[AMA] My 600k $ Bitcoin Short Position Got Liquidated

[laur.laurix]

you play casino?

No....I don't even like traditional gambling....but nothing can match the potential returns of crypto futures trading.

 

[lucky.sparks]

Never was into crypto, can you explain what happened like Im 5? I understand that you placed a sale/buy position and then something happened?

 

[laur.laurix]

Never was into crypto, can you explain what happened like Im 5? I understand that you placed a sale/buy position and then something happened?

Basically you bet that Bitcoin or any other altcoin will go UP ( called a Long) or DOWN ( called a Short)....some exchanges gives you some multipliers on that bet basically a form of lending called leverage.....if you place the right bet the exchange will give you a return profit that could be 5% or 500% based on your leverage and the risk of your bet. If you place the wrong bet the exchange liquidets your position and takes your money.

 

[Tomatoweb]

True....but even with gambling you can make money if you are not greedy.

if you have self disciplane yes definitly

 

[lucky.sparks]

Basically you bet that Bitcoin or any other altcoin will go UP ( called a Long) or DOWN ( called a Short)....some exchanges gives you some multipliers on that bet basically a form of lending called leverage.....if you place the right bet the exchange will give you a return profit that could be 5% or 500% based on your leverage and the risk of your bet. If you place the wrong bet the exchange liquidets your position and takes your money.

sounds extremely fun, as all dangerous things in life. You seem to be cool with what happened, probably will recover fast or already did. Thank you for sharing your experience!

 

[Prime Services]

Yesterday I managed to turn 70k in 600k in a span of 4 hours while at a wedding party on my phone and got liquidated in 56 seconds. My bottom was 17500 $ on Kucoin and it went down to 17600 $. AMA.

Poor risk management , I call this gambling maybe you would have waited a bit and made millions out of it .

 

[Naujauskas]

Yesterday I managed to turn 70k in 600k in a span of 4 hours while at a wedding party on my phone and got liquidated in 56 seconds. My bottom was 17500 $ on Kucoin and it went down to 17600 $. AMA.

In your experience, have you found a trading pattern, that would be correct 66% (or more) of the time?

 

[Nikxon]

Don't tell me you are this guys friend

 

[laur.laurix]

In your experience, have you found a trading pattern, that would be correct 66% (or more) of the time?

There is no secret sauce the crypto markets are volatile AF....if someone claims they have the secret formula and tries to sell it to you they are a scammer.....crypto trading is pure gambling with 0 fundamentals.

 

[MisterF]

Nah man....it's all in with x20 leverage with no stop loss....pure gambling....and I don't even like gambling....but I was convinced the bitch will crash to 15k that night.....my limit sell was at 17.500$ it went down to 17580$ go figure.

Respect to you for admitting this was ..pure gambling and also for having the balls to do it.

 

[sgsgsg2323]

5 minutes felt like shit after that I enjoyed the wedding party. Money is not that important for me. My top 3 is:
- health
- happiness
- money

lol true but first two are so much easier with 3

 

[JayMay]

It's gambling
nothing to ask here

Obviously, do people not get it yet lmao
Only put in the amount you don’t give a fuck about losing
But especially now it’s a shitty time to short-term trade like this

 

[OccultKingdoms]

Wow. That was a huge pain just to imagine that.

 

[Joeyhart]

People who are saying: why do you do x or z. Greed is normal in trading and you have to overcome this to dont make these errors in the future. Its normal and human.

 

[Heiko]

Ouch. Wish you all the best for future gambling adventures.

 

[seomaster5]

So now will you stop doing this or continue in future ?

 

[k2h2]

That is a big loss. Did you share this with family?

 

[SpenserReed]

How does it feel emotionally?
I got $90k liquidated last year, felt like shit. Still hurts to this day when i remember it.

Sure it's always hurts a lot, and seems to me this case was 7x times more shitty...

 

[Usamak]

on which platform you trade.

 

[laur.laurix]

Ouch. Wish you all the best for future gambling adventures.

I have 1 mil $ to buy in when bitcoin will dip to 8-10k range.....if you buy in at the right spot this could be a generational wealth opportunity or the biggest loss I took so far.....life is too short to live in fear.