I lost +$ 20k in future, advice for newbies - page 3.

magneto

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After I lost all the money i have Wich is +20 k, i was living in hard situation coz i didn't buy the house i had planned with my wife to buy and she was angry as she didn't understand all this, she think it's only like casino...

Without an actual strategy, this is essentially a casino.

Especially if you are playing with leverage. That stuff is extraordinarily dangerous for beginners to touch.

I wouldn't say that futures are always bad - you can do some very useful things with it, including hedging your positions or whatnot. But overwhelmingly people are misusing it as a tool to get rich quick, and that is definitely not going to happen. Markets are quite efficient and you never quite know what's going to happen next.

babygun

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Quote from: Rahman11 on February 26, 2022, 02:59:32 PM

The “take profit” strategy generally involves selling some fraction of your holdings each time the asset reaches a new all-time high. For example, a take profit strategy may be to sell 10% of your holdings every time the price exceeds your previous sell price by 10%. You can combine this with a buy back in strategy.

That seems a simple strategy but you would really need to stick to that plan as I think greed will start kicking in when the price keeps rising and rising. Another strategy could be to sell 50% of your coins (or slightly more) when the price doubles in value. The rest of the coins, you can like see as free money.

Rahman11

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The “take profit” strategy generally involves selling some fraction of your holdings each time the asset reaches a new all-time high. For example, a take profit strategy may be to sell 10% of your holdings every time the price exceeds your previous sell price by 10%. You can combine this with a buy back in strategy.

tvplus006

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Quote from: Afgan84 on February 20, 2022, 04:44:17 PM

...PLEASE, DONT NEVER TRY FUTURE...

Of course, you have the right to express your point of view about futures based on your own experience, but you have no right to recommend others not to use margin trading. If you are not a trader, but only hold coins, then it will be dangerous for you not only futures, but also spot trading.

Vatimins

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If it makes you feel better, just think about it as an expensive learning course about this industry. Futures alone really doesn't do that much harm for newbies. What really does them harm is low self discipline and greed. I bet you were over leveraging on your trades and get easily fomoed into most of the trades that you do. We've all been there. It's just that some people learn faster or slower than the others but what matters is that the learning is there. Never give up on trading. It is a tiring and a very tedious career to take but when you finally get the hang of it it will really change you into a better person and lead you to a life that is financially stable fulfilling.

if your wife does not support you, then you're with the wrong woman, brother. Some women don't understand that changing a person to suit their wants is dumb and that anyone that gets easily swayed to give up on their dreams are not reliable partners and would guve up when things get rough in the long run. Anyway, good luck on your future endeavours, stick with what you believe in! I'm rooting for you!

bitkanu

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That's a lot of money to be lost in the future trade. This trade is very risky trade caused by you can be shorted by the whale and the whales will make you lose your money. To be able to control your emotion is the most important thing right now. You have managed to get unrealized profit from your future trade but you didn't even take it. You have made a big mistake by using your loan to gamble it on the future trade and now you have no money to pay back your loan again. You need to work and then forget about what you have done in the past. You need to learn don't be greedy guy when you are trading in the future market.
If you get small profit from there and just take it as soon as possible and try to bring back your capital first and then use your profit to trade again.

ajochems

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Quote from: Afgan84 on February 20, 2022, 04:44:17 PM

Hey guys.
First of all, i would like to thank all people here who are sharing informations and help other.

Secondly, i want to share my bad experience in crypto using future.

Before Starting in crypto, i have traded forex in 2016, starting with a capital of $ 500, i Lost it quickly then i have learned TA, after a few months, i came back and start again with $1k, Wich i turned into 5K in almost 15 days, but i Lost all again because I didn't respect rules and take more risk then i realized that forex isn't for me.

In the beginning of 2016 i started trading crypto but didn't know a lot of things about Blockchain, then lost again, because I didn't hold ( sold BTC and Ethereum at 2000, eth at 800 😂...

Since April 2021, when all people talk about crypto and when all is green 🍏 i started again in crypto but I didn't have a clear strategy because i have trading using the money that i barrow from the bank Wich i had to use to buy our house with my wife, then i Start to take money from the bank, 3k a week, then i traded spot but as i wanted to make profit quickly but that was the wrong...
Then i started trading future and after turning 5k into 11k I didn't take profit coz i was greedy lol
After I lost all the money i have Wich is +20 k, i was living in hard situation coz i didn't buy the house i had planned with my wife to buy and she was angry as she didn't understand all this, she think it's only like casino...
Now I'm paying the bank every month the money i have borrowed from them until 7 years ...

It was a good lesson for me that I won't never forget.

My advice for newbies :
PLEASE, DONT NEVER TRY FUTURE.
PLEASE, DONT NEVER USE THE MONEY THAT YOU NEED FOR YOUR LIVING.
PLEASE, DON'T NEVER TAKE The MONEY FROM THE BANK AND TARDE WITH IT.

At the end, i apologize if that's long, but i would just like to share this and i hope newbies like me take lesson from this.
Thank you guys.

You made a useful trade in the forum.Because same happened to me in future trading of binance. I had lost over 2700$ in future trading. I had experience over all the trading from the beginning of forum. So I had started the Binance future trading with some good hope. But future trading had teach me a lot. Which is not in previous trade history. Huge loss in a trade. I had started with 1200$ and do continuous trade till it 2100$.After that I was gredy to get more. So I had made liquidity over 600$.But market crush eaten all my 2700$.This leads to huge loss for me.

LUCKMCFLY

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Quote from: pawanjain on February 21, 2022, 10:25:47 AM

You have learnt a hard lesson OP. $20k + is definitely a huge amount to lose and it could bring a change in one's living for a short term.
You have definitely made some mistakes but it's good that you have realized it. Just keep in mind not to repeat those mistakes again.
If you learn trading and do it the right way may be you can recover your lost funds after some months.
Take profits along the way and use stop losses to limit your losses.

Well at least you lost $20k and no more than $500k, that was the case of two friends, in 2017 they started trading, and they were doing very well, because every altcoin they bet that meant that it rose uncontrollably, and they made a lot of BTC and Crypto that at that time was worth a lot, however they believed that the BTC would never go down in price, but on the contrary, that the bearish trend would begin or what we commonly call the Distribution stage, no matter how hard they were I warned them to sell, to leave everything in usdt or fiat, they did not pay attention, but instead invested everything in altcoins, and that was when everything fell apart, and they lost all that amount of money.

TopT3ns

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I often hear stories like this, people lose cars and houses because they invest in cryptocurrencies because they hear about successful people, I think this is a big mistake, if you buy top coins and hold them for a long time then there is hope for big profits, but because you If you want big and short-term profits by investing in futures, we must be ready to accept this kind of risk.

I think a lot of them loss much on cryptocurrency because have wrong decision and choose which one altcoin have to buy, but have some investor loss every thing on cryptocurrency because investing on shit or meme coin and still have trader keep use future trading for investing. I see if still use spot and have potential coins for investing still have chance and not loss all in their life, looks nothing will gone car until house if try investing on spot only because their money keep safety just have lower value only, I think price will go up later but need to wait only until really have higher price later.

savetheFORUM

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Quote from: Afgan84 on February 20, 2022, 04:44:17 PM

when all people talk about crypto and when all is green 🍏 i started again in crypto but I didn't have a clear strategy because i have trading using the money that i barrow from the bank Wich i had to use to buy our house with my wife, then i Start to take money from the bank

You're supposed to be trading carefully and have developed a good strategy because your trading with a loaned money because you will scratch your head once you lose it but even if its our money, losing is still a hard thing to accept because we also work our way just to get that money and when it's gone, we need to work hard again to earn another.

You lost on crypto before because you didn't hold but your new session makes you lose because you sold late. I think what you need is moderation, I mean not too early and not too late. You can try it for one more time and if you still fail well maybe crypto is really not for you. Also some of your advises are seem not right IMO.

Wildwest

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In the world of crypto of course we have the risk of every investment, because predicting coins for the future is not necessarily the case as we expect, so in this case we have to study in detail every step we want to do especially and do not borrow money to make investments in the crypto world this is a big mistake that we do, Here we can make money by following the bounty project and from there we can invest, although later we experience losses but we do not spend real capital as happened to you.

Rengga Jati

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Quote from: Afgan84 on February 20, 2022, 04:44:17 PM

My advice for newbies :
PLEASE, DONT NEVER TRY FUTURE.

Indeed.
Don't try future trading if we are newbies, moreover if we exactly don't know about crypto yet fully or even don't know what future trading. Future trading is very risky for all people, moreover for beginners.
Sometimes, the only trust on free or VIP signals about trading in the future. But, note" never trust 100% to the signal because they are also predictions, they commonly shared the signal after they did it and the moment may have been left when you want to enter.
So, basically, do whatever you exactly understand. The best way may be trading on the spot exchange or even doing some holding only in the top coins (not the hype coins)

Quote from: Afgan84 on February 20, 2022, 04:44:17 PM

PLEASE, DONT NEVER USE THE MONEY THAT YOU NEED FOR YOUR LIVING.
PLEASE, DON'T NEVER TAKE The MONEY FROM THE BANK AND TARDE WITH IT.

This relates to:
Trade or invest only the amount that you can afford to loose
Only use free money to invest or trade
Loan for trading is very risky, never do it moreover if you are new.
Be wise and smart

pokerowned

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i am in deep shit than you lol lost around 500 btc + at multiple prices Sad

Good you brought this topic...

i had promised to wife not to trade on futures but kept trading n losing like hell...

I have finally made up my mind not to trade in futures in my life irrespective of any profit

Suggest everyone to trade in spot and be happy with what you earn !

isaac_clarke22

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If you know that you're trading along with an unstable currency, never EVER make plans that immediately unless you're entirely sure with concrete mindset that you're going to be sitting in fortune soon. I wouldn't even blame your wife getting mad at you for that, unless she have a good paying job.
Never also borrow any amount that you will use for trading. It's way too risky. You're never even sure that you're able to pay that off.

kentrolla

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I have mixed experience with futures i have lost it all when I was trading with higher leverages like 25x, 50x and 100x but I started recovering the loss when I had a plan in place wherein I will never use more than 3x leverage and only in invested into bitcoin and ETH wherein I will lose my money only if it goes down by over 33% which doesn't happen overnight unlike other coins. I think future is not for other it may ruin lives and make us go bankrupt, it's better to stay away from it or else use very lesser leverages.

Henrobakkara

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Quote from: Daodex on February 22, 2022, 09:52:33 AM

Big lesson learnt here Grin

futures trading is too dangerous for professional traders not to talk of newbies that know so less about trading, futures is a perfect example of gambling, the risk is too high honestly.

Exactly, this is the same problem I believe is what is wrong with most newbie crypto traders because they still believe that crypto is a get-rich-quick avenue and they don't even try to do their due diligence, and even venturing into trading futures is highly risky. You can trade spot and still be safe as long as you don't sell even when the market is down but futures isn't the same thing.

EmmaGod

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It's quite unfortunate that people could lose a whole lot from futures. Most times I see posts of huge percentage gains on the futures and I wish I knew how to go about it. The truth is that there are many more people making loses who are not posting their loses. I've come to realise that it's best to avoid those things you don't have in depth understanding about because there could be hidden risks attached.

Imran232

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I'm really sorry for your loss. And thank you so much for sharing your journey, experience, mistakes and all those things. However, I will always avoid future trades.But what I believe is that when we want to do future trade, we shouldn't take much risk, plus we shouldn't take risk with our all, we just go with that amount of risk that we can afford without any worry. After reading your story, your saddest thing is your greed. That is what turned you into a patientless person. What can't give you satisfaction with your accomplishments? That is why you lost everything. This means greed is equal to loss. Though what I learned from expert traders is that they always say to not go with everything you have in trading, go with that amount of what you don't need. Stay happy with what you gain, no matter how much it is. There you can't blame future trade. Here you are the main problem. If you were happy with your profit now, you would be in a good place. Your greed made you this. Though thanks to your suggestion, we actually got some lessons.

Gayong88

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A very interesting experience and I'm sure it happens a lot. everyone also knows that always use cold money the reason is simple Crypto price movements can go up and down very quickly every day, if I may suggest if you want to re-invest buy good fundamental crypto, diversify into several cryptos and hold long term, this way is much safer.

ivankoh

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This sharing is also a big part of making the loss mentality more and more heavy for new entrants. Don't spend 100% of your investment at once if you can't figure out how to be profitable and plan to rotate your portfolio. I have also suffered losses but not dumping my portfolio is not considered a failure. If buy with only 10% and let the DCA sequel stay under control. In long-term investing, the concept is clear that only if you are willing to lose this capital without any impact on your finances. If stop loss means accepting a loss and you will continue that way.

Topic: I lost +$ 20k in future, advice for newbies - page 3. (Read 965 times)