Ruined my account through multiple mistakes

Fatunad

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Quote from: Fivestar4everMVP on December 27, 2021, 05:07:33 PM

Quote from: Lemmon007 on January 10, 2020, 11:57:45 AM

Have you guys ever ruined your account when you were still a beginner? And by ruined I mean losing everything or a very big part of it. I started trading like 3 months ago and made my first deposit 2 months ago. After 150+ trades through the course of 1 month I managed to get my 4000$ initial investment to 7000$. Needless to say I was over the moon and I got overconfident. I invested more than usual thinking I have a great opportunity right there and even though I had a fixed plan with certain stop losses in place for every trade, after the price went against my prediction I still hold onto it thinking it will rebound and even added a little more to average down. In the end the price got my stoploss and I was down 3000$ (I don't know how I managed to lose so much in 1 trade). I was very frustrated with my idiocy and I started chasing losses (again like an idiot). Throughout the next 2 weeks I managed to lose another 2400$ by trading while mad (lost most of it when bitcoin went up from 6700 to 8000 at the beginning of the year, shorting it). Now I have only 1600$ left in my account, deeply depressed and afraid to lose even more. I'm afraid that I won't ever make it back and even if I do this is the worst timing possible with the halving rally in sight. I get more depressed even thinking of all the profit those money would have generated if the rally begins. I came here to ask for some advice since I don't trust my decisions anymore and maybe you could give me some insight.

Been a long time and I believe that by now, you must have gotten over your loss.

To other persons reading, this is one of the effects of lack of patience, if only this dude was a bit patient, maybe, just maybe he would have been able to steer his investment to a better direction even after encountering the first accident, I hope alot of us will learn from life stories like this, never allow yourself to become over confident, it is very dangerous, I've personally made this mistake before and it caused me to loose a good amount of money.

Any excess of things doesnt matter on what it is would really always be giving out that kind of disadvantage or totally wrekt you out if you dont make yourself aware.
Mistakes are the best teachers thats why when we do able to commit it then its really regretable but also be thankful on which you do know on what you gonna do next.
Even though not all or wont really be directly makes you better but you are going their gradually. You are aware on things along the way on which means
you do lessen out at least the risk involved.

Webetcoins

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Quote from: otundebis on October 10, 2021, 11:59:49 AM

Self discipline is the ultimate trading skill that I have ever known! It is important to understand that trading all the time will lead to a serious mistake. There is no way you will make the right decision all the time, there are factors that are beyond your control. If your strategy works, you should take a break and enjoy your profit before you resume trading!

Trading all the time also underlines a serious problem; it's that you are not trading because you see an opportunity to earn but you are trading because you feel like you should trade. This is never a good sign for any trader because trading if you realize is the potential of making money where you feel something is simply overpriced or underpriced based on the future potential and price.

Quote from: arbifahrozy on October 10, 2021, 12:21:25 PM

In trading, every time most of the traders lost their money just due to having more greed, it is the only thing , if we have some ability to stop it then only we can get success and go to the place where we can but controlling our greed is the main thing in trading, as you said you had make a huge profit but you want to earn more, which leads you to loss.

More greed and also quick panic. It's either you waited for too long to take profits or you panicked too early and cashed in loss/minimal profits, both of the are terrible feelings, And the third common mistake as we already discussed is the urge to trade all the time, without any real motivation or reason.

Fivestar4everMVP

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Quote from: Lemmon007 on January 10, 2020, 11:57:45 AM

Have you guys ever ruined your account when you were still a beginner? And by ruined I mean losing everything or a very big part of it. I started trading like 3 months ago and made my first deposit 2 months ago. After 150+ trades through the course of 1 month I managed to get my 4000$ initial investment to 7000$. Needless to say I was over the moon and I got overconfident. I invested more than usual thinking I have a great opportunity right there and even though I had a fixed plan with certain stop losses in place for every trade, after the price went against my prediction I still hold onto it thinking it will rebound and even added a little more to average down. In the end the price got my stoploss and I was down 3000$ (I don't know how I managed to lose so much in 1 trade). I was very frustrated with my idiocy and I started chasing losses (again like an idiot). Throughout the next 2 weeks I managed to lose another 2400$ by trading while mad (lost most of it when bitcoin went up from 6700 to 8000 at the beginning of the year, shorting it). Now I have only 1600$ left in my account, deeply depressed and afraid to lose even more. I'm afraid that I won't ever make it back and even if I do this is the worst timing possible with the halving rally in sight. I get more depressed even thinking of all the profit those money would have generated if the rally begins. I came here to ask for some advice since I don't trust my decisions anymore and maybe you could give me some insight.

Been a long time and I believe that by now, you must have gotten over your loss.

To other persons reading, this is one of the effects of lack of patience, if only this dude was a bit patient, maybe, just maybe he would have been able to steer his investment to a better direction even after encountering the first accident, I hope alot of us will learn from life stories like this, never allow yourself to become over confident, it is very dangerous, I've personally made this mistake before and it caused me to loose a good amount of money.

LUCKMCFLY

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Quote from: Hobo66 on December 21, 2021, 01:05:27 PM

As a beginner i make much more omission but now i can effortlessly make gain as i know much about trading platforms. Success in any sector or field may be achieved by forbearance as well as ideas about that sector. I gain experience from all my faults that i have made during trading because trading is very difficult and it must takes much time to realize about it.

I am very glad that I am making profit without much effort, sometimes bad experiences in trading are the best teaching teachers, of course there are people who lose in trading and burn their accounts because when they lose they do not learn anything and that is the way it is. who get the biggest losses. If a person learns everything necessary about trading and applies it, it is different, because that is the way to gain experience, understand the market and transform knowledge into money, because there is nothing uglier than losing and not knowing why.

judaspriest

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C O M B O

Quote from: Ararbermas on December 22, 2021, 04:33:56 AM

Quote from: Hobo66 on December 21, 2021, 01:05:27 PM

As a beginner i make much more omission but now i can effortlessly make gain as i know much about trading platforms. Success in any sector or field may be achieved by forbearance as well as ideas about that sector. I gain experience from all my faults that i have made during trading because trading is very difficult and it must takes much time to realize about it.

doing mistakes is part of every traders experienced. Or should i say it's part of the game! Because even experts can do mistakes as well. . indeed without such things we cannot get lessons how to prevent losses in trading.. Mistakes can make traders smart and very confident! So don't blame your self when it comes to it because no one's perfect.. Always practice your strategies instead and keep gaining more information and of course learn from your mistakes always because that's the one of the key to become successful as well.. Just don't give up!

Mistakes are common for traders and basically it can happen to anyone,
everyone must have a tolerance limit to his mistakes and I judge a bad mistake is when we make the same mistakes over and over again,
so it can be concluded that they didn't learn from those mistakes

Ararbermas

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Quote from: Hobo66 on December 21, 2021, 01:05:27 PM

As a beginner i make much more omission but now i can effortlessly make gain as i know much about trading platforms. Success in any sector or field may be achieved by forbearance as well as ideas about that sector. I gain experience from all my faults that i have made during trading because trading is very difficult and it must takes much time to realize about it.

doing mistakes is part of every traders experienced. Or should i say it's part of the game! Because even experts can do mistakes as well. . indeed without such things we cannot get lessons how to prevent losses in trading.. Mistakes can make traders smart and very confident! So don't blame your self when it comes to it because no one's perfect.. Always practice your strategies instead and keep gaining more information and of course learn from your mistakes always because that's the one of the key to become successful as well.. Just don't give up!

Rengga Jati

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I am sure that everybody has made certain mistake at the past, both very bad mistakes and also standard mistakes.
I personally has the same mistakes, not only once but several times, that made loss of my assets and money at that time.
Being impatient, being too greedy, careless, panic, and others that drove me to do something irresponsible, losing account security, losing money in trading, and many more.
And you know, I know that if somebody makes similar mistake it means that he doesn't learn from its first mistakes, And that is what happened to me, again I lost several times because the similar mistakes. And I really regret these mistakes.
Losing start from 10$ to around $500 for me is very high.
And from those mistakes, I really get many lessons, learn many things that drive me to be more careful, smarter, wiser, responsible, and also think twice before deciding something.

Hobo66

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As a beginner i make much more omission but now i can effortlessly make gain as i know much about trading platforms. Success in any sector or field may be achieved by forbearance as well as ideas about that sector. I gain experience from all my faults that i have made during trading because trading is very difficult and it must takes much time to realize about it.

stomachgrowls

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Quote from: rima28 on October 09, 2021, 12:14:10 PM

If you want to get trading remember that it is a game of probabilities .and risk I have a great opportunity right here and even thought I had a fixed plan with certain top losers in place for every trade after the price point against my production I still holding to eat thinking it with rebound and even had a little more towards down to Everest down I am afraid that I won't even take it break and even it I do this is the toss timing possible having really inside I get more depressed even thinking of all the profeet those money would have generated it the really big guns I came here to ask for some advice since I don't trust my decision anymore and maybe you could give me some insight.

You do talk about Everest down which it should be "Average down". Am i right? As a trader then you would really come into a point on where you would really thought that anytime you do
make decisions it turns out to be bad which would result that you would really having those things in mind on quitting or you dont trust up anymore of your decisions
but doesnt mean that it would be ideal on asking out others methods because that wont really change a thing.

Word of encouragement would might do but not totally on copying others ways because it isnt a guarantee that it would work for you either.Thing here is that you
should study up your mistakes and realize and try to reverse those decisions.

Its a matter of trial and error imho!

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Quote from: Slow death on October 16, 2021, 07:09:09 PM

OP must have given up on trading and at these times he must be sadder because the price of bitcoin has increased a lot since the day he made this thread

I would say that there has been a lot of drops since he created his topic as well. I mean we are in a good mood right now and the price is going up and that is a great thing but the reality is that we are also in a situation where we had a period where we dropped from 63k to 30k as well.

Yes, he could have made a lot of money from us going from 30k to 60k+ right now, or he could have lost a lot of money from the period where we moved from 60k to 30k as well. We do not know which one he was more included in and that is why we could only make some guesses but we do not know what he did.

For example, overall I made a good profit during this period, but without the last month I would be in a big loss as well, wouldn't be really in a loss since I bought my coins earlier but I would at least be not at the peak and would have lost from the profits I made.

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Quote from: Peanutswar on October 10, 2021, 10:10:21 PM

Quote from: arbifahrozy on October 10, 2021, 12:21:25 PM

In trading, every time most of the traders lost their money just due to having more greed, it is the only thing , if we have some ability to stop it then only we can get success and go to the place where we can but controlling our greed is the main thing in trading, as you said you had make a huge profit but you want to earn more, which leads you to loss.

Every trader starts with the different and same mistakes those losses gives us different lessons to learn just to make sure we avoid or not commit the same mistake on it. Sometimes one of the common is become greedier like we already gained profit but still at the end of the day there's an urge to earn more so we wait for more time that causes to make another disaster comes to losses. This kind of mental behavior is not quite healthy sometimes its better to always stick to the trading plans to prevent getting trouble losing assets.

My own mistake in trading is over trading when I started as a newbie always wanting to take as many trade as possible consequently ended up losing my portfolio, thereafter I researched and came up with a strategy using a 8 hour time this enable me to trade less and having few period of time to analyze my chart before entering the trade, OP ought to have traded less study all the losing trade thus if there is a mistake endeavor to find ways preventing or avoiding such a mistake in the future.
More so I always ensured that I withdraw all the profits made and exchange it majority of the profits to fiat.

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Quote from: Slow death on October 16, 2021, 07:09:09 PM

OP must have given up on trading and at these times he must be sadder because the price of bitcoin has increased a lot since the day he made this thread

Patience is the virtue

Being lazy is not a big crime especially when it comes to cryptocurrencies because more longer we wait then more profits we can expect from our investments.

Slow death

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Name: Lemmon007
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Date Registered: January 10, 2020, 02:00:45 PM
Last Active: January 20, 2020, 07:07:48 PM

thread creation date: January 10, 2020, 03:57:45 PM

OP must have given up on trading and at these times he must be sadder because the price of bitcoin has increased a lot since the day he made this thread

LUCKMCFLY

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We must not give up if the ceunta is ruined, there is something that has to be saved from this, otherwise it is because trading is not for the person, if the person ruined the ceunta it is because first they were not in the correct direction of the market In each loss he had to have learned for what reason he lost, if this was not learned, it is because he needs a lot of knowledge, and the best knowledge he gets is through books, trading academies help but not as well as own knowledge and that produces argumentation based on events that have already happened and helps to have much more security.

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Quote from: leea-1334 on October 11, 2021, 09:58:53 AM

Trading plans and strategies should think of all possibilities and scenarios,,, and then prepare a step-by-step action sequence to take in all those situations.

The learnings from real trading is to see events and scenarios you did not predict and to adjust the trading plan accordingly.

Unfortunately no one is ready to take time to go for profit-making in trading in step-by-step manner but they want big profits in quick time which must be the simple reason why most of the traders are losing all their capital in very short period of time itself. Trading is definitely profitable only for the people who are spending more time for analyzing the market directions. But, people are simply going for buying signal from third party and and then losing money in market pressure because they do not have any skills to handle unexpected market conditions.

leea-1334

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Quote from: Peanutswar on October 10, 2021, 10:10:21 PM

This kind of mental behavior is not quite healthy sometimes its better to always stick to the trading plans to prevent getting trouble losing assets.

Sometimes? It is always better all of the time. Trading plans and strategies should think of all possibilities and scenarios,,, and then prepare a step-by-step action sequence to take in all those situations.

The learnings from real trading is to see events and scenarios you did not predict and to adjust the trading plan accordingly.

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Quote from: Lemmon007 on January 10, 2020, 11:57:45 AM

Have you guys ever ruined your account when you were still a beginner? And by ruined I mean losing everything or a very big part of it.

Yes, I have an idea what you're saying. Experienced complete loss too.

Quote from: Lemmon007 on January 10, 2020, 11:57:45 AM

Needless to say I was over the moon and I got overconfident.

That's usually where the problem starts – overconfidence. Remember that pride goes before a fall. It's always that way in every human endeavour. You get too confident and you lose it.

Quote

I was very frustrated with my idiocy and I started chasing losses (again like an idiot).

That was the right prop you needed to exit the market and take a break to review your trading plan and strategy. Well, you've learnt your lesson. Next time, don't chase the market to revenge. Those who do that always end up as losers.

Peanutswar

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Quote from: arbifahrozy on October 10, 2021, 12:21:25 PM

In trading, every time most of the traders lost their money just due to having more greed, it is the only thing , if we have some ability to stop it then only we can get success and go to the place where we can but controlling our greed is the main thing in trading, as you said you had make a huge profit but you want to earn more, which leads you to loss.

Every trader starts with the different and same mistakes those losses gives us different lessons to learn just to make sure we avoid or not commit the same mistake on it. Sometimes one of the common is become greedier like we already gained profit but still at the end of the day there's an urge to earn more so we wait for more time that causes to make another disaster comes to losses. This kind of mental behavior is not quite healthy sometimes its better to always stick to the trading plans to prevent getting trouble losing assets.

palle11

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Quote from: Lemmon007 on January 10, 2020, 11:57:45 AM

Have you guys ever ruined your account when you were still a beginner? And by ruined I mean losing everything or a very big part of it. I started trading like 3 months ago and made my first deposit 2 months ago. After 150+ trades through the course of 1 month I managed to get my 4000$ initial investment to 7000$. Needless to say I was over the moon and I got overconfident. I invested more than usual thinking I have a great opportunity right there and even though I had a fixed plan with certain stop losses in place for every trade, after the price went against my prediction I still hold onto it thinking it will rebound and even added a little more to average down. In the end the price got my stoploss and I was down 3000$ (I don't know how I managed to lose so much in 1 trade). I was very frustrated with my idiocy and I started chasing losses (again like an idiot). Throughout the next 2 weeks I managed to lose another 2400$ by trading while mad (lost most of it when bitcoin went up from 6700 to 8000 at the beginning of the year, shorting it). Now I have only 1600$ left in my account, deeply depressed and afraid to lose even more. I'm afraid that I won't ever make it back and even if I do this is the worst timing possible with the halving rally in sight. I get more depressed even thinking of all the profit those money would have generated if the rally begins. I came here to ask for some advice since I don't trust my decisions anymore and maybe you could give me some insight.

Lol every trader must have this kind of experience before you get stronger in trade. I laughed because it is not a new story but whatever how much you have left, don't panic if you have made profit before then you retrace your steps back to the pattern you have made the profit with.

You can check if you have been trading wrongly and have also made profit wrongly because there is a way that you trade and make profit but it is a wrong way and if you continue trading that you then you have that problem of losing that you get confused and can't trace the fault. Now either you have been trading without using STOPLOSS if you have been trading with stoploss you keep to it.

So this can be the reason you suddenly started making losses because if you trade wrongly, you can initially make profit but it is not sustainable.

1. Trade with stoploss: Use a small stoploss and higher take profit.

2. Martingale will drain your account if it goes wrong.

3 High leverage is risky.

4. Money management saves you from heart break Grin

You have to trade base on your account so you can wake up and see left over to start up with again.

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In trading, every time most of the traders lost their money just due to having more greed, it is the only thing , if we have some ability to stop it then only we can get success and go to the place where we can but controlling our greed is the main thing in trading, as you said you had make a huge profit but you want to earn more, which leads you to loss.

Topic: Ruined my account through multiple mistakes (Read 568 times)