Lost 17500$ during recent downswing, Now completely broke. - page 6.

hertznetwork

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Quote from: iamwithyou on January 13, 2021, 12:10:33 PM

Though I lost so many times earlier but this one is bit tough. I was bearish on bitcoin when it was around 30000$ but it went up and up and touches 40000$. I lost around 1000$ and I was ok but I do not know what happens to me suddenly in the heat of the moment I decided to go all in with 100x leverage, with no technical analysis nothing, as I was sure about bitcoin reaching 50000$.
And that is it all my bankroll which I build from 350$ vanished my hard work of 6 month gone.
Now I am broke. But I know I will build my bank roll again over the course of few months but oh man this is tough.
I hate this feeling. Guys no matter what don't be impulsive in trading.

Ive lost and gained . Just stick with it and you will be ok. But like the others say, do not be emotional or follow others. Do your own observations and analysis and just try to make enough to live on safely and allocate some to do riskier trades. Good Luck

crwth

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I was concerned with the OP now, knowing that this post was at the start of this year. I'm not sure how he handled his mind knowing that it reached his target but because of the volatility, it just didn't went his way already and treated trading as gambling. I hope he is okay now and recovered. It's great that he made it all the way to $17500 from $350 though. Pretty sure he can do it again.

Just saw this post because of the necro poster above.

Quote from: apityeh71 on May 15, 2021, 11:24:46 PM

I already more than 4 year in cryptocurrency trading, but i never touch leverage trading. This type of trading similar to gambling, and about 80% of trader loss money from it. You should be stop trade on margin trading and avoid greedy, its enough to trade on spot market and invest in strong coin and hold it for a few month, this easy strategy also promising multiple profit.

You can miss out on potential profits if you didn't use leveraged trading. I mean, it's good once you know how to use it efficiently and not just doing wishful thinking with your trades. It's better to know what you are doing before doing anything else.

apityeh71

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I already more than 4 year in cryptocurrency trading, but i never touch leverage trading. This type of trading similar to gambling, and about 80% of trader loss money from it. You should be stop trade on margin trading and avoid greedy, its enough to trade on spot market and invest in strong coin and hold it for a few month, this easy strategy also promising multiple profit.

blockman

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That's bad, you don't have done to 100x if you don't have an analysis which is the next move. It's a risky thing to leverage without having a backup and why would you put your entire portfolio with that bet. The effort you've done for the past months with your starting capital is now gone because you were one of those who got liquidated.

stompix

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Blackjack.fun

Quote from: iamwithyou on January 13, 2021, 03:46:07 PM

Yeah I was the one who guessed ATH same day (just hours before). I guessed it with exact time frame and you are right that I knew (with 80-90% certainty) that dump is coming for short period but I don't know how in the moment I took the risk without even giving it a thought. I am not a gambler I know how much self discipline and careful bankroll management it requires to build decent bank roll.

Well, I admire one thing, you used the word guessed, not predicted, as for the self-discipline you proved yourself wrong and it was all that it took one time, either you lost confidence in your own reasoning or you saw an opportunity that wasn't really there, at this point it makes little sense either crying over spilled milk or analyzing why the milk was spilled.
There are a few users here that are always telling people that a good trader is not one that makes huge profits in a bull market but the one that avoids losses in a bear season, it's the same about those urges to go on huge leverage, the ones who can keep their fingers from doing stupid things are better traders than the ones who manage 4 strikes in a row randomly.

Quote from: iamwithyou on January 13, 2021, 03:46:07 PM

But again just information is not enough you have to have realization.

And you need luck.
A lot of traders always avoid the discussion about luck because they want to portray themselves as being better than gamblers but in the end just one episode of bad luck like a stupid event happening just seconds after you took a break and that's all it was needed to destroy your trades.

Quote from: Insanerman on January 13, 2021, 04:35:43 PM

Every traders and starters went through that, and I know that feeling myself. But in fact, such loses is really a win -- a win in such way that you've learned your lesson and you've somehow invested in having that kind of frustration in losing in trading.

That's sugarcoating BS, just like the experience of being evicted from your home and living 10 years on the streets will toughen you up.
A loss is a loss and no amount of knowledge learned will make that loss go away.

suzanne5223

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Quote from: iamwithyou on January 13, 2021, 12:10:33 PM

Guys no matter what don't be impulsive in trading.

You are right but I hope you will learn how to profit from your mistake.

Quote from: Mpamaegbu on January 13, 2021, 04:30:38 PM

Quote from: iamwithyou on January 13, 2021, 12:10:33 PM

..with no technical analysis nothing,

That was your biggest mistake — not having a trading plan/strategy. Once you trade hands free without recourse to fundamental and technical analyses, just know you've crossed the thin line between trading and gambling.

The OP did cross the line when she makes her trading decision footing no analysis but this January market trend totally surprised us all cause it trend was different from the previous market, what I am trying to point out is that even people that do technical analysis make losses during the December market which OP was bearish on. But the OP makes two mistakes, which is no market analysis before investment and she also chooses the risky part of trading which means she is indeed greedy as stated by others.

Insanerman

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Quote from: iamwithyou on January 13, 2021, 12:10:33 PM

Though I lost so many times earlier but this one is bit tough. I was bearish on bitcoin when it was around 30000$ but it went up and up and touches 40000$. I lost around 1000$ and I was ok but I do not know what happens to me suddenly in the heat of the moment I decided to go all in with 100x leverage, with no technical analysis nothing, as I was sure about bitcoin reaching 50000$.
And that is it all my bankroll which I build from 350$ vanished my hard work of 6 month gone.
Now I am broke. But I know I will build my bank roll again over the course of few months but oh man this is tough.
I hate this feeling. Guys no matter what don't be impulsive in trading.

Every traders and starters went through that, and I know that feeling myself. But in fact, such loses is really a win -- a win in such way that you've learned your lesson and you've somehow invested in having that kind of frustration in losing in trading. But keep in mind, a profit is a profit. either you earn 10% or less, you must be happy. But one thing you must ensure on your self before engaging again in trading, do your capital/margin are those that you aren't afraid to lose? If it was so, the frustration would be less as you know yourself that the money you'll trade are just a small portion of your money and just your spare money.

You can still keep on trading, but never trade because you want to earn. Trade because you want to win and learn!

2double0

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100x and all in? That's not tough but a stupid decision.
You should not trade more than 1% of your entire portfolio (per 1 trade) that you hold for leverage trading. Even if you lose 1-2 even 10% of your bankroll while following this, there will be consistency and you will also be able to add more margin to some of your positions if you have something extra on your hands so that it will come your way. And losing 10% still leaves you 90 chances to trade.

Mpamaegbu

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Once a man, twice a child!

Quote from: iamwithyou on January 13, 2021, 12:10:33 PM

..with no technical analysis nothing,

That was your biggest mistake — not having a trading plan/strategy. Once you trade hands free without recourse to fundamental and technical analyses, just know you've crossed the thin line between trading and gambling. From your story, you merely gambled. I hope you learnt your lesson with that and have restrategized for better trading experience. Don't trade without acquiring the basic set skills for trading. Trading isn't for the faint hearted. Again, your $50,000 projection will come to pass but the truth about trading is that the price lines don't move straight to point. The lines behave like children sent on errands. The children don't head straight to where they're sent without branching off. $50,000 is feasible but it may burn many traders' accounts before getting there.

chaser15

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Leverage trading shouldn't just consider without doing some analysis. Although at some point that even a professional analysis goes wrong, it's still good to act when there is a reference rather than doing emotional trading.

Not easy to say that you have to move on as I don't know the feeling of losing such an amount but only you can help yourself.

Come back when you think you are ready. There's always time to create the next chapter of doing trades.

iamwithyou

member

Activity: 153

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Quote from: xhomerx10 on January 13, 2021, 12:39:43 PM

Quote from: iamwithyou on January 13, 2021, 12:10:33 PM

Though I lost so many times earlier but this one is bit tough. I was bearish on bitcoin when it was around 30000$ but it went up and up and touches 40000$. I lost around 1000$ and I was ok but I do not know what happens to me suddenly in the heat of the moment I decided to go all in with 100x leverage, with no technical analysis nothing, as I was sure about bitcoin reaching 50000$.
And that is it all my bankroll which I build from 350$ vanished my hard work of 6 month gone.
Now I am broke. But I know I will build my bank roll again over the course of few months but oh man this is tough.
I hate this feeling. Guys no matter what don't be impulsive in trading.

Are profits tax-free in your country?

There is no clear law regrading income from crypto trading, though trading in general is tax free.

iamwithyou

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Quote from: stompix on January 13, 2021, 03:12:12 PM

Quote from: iamwithyou on January 13, 2021, 12:10:33 PM

I lost around 1000$ and I was ok but I do not know what happens to me suddenly in the heat of the moment I decided to go all in with 100x leverage, with no technical analysis nothing, as I was sure about bitcoin reaching 50000$..

Why did you do that?
Weren't you obsessively telling us to cash out our profits as a dump is coming?

Quote from: Silberman on January 13, 2021, 02:41:27 PM

however I am going to be direct, the fact that you could start with 350 dollars and then convert it in 17500 in just 6 months which is a 50x gain tells me that you have been taking massive risks from the very beginning and it was just a matter of time until your whole capital was lost in this way

If indeed the sums and the story is right it's actually a miracle he has reached this far, playing around with 25-100x leverage and most importantly having to put almost everything at stake every time it's not about knowledge anymore is pure luck, and as luck works it does run out.
It's like professor Pigskin betting advice, with every consecutive move made the number of traders making the right choice once more is trimmed down a bit, do that for 6 months and you can count them with one hand.

Yeah I was the one who guessed ATH same day (just hours before). I guessed it with exact time frame and you are right that I knew (with 80-90% certainty) that dump is coming for short period but I don't know how in the moment I took the risk without even giving it a thought. I am not a gambler I know how much self discipline and careful bankroll management it requires to build decent bank roll. But again just information is not enough you have to have realization. That is tilt and widely known in many sectors and it only make you stronger. I just want to share this here that's all.

stompix

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Quote from: iamwithyou on January 13, 2021, 12:10:33 PM

I lost around 1000$ and I was ok but I do not know what happens to me suddenly in the heat of the moment I decided to go all in with 100x leverage, with no technical analysis nothing, as I was sure about bitcoin reaching 50000$..

Why did you do that?
Weren't you obsessively telling us to cash out our profits as a dump is coming?

Quote from: Silberman on January 13, 2021, 02:41:27 PM

however I am going to be direct, the fact that you could start with 350 dollars and then convert it in 17500 in just 6 months which is a 50x gain tells me that you have been taking massive risks from the very beginning and it was just a matter of time until your whole capital was lost in this way

If indeed the sums and the story is right it's actually a miracle he has reached this far, playing around with 25-100x leverage and most importantly having to put almost everything at stake every time it's not about knowledge anymore is pure luck, and as luck works it does run out.
It's like professor Pigskin betting advice, with every consecutive move made the number of traders making the right choice once more is trimmed down a bit, do that for 6 months and you can count them with one hand.

Silberman

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Quote from: iamwithyou on January 13, 2021, 12:10:33 PM

Though I lost so many times earlier but this one is bit tough. I was bearish on bitcoin when it was around 30000$ but it went up and up and touches 40000$. I lost around 1000$ and I was ok but I do not know what happens to me suddenly in the heat of the moment I decided to go all in with 100x leverage, with no technical analysis nothing, as I was sure about bitcoin reaching 50000$.
And that is it all my bankroll which I build from 350$ vanished my hard work of 6 month gone.
Now I am broke. But I know I will build my bank roll again over the course of few months but oh man this is tough.
I hate this feeling. Guys no matter what don't be impulsive in trading.

Losing money always sucks no matter how high or low the amount, is it is always difficult, however I am going to be direct, the fact that you could start with 350 dollars and then convert it in 17500 in just 6 months which is a 50x gain tells me that you have been taking massive risks from the very beginning and it was just a matter of time until your whole capital was lost in this way, so I hope you learned your lesson if you decide to keep trading otherwise this may happen again.

dothebeats

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Cashback 15%

Rough. This is why you should separate your emotions from your money, else it will cause undesirable things to your finances in the long run. At the least, you already know what went wrong and why it went wrong, and you would know the next time how to avoid such things from happening. You can always build your bankroll from the ground up if you know what to avoid and what best practices are there to keep. But also keep in mind that you can always topple that bank roll in a moment's notice if you let uneducated moves urged by emotions get the best of you.

In the meantime, try to do some small trades and start from there, especially if the money isn't really easy to come by on your end.

xhomerx10

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Quote from: iamwithyou on January 13, 2021, 12:10:33 PM

Though I lost so many times earlier but this one is bit tough. I was bearish on bitcoin when it was around 30000$ but it went up and up and touches 40000$. I lost around 1000$ and I was ok but I do not know what happens to me suddenly in the heat of the moment I decided to go all in with 100x leverage, with no technical analysis nothing, as I was sure about bitcoin reaching 50000$.
And that is it all my bankroll which I build from 350$ vanished my hard work of 6 month gone.
Now I am broke. But I know I will build my bank roll again over the course of few months but oh man this is tough.
I hate this feeling. Guys no matter what don't be impulsive in trading.

Are profits tax-free in your country?

mk4

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Such is life. Getting too greedy or getting too desperate can easily put you in a far worse situation.

Obviously, your 2 choices are:

1. Stop trading altogether and do something else for money.
2. Learn from that big mistake, never do it again, and next time trade in a calculated manner and NOT in an impulsive manner.

If it's the case that you really aren't looking for advice but you're just posting to let your feelings out, then chin up! We all make stupid mistakes sometimes, with some people even making far bigger mistakes than yours. Hopefully when you say "broke", you meant that your trading bankroll has been shaved off but not necessarily that you're going to be homeless or something like that.

Anyway, I wish you the best of luck moving forward!

iamwithyou

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Merit: 13

Though I lost so many times earlier but this one is bit tough. I was bearish on bitcoin when it was around 30000$ but it went up and up and touches 40000$. I lost around 1000$ and I was ok but I do not know what happens to me suddenly in the heat of the moment I decided to go all in with 100x leverage, with no technical analysis nothing, as I was sure about bitcoin reaching 50000$.
And that is it all my bankroll which I build from 350$ vanished my hard work of 6 month gone.
Now I am broke. But I know I will build my bank roll again over the course of few months but oh man this is tough.
I hate this feeling. Guys no matter what don't be impulsive in trading.

Topic: Lost 17500$ during recent downswing, Now completely broke. - page 6. (Read 1093 times)