Topic: I lost +$ 20k in future, advice for newbies - page 6. (Read 938 times)

You forgot to include to not be greedy. In your experience you actually gain from your investment (from forex and crypto) but because of your greed to earn more, you missed the opportunity and end up in a worse situation. Its a must to take profit at times thats the purpose why you're investing right? To profit.

Control your emotion and dont be greedy. Atleast now you realized your mistakes and other investors (specially newbies) can learn something from your experience.

Anyway, cheer up because you can always do better next time as long as you wont repeat the same mistakes again.

Playing Future Trading risky games with borrowed money and not setting a Stop Loss is crazy, particularly when you keep taking money out of the bank every week that you know you can not afford to lose!

I will be the crash of your party, but I have breaking news for you.  Price goes up or down with HODL as well. 

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Regards,
PrivacyG

Wow, yes, be very careful, bro.

Trading is very high risk! Price can go up or it can go down, nobody know. It's huge risk because trading is like gambling.
Better avoid it and only HODL.

I know that but regretting after you are losing in the future was a big mistake. Why don't you only play in the spot if you can't even deal with the risk? Playing future = you have known the reality and deal with it. So, anyone who wanna deal with it must have known about that. For the members who have not yet touched this thing and you must not try to do that, This is pretty much the same as gambling or binary option but you have stop losses for this.
OP, why don't you use stop losses and try to go out before all of your money got liquidated? where are you going all in OP?
Using a loan to trade in future is the biggest mistake in your life.

Those are good points.  Especially with trading futures with money you don't have to lose.  Crypto turns on a dime and you will be liquidated before you even wake up.  Crypto is very volatile so expect the worst but hope for the best and if you are putting your rent or mortgage money in you will end up slaughtered.  Sorry to hear your story but it's all too common here.  Greed is a bitch.

whats your strategy in future trading ?  never risk more than 1-3% . even when you cut loss and candle turn into your favor you shouldnt regret doing that  . the point is to save your capital and do better ta and money management for next trade. also not using stop loss can wipe all your gain .  and for your personal problems I hope you get through it well.

Thanks for sharing, this is good for those traders, newbies or not that have been feeling greedy with their trades. Never ever forget to take profit and your capital if you can.

That's going to give you the confidence that you're doing good if you're taking them and going to keep trading with the remaining money from your profit.

It's going to give you a good feeling if you have secured a profit and your capital back in your hands.

futures is not for newbies. your funds can easily be liquidated on this type of derivative contract. but it is great to hear it from a user who directly had experience in this kind of trading.
7 years of monthly payment is a very hard lesson to remember. this is  a testament that in crypto, whether you are in futures or not, it is always best to use your extra funds and not your loaned money. at least, if it is your spare money, if you totally lose it owed to greed, it is only you who will suffer and not other people like your loved ones.

Well Op, they are things you shouldn't risk for cryptcocurrency, such as; your wife's happiness, shelter, and health. When next you want to future trade a hooping amount of money make sure every important aspect of your life is fixed. Even if the results plays out to be negative you'll have other things to fall back to. Now, you lost the house, coin and your wife's joy. The home will be unbearable for you, because you don't know how to explain to your wife about the sudden disappearance of the money you borrowed from the bank.

Failure doesn't determine the end, since you have lost so much on cryptocurrency trading, don't stop right there put in some time in learning from experts on how to trade. In this market time is crucial, trade your time first before the money. By doing so you'll have enough experience from what you've read and it'll serve as a guide towards any activity you want to make on an exchange. I'll urge you to explain everything to your wife, apologize to her and promise her that given time the money lost will be replenished. Let her see it as an investment and you'll find yourself coming back stronger and wiser to the market.

It seems easy this industry but is not. A lot of people are promoting their shit idea, or a simple picture valued millions of dollars and we are forced to think that "it's easy making money here"... but it's just a marketing move...
in your case, you have learned a lesson that in a certain way could be applied... in the future of your life.
crypto world is not easy to understand because you have not anyone that is helping.
you have to understand by yourself. and even if you find an explanation sometimes you can't blindly trust that explanation.
my suggestion is always the same in this case.
try to learn as much as you can on that field and after... act!

Sad to say, I've lost a lot of dollars in my life.My future would have been much brighter today if I had converted my money from the time I worked on this forum.But I kept all my coins without selling them because of which I have suffered a lot today.I have learned a lot from here in my life. From then on, I will never hold any more coins. When I see that the price has increased, I will immediately sell it and convert it into money.In this way, our future may not work. We have to find a better way to move forward. As much as I have lost, I will not make such a loss after that. Meanwhile, everyone should be aware.

Staying away from Futures trading is definitely a good idea unless you like crazy risks.  Crypto is volatile, Futures trading is high risk by definition.  Combine these two and you get as much risk as you would from gambling.  Particularly when you do not have a strong background experience to begin with.  Borrowing money from banks is another risk, so what you have done is nuts!

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Regards,
PrivacyG

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.