Lesson learnt - Lost 60k to trading crypto

Dotfordough

Dotfordough

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I started trading about 3 days ago and I want to share my experience with others.

I had no in-depth knowledge about trading or cryptos but I had the basic knowledge that could make me search for a pair and put some money in it.

The first day of trading was so sweet and I earned about 12% of my capital just by jumping on some Alts bull trends of coins like XLM, XRP That I got notified of on crypto community groups.

I was trading via Binance and they had an option of trading futures which increased your gains if you get your trades right and of course, I was hungry for more.

So I hopped on a TRX/USDT futures(X20 leverage) trade which was provided in the community by a random trader but I got it all wrong by hopping in too early.

I started losing money immediately I took the trade but I was expecting the trade to favour me if I waited for a while.

Like they say "Patience is required in crypto" but I saw my balance turned zero before my eyes but I was too late to stop it.

This was all my fault because I had no knowledge about risk management or analysis or the crypto market but the loss was a lesson for me to always learn before I try.

PS: the 60k in the title was just for clickbait since everyone seeing that would believe it was in $ but really it was in my local currency.
 
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You need a solid base of knowledge and analysing in order to move yourself from gambling to actual trading(which also doesn’t guarantee you a net profit) everything under the tag “basic knowledge” is considered hit or miss.
 
Sparrow said:
The worst thing to happen to a new trader is having success in first trade.
Click to expand...
Yes that contributed to my failure because it spoilt my learning process and made me hungry for more wins as quick as possible
 
Dotfordough said:
PS: the 60k in the title was just for clickbait since everyone seeing that would believe it was in $ but really it was in my local currency.
Click to expand...
So it was a cheap bootcamp course then, good for you. Hope you learned a lot.
 
Dotfordough said:
PS: the 60k in the title was just for clickbait since everyone seeing that would believe it was in $ but really it was in my local currency.
Click to expand...

Hopefully you live in Venezuela and your 60k wasn't worth much.

Good luck with future trades!
 
I'm thinking about starting trading, especially when I heard about the high increase of bitcoin.

But seems I'm going to loose my money if I don't know how.
 
Sparrow said:
The worst thing to happen to a new trader is having success in first trade.
Click to expand...
Haha, you made me laugh hard.
Same like gambling.
 
No worries! 60k indian money is only like $800! (I hope you used indian currency atleast, and not something that's more than $800!
 
Not sure why you'd jump into the game without prior knowledge. Even if something is extremely profitable, if you do not have experience you will fuck it up. That's just how it works. Probability of success only works for people who know the game, even then there are losers. This doesn't apply to Crypto but anything else in life. If you have $50K and you want to build a site, then someone experienced would have a much high chance of turning this website into a strong earner that would pay dividends over time. Someone new on the other hand, with a hard on for making money online and a few weeks of reading IM journeys on BHW would probably burn through that money and end up with a donkey cock up their ass. Just sayin'.
 
Its very hard to trade crypto with how volatile it can be. Especially shitcoins. Best strategy is to buy bitcoin and hold it long term. Been HODLing btc since 6k
 
maggly said:
Its very hard to trade crypto with how volatile it can be. Especially shitcoins. Best strategy is to buy bitcoin and hold it long term. Been HODLing btc since 6k
Click to expand...
You must be feeling like Elon Musk by now...hehehe
 
You didn't lose it trading crypto, you lost it trading crypto futures = huge difference.

I'm sure the UK banned with effect 6th Jan crypto futures markets, banned the sale of derivatives and exchange traded notes (ETNs)

Why? Well basically because it's like spread betting / CFDs on steroids
 
Any gambling you want to involved yourself in..you must be extremely careful with your capital (ur hard earn money) cause once loose very hard to gain it back ,especially through gambling
 
I lost money at the start too. I mined 2btc 5 years ago. When btc was worth $1k I invested it all online btc mining and watched it evaporate right before my eyes. I stopped when I had about 0.1 btc left. I try and console myself that the 0.1 btc is worth more than the $2k I started with and try and forget what I would have now if I had just stashed it all away!
 
Yeah, all these crypto youtubers trading on leverage.. They make it look so easy. haha

Good thing i didnt hop on the train.
 
Nah fam. Trading requires you to throw your emotions out the window. You can't have the mentality "Oh I'll just wait it out it will rise" you need a stop loss point to make sure you don't fuck yourself over.
 
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