Topic: Getting losses, Take a break and just focus on Bitcoin. - page 3. (Read 597 times)

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.

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

Crypto trading is a risky profession, it’s not a game. Bitcoin is a more reliable long term than altcoins but I don’t think a crypto trader can be called a crypto trader if he doesn’t trade altcoins. It is obvious your friend is very skilled in trading, if he was, he would have known how to set a stop loss and know not to use high leverage on futures. What you’ve told us is a newbie mistake in trading, a seasoned trader would not lose over half his capital on a trade. I suggest your friend takes a break to improve his trading skills before he starts trading again.

I wanna know that, what do you mean by play with Bitcoin it will be the best. I want to say that  every investment has risk  but Bitcoin is the most secure and trustable coin  for investment,  but it has still remain the volatilities.  So if anyone want to  play with it I mean that anyone wanna do short-term trading with just basic knowledge then they also have to face the risk and losses even then investing in Bitcoin.

For those people who have little knowledge about trading like technical analysis then they should invest for the long term in Bitcoin. I also want to say that there will no risk,  but here the risk will be much lower than the short-term. So my suggestion will be for your friend first he should know the trading analysis and risk management then he can invest on Bitcoin for long-term with his lazy fund. But always should keep in mind that always invest as much as he can afford to lose. So suggest him, take a long term strategy with a proper DCA mangement/

Owning to this risk in trading both Bitcoin and altcoin it becomes very important for one to note that to become an experienced trader it needs to take a long time to build the knowledge and at that,  one should take trading just like gambling,  only trade with a small amount and don't be greedy to make too many profits by opening position with high leverages,  just like in gambling where you should not bet along high odds because the higher the leverage the faster the limitations if the market goes against you as a trader.

To build the experience,  quitting is not an option but applying the right approach which is to trade with the sole aim as a newbie to build experience and not for profit making for a start,  and until they become well skilled in trading then they can focus on profit making.

Although as overall financial advice, your total money should be 80% on holding Bitcoin and the remaining 20% just gambling/trading around with it.

Better off trading bitcoin because there's a guarantee that you're not going to lose money in the long-term comparing that to altcoins where you don't know whether the developers are going to go with their promises and that they won't do a rugpull on their new altcoin which happens most of the time with these people who just want to make a quick buck and not really invest in the project or deliver the promises they've given in day 1. If you can, try to avoid altcoins or if you can't avoid altogether then make sure that the people in the project of the altcoin have the proper credentials or even be able to do what they say they can do.

Fucking insane. Oh come on, it's useless to analyze, have trading experience and so on if he can't manage money (i mean money management) in trading. With $150 capital opening 4 altcoin positions using $20 margin per position 20x leverage is suicide. I'm not surprised. This is the same as donating to the exchange owner. Lol

Next time, just use small margin and leverage. Futures trading is full of risks.

Taking a break to focus on Bitcoin trading is almost the same bullshit as taking a break to continue altcoin trading. Anyway, I find the story heartwarming:


And with all the experience your friend has, it turns out that he plays with a capital of:


That's a big lol and a half right there.

 

Yes, I have said as much as I can, he actually opened 2 new long positions in 2 altcoins. Well, I can only give advice and can't necessarily make him stop to rest.

I also suggest just moving to Bitcoin, but I don't recommend holding or buying spot and hold.

From what I know, my friend opened 4 long positions and with a margin of 20 dollars per position (lev 20x) for stoploss I don't really know what percentage he took. Considering the huge losses I'm sure the stoploss he set was more than -100%

Unfortunately, he is married, has a wife and children 🤣. I have tried to give several suggestions such as to just close all positions and stop for a moment or just buy and hold on spot. because I believe now is a good situation to buy and hold before the halving occurs.

Actually, he has been trading for a long time. He has also been familiar with futures trading for a long time, he has also played forex. He is also skilled at technical analysis, but he admits that his fundamental analysis is still lacking. What I know is that crypto fundamentals are more influential than technical ones.

Generally, we know trading is really risky, and the chances of you losing money is kind of high. From your post, I can say your friend is not yet a professional trader. The first mistake that your friend makes is trading futures. I do say that future trading is not for beginners, if you are still learning how to trade, then just focus on spot trading and avoid future trading. We all know that sport trading is less risky than future trading, so it's better to trade on spot than trading futures. Your friend shouldn't have chosen altcoins, since he is trading futures, he can still do his analysis, and either long bitcoin or short bitcoin will have been better than altcoins, but generally, I don't support future trading.

If your friend didn't stop trading at the moment, I am sure your friend is going to lose the remaining $12 that is left, and after losing the $12, your friend is likely going to deposit more money, which he might end up losing everything again. Future trading is kind of addictive, it once happened to me. I was addicted to future trading, which i wasted a lot of money. I had to force myself to stop future trading. When you lose, you will want to keep on trading, trying to win back your loss. You will start increasing your leverage and the amount you are trading with just because you want to win back your loss.

It's better your friend stop playing with altcoins and also stop playing with future trading. Those two things that I mentioned can easily wreck your friend, so it's better to avoid them and take a rest from trading for now. He should at least acquire more knowledge about trading.

We all know Trading is very risky and even the ones called trading experts still lose money while trading cryptocurrency. If your friend followed the right course before starting trading he should be aware of the risk involved in it and the market is not always favorable all days so he should expect that there are days he will make loss. He probably is making wrong decisions and not using the right strategy. If he is so uncomfortable with losing while trading then it would be best for him to invest and hodl rather than trading. Be it alts or Bitcoin i think he is not ready for trading yet.

Bitcoin trading is just as risky as alt coins trading but the only difference that bitcoin is more stable than altcoins. The probability of altcoins providing greater profits is still the same as them providing greater loss because of their high volatility than bitcoin. I would suggest your friend quit trading and hold bitcoin instead.

I think $150 is already huge to start trading as your capital, It is also good to start with that amount of money so you can gather experiences as well, cause imagine this you can't even make profits from your $150 so what would happen if you are trading with larger amounts right. It's not only about the capital as well, these days you could already call anyone who's investing in this industry short-term as a trader, but without sufficient knowledge and skills, it would be just a waste of money. But you are right, it's much better if you have extra funds when you are trading so if you learn from a current mistake, you can make a comeback. If you already know that you can't really profit from short-term investment or trading, just go to long-term and you can start with the DCA method.

This is sad reality of futures trading I would say your friend is lucky to realise it at just $150 because once we get into futures trading we end up borrowing money or taking loans to avoid our funds getting liquidated in the hope that market will turn in our favor, I have made this mistake when I was doing future trading with SHIB in its initial days and end up losing $2800 in a single night, I can understand the pain and the sleepless nights, panic and depression one goes through.

Request your friend to take some time off from crypto and then start fresh with clear mind. Trust me he can achieve whatever he has lost if he follows certain future trading discipline and he should start with Bitcoin with a maximum leverage of 10x not more than that because Bitcoin is one of the safest asset for future trading which don't have sudden fluctuations, he should aim for multiple take profit of lesser amount, instead of waiting for more than 100% profit he should do 10 such trades of 10%. I have done this and achieved success but it will take some time and patience is the key here

Not sure how long your friend is trading though, maybe he doesn't have that experienced, or maybe he is just unlucky on what altcoins he is trading. Maybe he should stick to Bitcoin though as we all know that altcoins is more volatile so it's hard to make money out of it as in just matter of hours, it could flip.


Yeah, just stick to couple of them and see how it goes. Bitcoin could be a good practice for him specially if he is a beginner in trading. And just like what I said previously, trading is not for everyone. It might take years for others to make great money as it will take a lot of time in your part to learn this craft. So he might reset everything and see where his mistakes.

What your friend did wrong was trading futures, not because investing in altcoins caused him to lose money.  even if he were to trade futures using the bitcoin pair, he would get the same results.  you should advise him to stop trading if he does not have knowledge and experience about this market, especially to stay away from futures trading because it is more like gambling.  focus on bitcoin but should only invest and hold long-term, do not trade bitcoin futures.

If you are having $150 to invest, first work on increasing the capital. You should do freelance work or find higher salary jobs to increase your revenue. Then, work with larger capital and then time given in all this investment will be worth it.

Bitcoin is not for playing, using "play" terms makes me think you're pretty much use it for gambling.

So your friend is a trading addict (never heard about this lol)? just let him to gamble until he lose all of his money, your friend will regret if he not win. If you're really care with him, you can ask him to seek a professional or tell to his parent.

First of all, what the hell! Stop loss should be use to limit losses and not use to stop when the funds is almost depleted to zero. He should take a brake and learn more about trading fundamentals before he start trading again.

I’m not sure his goal on this kind of stop loss that stops near almost liquidation price but he should learn how to hedge risk by setting it by percentage loss and not by feeling. I wouldn’t recommend to start again before taking a deep understanding on trading because he will suffer the same if he will use stop loss like this.

Stop loss is crucial on crypto trading because the market is volatile which is brutal.
 When you have a position with tight liquidity margin. Your friend should learn how to setup stop loss and use a proper leverage to not suffer this kind of losses in the future.

If he starts again and play Bitcoin only like you suggested, he will still loose. Features trading is not for everyone and very risky. You must learn the skills before attempting to do it. What I will suggest is buying and holding Bitcoin for long else he will loose more. Long term hold is a safer way of making good money with little efforts.

Now the price is low, not up to the ATH, imagine how explosive the rise will be when ETF is approved next year together with the Bitcoin halving... that will be a massive gain for those holding.

Yup.. Trading with leverage is very risky. Especially if I do it on altcoins, I'm not exaggerating but that's the reality, this is also based on my experience like yours too. Even though Bitcoin experiences an increase in price, not all altcoins will experience the same thing, there are alts that rise, there are alts that go sideways and there are also alts that experience a decline in price. There are several factors that cause things like this, especially when it comes to altcoins. Projects and their progress can influence prices, not to mention if Bitcoin dominance is very high, a pump and dump in Bitcoin can shake Altcoins even more severely. My advice is the same as yours, it's safer to switch Bitcoin and just buy and hold. It is better and safer than trading with leverage. Don't forget to eliminate stress, throw away thoughts of revenge so that your mental health returns and your emotions don't control your trading or investment behavior.