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.
You must fix yourself, you are losing a lot of money, by being unstable with your emotions. We need to be mentally healthy too when trading or gambling. You need to change your strategy as well, but for now you need to take a rest, and realized what you have done and you lose so many money. Also accept that we all do mistake, I myself nearly had lost a 1btc in 2018 and now I learned from that mistake and will not do the same way again.
Topic: Ruined my account through multiple mistakes - page 3. (Read 593 times)
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.
You must fix yourself, you are losing a lot of money, by being unstable with your emotions. We need to be mentally healthy too when trading or gambling. You need to change your strategy as well, but for now you need to take a rest, and realized what you have done and you lose so many money. Also accept that we all do mistake, I myself nearly had lost a 1btc in 2018 and now I learned from that mistake and will not do the same way again. hero member
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I think you really need to learn how to control yourself and not greed for chasing the profit. Remember that you should avoid overconfident because you already got that experience, and I am sure that you don't want to get the same experience. In trading, you can get a big profit in one trade, but if you are greedy, your profit will disappear because you are late to sell and take the profit. You should know that only use the money you can afford in trading, so if you lose, you can accept the loss, and you can move on and try to recover the losses.
But sometimes more losses can motivate us to become a profitable trader. I do not afraid to have losses because it makes me a strong trader. My trading psychology is becoming more strong because of my losses. You have huge losses and it seems that you will not easily regain all of the losses but you should not quit and the reason why you lose that big is because you need to improve something in order to avoid that situation again in the near future.
It depends because not all people would have the same mindset when it comes to learning where they do treat up their mistakes just like it was the end of the world or they do think that they are complete
failure and ends up to be a reason for them to quit totally.For some they do accept losses and defeat and
learn from it and these are the type of people who do succeed where giving up isn't included into their
vocabulary.Just take things slowly and don't rush up because it will really cause too many mistakes.
In this market, you need to be calm when trading. If you are impatient and not calm then surely you will only take failure and continuously lose money. First you need to learn how to control yourself and keep yourself awake, because you have made a profit in this market so I believe you will quickly recover your previous investment with a stable mind. In this market failure and success always go together so don't be scared and discouraged. Failure will make you more experienced and in the future you will not make that mistake
This was also me when i was a beginner, in the beginning it was nice and easy and i am earning some profits without any in depth knowledge with a simple technique, i could win with buy and sell strategy. Then it got all turned around when i went to greedy. The price was being oversold and i thought of holding it and not planning to exit i thought it would reach some crazy price but it fallen really hard and after that the same as you did "chasing losses."
Two things i learned in trading never get emotional and greedy.
Two things i learned in trading never get emotional and greedy.
But sometimes more losses can motivate us to become a profitable trader. I do not afraid to have losses because it makes me a strong trader. My trading psychology is becoming more strong because of my losses. You have huge losses and it seems that you will not easily regain all of the losses but you should not quit and the reason why you lose that big is because you need to improve something in order to avoid that situation again in the near future.
It depends because not all people would have the same mindset when it comes to learning where they do treat up their mistakes just like it was the end of the world or they do think that they are complete
failure and ends up to be a reason for them to quit totally.For some they do accept losses and defeat and
learn from it and these are the type of people who do succeed where giving up isn't included into their
vocabulary.Just take things slowly and don't rush up because it will really cause too many mistakes.
Can we call it greed?
You made an error so you have to fill those blanks again.
That is greed for me. You want the money back in just lesser time because you got so much used with profits.
What will be the better thing to do?
Go back from the start.
Think of that $1600 as your initial deposit again.
That way, you can boost yourself into making profit once again.
You made an error so you have to fill those blanks again.
That is greed for me. You want the money back in just lesser time because you got so much used with profits.
What will be the better thing to do?
Go back from the start.
Think of that $1600 as your initial deposit again.
That way, you can boost yourself into making profit once again.
Before deciding to start all over again, always remember thar we must move on and set aside those mistakes as your learned lesson. On that amount of $1600, think of lowering the initial deposit to $50 or $100 while on the recovery stage.
Move on and be careful on the next chapters of trading.
With so many people like this I think it's good to stop your current trade Because you've already lost a lot You need to research and practice different places to know the trade better Hold on as much as you have and you will be able to make a good profit. Set a good time for business and try to invest in capital.
But sometimes more losses can motivate us to become a profitable trader. I do not afraid to have losses because it makes me a strong trader. My trading psychology is becoming more strong because of my losses. You have huge losses and it seems that you will not easily regain all of the losses but you should not quit and the reason why you lose that big is because you need to improve something in order to avoid that situation again in the near future.
Nothing you can really do about that. There's the euphoria in earning quite big sometimes and you can't really help but think, what if I can win more? What if I can actually duplicate this amount again? kind of thing, which I think all of us has experienced at least once. There are a lot of ways to counter these problems such as forcing yourself to face reality, studying the possibilities, or just plain "I'm satisfied with what I have" attitude. That's just the way trading is.
As for the rally this halving, Accumulate. By the end of the year should be the time for your comeback, but could be a small margin only though. Still, your a day trader so this may not apply to you sadly enough. It's kinda difficult to see the market daily since there are a lot of changes.
As for the rally this halving, Accumulate. By the end of the year should be the time for your comeback, but could be a small margin only though. Still, your a day trader so this may not apply to you sadly enough. It's kinda difficult to see the market daily since there are a lot of changes.
Don't push too hard, trading is alternative income not primary. When you break account because some mistake or market defeat you stay realistic is the right step for you. Accept that as reality and find the solution next day, not right now. Second step is you need to realize trading is not always get profit, so find another way to make money out side trading world is good step. This time you need to relax, leave the market now do your hobbies and came back again when ready. In desperate condition, tired and boring can make trader doing something stupid, avoid that before bankrupt is yours.
there was a saying that one mistake cant fix the other one . that saying happened on you because you think it can solved your problem but it only make the problem more worst .
as a newbie its okay to commit mistake but you as a newbie you learn fast because within a month only you already doubled what you invest and you said you are aware about stopping ? but your failure was not following it .
as a newbie its okay to commit mistake but you as a newbie you learn fast because within a month only you already doubled what you invest and you said you are aware about stopping ? but your failure was not following it .
I had also a somehow reverse experience. After trading for months, I was over confident to hold my funds for a long period. Not checking it anymore and just let it stay until I receive a notice that the site was going to close. Unfortunately, I haven't read the email notice immediately and unluckily I read it after the said due date. I haven't retrieve my funds anymore and I was so disappointed about it. I realize it was also my mistake and trading really needs a full attention.
This is so sad, many exchanges were closing, there are many projects that were closing that loses the value of their token. We need to be updated now since many do exit scam. We should know how to manage our time to read news and be updated in all of our investments. It's difficult when they already gone especially if you have bigger investments. Some of my bounty coins were loss in value now, didn't sell it those time they high that's my mistake that I want to forget
Yes i have done a lot of mistakes in trading a multiple times when i was a beginner in trading because my predictions in the market charts are mostly wrong, that is why i lose a lot of money in trading, but i sometimes have a chance to recover all of those losses when my analysis was correct.
Following other people anaylsis (pro traders ofcourse) would be a nice option if we don't have any experience in trading at first. Because it will lower risk and also we'll be more confident with our trades and not become panic when the whales are playing with the market. And ofcourse it's better than gambling without any knowledge in trading. trading with just feeling is the worst
Yes i have done a lot of mistakes in trading a multiple times when i was a beginner in trading because my predictions in the market charts are mostly wrong, that is why i lose a lot of money in trading, but i sometimes have a chance to recover all of those losses when my analysis was correct.
Following other people anaylsis (pro traders ofcourse) would be a nice option if we don't have any experience in trading at first. Because it will lower risk and also we'll be more confident with our trades and not become panic when the whales are playing with the market. And ofcourse it's better than gambling without any knowledge in trading. trading with just feeling is the worst
Yes i have done a lot of mistakes in trading a multiple times when i was a beginner in trading because my predictions in the market charts are mostly wrong, that is why i lose a lot of money in trading, but i sometimes have a chance to recover all of those losses when my analysis was correct.
Just only some tips;
~Dont treat trading just like gambling
~If you do find yourself got stressed too much then take a rest or break and try
to analyze your error.Its a matter of trial and error.Dont rush up.
~Dont mind too much on how to chase losses because it will just mess up your analysis
because you do think of this always.
~As mentioned, dont get too overconfident because you might be profitable this day but would lose big time tomorrow.
~Dont treat trading just like gambling
~If you do find yourself got stressed too much then take a rest or break and try
to analyze your error.Its a matter of trial and error.Dont rush up.
~Dont mind too much on how to chase losses because it will just mess up your analysis
because you do think of this always.
~As mentioned, dont get too overconfident because you might be profitable this day but would lose big time tomorrow.
I had also a somehow reverse experience. After trading for months, I was over confident to hold my funds for a long period. Not checking it anymore and just let it stay until I receive a notice that the site was going to close. Unfortunately, I haven't read the email notice immediately and unluckily I read it after the said due date. I haven't retrieve my funds anymore and I was so disappointed about it. I realize it was also my mistake and trading really needs a full attention.
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.
I think this could be every beginner mistakes, patient and not to be greedy is the hardest thing to learn in cryptocurrency trading. Sometimes when we're seeing a coin rising, we have the desire to join the pump because we think the coin's price will still got pump higher and we won't miss that. But most of them are just a bull trap. So i think managing the risk and our assets is the most important thing in crypto trading instead of just learning the technique
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