Lesson learnt - Lost 60k to trading crypto

Yep, I learn't that the hard way, lol. You can't have a gambler's mindeset. You have to be data driven and act on the data
 
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Dotfordough said:
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.
Click to expand...
LOL patience is required in any kind of trading and investment. Well looking at your post it's not a loss. More like investment fore better skill
 
The saying "always have patience with crypto" definitely doesn't count when trading futures. That's a lesson for all future readers of this thread :)

To OP: just look forward, money comes and goes.
 
Atleast you learnt it the hard way.. it's an experience which will help you if you have any trading plan for future
 
Dotfordough said:
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.
Click to expand...
Yes in addition to The risk Management by defining losses by a certain % of your invested capital per day or profits both things you should get out of your position if you hit that % also and the most important thing is PSYCHOLOGY you should take control over your emotions do not stuck to an investment if it goes down or up if you reach your % goal of your Capital for both sides ( profit or lossà you must get out this position do not say that will go up more more !! your psychology matters a lot in such investments bro especially Cryptos
 
Can relate.

Shit happens, learn from it and try to stay away from futures in the past.

Statistically speaking the HODLers many times seem to out perform the traders, funniest part: They aren't even doing anything for it.
 
Oof, yeah there's a reason I don't mess with futures and that's exactly it. You'll recover!
 
There's no rush like doing 100x leverage on 10,000$




And that's how I lost 70 grand doing the same thing OP did, I got addicted and tried to buy my way out of liquidation. lol
 
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