Topic: Trader took his own life after the recent huge dump - page 3. (Read 889 times)

That was noted at the start but when emotions stepped in after the event of loss, we can't really stop it especially if it involves risking life savings or retirement amount that supposedly can support the future of the said person.

That was a stupid act but it's really hard to compete against the after-effect of losing such in a huge market. There are even proven reports that people got depressed and their mental health got heavily affected.

This is the problem of some people claiming they can earn big money in crypto especially in the last bull run. Back several months ago, lots of Binance traders bragging their $100 daily income without doing anything without realizing the worst-case scenario.

It is really hard to think that someone took his life. We don't know if that only dump triggers him, maybe there is another reason, we just never know.

Yeah, it is to remind everyone that the market will just go up and down, if we have some patience, maybe we could wait sometimes for the recovery, not have to think about suicide because of losses. We can get back all the losses but not our life anymore.

So maybe it was very important to let our family involves in every decision we made especially in tough situations. To hear their advice has a bigger impact on our mindset.

When you are tending to engage into this market then you should be aware on the risk because if you do anticipate or expect that much that you would make money then
better remove this kind of mindset because nothing is assured when it comes to profitability and always remind yourself that money should be spent out on investment
isnt something that came out on your savings.Dont go all in and always set out take profit and stop losses incase the market goes to opposite way.
Its sad to hear these situations where someone couldnt able to handle out their emotions.

It is definitely a very disturbing post and I feel like people have started to consider crypto trading as gambling recently which is why futures trading is so popular among traders. Everyone wants quick money and they don't understand the risk and how quickly you can lose everything when you do futures, it's even worst than gambling. At least in gambling you have fun but here you will just have stress all the time.

That's really sweet of you but I think people are shocked when they lose money to such a devastating bear-run/crash and it's hard to discuss their loss with a stranger. A lot of people feel shamed as if they have failed an exam and take their lives, I just don't know how money is at a higher priority for them than life.

I also think there should be mandatory KYC on all centralized exchanges because from what I have seen a lot of underage and immature students have started to trade and they have no idea of risk-management and risk-reward analysis. Some would even take money from their parents' cards and buy crypto in an attempt to earn more and return the money.

I think if we make a list of all such suicides, I am sure the average age of such suicides must be around 15-20 because these young lads don't understand the risks of crypto. There are so many ways they can know about Bitcoin and cryptocurrencies and even guides on how to trade but there is almost no way to learn about crypto trading and the risks that are associated with crypto trading, especially futures and margin trading. Isolated trading is still fine because it doesn't affect your remaining funds.

Really sad to see these kind of events on where someone took his life just because he lost too much in trading and this is where we should take consideration on investing our money that we can only
afford to lose since this market is way too unpredictable.

You wouldnt know on what comes next and when you do go all in and also putting up a loan amount plus life savings and then the market turns out to opposite direction
then you would be fucked up but its not really worth to put your life into waste just because of that.

It might easy as it sounds but its not really worth for you to die for. Problems can be solved even though its hard but not really worth to take your own life
to get rid of the problem.

That's very bad anything that happen I don't believe you should take your life no matter what happens life is special and you losing today those not mean another one won't come you taking your life is not the next step. From my experience I just believe cryptocurrency is not for the weak once and I don't believe you should invest what you can't afford to lose in Cryptocurrency any amount you are investing is what you believe if you lose you are still having backup because I just believe any money that's not yet in your local account is not yours yet. Always learn about risk management before starting cryptocurrency and don't borrow money to invest in Cryptocurrency to avoid things like dis.

I am aware of the said strategy as well but I just don't want to use that strategy aside from hodling for now. From how the OP described what happened, I don't think I can handle the stress that his friend undergo through those losses.
We're not in the middle of pandemic and having that kind of financial stress as I mentioned here earlier is a lot of burden in one's mental health.

I tried to read that article but it has been deleted by Reddit now. I think it might be fake news which is why they deleted it or it might be because it creates negativity. Thanks for sharing screenshot OP.

That's right and spot trading is actually the best for people with low capital and high patience. If the market has crashed at least you know you have the same amount of coins and just their value has dropped which surely will get back up in the coming time. But if you trade leverage then you will be done once the market dumps.

Trading using leverage without having enough funds and skills will be the same to give the money for free because we will not get the profit. Before you decide to use leverage trading, you should familiarize yourself with the market. You should analyze the market movements so that you will not have difficulty making a profit when you start to use leverage trading.

But many things that we should learn before using leverage trading. Having control for ourselves will be important too as we will see the seduction on taking the profit because the green sign will come to us and delay taking the profit. And once we delay taking a profit and wait for more, the price can go back to the other direction and make us lose the profit.

we cant do what the guy in the op did because our life was important to us and we know that there are many people around us that love and value us  .
also our losses could be within our limit only so its not that hard to accept if ever our trades fail .
saving wont be called a saving if you will take out and spend the money that you save for trades but they should be kept for a different reason .

I'm very sadden seeing such News because Like others we are often losing in our trades but we don't wanna commit suicide .

and also this is why i don't commit all my savings in crypto , i make sure to separate my lifetime funds than my crypto investments and i keep my wife updated so we can talk over every time there is a bad things happening in my holdings.

And also i try not to engaged in daily trading for the reason why this story happen.

This is why I don't do leverage trading because I am not good at it or even pro. It's not good to go all-in on that, especially focusing on one coin only. This reminds me of a colleague of mine who is asking me some advice about leverage trading and going all-in on Bitcoin, however, he has no trading knowledge and he only sees the potential in making a lot of money in leverage trading. Good thing that I told him to get educated first in leverage trading before investing an amount that he can afford to lose.

I believe that guy was going all-in and not just managing his funds very well. He should have only invested and leverage trade on what he could afford to lose.

in this case success does not come quickly. requires a long process which is different for each person. the same as real work if we want to build a business, then start from scratch and strive for success. so don't think in the crypto business today we will easily get money in a short time, everything requires a process and a risk

A common fella who wants to get out of the middle-class trap take such risky decisions but everyone who wants to get out of that trap needs to know that it is not literally possible to happen in reality in weeks or months, even years. One who is rich now may need decades to increase their standard of life by keep saving money, and spending less money then keep compounding the money they make and diversify into lot other ways.

Unfortunate event that someone took his life because of his losses. Maybe he couldn't accept what had happened to his life's savings and he couldn't see a way out to get out of this mess. If he should have reached out to his friend, the ending may be different. Sometimes, it needs a sincere conversation to someone in order to change perspectives in life. Let us remember, money can always be replaced, but our life, it is only one. We will always find a way how to resolve our financial situation. We will have a lifetime looking for ways on how to get back those savings.

Like we all know that everybody has equal tendency to win or lose a trade which often depend on some certain knowledge on how the market works. For an individual to be more successful in trading, he/she needs to know how much risk should be taken for a particular trade(Risk management), capital sizing(leveraging), and having adequate knowledge on the fundamentals and technical aspects of trading.

When it come to trading, a lots of newbies including some traders who have vast knowledge on how the market movement works wouldn't put much consideration to risk management which have been a continuous detriment to our trading lifestyle. Just imagine someone with an $100 account trying to make 70% of the account size in a single trade...is this not greed?
Most time i just don't blame some traders because they don't always consider opposite side incase something goes wrong, what would happen to their capital which always entails Risk management.

Capital sizing is another important aspect of trading. Knowing how to position your trades while putting your risk to reward ratio into consideration. I believe the guy in question could not put  his capital into consideration when trading because this might have prevented him from over leveraging which led to lose of his life saving fund.

Fundamental and technical analysis is another important aspects of trading. One has to be equipped with the necessary tools, news that are vital for different style of trading. In respective of how certain a particular trade could be, i believe one has to be extra ordinary careful when placing a trade. There is nothing like sure trade so the appropriate precautions should be take in order to prevent later regret of one's decision. Capital reservation is much better than loses due to carelessness or greed.

This was a very sad news, if ever this really happen. Doing leverage trading is not easy actually. I had been here in this field of business for a couple of year and yet until now I never try to do leveraging in terms of trading here in cryptocurrency because I know it has a high risk once you do this. And only an experts can do this actually not for the newbies or lack of experience too.

The article was really an awful one for this becomes the worst case scenario of an individual who loss a big part of his entire portfolio due to correction. Such thing do really happen if you are having a not stable mind set over thinking things and not understanding how does it work. Maybe if he just understand those, we would be saved from getting his own life. This is a calling for everyone whether newbie or veteran to take trading in moderation and always do check on your mental and emotional state and do not mixed up those two for worst cases may arise once it have not been put into control. Be a responsible trader. Money can still be earned after loss but life cannot be resurrected once it was ended.

In my opinion, 40 - 60% drop in price from last high is definitely a huge dump to me. The funny thing here is that majority of the altcoins were up like 3-10x since the bull market started but these 40-60% dip has taken them back to the level they were towards the beginning of the year. Some altcoins even went as low as touching 2020 lows. If the dump wasn't that huge, then the deceased trader in question would've been able to take the hit without considering suicide as a last resort. It's just sad to see because even people who don't take the suicide route are either depressed or emotionally down.