I lost +$ 20k in future, advice for newbies - page 4.

Taskford

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Quote from: ?? on ??

You are too eager to get big profits so you don't care about the opportunity to lose, I'm sure if you have more money you will do the same thing, but this is an important lesson for us that investing in cryptocurrencies does not guarantee big profits especially futures which are more risky bigger than coin hold.

This is actually the common mistakes of newbies which they always add up a huge amount after they win on their first trade and thinking for more huge profit if they put huge amount on their next trade we see scenario like this and its so scary to happen especially if we use our life savings upon trading. Maybe other should be careful on this and develop their trading plans before stepping up on the market.

batang_bitcoin

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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

It is dangerous even those that are good in trading and has been doing it for many years, they're also careful. Much better for the newbies to avoid it because it's not for them.

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

futures is a perfect example of gambling, the risk is too high honestly.

That's certainly is a gamble and they should put it on their minds that making money there is quick and losing money as well. High risk, high reward but it's more intense than the market's volatility.

justdimin

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Quote from: traderethereum on February 22, 2022, 05:10:24 AM

You forgot to write down one more important point: to close your trade, don't be greedy after seeing a big profit because you probably won't be able to see it again shortly.
You may forget to write down many things, but this becomes an important lesson for you not to do it again in the future.
By always learning and never giving up, all your losses will be replaced with profits even though you haven't been able to get big profits in a short time.
Never give up because you still don't know what the future holds and keep trying.

That is one of the biggest things that people end up doing and that causes a lot of people to lose out. Back in the day that made a bit of sense if it was like a big big big increase. Like you opened a long when it was 10k and it became 20k+ and then you are still holding then it makes sense but right now?

It doesn't make sense since we are not in a huge bull run that makes it go up like that. At the end of the day, we are talking about something that is a bit more common and you should take your profit and run away with it. Just do it like most people do, have 1k in that turned into 10k?

Just take out 5k and then with the other 5k do it again, keep doing that if you keep winning, and if you lose then go back to 1k each, that means 9 more tries until you run out of money and go back to your initial 1k investment. How hard that could be?

Daodex

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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.

TopT3ns

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Many are attempted by futures trading because a small amount of capital can get big profits most contrast with spot trading, where we only earn small profit and waiting almost few days depending how coin reach up. But compared to the risks faced when playing with futures trading and you can loss all your money if not try to use stop loss or you not add fresh fund to make liquid far, but benefit with future trading now have waiting when bitcoin or altcoin pump to earn profit but also when market dump you can earn profit with use short position.

sumant

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As a newbie you can not succed in future trading because of it's risk factors. There are leverage system to go with and i am sure newbies can not contol their mind to handle risks. If you want to predict price of coins then you should prefer spot trading first. Future trading is only for higher experienced traders who has spent times in market and have done some research. If we can predict in spot correctly every time then you can target future with low leverage.

traderethereum

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You forgot to write down one more important point: to close your trade, don't be greedy after seeing a big profit because you probably won't be able to see it again shortly.
You may forget to write down many things, but this becomes an important lesson for you not to do it again in the future.
By always learning and never giving up, all your losses will be replaced with profits even though you haven't been able to get big profits in a short time.
Never give up because you still don't know what the future holds and keep trying.

shinratensei_

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That's a good story of your life. lesson learned. The only advice for you is to trade on spot and that's the best place for you to try to train how to control your emotion. You are being so greedy and don't take the profit caused by you think that you can be a rich guy in a night and this is really wrong. You need to take any profit from the market as soon as you can get decent profit from there.
Try to learn from your mistake and i hope that you will have another chance to do that again. If you can't accept the risk to trade in the future and move to the spot

DanWalker

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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.

Thank you for sharing, I hope people stay away from futures trading as far as possible. The biggest mistake in financial investment is not using borrowed money to invest. They not only bring risks to ourselves but also have consequences for our loved ones. It's even worse when we want to get rich quick by trading futures, to me it's like a game of chance. To be honest, I have not seen anyone win in futures trading whether a newbie or a experienced trader

Stanlo

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Newbies shouldn't try futures trading it's the riskiest trading strategy that ever existed , every newbies must start with spot trading instead of futures because spot trading has the lowest risk of all, greed is why a newbie will want to try out futures when they aren't even good with spot yet.

TopT3ns

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I have stop with future about one year ago and never try again with future trading, last time ever loss $2,000 on big fund and not remember when fund about $100 until $300 deposit for future trading, usually first time after fund deposit looks easy how to earn profit with future trading, but always first get little profit and second entry with future loss all my assets. Now only keep spot trading because how ever price drop we still have our coin although have lower price but still have our money without loss like on future trading, although giving much profit and faster with future not come back again for entry on future trading.

crwth

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Quote from: slaman29 on February 21, 2022, 04:19:22 AM

I think it's pretty pointless discussing rational numbers with guys like that actually.

It all depends on the person for sure. So if the people don't manage to do their goal and just sit around and not do anything about it, it's not going to be as effective as it should be.

Quote from: slaman29 on February 21, 2022, 04:19:22 AM

First, the post sounds completely fake, as you noticed. Second, the guy is probably not even using his real forum account, so that means he's not telling the truth or he'd be using his actual account. Who the hell loses that much money and doesn't have an account here already right?

He doesn't make sense, you are correct but I don't think there's an evident connection to him having another account or something. I don't really care though lol.

Quote from: slaman29 on February 21, 2022, 04:19:22 AM

Anyway, Gunbot is just for automation. If your system doesn't work, Gunbot doesn't make it better

True. Better stick to the tried and tested strategies included.

kawetsriyanto

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Quote from: PrivacyG on February 20, 2022, 04:52:10 PM

Staying away from Futures trading is definitely a good idea unless you like crazy risks.

Future trading isn't for newbies, OP is too early to choose Future trading. For newbies, Spot trading is much safer for them although there is no guarantee for no losses. So, OP should start from Spot trading and get some experience+knowledge there for a few months at least. Then, he can try Future trading with small capital once he thinks having enough knowledge+experience after a few months or even years in Spot trading. Honestly, I also still didn't try Future trading although I have spent more than 3 years in Spot trading. It is because I think Future trading doesn't fit with my trading style.

Shasha80

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The amount of loss is quite large (in my opinion).
In making a trade, do you do the analysis first?
If you did the analysis first, what analysis did you use? (fundamental analysis or technical analysis or both?)

The loss experienced by the OP is indeed very large, we must learn from these mistakes. It is clear from the experience recounted by the OP,
he does not control his emotions when trading. He was trading obsessed with wanting to make big profits immediately and greed overtook him.
So when OP was trading Forex in 2016 he managed to make $5k profit in 15 days, but because of greed he lost all of his profits. After that decide
on crypto trading without first learning about the crypto world. It's clear that trading crypto without knowledge, we will definitely experience losses.
Then entering 2021 the OP returned to trading crypto because the market was bullish, but the OP made the same mistake, he returned greedy
when trading futures by using borrowed money from the bank. In the end, his life fell apart and had to bear huge debts. We should learn from
the OP's mistakes, because the experience of others can be useful for those of us who have not experienced it.

ultrloa

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Don't step on future if you are a newbie since you will encounter that heavy lose if you cannot defy thing towards picking good positions maybe for now train yourself on spot since its more safer and your money will not burn if market drops for sure in that you can learn a experience which you can use for your next trade in future.

AbuBhakar

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🇵🇭

Quote from: LogitechMouse on February 21, 2022, 08:16:47 AM

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

tl;dr

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.

I just read the words that are in capital letters and I think its enough to know what is the main idea behind the OP's post.

I agree with you and I think many of us will agree because there are some traders including me who tried futures trading and failed. I still remember when I double my money in a short amount of time but I did it thru many trades (like swing trading but in the futures). All of the profits and the initial capital that I used in futures trading got wiped out in just a single trade. I did one single trade mistake and I lost all of my profits and my capital. After that I didn't do futures trading anymore. Futures isn't for everyone. Futures is for the expert people and those who are ready to lose their money if they made a single mistake.

You should read first what's the essence of this thread. Emphasizing the error on the OP while the purpose of this whole thread is to show his mistakes so that newbie don't copy it is kinda weird. Although all your advice are all correct way to trade safely especially for futures trading.

This 20K USD loses is super huge to risk on futures trading without any background or good strategy before starting it. Even pro traders are experiencing loss on futures so what's more for newbie. OP is such a risk taker.

panduryk

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Its so pity, but now a lot of ppl taking money from bank and trying invest, but its rly like russian roulette.
I also should pay the bank a small amount of money, im taked around 100$ 3 years in the past, and im paying it for now, haha and im have a job which paying me every week a salary, but i just wont pay (im from ukraine) and im learned one rule, never use money from bank which u cant return when u wont, in summary i alrd pay 200$ and should pay smth aroung 10$, no and no, its not coz i dont have money, I just wan't pay bank. They always calling me and asking to pay, im saying " what u want? Money? Ill pay when I want pay, not when u wanna and pls dont disturb me"
And i also tried forex in 2019 louse around 20$ and forget about it. Then now i trying a Futures, but im use only a small bit of my money, that after im click Long/Short, im forgetting about this money, so they are not mine Grin

People should fall once, to up in future.

pawanjain

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Nothing lasts forever

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.

Flexystar

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There are people who actually make their living out of the crypto investments and future trading is one of the way to do so. It’s a myth that you are spreading here and I think it’s not what others gonna follow. Most of them in trading section knows how to trade by using the skills since there been hundreds of topics on the same.

I’m so sorry that you came to know that you did not qualify for the futures trading because you went into it blindly.
Understand that trading is critical workflow which needs to be understood before investing.

Learn, train yourself, and keep implementing.

masterrex

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I feel sorry for your $20K loss buddy and thanks for sharing your experience, I hope it can help novice crypto users and investors in terms of awareness. Anyway, I can say that trading futures are not suitable for newbies because it's not easy to catch up with the market trend, crypto is a very volatile asset that's why everyone should take some precautions when it comes to trading cryptocurrency whether it's for Spot, Margin, and futures. everyone should learn first to avoid such incidents to happen unless it's just for trial and error purposes.

Topic: I lost +$ 20k in future, advice for newbies - page 4. (Read 965 times)