Hey. I see you are successful in crypto. I’m crying my heart here, probably you could give me any piece of advice. I lost almost EVERYTHING…
How you survive..? I saw your statement. Feel like I won't have such ever. I'm lost and have no idea how to recover my funds...
Hello. I was starting from small steps and silly mistaked. I had no detailed plan for some time and suffered losses. What you see is the result of years. What did happen? Why did you lose so much?
I suggest you not to trade for a while for sure.
I already stopped.. I lost almost EVERYTHING… All my crypto and fiat funds… I was always believing in crypto and was buying ETH and BTC at the bottoms and the price was increasing. Even when the bear market reduced the value of my portfolio I didn’t give up.
Then the story was quite pleasant, with the market recovery I was actively speculating and increased my deposit from 0.02 BTC to 0.2. I was really euphoric. That was the time of my graduation and I was thinking to cover my tuition fees by my profits in crypto. I has trading for hours. The feeling of happiness came to me so quickly. And in the same mode it gone…
That time I dot known with leverages. Started trading at Bitmex (I see your screens are exactly from there).
So, I was confident in my strategy. I earned some more money and started my margin trading. That was a mistake. I did everything as before, but with one unexpected market movement I lost everything. Then started a revenge trading. And one more mistake followed. Willing to get back my money I used the ones I was saving for years… What I got is margin call and the one more margin call. The last money was lost tonight… What is left for now is zero. Zero deposit and zero desire. Seems like it is the end of my crypto trader career. Overall, I lost 1.6 BTC, which is probably not a lot for you… But for me it is everything since I have just graduated. I feel really suppressed writing it and sometimes I feel like I’d better have killed myself… I don’t know what to do.
I feel what you are talking about. Learned the same lesson at about your age and as I can remember the sum of money was similar, but that time I was trading triple leveraged ETFs. Remember I lost everything I had, and I was going to lose even the first car I just bought. I was really devastated and decided to learn from it. By the way, it took me about a year to really get over the loss.
I decided to start fresh and just learn from it. It took me about a year to really get over the loss, but I bounced back and worked my ass off doing double shifts at the restaurant I worked at. Fast forward 11 years and I’m sitting in a paid off house that I never dreamed I would be living in at this age. You can do big things if you work hard and focus on your goals. The lesson I learned at 23 years old had a lot to do with the work ethic I have now that made me very successful financially. $10k is nothing to me nowadays. My crypto portfolio alone lost about $45k in value today and I’m having a beer right now feeling fine if that tells you anything.
My point is that your situation will change drastically in a few years if you choose to fight for it. It can get way better. The deciding factor is you. Now it is better to stop for a while, analyse the reasons an then start strading very carefully, that's my advice
Thank you for the support, it's really important to hear sth like that from a person with a similar experience. So you started to trade after a year?
I can share the screens, that's terrifying....
Not really, it actually took me about a week to start trading again. What I did that week was deep studying of risk and money management. I saved the rest of my deposit with the help of scalping. The positions also were decreased. Are you familiar with the techniques to recover the deposit and what about your risks? Everything can be fixed
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https://twitter.com/MarkRobTradesRead here that you helped this guy to stare the successful recovery. Could you please share your advice?
That would be precious, as I see your results and feel that you are very very advanced in trading
Yeah, we analysed the case. The drawdown was harsh, but we structured everything and the recovery already comes
I will write all the steps I’d recommend, including the ones related to psychology.
SO, DRAWDOWNThus, if you have a losing position,
1) Accept that you are losing. It is an integral part of trading. The earlier you accept it, the more money you will save
2) Analyse. This is what our trading journals for. I often make screens of the trades to look through them and understand what the reasons of the failure are
3) Cut your losses. Part by part reduce the position which causes your drawdown. Make it insignificant for you
4) Having got rid of the losing position, you need the recovery:
4.1) Minimize the position size. It would not be so stressful (if you feel you are in tilt, stop trading for some days)
4.2) Understand what your best strategies/tools/trades/markets are
4.3) Use them only. Be it one trade a day or a couple of days. But it should be confident and perfect
5) Try strategies:
5.1) Scalping
5.2) Strong trend would be your true friend that time
5.3) My fav pyramid trading (increase the position step by step) and reversal (take profits by several steps)
5.4) Manage stop losses (you can use breakeven strategy), but not rush into it, cutting profits. This point should be applied in a very careful way.
Actually, these rules and strategies are applicable in any case. An effective way to cut losses and make more profits with less risks.
Follow me on Twitter to keep up with the latest trades, get price analysis and other trading hints:
https://twitter.com/MarkRobTrades
