make a profit here.

justdimin

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Quote from: Wakhid Mukti on November 08, 2023, 07:33:03 AM

Recently I was contacted by a trader friend, who told me that his trading position in futures was hit by Stop Loss. He played in altcoins, because Bitcoin has recently increased in value. My friend dared to take a long position in several altcoins with capital of $150, and after hitting a stop loss the remaining funds were $12.
I told him to stop and close the entire position he had just made. I want my friend to stop for a moment to calm his mind and emotions so as not to add to the existing losses.

And I suggest that if it starts again, it's best to just play Bitcoin and don't play with too many different types or play too many altcoins. I know that sometimes altcoins are able to provide greater profits than bitcoin when bitcoin experiences a 10 percent increase, but altcoins are also able to provide greater losses.

This is a great approach to bitcoin and crypto investments. I mean if you are not sure about what to do, just investing into bitcoin for long term should be good enough .I always have some bitcoin aside, never invest into anything and ignore bitcoin, no matter how much I invest into something else, I always have more invested into bitcoin, that is always number one and if I am going to invest into anything else, first I invest more of that into bitcoin and then invest into another thing.

Like let's say if I am going to invest 100 dollars into litecoin, then first I invest 200 dollars into bitcoin and then I invest 100 dollars into litecoin. Keep that going, at all times, never stop investing into bitcoin and always end up investing into bitcoin first. This doesn't mean that you can't invest into anything else, you can always invest into something else, but always keep the bitcoin one going strongly if you want to make sure it is going to do better in the long run.

retreat

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Futures trading is not really designed for beginner traders, but the problem is that many people who are beginners and are not ready to lose their money trade futures which is a big mistake. They are tempted by futures trading which usually provides leverage of 50x or more only for profits in the short term. And when they are hit by a short, we can see the results like your friend, frustration and stress. The funny thing is that your friend actually opened a new position which has the opportunity to increase losses. He should calm his mind and analyze how his previous trade went before taking a new position. Or he can try Bitcoin spot trading which is safer and lower risk compared to futures trading.

Youngkhngdiddy

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Quote from: michellee on November 10, 2023, 02:50:47 AM

Trading futures requires more analytical skills than spot trading. We must know when to close a trade and not chase bigger profits. Most future traders are greedy because they want bigger profits even though they have made good profits.

It's okay if they hope to get bigger profits. But it also depends on when they enter the market, what price they get, and how the coin moves. Whatever the coin, if its movement continues to remain the same for a certain period, he will be safe and can hope to make bigger profits. But unfortunately, today's crypto market is not like that.

The cryptocurrency market has now changed a lot. Today, the movement could go up for 2 days, but then the movement could go down for more than 3 days or sideways for a week. If so, they must be observant to know when to enter and exit the market. This is where it is important to have analytical skills because it will determine when they close their trade.

I keep saying that the amount of capital also matters if you want to invest in bitcoin, bitcoin price as gone up way beyond investing just any capital. The volatility of the market will see to it that your $150 is too small, they are still other less expensive project with good market cap you can invest in. Trading futures is more risky than the spot trade, you need to have the full dynamics of trading so that you don’t get swamp up in your ignorance. Trading futures requires knowledge and analytical skill to be able go about the market. You also need a good capital to manage your portfolio from liquidating because of the volatility of the market.
There are factors one need to take into account before investing in Bitcoin, getting authentic information from the right source is one of them, so that you can get idea of the what is happening in the crypto space. Another things Is learning and mastering at least one of the indicators, know and practice how to use at least one or two of the indicators so that you can make your analysis for yourself, you don’t have to wait for signals from others. Be a master in your skill and don’t stop learning to better your knowledge.

michellee

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Trading futures requires more analytical skills than spot trading. We must know when to close a trade and not chase bigger profits. Most future traders are greedy because they want bigger profits even though they have made good profits.

It's okay if they hope to get bigger profits. But it also depends on when they enter the market, what price they get, and how the coin moves. Whatever the coin, if its movement continues to remain the same for a certain period, he will be safe and can hope to make bigger profits. But unfortunately, today's crypto market is not like that.

The cryptocurrency market has now changed a lot. Today, the movement could go up for 2 days, but then the movement could go down for more than 3 days or sideways for a week. If so, they must be observant to know when to enter and exit the market. This is where it is important to have analytical skills because it will determine when they close their trade.

Blitzboy

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Quote from: Dickiy on November 08, 2023, 11:30:26 AM

Quote from: Oshosondy on November 08, 2023, 07:37:07 AM

Bitcoin trading is also very risky, although altcoins are more volatile and riskier. Just tell him to hold, that is the best for now. I have traded bitcoin and altcoins, they all have their own risks and they are all for experienced traders. I remember a time I was new to trading, I traded bitcoin with leverage and I lost so much.

Yes, basically any trade has its own risks and there may be some differences in the level of risk that will befall us as a trader, none other than the possibility of risk because we will take or take advantage of the profit opportunities that exist in the world of trading, and if our analysis is wrong because of market fluctuations that are not helped then yes as a result we will experience losses of different amounts. I agree with your statement and yes as you said that whether it's bitcoin or altcoins still both have risks and maybe for altcoins have a much higher level of risk.

With all the risk opportunities that can occur then yes of course that is the reason why we as traders must have a lot of preparation as one of the preventive measures to reduce the level of risk, honestly I will not focus that trading is only for those who are experienced, because of course they are also born from ordinary people who were initially beginners but with the planning and management they have (very good) it makes them one of the professional traders, and that means there is no prohibition for beginners to get involved in this trading as long as they have good planning and decisions so that things that are not wanted do not happen.

Trading is risky, and you're right about the volatility. Potential profits and disadvantages must be balanced. Trading Bitcoin or altcoins exposes you to market fluctuations. Altcoins have higher risk, but they also have higher profit, therefore they demand a steady hand.

You're right about preparation being key to trading success. It protects against dangers and guides you through market swings. Today's successful traders were once beginners. They reached their heights via careful planning and smart choices. This story emphasises that experience is earned, not inherited.

Beginners should jump in with a plan. Learn and think about the market. Planning ahead, not years past, shapes your trading path. Bitcoin, despite its wild swings, shows crypto's inventiveness and tenacity. More than an asset, it revolutionises financial autonomy. Keep supporting, studying, and most importantly, trading with a clear head and full understanding.

LogitechMouse

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Quote from: Wakhid Mukti on November 08, 2023, 07:33:03 AM

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And I suggest that if it starts again, it's best to just play Bitcoin and don't play with too many different types or play too many altcoins. I know that sometimes altcoins are able to provide greater profits than bitcoin when bitcoin experiences a 10 percent increase, but altcoins are also able to provide greater losses.

Giving him the suggestion of focusing on just Bitcoin instead of altcoins will not help him either because in general, if you don't know how to trade, your money will just go *POOF* especially in futures trading where you can earn more, but you can lose more as well because of leverage.

We have almost the same experience with your friend. I did some good trades in the past as well, but one wrong entry, and add also the fact that I didn't put a stop loss made me lose all of my trading capital. After that, I stopped trading as well. Your suggestion will not help him that much. Whether it will be Bitcoin, or altcoin, the chances of you losing is still the same. It's not the coin that's the problem. It's your friend.

Maybe your friend needs to really focus on Bitcoin, but not for trading, but for holding.

TimeTeller

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Quote from: OgNasty on November 09, 2023, 06:30:20 PM

If you know what Bitcoin is and you’ve managed to somehow take losses investing this year, you are a special sort of trader… With Bitcoin up more than 100% nobody should be able to say they’ve lost a penny. If they did, they’re clearly doing it wrong. Just stack BTC. It isn’t brain surgery. It’s the best performing investment in human history. Stop trying to outpace it.

The OP's example I believe is trading futures in alts, so this one is actually hard.
If you don't know what you are doing, you can easily get liquidated in futures.
This is why if you are not sure in this trading market, better go for spot trading.
Maybe, the losses will be minimal. And also, deal with top alts, not new ones.
If the project is small, it can easily be manipulated by the team and they can easily deploy the wash trading technique.

OgNasty

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If you know what Bitcoin is and you’ve managed to somehow take losses investing this year, you are a special sort of trader… With Bitcoin up more than 100% nobody should be able to say they’ve lost a penny. If they did, they’re clearly doing it wrong. Just stack BTC. It isn’t brain surgery. It’s the best performing investment in human history. Stop trying to outpace it.

TelolettOm

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Quote from: Wakhid Mukti on November 08, 2023, 07:33:03 AM

Recently I was contacted by a trader friend, who told me that his trading position in futures was hit by Stop Loss. He played in altcoins, because Bitcoin has recently increased in value. My friend dared to take a long position in several altcoins with capital of $150, and after hitting a stop loss the remaining funds were $12.

Whatever the coin, if it is Future trading, then the consequences or risk of losing money will be much higher. Bitcoin is also quite volatile so that sometimes it can rise or fall quickly and result in our assets or positions in the future market being liquidated or ultimately achieving a loss. For this reason, future trading is not recommended for us, especially those who are still quite new here. Or for anyone who is not really familiar with this matter, it includes the lack of insight, skills and other readiness in trading in the future market.

So, wouldn't it be better to just buy Bitcoin for a certain period of time? so we will not be affected if the market will rise or fall quickly. because we have a specific target for Bitcoin at a certain price or during a certain period.

Assface16678

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First of all, what your friend did was very wrong. He let his thoughts and greed to recover the losses, and he let himself trade after a loss, which indicated that he was not in a good mental state. Now your friend has learned it in a hard way. Youre right, a trader should only focus on one asset to trade. Well, many traders trade in different coins, but they can manage it; they know about that coin; they study it. But from the looks of what happened to your friend, he decided to trade in altcoins just because he sees that altcoins have a price movement, which is a bad decision.

And with that little capital, he trades in different altcoins? That is like a suicide; that amount of capital can only be traded for one coin; in fact, it is still risky to trade with that capital because it will give you a little equity, and maybe the reason your friend loses almost all his capital is because he trades with high leverage, which is not suitable for the SAIF capital.

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Quote from: Wakhid Mukti on November 08, 2023, 07:33:03 AM

Recently I was contacted by a trader friend, who told me that his trading position in futures was hit by Stop Loss. He played in altcoins, because Bitcoin has recently increased in value. My friend dared to take a long position in several altcoins with capital of $150, and after hitting a stop loss the remaining funds were $12.
I told him to stop and close the entire position he had just made. I want my friend to stop for a moment to calm his mind and emotions so as not to add to the existing losses.

And I suggest that if it starts again, it's best to just play Bitcoin and don't play with too many different types or play too many altcoins. I know that sometimes altcoins are able to provide greater profits than bitcoin when bitcoin experiences a 10 percent increase, but altcoins are also able to provide greater losses.

Actually, this topic is very suitable in the trading section, I think. It's been discussed many times, to always be careful when trading cryptocurrencies, there are lots of altcoins out there but don't let it happen because of FOMO, you forget that Bitcoin is the only coin that can provide real profits, from the story you tell. It seems that your friend is quite greedy and has little insight into trading, so he is reckless enough to trade in altcoins when Bitcoin is bullish, this is a lesson for everyone, trading in altcoins often leads to bad luck.

TakeItEasy

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Bitcoin is now at decent price and we can expect some good pumps from it as we have seen it after a long time. Investment plan in the bitcoin is worth now as I think right time to provide bitcoin the most percentage the portfolio. I had already invested my more money in the bitcoin when i saw a recent pump in the bitcoin and that was after the $26k.

Then I decided to store it even when it goes above $40k. There is consisting 70% of my portfolio filled with bitcoin which is larger than expected but still I'm in search of buying it more in this price in hold it as well.

goinmerry

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Quote from: Wakhid Mukti on November 08, 2023, 07:33:03 AM

And I suggest that if it starts again, it's best to just play Bitcoin and don't play with too many different types or play too many altcoins. I know that sometimes altcoins are able to provide greater profits than bitcoin when bitcoin experiences a 10 percent increase, but altcoins are also able to provide greater losses.

It's good that you made an attempt to calm your friend and stop him from a possible loss in the process.

However, experience is experience. It's fine to advise your friend to focus only on Bitcoin but if he's really up to the challenge of playing with other altcoins, the better suggestion would be, to learn from all of his losing experience. Future trading is really tough to handle and dealing with the emotion is critical here but that's the challenge there.

Don't stop your friend if he wants to bounce back again on playing with different altcoins. Instead, give him encouragement and feed him with knowledge and good pointers such as recommending a good altcoin, trading tips, sharing your strategy as well, and many more.

Obari

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One funny thing people find very difficult to accept in cryptocurrency is the fact that the higher your profits tends to be same rate with your losses especially with altcoins and this very is ignorance has lead to greater losses than profits and that's why people have to learn how to stick to bitcoin because it has proven itself over time and still proving till date.
Well I've been a trader over the time and judging from my past experience, I think your bro is still very new to the trading industry because I was still imagining how someone with a trading capital of $150 and a stop loss be left with just $12 which means he was still messing with his emotions and before anything, he should work on his emotions

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Quote from: Wakhid Mukti on November 08, 2023, 07:33:03 AM

Recently I was contacted by a trader friend, who told me that his trading position in futures was hit by Stop Loss. He played in altcoins, because Bitcoin has recently increased in value. My friend dared to take a long position in several altcoins with capital of $150, and after hitting a stop loss the remaining funds were $12.
I told him to stop and close the entire position he had just made. I want my friend to stop for a moment to calm his mind and emotions so as not to add to the existing losses.

And I suggest that if it starts again, it's best to just play Bitcoin and don't play with too many different types or play too many altcoins. I know that sometimes altcoins are able to provide greater profits than bitcoin when bitcoin experiences a 10 percent increase, but altcoins are also able to provide greater losses.

From what you've said about how he lost most of his investment and the way he used stop-loss, I believe he is new to trading, and futures trading isn't recommended for newbie traders since it carries a lot of risks. So the first thing you should tell him is to stop trading futures and start gathering more knowledge and experience about the market and how different cryptocurrencies move up and down, if he wants to keep trading in the meantime, he should do that on the spot market and trade coins that are less risky.

A trader who faces extreme losses has to take a break, evaluate their actions, find out their mistakes, and then rectify them so that they don't make the same mistakes again. They should practice their knowledge and see if their strategies and patterns are working or not, and once they feel that they are completely ready, they can start trading again.

KiaKia

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Either it's Bitcoin trading or altcoins trading it's risky for beginners who don't know much about trading, it's right thing to do telling your friend to stop trading and start buying Bitcoin for long term hold but the truth is Trading has the capability to turn your life around and set you up for life, you will make gains than any degrees can ever get you.

The right thing to do is learn trading, but since it's not something you can learn in a day you have a lot of time to do it slowly, it's better to start learning after you buy your Bitcoin for long term hold, the gains that traders make from trading is so great that you can start traveling around the world.

Holding Bitcoin is less risky and also rewarding, depend on how much you invested, and trading is far more rewarding depend on how good you are at it, this is why crypto traders are also investors, they hold Bitcoin as a long term asset and they keep trading too.

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Sounds like a made up story. A $150 series of positions with SL'S and yet lose 90%+ of the portfolio value? That makes no sense. Generally when an amount similar to that is liquidated with no stops, that could be the remaining amount

That aside, if you are trading using margin, it really does not matter too much as to which market you are using. Higher risk, higher reward. I don't believe that with such little capital, or even below $10,000, that it's possible to make a lot of money from trading. You'd be better off flipping patties and investing the proceeds into bitcoin.

Dr.Bitcoin_Strange

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As long as one is trading on futures, the risk is always the same because what you are trading on is based on the price volatility and side swings of the market, and even if you are trading Bitcoin, you will still encounter losses as long as your predictions are wrong based on the position you entered, and if you are not also very experienced, then you will still encounter losses. It's wise for a trader to have the most favorite and favorable asset they love trading and not just wake up and pick an altcoin they want to trade; meanwhile, they have not adjusted themselves to how volatile the asset can be.

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Quote from: HideYourKeys on November 08, 2023, 11:24:10 AM

Bitcoin trading is also risky, at least it has way more liquidity than other altcoins. It is quite usually to try to get into other altcoins instead of bitcoin, because people see it as an expensive asset, or maybe they think they lost the train many years ago... Still, imho, we should start talking in sats, so it is not that traumatizing for newcomers

Bitcoin is not expensive because you do not necessary have to buy one bitcoin before you can own bitcoin, you can buy as low as less than $50 worth of bitcoin. Bitcoin can be liquid than all other cryptocurrencies, but there are many cryptocurrencies too that have high liquidity, it may not just be as liquid as bitcoin in volume but their orders are filled immediately with good market price.

Topic: Getting losses, Take a break and just focus on Bitcoin. - page 2. (Read 597 times)