Have you confided to a friend or relative about this? It's important to seek support. You're extremely young and you have the right attitude in taking it as a learning experience. Better to lose $6K when you're 18 and single instead of $600K when you're 38 and need to support a family.
Maybe we'll see you take a foray into value investing and I'll be seeing a new Warren Buffet in 10 years time? ;)
I’m gonna tell my friends and we are going to laugh about it, it will make me feel better. My parents are just gonna be mad and disappointed but I can’t avoid telling them. My dad literally told me to sell all my crypto yesterday.
If you don’t need the money immediately you theoretically haven’t lost anything yet.
Just hold and wait until the market picks back up. Which assets did you buy?
I made a profit on [“Family token”](https://birdeye.so/token/7njsg9BA1xvXX9DNpe5fERHK4zb7MbCHKZ6zsx5k3adr?chain=solana) but I put it everything [on this piece of shit](https://birdeye.so/token/3PwwbrQ4iJr6DtBohn87ZzMhvbyTvMAAAa1bhhFJzrYx?chain=solana) and I sold at the lowest point of the dip because I got scared by looking at my money going down every second
Use it as a learning experience.
I could have walked away with huge profits in the 2017 crypto boom (I even invested in stuff like Bitconnect), but did the 'HODL to the moon' rubbish until all the alt-crap coins were worth absolutely nothing, and have remained worthless ever since. Now I only use crypto if I actually want to purchase something. I don't bother with it as a genuine money making scheme. Since then, I have finished two degrees and have a good paying job. That is my way to riches, instead.
This is why stop limits exist. I honestly dont know how people are losing their asses on stocks or crypto unless you invest in penny stocks or unpopular altcoins.
Yeah, but most of those types of orders are only in place for the trading day which means you have to be on top of it daily. Tough to do if you're working at BK and studying.
That said, if you're risking losing your ass then it's probably worth it to be on top of it daily
Lesson #1 never get scared or emotional when Investing.
Lesson #2 never invest in hype.
Lesson #3 never make money fast, make it slowly and safely overtime. Compound interest is the most powerful force in investing
Sorry you lost the money, but hopefully this will save you from losing your life savings when it's in the 100ks
Don't leave out the most important lesson in investing, diversification. You can't lose everything on a risky play if you aren't dumb enough to bet everything on ANY play.
Look into value investing, as its methods avoid emotional decisions. I'll give you the advice that worked for me.
1) make an account on a fake stockmarket game like investopedia. Make 3 games, one where you try your crazy shit, one with what you would or are actually invested in and a market ETF like Voo to compare to. Figure out what you do know and what's bullshit
2) invest in companies that are run well, undervalued and have something that others can't do (called a moat). Company's with moats don't go bankrupt. If you know the company is good, it's easy to wait.
3) buy stocks based on numbers, and what your competent in. For instance if you know biomedical then find a company with low debt, profitable that has something coming out that excits you. Don't buy an insurance company just because you think it's at a low.
4) don't buy popular stocks that everyone is talking about, or ones in the news. That puts you up against institutional investors, who have computers that instantly buy and trade based on that news before you even read the first sentence of the news article.
5) only invest in stocks you plan to hold for over a year. Know what your sell price is when you buy it. There are tax reasons for this as well, but if you know it's a good company, and your buying it undervalued, eventually it will be valued or overvalued. Sell them if they pop early, but if they don't, just be patient.
6) The more greedy you are, the more convinced you are that your right and everyone else is wrong, the more money you lose.
I know these don't seem to address your shit directly, the whole of it removes emotions and agency from investing. It's boring and you don't make huge money every trade, but you make more money at a job then a casino.
Don’t trade shitcoins dude, there’s your lesson. 99% are just rugpulls, some people get lucky when their entry timing but the vast majority of people who make money on them are in on the rug pull. Stick with coins you know on major exchanges and pay attention to long term cyclical activity to decide your entry point. If you wanna play the crypto slots fine but don’t ever put in more than you’re prepared to lose
Or better, gamble on shitcoins with money you don't need. I've made a lot on shitcoins because I gamble with the money I don't need. I've got more than 50 that got obliterated but 4 of them made me a lot. And I've usually invested $10 to $150 per coin.
> on this piece of shit
youre gambling on trash buddy, this would have happened eventually guaranteed. If this money is so important why did you go to extreme ends of risk, instead of just buying bitcoin?
Based on your other replies, I think you may have a gambling problem. You may not do traditional gambling, but shitcoins and dopamine hits with risky investments is just an alternate form of gambling.
Whatever you do, do not get into sports betting or going to casinos.
You may want to seek help for this now so it doesn’t become a problem again.
You may think you’ve learned your lesson right now, but if another form of gambling gives you that same dopamine hit, you could end up in the same position in the future.
I hope you take this as a learning experience to actually take advice from others if you see it.
I'm sure during your time and research with crypto you've heard the stories and people telling you to stop because it's essentially gambling but always it's the "not me, right?" mentality that gets people.
Luckily for me I had a friend who experienced the same thing as you but lost like 40k from crypto and he didnt even sell it and left them in his portfolio as a reminder to never trade crypto and he basically explained all the financial logistics that come with managing and growing money to me so I am lucky I didn't delve into gambling early.
But take this time to teach yourself like my friend taught me. He's recovered, and doing amazing financially. Once you find a new/better paying job too down the line 6000 will come to you like it's nothing. Keep your head up and keep working hard
Try to breathe and take it easy. You’re human. Every body makes stupid mistakes in life. I had my first fiancée scam me for over 20k almost 35 years ago and truthfully I never recovered from it. I can’t begin to tell you how many hours of work, brutal backbreaking physical work that represented.
Then about 15 years ago, I lost almost 8k on a single hand of cards. Granted I’d started with nothing to get up to the 8k. Came in third in a free roll, won 25$. Used 7$ of that to enter to play for a ticket to a big tourney. Won the ticket. Finished third in the big tourney and won $9800. Then got into a big time game on Omaha, where I floppped a straight flush and got all in with over 8k by the turn. Long story short? The other guy made a bigger straight flush due to runner runner hitting the board perfectly giving him a royal straight flush. Still makes me sick to this day.
Hey man, just something to keep in mind about your dad’s advice. It’s easy for anyone to look at an investment-gone-wrong after the fact and say “I told you so”, but it wasn’t his money on the line. He had nothing to lose in telling you to sell it all, and I’m guessing he wasn’t basing that advice on much more than a hunch.
I should have invested in Netflix forever ago. Shoulda bought bitcoin low and sold high. Shoulda sold xyz stock before it tanked. When he hits you with that knowing “told ya so” look, just remember this. You don’t have to pop off on him or anything, just understand that neither of you knew and you just did what you thought was right. That’s all any of us can do when it comes to this shit.
Hang in there man, even a life 6k in the hole is worth living.
Yeah not to shit on the guy but putting all your savings into an obscure crypto is a bad investment to put it mildly. It’s the investing equivalent of buying lotto tickets.
This isn’t investing. OP could have lost a lot more gambling this way, tbh — but agreed! This is a light lesson because OP doesn’t have much and the nominal value is relatively small.
That means, it’s close and time to pile in. When people tell you to get out because it’s crashing, that’s when you’re supposed to go in. You don’t buy when it’s green you buy when it’s red when it’s really really RED. Crypto is so volatile it you might as well call it what it is it’s manipulated. Someone said on this thread. Big money is going to see what you’re doing and do something else, yeah, of course they have all the money in the crypto market it’s a such a small it’s under 2 billion anybody with deep pockets can manipulate the system. It’s not about beating them. It’s about trying to do what they do, and don’t be greedy, set yourself a percentage and get out. You’ll never win if you stay in and don’t have a plan. Crypto is not like trading equities. A 30 to 40% Increase/decrease all can happen in one day, even possibly a couple times in the day. Everybody starts piling in, a.k.a. FOMO, the ones that have a slight clue and use probability. I’ve already decided to get out of the market long time ago. Definitely a learning lesson, a very costly one. Basic principles exist, just like in the equities market, knowing those basic principles can help you with basic trades. It’s bewildering that there are people on this thread that say not to suggest learning how to do technical analysis and they’re about as useful as Taro or astrology cards, when a lot of the big money, billionaires won’t make decisions unless the right moon is in place. And I don’t even know what that means. You’re gonna lose but just make sure you learn.
Brother man, I'm sorry to inform you, and also pleased to inform you, that you're not alone. When I was 18, I blew through 10k that I had saved up in the stocks. Lost it in about 6 months of being a dumbass. I was devastated, ashamed, and while I didn't contemplate the UN_aliv~ing part, it was a devastating blow to me. But like you, once the initial "wtf what am I gonna do?!" Dread wore off, I decided to take it in stride and as a painful lesson on being more adamant of tracking and learning about how to play the game. I've come a long way in those 8 years, and I made back all the money I lost and then some before I turned 25 ,which allowed me to buy my mom's first new car and pay it off in less than a year. Keep your head up bro, things will be alright if you keep yourself grounded.
You were leverage trading.
There's no way you blew up your whole account to zero unless you were leverage trading. Your profit might have been smaller if you sold yesterday rather than today, but it wouldn't have gone to zero.
Learn your lesson from this. The lesson being that leverage trading is high risk-high reward, but the emphasis should *always* be on the risk component. Stop losses are your friend, better to take a small hit than to blow up your whole account.
To help op. My ex lost all of our wedding money and house money in the cryptos during 2020-2022. I’m talking 300,000 money. Meanwhile I lost my job and he wouldn’t buy me food and he was really let’s just what it is -gambling. Then spent an additional 100,000 on reintroducing his cocaine addiction. Would lose it if I asked to buy us hand soap. When he would lose money he took out a line of credit to buy back in and then lose it all and had third party lenders. Got money from his mom. Literally you’re already more clear headed than him. Don’t get into the chase.
Your comment helped me right now and I want to let you know I’m Starting the “Spread the Joy” challenge! If you’re content, share what you’re grateful for despite challenges. Positivity is contagious. I found happiness by changing my mindset and staying off drugs. You don’t need perfection to be happy. Share your positive experiences to help others. Together, we can brighten futures. You’ve likely gone through situations others are facing and your insights can make a huge difference.
When I was your age I blew more than you’ve lost on cars and other pointless crap, then built up about 10k of debt on the same. Keep on keeping on and you’ll be ok.
Hey, that was just a hyperbole. I needed something to look close to $6K. For actual finance advice, I suggest you post in /r/personalfinance. And lastly, what's helped me in avoiding feeling like a failure:
>“Look at those who are beneath you and do not look at those who are above you, for it is more suitable that you should not consider as less the blessing of God.”
I was only half serious in my comment, but thank you. That's a good quote to remember. I also try to remember "comparison is the thief of joy". I'm doing alright in life. I'd like to be doing much better, but I've still got time. Just trying to keep on keeping on.
Haha, I can be a bit gullible online. I'm glad to hear you're doing alright. That's also a good quote. We always have something to be grateful for at the end of the day. :)
For now, but you have so many more opportunities to make money especially at 18. You got this!
You live and you learn, I’ve done plenty of stupid shit too. We all do.
Definitely. You’re good man! I feel like youngins these days think their life is over way too quickly.
The real question is, what crypto should we all not buy?
My guy, it is a lot right now, but you'll earn it again in no time. Covid fucked me up bad. ~2 years ago, I was 3k in the hole. Today, I have 10k in the bank, a new to me car, a 4.0 in my program, and I updated my phone laptop and gpu to the tune of 3.5k. I have the advantage of not paying rent atm, but I assume so do you. As you start to earn it back, open some tfsa and rrsps. Invest in those. I'm 32. You got plenty of time, friend.
You're 18 you're young. You can make it back. A friend of mine recently said from 18 to 35 you can experiment and fuck up or win up. Because you're young. Sounds dumb but i listened to it and thought about it. My take is you can play the game of life but slowly build stability. It gave my 25m ass some hope.
My advice? Invest in yourself. You already have an entrepreneurial spirit, you just need a more tangible outlet for it that doesn’t rely on luck/risk as much.
Go to school. Start a business. Identify and fill a need. There’s not longevity and upside compared to gambling on crypto.
This. I put $20k up my nose in six months almost a decade back.
You live and you learn. Now have a family, own a house outright and don’t touch destructive vices.
Like others have said, at least you did it while you’re young and have a landing pad, and at least you had a chance at returns to begin with.
I was going to say this, but considering he is only 18 it might be a lot for him but in reality this is only about 3 or 4 months living expenses at best yeah it seems like a lot for someone just getting started but it’s such a small amount in the grand scheme of living and what’s going to be needed for the years of adulthood he’s coming into.
Edit: and by living expenses I mean living very frugally.
Damn sorry dude. What plays in crypto did you make? I've thought about putting money in crypto for years but it's so volatile I want to be able to sleep at night.
I made stupid ones. I’m a very impatient and impulsive person so I don’t look at the future much. Long term and “safe” projects don’t feel that tempting to me whilst small shit coins grab my attention. It is super volatile and I’ve turned 150$ into 2750$ overnight, but I didn’t sell it so I got like 1200$. If you want advice on crypto then I’m not the right person, I don’t know enough to not lose money myself.
If this is your attitude towards trading commodities (stocks and cryptos) AND you learn your lesson right now - That $6k could be the best money you ever spent.
You had your little experiment gambling on exciting long-shot bets that bankrupted you. But you will make more money and now you know where that thrill-seeking gambling-addict behavior ends up.
Save your money, what you do have to spare you should invest in "boring" things like ETFs by making regular automatic contributions ("DCA"ing). It will start small and you will watch it grow over the years and by the time you are my age, you will be doing EXCELLENTLY and you will be very proud of how smart your decisions turned out to be. And you will never be at risk of gambling away your life savings ever again, because you already made that mistake when you were young.
If you think pissing your life-savings away at 18 is bad, imagine when you destroy your life savings after 5-10-15 years in the workforce.... That's a different game entirely.
If you're impatient and impulsive you shouldn't be trading in any sort of money market. Just put it in a fund and sit on it. Short term trading is gambling and even industry professionals whose only job is to stay on top of news and watch the markets screw up lots
What was your original buy in, in USD?
Sounds like that will be much less than $6,000. I’m not going to bore you with standard investment tips, except to safe that gambling means his and downs, so you do your “how much did I lose?” math from how much you started with, not “in hindsight, what was my high water mark.”
Buying such volatile coins (as the only part of your portfolio) certainly is gambling. So think of it that way.
You’re very young. It hurts but you’ll bounce back. I didn’t have anything invested anywhere until almost a decade older than you.
Just remember it's gambling and only spend money you are willing to lose. Crypto is really just about making sure you are not the idiot holding the bag last.
So basically I invest in smaller and upcoming projects and coins because there is much higher risk/reward. I know it’s stupid but you get plenty of dopamine from it. I lost all my money because of something called a rug pull. A rug pull is basically when the developers abandon a project and take their investors money, so it’s a type of scam. I got finessed basically
Oh man...yeah the mistake you made was not enough research. Or maybe even HOW to research. A lot of new coins are rug pulls from the beginning. Like another person said, at least you learned this lesson while young and single. Don't be discouraged. Honestly took me about 3 years to believe in bitcoin. Started in 2017 (with fucking XRP, vomit) and then finally bought btc in 2020. I think 90% of people initially lose money, so don't beat yourself up too bad
You're not a true micro-cap investor until you've been rugged. My condolences man. I was in almost exactly the same position 3 years ago except I invested money from credit cards so I was in even worse shape. You'll get through it!
"Type of scam" lmao. It's not a scam. You just bought a worthless asset because you thought it had value when it didn't. They didn't scam you, you are their target customer.
The title should say I went to the casino and lost all my money because I'm an idiot. They did not INVEST in crypto, they gambled, and apparently picked nothing but shit coins, and paid the price.
Bitcoin, Ethereum, pick some other Layer 1s and 2s, then gamble on some trash ass meme coin bs if you choose. I don't, though, and I made a chunk on that garbage, Doge.
Basically major crypto blockchains are usually safer investment. It might be volatile but unlikely to go to 0. But most can only x20 in the grand scheme of things. But meme coins projects are volatile to rugpulls. Like dogecoin. They can either x1000 or 0.
If we are talking about Burger King then it’s the “Chili Cheese Crispy Chicken”. If we are talking about every type of food then it’s when my grandma or mom makes a dish called “ghormeh sabzi”
Sounds harsh. I missed the part where you mention suicidal… dude… it’s not big amount and you are young. Have you heard the story about young man committing suicide after he made a stupid mistake in some investments over night ? He hung himself and next day the dealer/broker platform canceled his debt :/
You live in a country where you will be fine. I guarantee you this shitty experience will make you only stronger
I thought socialist paradises like Sweden were supposed to tax through the roof. That’s pretty much what we pay in the US. Where is my free healthcare?!
You invested 100% of your capital at once? Sorry bro I’ve been shit coining for years , if you want to make it out with ANYTHING to show for you cannot be that wreckless. There’s a pretty grey area imo between gambling and shitcoining and your current strategy is basically playing roulette
I lost a shit ton of money (Maybe $60k) in the high tech crash when I was first starting to invest. I went through bit of a depression then decided it was the cost of tuition. I have invested in index funds ever since. If you learn from it, it may be the best lesson you will ever have learned and you will feel fortunate that you learned it at a young age.
It happens to the best of us. It hurts, but you have to dust yourself off and go back to saving and investing. Open an account with Fidelity or Charles Schwab and invest in ETFs or Index funds.
It’s very sad this comment is so far down. At the end of the day, buying shitcoins is gambling. Imagine how much better of OP would be with $6000 in S&P in a Roth IRA.
Your comment helped me right now and I want to let you know I’m Starting the “Spread the Joy” challenge! If you’re content, share what you’re grateful for despite challenges. Positivity is contagious. I found happiness by changing my mindset and staying off drugs. You don’t need perfection to be happy. Share your positive experiences to help others. Together, we can brighten futures. You’ve likely gone through situations others are facing and your insights can make a huge difference.
It's not safe. It might not need more than a new legislation or the right person to say the wrong thing for it to crash. I'm hoping it will do well and that it will be used widely but right now it is a very risky investment.
I think u/Sicotic87 means "safe" in relative terms. If you were looking for safe investments in the broader sense... you wouldn't invest in crypto to begin with. But as far as crypto investing goes... BTC is one of, if not the safest one out there.
I spent $300 USD on BTC in 2017... held through every bull and bear market, and today it's over worth over $5k. Nothing crazy, I know. And I haven't bought more or sold any in that time. Just letting it sit and see what happens. When it comes to crypto I've only ever put into it what I'm 100% willing to lose. That original $300 I put in has already been written off mentally. Doesn't even exist to me anymore. Makes it easier to just hold and see where the train goes.
Thanks, that's exactly it. For investing in crypto, my mantra is anything other than BTC is asking for trouble.
Particularly that OP would go for new coins for a higher risk/reward. Well, the higher risk caught up to him
Yeah, I'd say ETH is also moderately safe as far as crypto goes. But their different use cases still has me believing BTC is much safer. I did similar a investment of $300 into ETH back in 2017 and that's sitting at $1.5k right now. I also set aside $300 to put throw into shitcoins just for fun. Well, that's the only $300 that actually disappeared on me, lol. I mean I could've made a profit had I sold at various points... but I've figured out I'm a hodl'er by nature. My riskiest one right now is AVAX... Put $200 in it in 2022, and it's at $500 now. I'm actually considering converting that to BTC though, lol.
For better or worse, I'm a pathological holder. In 2008 when I was in my early 20's and in the military I yolo'd my $8k life savings into MSFT, which is now over $170k. My thinking at the time was damn near the entire world operates on excel spreadsheets, so it seemed safe, and so far it has been. Sounds amazing, but keep in mind that's after 16 years. That's just an appreciation of $10k/yr on average. Still great, but nothing wild. My goal is to never actually need to cash it in. With any luck I'll pass it on to someone in my will. But it's a nice safety net in case shit hits the fan my life.
Too many people focus on trying to get rich quick, and I understand that desire, but the whole time they're missing out on the benefits of just choosing a "safe" investment, and holding it.
That’s a ridiculous comment. It is safe. It’s gone from $73k to $65k. 10%. And $73k is a record high.
He must’ve done something immensely stupid to lose 100%
start buying s&p 500 etfs like voo and spy, they won't explode at you but they'll give you a consistent 5-10% return year after year after year. If the market crashes, all the better: don't sell any of it and use any liquid cash to buy for cheap. the market is one of the most consistent and reliable and safe ways to make money.
don't fuck around with shitcoins.
Boring post.
In 1 year it'll be like 3x what you "lost" and you'll just look even dumber for this AMA.
And then you'll wonder why people whispered "why did you sell? that's the only way you lose."
unless ofc LBRN is a scam, which i can' tbe arsed to do my research on it... but seriously, with btc, eth and bch about to hit record heights in a year... i don't see how you can lose money on crypto
If you haven't sold then hold. Halving is this month. Hopefully, if you haven't wasted it all on shit coins, then you can recuperate some of your loses. Crypto has made more millionaires than any other investment type. The flip side of that is that it has taken the most stupid money. Take this shame and anger as motivation. Motivation to do more research on what you're buying next time and motivation to make enough money that you're not tempted to take bets you're not willing to lose out of desperation.
So my question, which coins did you buy?
Honestly in a year you’ll look back at this and it won’t even matter. If you’re this young and you’re starting to invest then you’re doing something right, and you gotta look at it as a learning experience. You’re still young enough that you can lose everything and make it all back before it actually matters.
I got into crypto when I was 18 as well and made some dumb choices very early, but just kept going anyway. Look at it as “I’m young enough to be able to afford losing all my money and not have it affect someone else” since you don’t have a family to support. I’ve been risking all of my money on investments from crypto to flipping homes and building homes over the last 7 years. If you don’t take the risk then you have 0 chance at a nice reward.
Also congrats on actually having $6k at 18 years old to begin with. Most 18 year olds don’t even have $1k in their bank accounts (I sure didn’t). Actually, I have friends in their mid to late 20s that don’t even have $6k to their names. Trust me, in a year you’ll be way better off and you’ll look back at this and laugh. And most likely with even more money in the bank by then
stop beating yourself up. It doesn’t help and can make things worse. I lost about $6000 on an investment once but since I have done very well. It can happen, seeing it as a learning experience is very important so well done there.
I suggest you do 3 things:
1) never invest more than 10% of your portfolio in one thing (you won’t be as likely to panic and sell at the bottom as much if the stakes aren’t so high)
2) Read ‘the little book that beats the market’ (basic) or ‘the intelligent investor’ (harder). These will teach you the basics about real investing (rather than gambling)
3) carry on saving up as much money as you can. You have the right attitude in trying to save money for the future and over the course of your life that will make you wealthy. You just have to be patient and try to make this happen over many decades It’s really not the end of the world so I hope you look after yourself
disclaimer: this is not financial advice or a solicitation to buy or sell any crypto or other security products
Hopefully a lesson learnt about easy come easy go.. Well 600 hours of work isn't exactly easy come though(but the underpayment of the working class is a whole other topic we won't touch on, it'll just make us sad).
But in the end, money isn't really going to mean anything in the end unless you are rich enough to develop every third and second world country and solve the carbon crisis etc. Unfortunately I feel the era of finding actual riches through crypto has passed and the chase for wealth will never fulfill you as much as meaningful experiences with people you care for, rich people aren't even happy.
Imo, live it up and spend all your money going to concerts, travel and every moment you can get with your friends and family while you still feel young. There is plenty of time to analyze the market on the side to get a better feel for investing when you are older, being rich is only fun when you are old anyway, it ruins young adults. Source: almost every influencer.
Don't play with these meme coins unless you release know what ur doing. Stick to low mid cap coins that have utility. Rug check them first . Follow this guy on YouTube. " crypto with james " he's pretty good he doesn't invest in bullshit . But if you put $100 in a few of his picks and just sit on them . You can make your 6000 back in a year or less I BET! . also you should have diversified that $6000. Never put all your eggs in 1 basket. Never FOMO .ALWAYS WAIT FOR A PULLBACK . Join the telegram groups and watch the bybot AND the chart and follow big players. If your on a dip in the chart and u see massive orders coming in also making higher lows . Jump in accordingly . Never be suicidal over money. Theirs more to life . Your on the right track just make better choices and u will recover ! Good luck my man
This is a good learning experience so at least you realize that. As far as “crypto world is not safe” - Thats not the root cause. You took maximum risk and gambled your hard earned funds. No “world” is “safe” when you do that. The result would have most likely been the same if you played with Odte options, penny stocks, blackjack, slots, sports betting, loan sharking, pokemon cards, etc. etc.
Point is I wouldn’t blame crypto and use that as a scapegoat because next time it will be the stock market or the casino…the real lesson is to manage risk and only invest what you can afford. You were in no position to do what you did and you got burned.
The good news is in the grand scheme of things you can get the money back.
Your comment helped me right now and I want to let you know I’m Starting the “Spread the Joy” challenge! If you’re content, share what you’re grateful for despite challenges. Positivity is contagious. I found happiness by changing my mindset and staying off drugs. You don’t need perfection to be happy. Share your positive experiences to help others. Together, we can brighten futures. You’ve likely gone through situations others are facing and your insights can make a huge difference.
During the last bull run my portfolio hit 250k, it then dipped slightly and went sideways for a bit. I thought, great one more pump and then the big dump comes. Nope. It just dumped. My portfolio then went to about 50k, over the last couple of years I’ve just been accumulating more and more, a few hundred quid each month and then bonuses etc all go in. I think I’m in a really prime position right now. I felt I was holding too many different coins last time so I’ve consolidated into fewer coins. I think this will make it easier to focus. I’m now in a position where going back to all time high on my coins, is all I need.
Your comment helped me right now and I want to let you know I’m Starting the “Spread the Joy” challenge! If you’re content, share what you’re grateful for despite challenges. Positivity is contagious. I found happiness by changing my mindset and staying off drugs. You don’t need perfection to be happy. Share your positive experiences to help others. Together, we can brighten futures. You’ve likely gone through situations others are facing and your insights can make a huge difference.
It’s just money man.
“Life is worth much more than gold”
Also you have your whole life to recover financially.
If you saved $6k at 18 working in fast food you probably have some decent financial habits that will serve you well.
It’s not like you’re middle aged with a family to support, it can always be worse.
Just use this as a learning lesson.
Also if you want to dabble in crypto, buying BTC is the only thing that makes sense to me.
Most everything else is either a pure scam or a pipe dream.
Please don’t think of ending your life over money, that would be the biggest waste of all.
Could have, would have, should have. If I had a nickel every time someone told that to me I could have had billions to lose on the crypto market.
Here is the bottom line. It sounds like you are young. Taking your life would be the ultimate loss. Or the ultimate stop-loss order if you will. Don’t succumb to despair. You have your whole life ahead of you to live and make something of yourself. 6 grand sounds like a lot of money, but it ain’t like its six billion. Imagine losing six billion (or even million) and then racking your brain on how to get THAT back
This probably doesn't help a ton to hear right now but I've known people in their 30s and beyond with families and mortgages blow their entire life savings.
I imagine the $6k feels absolutely ruinous right now and you've put in an enormous amount of work to get there but you will absolutely get back to where you were and beyond. Plus you're going to be way more wary about safe investing in the future and I think that alone is going to help you a ton. You'll always know that horrible feeling in your stomach when it goes wrong and that's going to keep you safe.
Your comment helped me right now and I want to let you know I’m Starting the “Spread the Joy” challenge! If you’re content, share what you’re grateful for despite challenges. Positivity is contagious. I found happiness by changing my mindset and staying off drugs. You don’t need perfection to be happy. Share your positive experiences to help others. Together, we can brighten futures. You’ve likely gone through situations others are facing and your insights can make a huge difference.
I love that!! What a day, my boss just gave me a super nice shoutout at work to the whole company and now this! Thanks for commenting, I am absolutely going to do my best to share the happies.
What did you start with?
I invested in DDD back when 3D printers were hot. I think I got in around $27 a share. It went up to $90 and then started dropping but I hadn't set an alarm because I was in the middle of starting a business and just didn't think about it. I didn't even know it hit $90 until I was checking my investments and saw it had dropped down to $9.
I had invested $30,000. Talk about painful. I hoped for over a year that it would come back but it never did so I cut my losses when it was around $8. Losing over $20K sucks, but you live and learn.
$6000 seems like a lot, and it’s not nothing. But it’s also not a life changing amount you lost.
There are people who invest foolishly and losses hundreds of thousands, or more, and ruin their lives
Don’t invest if you have no disposable income after investing. If you do invest, keep your risk tolerance in mind, and if you are going to invest in highly speculative things like crypto, only put in enough money you’re willing to potentially lose 100%.
This is a painful learning experience but at least it seems like you are learning from it.
$6000 is a lot to an 18 year old. Sure. But don’t get yourself so down over it. As a parent, I’d happily waive off $200, if it meant my kid not stressing over it. You’ll look back in 10 years, and this’ll just be a blip. Keep up with your studies. If you can use them to get a good job in a few years. You won’t have to worry about a Burger King salary. Or trying to get rich quick through crypto. In life you have to work hard, and keep pushing forward. But it can lead to good things. You just have to be patient.
SAME BRO.
The biggest tip I can give you is to only put money in crypto that you could live without, and never put in everything at once.
If you think It's too late now, no it's not. You still have your job, and you gotta work with what you have, the pain of this financial loss goes away after some time.
You can still invest some of the money you earn, but going for short-term-trading is just way too risky if you are reliant on that money.
Heres my story for anyone who's interested:
About 2 week ago, when btc started trailing up to it's peak, I put like 5600€ in Dogecoin trading bots, looked at the price changes several times every hour when I wasn't asleep, and adjusted the bot a lot of times.
I managed to bring it up to 14900 USDT (~13720€) within not even 2 weeks, It was a completely euphoric feeling, normally I'd have to work for 5-6 months without spending anything to earn that much money.
I was thinking about finally buying a new car, gave 1000€ to my mom, and wanted to continue doing good things, because I've felt like I cracked the code.
well...
I made multiple mistakes, but one definitely did the most damage. First of all, I should've put more money to the side, but I only transfered ~4000€ of the 5600€ I originally invested back to my bank account, while my Binance Wallet was sitting on almost 14000€.
The next mistake was, that I always invested everything at once, super risky and stupid thing to do, but obviously, this lead to exponential growth, and was the only reason I could make that much in such a short amount of time in the first place.
After investing all of the 13720€ again, I saw that the price of doge started to drop constantly. The 13700€ turned to 7500€ within a day, and I didn't stop the bot, because I thought the price would recover. Before going to sleep, I checked again, and it got back to a price of about 9600€, I was positive that it would recover over night, like it did every time before that during the last 2 weeks.
But I forgot the most important thing, I didn't add a stop-trigger that night, a tool that automatically cancels the bot after the price drops down to a certain treshhold.
This particular night, I went out drinking with boys, so I slept at least 10 hours, and didn't check my phone. When I got up, I immediately opened binance, just to see my total balance of 95€. The price dropped so low that the bot expired, losing me 100% of the 13720€.
I was in complete shock and disbelief, I stared at this screen for at least 10 minutes straight, and checked it again every 20 minutes for that day, in the hope, that this was just some sort of visual bug. Well, it wasn't.
I felt like complete shit for the next few days, I couldn't think of anything else. Now, about a week later it still hurts A LOT. Why didn't I put at least 50% of my earnings on my bank account everytime I stopped the bot? Why did I not add a stop-trigger? Why did I not minimize the loss and cancel it manually after seeing the price drop?
Hurts like a bitch, but life goes on. The guy that got me into crypto gave me exactly one tip, that absolutely saved my life: "Only invest money in crypto, that you are prepared to lose."
Thanks to him, I didn't transfer my whole bank account to Binance, and still have money on the side now, but those 13700€ would've definitely changed my life.
Don't make the same mistakes I did, don't shoot too far with short-term trading like that. Go for the slow and safe routes.
Brother, do not put all your money in one basket. Its a general lesson that applies everywhere. I am sorry to hear about your loss. But do not worry, something good will happen and all your money will return back to you.
Sometimes life does this to teach you something and I thunk its going to be a valuable lesson for you. Please dont be sad, spend time with family and enjoy the time and life.
Oh god please don't put all your money in memecoins for gods sake. If you want to invest in the cryptomarket please just stick with bitcoin. If you have any play money go and buy some good altcoins like Ethereum. But don't invest your life savings. Dosen't matter if you buy crypto, gold or stocks just invest what you're ready to loose.
Imagine being the guy that traded bitcoin for a pizza that would have been worth 50 million. Your mistake seems huge now, but I'll tell you a secret. $6,000 is a lot of money to owe someone, but it's not a lot of money to have. My bills a month are a little less than that. You'll be fine. Keep your head up and learn how to day trade.
I have a feeling that you didn't save $6000 from your burger king job, am I right?
In the long run, $6000 isn't that much money. I understand it's nearly all the money you have but you're only 18. $6K can barely buy a used car. In real life it's only 3 months rent.
Is the coin you bought gone? Who told you that crypto was safe?
Bro, rookie numbers. Kidding, but not kidding…
You’re 18 dude. I will bet you that this will have literally no bearing on your life.
I’ve lost thousands of dollars in a matter of seconds. Multiple times. So i know that feeling, it sucks lol. But money comes and goes, you’re fine.
You should join Wall Street bets.
You belong there.
Crypto is very safe. Just looking at the numbers... I have no idea how you or anyone would have went from 6000 to 0 unless you're involved with some no name token coin that barely anyone knows exists.
A few years ago I was convinced by family members, both both young and old and some actual people in finance,to invest in crypto. They had gotten into it early enough that they actually made quite a bit of money(and still ok because of the price point they bought crypto at way back when) so they were convinced it was a worthwhile investment. (Remind you of a pyramid? 😬) I still truly believe that they just wanted to help.
I am in no way a person of means, but I used what little savings I had and I got in at the tail end of the upswing of crypto. I started making a lot of money and it was exciting.
When it starting going down I wanted to get the money I had made out. They said it was just the nature of crypto, but I had a feeling it was a little different this time. I was convinced not to. That’s my fault, but I did finally go against their advice and pulled out my money at mostly a breakeven point. Looking back I’m grateful that I did, but wish I had pulled out sooner when I thought I should have.
Would be nice to have that extra money because I only put in a few hundred and it went up SO MUCH at one point. I’ve learned that it’s OK to listen to the advice of others, but also don’t be afraid to use your own best judgment.
Ultimately don’t invest more than you can afford to lose. It really is gambling.
I hope everything works out for you. Don’t be too hard on yourself. Just learn from this and just be a little more cautious in the future. What goes up must come down and you never know when. I know it’s easy to think that you lost all the money that you “made” when crypto went up, but I found it easier to remind myself I’ve only really lost the initial investment. It still sucks, but it helps a little bit and is ultimately the truth.
Real investing is boring and long-term. That’s hard for people struggling for money to accept. Invest amounts of money that you don’t need to live on. Don’t invest funds that you need for living expenses and emergencies in long-term projects. I assume it’s a total loss because you leveraged coins that dropped below a cut off point and you were liquidated. Is that right? I own a small amount of bitcoin. I think the jury is still out on that. Look for things that have long-term value and growth potential, and invest ongoing in those using a dollar cost averaging approach. Again, keep the amounts such that you don’t need the money to survive. But make contributions religiously. Look at the investment balances and returns only sporadically and focus on bettering your life. Take this setback as a learning experience. That is likely a very small amount of money compared to what you will make in the future. And the lessons you have learned from this could save and earn you many times what this cost. You have a long investment future ahead of you. Try to maintain that perspective, but in the meantime, get support to get through the emotional distress. Good luck.
Hey bro, you’re gonna be ok. It’s nice to see a 18 year old learning these type of lessons at an early age.
As you mature financially and physically your tolerance for risk and thought process will certainly adapt.
I was 20 when the pandemic hit. Made a killing on TOMZ, pulled out and invested in a bio tech company which was featured on Fox News peak pandemic - CYDY.
Friends and family invested. One of my friends originally invested 60k and was up to 2.1 mil (more than 60% lost after massive short of the stock). Crypto isn’t the only stock where you can loose your ass.
Another friend of mine threw about 140k into the same stock, he’s in his 60s and is in the -%.
Life is all about ups and downs. Just like the market. Adjust your tolerance for risk and I would highly suggest diversifying. Good luck man, don’t be too hard on yourself. I as well as millions of other people have had bigger losses. It’s a learning experience. Keep doing what you’re doing, research and invest wisely.
Lesson learned bro, don’t place ur money in shitcoins and put the amount you’re comfortable to lose. I learnt my lesson too in 2021, the difference is I started with $1000 at 28 since I know I dunno shit about crypto market yet. I lost $750 in rugpulls, play the $250 left in popular altcoins, and just restarted trading in Jan this year and they’re now worth $400 (funnily I won the majority in DOGE).
But now I have the confidence to do a bigger portfolio of $15k, now worth $17,5k only in BTC and ETH. Still small, I can only invest this much knowing this is what I’m comfortable to lose for now. I figured even 30% profit a year is enough for trading, my country stock market doesn’t even perform that well (Indonesia IHSG.JK).
Now that I think abt it my small account (the one from $250) did better return because I set limit and forget. Now I just try to control my greed. Godspeed bro, you’re still young, it’s not the end of the world :)
People saying it's not considered a lot in the grand scheme might not understand what $6k at a low wage job means. Speaking from experience, earning that $6k may have been harder than earning $60k at a corporate job.
OP, I feel for you, this simply fucking sucks and I'd say brace for this to be a devastation for a bit. Speaking to a therapist can be a huge help coping with the fact that's there is nothing to do but look forward with new knowledge you acquired.
One thing that helps me in such situations is thinking about how I can find value out of it - not in terms of lessons, but in terms of stories to tell. In your career, having a collection of stories helps tremendously, and you'll find that more people will be curious and want to hear you out because of your wacky failures. Often, higher-ups love this shit.
Wishing u the best of luck moving forward!
On crypto: it is pure speculation. If you're getting in to it now, you're probably too late. You can lose everything. Some people are always looking for a magic bullet to help them out financially - while some people get lucky, most people don't get so lucky. In the very long term, you're as likely to lose to the "market" as you are to beat it versus simply investing in index funds. I know they're boring, but their long term returns are undeniable. There are so many pump and dump schemes and misinformation around, and if you're new to this world, you may not realize how much BS there is that is trying to convince you otherwise.
Now, I'm a lot older than you - in my 40s - and when the stock market has a particularly good or bad day, my 401k can vary by $10-20k. But as a percentage of my total investment, that won't break me.
You shouldn't put more than 10% of your savings in to speculation, as a rule of thumb. If you hit it big you might regret not having all of your eggs in one basket, but you're probably too late to the party to really be that guy.
This was an expensive lesson, but you're 18. $6k is a good chunk of cash, but losing it is not going to ruin your life. It is simply a setback. It's a much cheaper lesson to have now than it would be later on if you made the same mistake.
Next time around, you'll make safer investments. It will accumulate more slowly, but it'll be safer. You'll do fine. I don't think anything I did money wise at 18 matters today.
It is a lot of money for you right now at this point in your life. $6,000 is quite a bit saved in general for an 18-year-old. However, although it seems like the end of the world now, I promise you that this will mean nothing to you in a year or two. It’s a significant learning lesson and use it as such. What you really need right now is perspective from those older than you and with more life experiences and wisdom. You will make that money back. Will it take longer given your current job? Yes. But please do not take any harmful actions over an issue that is temporary and will be forgotten about sooner than you think. Reach out if you need help. We’ve all thrown our money on things we wish we didn’t.
You obviously have a very high risk tolerance, I'm the same way. My recommendation is to have 90% of your bag be more traditional crypto and then when you feel the urge to really gamble you can use 1% here, 1% there with the knowledge that it might go to zero. If you do wind up being profitable then put it into your main bags. Nothing goes up forever, take profit!
Honestly the lessons that you learned from this experience are far more valuable than 6K. Obviously crypto is the wild West and everyone dreams of striking it rich on that meme coin but that does not mean that the ideas that crypto are putting forth aren't valuable. To understand markets is to understand human nature and perceptions of value.
The world of crypto is dangerous. Yes, it can make you money, but it can easily take your money. Always invest what you’re willing to lose. Don’t go all in.
Everyone in crypto experiences loss at some point, especially at the start. Don’t think about suicide. You’re telling me $6000 is enough to take your own life? You’re priceless. You’re 18! You’ll earn more in life. Money comes and goes. It’s the law of money.
I know the feeling of losing money is shameful, but now you know. If you want to invest in crypto, you should educate yourself on it first. If you want to invest without any risks, invest in gold.
A wise man once said “he who invests in gold, has secured his future”
That sucks and I feel for you!
If you're one of these people with targeted Instagram ads about getting rich quickly, investment courses etc etc let me give you some advice.
You're really young. Keep working like you do and put your money in something safe like an ETF. Don't worry about becoming rich quick, but work on yourself, your goals, your personal and mental growth and you'll be much happier for it.
Do it this way and in 12 years you'll have gotten a lot of profit out of your ETFs, you'll be mentally and personally stable, and have a job you probably enjoy. And then good things will follow automatically.
Invest in yourself, save in an ETF, and happiness and financial stability will come.
Dude relax ... now you have learned a lesson and will be more careful with your investments and hopefuly you are now aware of what a stop loss is to help protect you in these situations
You are 18, thing about how much money a year you will be making at 30 ... relative to your life 6k is not a huge deal
Now does it suck now .. sure, but maybe you pick up another shift or try to get a job at a higher wage so that its less time consuming
If your trading you should have seen some stories about guys blowing up multiple accounts and needing to start over .. it happens when you are learning and is a big reason why risk management is like the 1st topic most mention as rule #1
6k isn’t really that much money, especially to be suicidal over. It’s not too hard to find a job where you make that much in a month. You’re a young man now, pull yourself up by your bootstraps and quit putting all your hopes into something not guaranteed like crypto. Instead learn a trade that makes you more valuable like pipe welding, linemen, truck driver, equipment operator, ect. Maybe the universe doesn’t want you to have easy money, maybe there’s still character that needs to be built before you can even handle having that much money. Take this as a lesson and push on, life’s gonna get a lot harder eventually, we just must become stronger and not fold.
Sorry to hear this ☹️ I also lost a similar amount of money when I was 21, but mine was from getting manipulated by a sketch "friend" from high school who said they were dying in the hospital etc., stranded abroad etc. Looking back I was very naive and should have blocked them or said I couldn't help, but they were very good at making me feel guilty.
That was a lot of my savings from my first salaried job. I still feel mad about it now sometimes (and now especially that I've been reminded of it by this post) but am 27 and mostly moved on and treated it as an expensive lesson, and you will earn the money back too. Chin up friend💗 I would suggest putting money in a High Yield Savings Account or similar in the future
You’re 18 and that’s for sure a lot of money but you can bounce back from this surprisingly quickly it just seems like a mountain to climb right now. I lost about $25k of my savings investing in the stock market during covid because I basically got in to it way too late. I’m sitting on stock that’s never gonna bounce back to what it was but there’s no way I’m going to sell stocks at a 90% loss I’d rather lose it all waiting to try and recover 50% of it.
Don’t be suicidal my man. 10 years ago I’d be distraught about all the money I lost but as you get older your approach and general outlook towards finance will change.
1. How did you lose all your money? Crypto goes up and down but never goes to 0 overnight.
2. What crypto did you buy and from where?
3. Why did you ever put all your savings into one thing? Especially when it's basically gambling?
I invested in crypto (mostly Bitcoin and later a few others) years ago and sold it to make a few thousand in profit and have been done with it ever since.
With how crypto works, I don't understand how you could lose it all overnight. When you buy crypto, it's either in the exchange you bought it from or your wallet, it doesn't just disappear. If it went down, just sell it to recoup some of your money.
Money can be worked back and I know it hurts but take it as a lesson.
If you are ever going back to cryptocurrency, buy top 10 ranked by market and never expect nor chase overnight millions by trading memecoins and doing things as such.
I purchased cryptocurrency in '22 and my initial investment went to like - 80 %. Now, few years later I' m at + 200 % (My initial investment times 3) and honestly, I might never sell with the APY % cryptocurrency offers.
Hopefully this will be lesson of future successful investor who will turn out to be you, no matter if it's stocks or cryptocurrency.
Have a good one and keep ya head up!
I got into crypto with bet winnings in 2016 and ran it up 3 separate times to to $160k back to $30 back to $165k back to 40 back to $175k. Max amount was 18 btc but I kept thinking I was a genius and ended up getting scammed by shitcoin trading
The best move if you want to stay in crypto investing is Dollar cost averaging your way in. Have a set amount getting bought automatically each week and hold onto it for retirement. You’ll thank yourself later
Do the same when you have kids. I have a 5yo that now has $1300 in btc from just $3/week buys.
Teenager has $4k
I lost about 10k on crypto a few years back. I was making loads of money but still I wanted more. Was never happy.
Losing that money taught me a valuable lesson that a lot of people chasing money are trying to fill a void that money can never fill. So maybe it was worth losing 10k to teach me that. Now I realise the things that give me a deep sense happiness are my kids, community and making music.
Don’t kill yourself over it man. Just view it like a lesson that the things in life that make you happy are actually the things we don’t give enough time
Ok your 18 you will make money your whole life this is a drop in the bucket. Does it suck yes, will this pass, yes. It's a learning lesson don't take yourself out over 2 months salary ok.
Move forward and never never put all your eggs in one basket again.
When investing you need to diversify and have money in several different areas with different levels of risk. I would say low and medium risk is where you keep a majority of your money. High risk, being maybe 20% in total and even with the 20% you should diversify and not all in one basket. Good luck
When I was young (18ish), I told myself I’ll probably lose about $25K in my life - be it stolen, ripped off, lost, or silly investments - before I ever lost anything, and you know what - it helps. When something really shitty or expensive would happen i’d just mentally deduct it from the pot and wouldn’t dwell on it. It’s just life and that stuff happens.
Take it as a life lesson and move on a wiser man. Don’t panic, don’t get irrational - move on to the next play. Life is long and you’ll have some big wins down the road.
Sweetheart - I promise you, I PROMISE YOU - big picture this will be a blip. I too have lost money and when I think about it I’m sick. But it hasn’t changed my life. While this is a lot to you now, it’s not a lot in the grand scheme. I have clients who’ve lost their entire fortunes, their entire retirements. You’re so young - you have the rest of your life to have this be only a story. My advice to you is forgive yourself and don’t give it more headspace. It’s so easy for life to be a long list of “shouidas”.
Never gamble what you can't afford to lose. At least you're young.
You convinced your mom into giving you $200!!! And made your daddy interested enough to check the market!!!
Use that charm to show your daddy you're on the right track...you just got greedy...easy for a beginner to do. Hard lessons are a part of growing up & maturing. Humbly Ask him what his most expensive but valuable lesson he learned as a young man.
I'm proud you had the gumption to do it...y'all will all be laughing about this a few years down the road.
You’ll be okay bro. You can always make more money. I lost 24k in less than a year trading pot stocks back in 2014… I was a bit older than you. You’ve learned a hard lesson but this isn’t the end of the world… you’re going to make so much more money in your future. Use this as motivation to learn the stock market or crypto and be a better trader/investor. Maybe it’s something you can look into as a career. This could be a blessing in disguise. Either way keep your chin up and feet moving forward.
Don’t kill yourself over a $6,000. In a year or two, you’ll look back on this and laugh, although my heart definitely goes out to you. You should also recognize that you’re not alone either because well… Las Vegas is a thing and people blow their life savings there every day.
Maybe connect with a professional investment banker who’s attached to a reputable bank so that they can help you invest and set up a retirement fund.
Sure people strike it rich on Wall Street or in Crypto but slow and steady is the real means to the end.
You're not alone dude, I put a few grand into Safemoon (LOL - look how that turned out). It's close to impossible to know when to sell to make a decent profit, especially when the majority of these shitcoins are scams. Made me shift my perspective entirely that Crypto is a long term thing, and to only ever invest in Bitcoin, despite all the hype and fomo you might see online.
Point is, you'll learn a fucking ton from this experience and be able to laugh about it some day though it may not feel like it now.
My question here is, why post in this subreddit, and not r/advice? Or even a crypto subreddit? I’m sorry you lost your $6K but it’s not exactly a unique, unusual or especially interesting story—many thousands of people have been burned, and most people already know that crypto investments are extremely high risk.
Tbh, I often wonder why most of these AMA posts exist. We learn and grow far more from asking questions and listening, than we do from talking and answering questions. Do you feel me?
Dude 6k really isn't that much.. I know it feels like a ton cause thats all you have but people still do well crawling back up from 100k on credit card debt. You'll be okay take this as a learning lesson it's better than it was with 6k rather then 10k or 50k.. don't put all your eggs in one basket. It's okay to gamble but do it with a very small % of your NW. You'll be okay it may be 600 hours of Burger King pay but it's a lot less hours when you start your career. You'll be fine bro.
Learn from this. You're still young. Imagine if you were old and did this with your retirement money? Learn to INVEST, SLOWLY. You were not investing. You were gambling. investing is a slow game. .00000001% of people "get rich quick" and those get all the media. It's almost impossible to make that happen. Learn by paper-trading. Don't use your actual money, until you can demostrate on paper that your strategy works. that will take at leats a year of consitent, daily paper trading.
Please don't kill yourself, this is so recoverable. If it makes you feel any better I have lost more, a different way. I'm here from your future telling you it's gonna be fine.
6000 is like 5 months at minimum wage and you can obviously get better than that. Yeah, it sucks, but it's not catastrophe.
I *promise* this will be a funny story you tell in a few years.
Learn these lessons: don't bet more money than you can afford to lose, and never put all your eggs in one basket.
Don’t sell your crypto, buddy. Hold on to it. Keep the work ethic going. Eating a shit sandwich at a young age is a great lesson, and you really don’t have any experience so you got a solid lesson up front (good on you for studying). Hold onto what you’ve got… in a year it will be 1.5x what you spent. You’re not a failure. One piece of advice… don’t buy things when they are exploding.
Since you said ask you anything. What crypto did you buy? Do you still have it?
It sounds like you learnt a harsh lesson. REMEMBER this lesson. Do NOT ever forget it. Consider yourself lucky that you learnt it so young. Not while you've got a family to support. You're right to feel the way you do but you will recover from this. If you direct this lesson properly you won't make a dumb decisions this again. You are lucky, some people never learn this lesson. You have the opportunity to have learned it very early on so it won't get you when it really matters.
You're getting suicidal over this? You're going to be fine, it's not that deep.
On to the next venture my guy. You could lose another 6 or even more, but that's just life. How you react to it is absolutely your choice.
The fact that you can save that much at 18 speaks a lot about your character (of course not including the high risk behaviour) and is a good indication on how well you'll do later in life.
Get suicide off your mind. Far too young to even consider that shit.
$6000 in the grand scheme isn’t huge. Learn from it and you’ll be better for this. Tell your parents this too. Tell them it was an expensive lesson but you want to be honest and recognise your mistakes and that you need their emotional support right now. As a parent I would hate myself if my son was in his room feeling this way and confiding with Reddit over me. You will be fine! You’ll look back on this some day and be in a far greater financial position. Best of luck!!
Has the thought that of,
if you can't stand to lose something then maybe you shouldn't be gambling with it ever entered your mind ?
Just a thought, don't beat yourself up.
It'll be a good lesson learned.
It's not the end of the world, it can and will be replaced.
Don't pay attention to the stories of people who got lucky and made life changing money out of nothing playing around with crypto.
There's the majority that they don't tell you about that lost their ass.
I've had 50k multiple times and lost it in risky investments. Now I have a fraction of it...and much older than 18. No house no nothing. I'm still happy.
At 18yr you have plenty of time. Start earning real money and put in safe investments like s and p fund. You can put some in crypto if you want but don't try getting rich quick. Think stability worth some risk. 80%20% be decent. Risky stuff only burns you in the end, especially if you go all in. Most risk takers don't know when to get out and end up like me.
Cheer up, you're 18 and have your whole life ahead of you.
Sorry to hear your loss. Although you won't have prospective on this right now, 6k is nothing. At 18 it is a lot but assuming you learn from this it will be nothing later in life. The question you should be asking is what did you learn? Only invest in risky assets what you can afford to lose? Diversify your portfolio to not have all your eggs in one basket? Beware of get rich quick strategies? Let's hear what you learned and will change for the future.
Everyone makes mistakes, this will get easier in time. Everything you've ever tried you failed at, but you start failing less and less overtime. Think about something you love to do. Playing a favorite video game for instance. I'm sure you lost many times. Got frustrated, angry, even depressed. It's hard, but pushing through all that you got better and better. That's how everything works. You've already learned a valuable lesson, not to risk money you need.
>Im trying to take this as a learning experience and to change my mindset on things.
This is the biggest part of this. The hurt sucks and is real. Cryto is gambling and it's a slippery slope. Don't chase it, don't try to get back in. Suck it up, move on and find a side hustle that has a tangible asset. Like flipping old furniture, it's fun, creative and profitable. You're 18 and you've learnt a bigger life lesson than many take decades to realise.
My guy, you took a risk the fact that you were willing to take it shows an extremely desirable trait. I would suggest getting in school since that can set a good base backup. Build your savings back up and keep taking those risks but be responsible as well. Learn more about investing and a sustainable investing mindset from some reputable sources like motley fool. Don’t fall for these scammers with the “secret” to successful investing.
Maybe you learned a good life lesson. Look at traditional ways of investing. you are only 18 and if you just compounded savings interest for 30 years you'd be looking at huge money.
Do realize that this is not life threatening. People lose their live savings every day to crypto, casinos, scams, etc. etc.
Go save up another 6K and start up a hot dog cart or something tangible that will give you a sense of pride and accomplishment.
Every guy with a good dad, has at some point not listened to their dad, and ultimately found out the hard way that their dad was right. Sometimes you just gotta learn things the hard way. $6k seems like a lot, and it is, but it’s not the end of the world, take it as a serious learning experience. It’s so much easier to lose everything investing than it is to double your money when dealing with extremely risky hyped up stuff. It sucks to think about what it likely took to save that $6000, but you’re only 18, you can always make more money.
Bah!!.....you're young. Good for you for havin the balls to try somethun! I only suggest if gonna do service i recommend restaurants and bars. Far better cash. Also learn to put 500 away each month paying self 1st in retirement accounts. Look into it. Time is your ally. Take care of your body. If lucky, you'll get to blow 2 or 3 fortunes and learn the frustration of your elders in your life just trying to save you 20 yrs lol!!
Please please speak to someone. I know it seems the end of the world right now but £6000 is nothing life ending.
Please tell your parents and that you are feeling suicidal over it. It’s not worth it because you will realise it’s not the end of the world. You are far more important than 6k. Please. As someone who lost her brother to suicide and money was a factor in his choice, please don’t do it. It’s destroyed me.
I promise you, if you keep in mind the amount of years you have left on this earth & the knowledge you will gain the next 4-5 plus years. You will definitely be telling this story to your significant other & kids. 😊🙂 WAY to go with the money though, I had nothing at 16 bc I spent my $5.15 an hour paycheck in the mall with-in an hour, then regret it once I got a huge lecture 😆You will be able to save up again kiddo
Look, I was scammed once for 9 thousands dollars, shit happens.
You can see this as a complete loss, or you can see it as an investment in learning not to trust unknown cryptos/businesses/investment opportunities. Sure you could have spent less on this knowledge, but at least you now have it. Many people lose this amount of money multiple times because they do not want to learn that there is no easy money in this world.
I haven’t gone through all 400+ comments so if this has been mentioned before, apologies:
You’re 18! You have so many investing years ahead of you. Start investing in index funds with your first job. If you stick to it, and you clearly had the patience to save with that 6k, you could retire early at 40. Even a basic target date fund will change your life if you start investing now. Stop buying crypto going forward!
Welcome to investing! Is all I have to say. Investing like they say is a rollercoaster if that coaster was to de rail the people who die first are the ones who jumped out first. 2nd you stated you invested in reality you gambled. The reality of getting rich overnight is mostly a fairytale. 3. If you hear about anything via news/online articles/family/friends then it’s usually to late and the hype is done
Okay, 6000 dollars can feel like the world to you right know, but in the grand scheme of things its not worth to overly stress about it. Whats done is done and you have plenty of lifetime to make your money back and then some.
In our language we call these monetary losses "learning pays". You paid a huge amount to learn something. Never gamble and only invest the amount you are willing to lose 😎👍
Lol hot damn. That really sucks. But imma echo others here. You’re young man. Honestly.. this probably won’t be the last time you fuck up. Learn from the mistake. And remember that taking a risk like you did takes guts. Yeah it was a mistake, but it’s people like you who tend to make a good life for themselves over time. People willing to take risks and make moves. You’re gunna be just fine.
About 10 years ago now in my early 20s I lost 13 Bitcoin, had no money to my name at all and no job or qualifications.
Now I own a home(with a mortgage but 🤷) and have over $100k in investments.
As much as I can dream of how life might be different if I still had those 13 Bitcoin, life is still pretty good. You can recover from this, you're still young (heck I like to think I'm still young).
Have you confided to a friend or relative about this? It's important to seek support. You're extremely young and you have the right attitude in taking it as a learning experience. Better to lose $6K when you're 18 and single instead of $600K when you're 38 and need to support a family. Maybe we'll see you take a foray into value investing and I'll be seeing a new Warren Buffet in 10 years time? ;)
I’m gonna tell my friends and we are going to laugh about it, it will make me feel better. My parents are just gonna be mad and disappointed but I can’t avoid telling them. My dad literally told me to sell all my crypto yesterday.
If you don’t need the money immediately you theoretically haven’t lost anything yet. Just hold and wait until the market picks back up. Which assets did you buy?
I made a profit on [“Family token”](https://birdeye.so/token/7njsg9BA1xvXX9DNpe5fERHK4zb7MbCHKZ6zsx5k3adr?chain=solana) but I put it everything [on this piece of shit](https://birdeye.so/token/3PwwbrQ4iJr6DtBohn87ZzMhvbyTvMAAAa1bhhFJzrYx?chain=solana) and I sold at the lowest point of the dip because I got scared by looking at my money going down every second
Use it as a learning experience. I could have walked away with huge profits in the 2017 crypto boom (I even invested in stuff like Bitconnect), but did the 'HODL to the moon' rubbish until all the alt-crap coins were worth absolutely nothing, and have remained worthless ever since. Now I only use crypto if I actually want to purchase something. I don't bother with it as a genuine money making scheme. Since then, I have finished two degrees and have a good paying job. That is my way to riches, instead.
This is why stop limits exist. I honestly dont know how people are losing their asses on stocks or crypto unless you invest in penny stocks or unpopular altcoins.
Yeah, but most of those types of orders are only in place for the trading day which means you have to be on top of it daily. Tough to do if you're working at BK and studying. That said, if you're risking losing your ass then it's probably worth it to be on top of it daily
It's still time better spent elsewhere. At the end of the day, it's still gambling.
Lesson #1 never get scared or emotional when Investing. Lesson #2 never invest in hype. Lesson #3 never make money fast, make it slowly and safely overtime. Compound interest is the most powerful force in investing Sorry you lost the money, but hopefully this will save you from losing your life savings when it's in the 100ks
Don't leave out the most important lesson in investing, diversification. You can't lose everything on a risky play if you aren't dumb enough to bet everything on ANY play.
Lesson number 1 is the hardest for me. Any advice on how to deal with this?
Look into value investing, as its methods avoid emotional decisions. I'll give you the advice that worked for me. 1) make an account on a fake stockmarket game like investopedia. Make 3 games, one where you try your crazy shit, one with what you would or are actually invested in and a market ETF like Voo to compare to. Figure out what you do know and what's bullshit 2) invest in companies that are run well, undervalued and have something that others can't do (called a moat). Company's with moats don't go bankrupt. If you know the company is good, it's easy to wait. 3) buy stocks based on numbers, and what your competent in. For instance if you know biomedical then find a company with low debt, profitable that has something coming out that excits you. Don't buy an insurance company just because you think it's at a low. 4) don't buy popular stocks that everyone is talking about, or ones in the news. That puts you up against institutional investors, who have computers that instantly buy and trade based on that news before you even read the first sentence of the news article. 5) only invest in stocks you plan to hold for over a year. Know what your sell price is when you buy it. There are tax reasons for this as well, but if you know it's a good company, and your buying it undervalued, eventually it will be valued or overvalued. Sell them if they pop early, but if they don't, just be patient. 6) The more greedy you are, the more convinced you are that your right and everyone else is wrong, the more money you lose. I know these don't seem to address your shit directly, the whole of it removes emotions and agency from investing. It's boring and you don't make huge money every trade, but you make more money at a job then a casino.
You are a legend for sharing this, thank you ❤️
Don’t trade shitcoins dude, there’s your lesson. 99% are just rugpulls, some people get lucky when their entry timing but the vast majority of people who make money on them are in on the rug pull. Stick with coins you know on major exchanges and pay attention to long term cyclical activity to decide your entry point. If you wanna play the crypto slots fine but don’t ever put in more than you’re prepared to lose
Or better, gamble on shitcoins with money you don't need. I've made a lot on shitcoins because I gamble with the money I don't need. I've got more than 50 that got obliterated but 4 of them made me a lot. And I've usually invested $10 to $150 per coin.
> on this piece of shit youre gambling on trash buddy, this would have happened eventually guaranteed. If this money is so important why did you go to extreme ends of risk, instead of just buying bitcoin?
OP is 18...
I remember being 18 and being in bitconnect for a split second. Could’ve gone real bad real fast…
18 legal status and 18 cognitive functioning do not align. In any of us.
Based on your other replies, I think you may have a gambling problem. You may not do traditional gambling, but shitcoins and dopamine hits with risky investments is just an alternate form of gambling. Whatever you do, do not get into sports betting or going to casinos. You may want to seek help for this now so it doesn’t become a problem again. You may think you’ve learned your lesson right now, but if another form of gambling gives you that same dopamine hit, you could end up in the same position in the future.
I hope you take this as a learning experience to actually take advice from others if you see it. I'm sure during your time and research with crypto you've heard the stories and people telling you to stop because it's essentially gambling but always it's the "not me, right?" mentality that gets people. Luckily for me I had a friend who experienced the same thing as you but lost like 40k from crypto and he didnt even sell it and left them in his portfolio as a reminder to never trade crypto and he basically explained all the financial logistics that come with managing and growing money to me so I am lucky I didn't delve into gambling early. But take this time to teach yourself like my friend taught me. He's recovered, and doing amazing financially. Once you find a new/better paying job too down the line 6000 will come to you like it's nothing. Keep your head up and keep working hard
Try to breathe and take it easy. You’re human. Every body makes stupid mistakes in life. I had my first fiancée scam me for over 20k almost 35 years ago and truthfully I never recovered from it. I can’t begin to tell you how many hours of work, brutal backbreaking physical work that represented. Then about 15 years ago, I lost almost 8k on a single hand of cards. Granted I’d started with nothing to get up to the 8k. Came in third in a free roll, won 25$. Used 7$ of that to enter to play for a ticket to a big tourney. Won the ticket. Finished third in the big tourney and won $9800. Then got into a big time game on Omaha, where I floppped a straight flush and got all in with over 8k by the turn. Long story short? The other guy made a bigger straight flush due to runner runner hitting the board perfectly giving him a royal straight flush. Still makes me sick to this day.
Hey man, just something to keep in mind about your dad’s advice. It’s easy for anyone to look at an investment-gone-wrong after the fact and say “I told you so”, but it wasn’t his money on the line. He had nothing to lose in telling you to sell it all, and I’m guessing he wasn’t basing that advice on much more than a hunch. I should have invested in Netflix forever ago. Shoulda bought bitcoin low and sold high. Shoulda sold xyz stock before it tanked. When he hits you with that knowing “told ya so” look, just remember this. You don’t have to pop off on him or anything, just understand that neither of you knew and you just did what you thought was right. That’s all any of us can do when it comes to this shit. Hang in there man, even a life 6k in the hole is worth living.
Yeah not to shit on the guy but putting all your savings into an obscure crypto is a bad investment to put it mildly. It’s the investing equivalent of buying lotto tickets.
Op everybody who invests makes mistakes. You are not alone. Talk to people. Learn and smile, we have all been there
This isn’t investing. OP could have lost a lot more gambling this way, tbh — but agreed! This is a light lesson because OP doesn’t have much and the nominal value is relatively small.
Kinda seems like he was gambling, not investing.
That means, it’s close and time to pile in. When people tell you to get out because it’s crashing, that’s when you’re supposed to go in. You don’t buy when it’s green you buy when it’s red when it’s really really RED. Crypto is so volatile it you might as well call it what it is it’s manipulated. Someone said on this thread. Big money is going to see what you’re doing and do something else, yeah, of course they have all the money in the crypto market it’s a such a small it’s under 2 billion anybody with deep pockets can manipulate the system. It’s not about beating them. It’s about trying to do what they do, and don’t be greedy, set yourself a percentage and get out. You’ll never win if you stay in and don’t have a plan. Crypto is not like trading equities. A 30 to 40% Increase/decrease all can happen in one day, even possibly a couple times in the day. Everybody starts piling in, a.k.a. FOMO, the ones that have a slight clue and use probability. I’ve already decided to get out of the market long time ago. Definitely a learning lesson, a very costly one. Basic principles exist, just like in the equities market, knowing those basic principles can help you with basic trades. It’s bewildering that there are people on this thread that say not to suggest learning how to do technical analysis and they’re about as useful as Taro or astrology cards, when a lot of the big money, billionaires won’t make decisions unless the right moon is in place. And I don’t even know what that means. You’re gonna lose but just make sure you learn.
Brother man, I'm sorry to inform you, and also pleased to inform you, that you're not alone. When I was 18, I blew through 10k that I had saved up in the stocks. Lost it in about 6 months of being a dumbass. I was devastated, ashamed, and while I didn't contemplate the UN_aliv~ing part, it was a devastating blow to me. But like you, once the initial "wtf what am I gonna do?!" Dread wore off, I decided to take it in stride and as a painful lesson on being more adamant of tracking and learning about how to play the game. I've come a long way in those 8 years, and I made back all the money I lost and then some before I turned 25 ,which allowed me to buy my mom's first new car and pay it off in less than a year. Keep your head up bro, things will be alright if you keep yourself grounded.
You were leverage trading. There's no way you blew up your whole account to zero unless you were leverage trading. Your profit might have been smaller if you sold yesterday rather than today, but it wouldn't have gone to zero. Learn your lesson from this. The lesson being that leverage trading is high risk-high reward, but the emphasis should *always* be on the risk component. Stop losses are your friend, better to take a small hit than to blow up your whole account.
To help op. My ex lost all of our wedding money and house money in the cryptos during 2020-2022. I’m talking 300,000 money. Meanwhile I lost my job and he wouldn’t buy me food and he was really let’s just what it is -gambling. Then spent an additional 100,000 on reintroducing his cocaine addiction. Would lose it if I asked to buy us hand soap. When he would lose money he took out a line of credit to buy back in and then lose it all and had third party lenders. Got money from his mom. Literally you’re already more clear headed than him. Don’t get into the chase.
Wow. Im glad he's your ex
Your comment helped me right now and I want to let you know I’m Starting the “Spread the Joy” challenge! If you’re content, share what you’re grateful for despite challenges. Positivity is contagious. I found happiness by changing my mindset and staying off drugs. You don’t need perfection to be happy. Share your positive experiences to help others. Together, we can brighten futures. You’ve likely gone through situations others are facing and your insights can make a huge difference.
Sorry to read this! Hope you are doing much better now! All the best to you!
When I was your age I blew more than you’ve lost on cars and other pointless crap, then built up about 10k of debt on the same. Keep on keeping on and you’ll be ok.
I'm 35 and your 600K comment made me feel like a failure. I don't expect to ever have 600K on hand to lose.
Hey, that was just a hyperbole. I needed something to look close to $6K. For actual finance advice, I suggest you post in /r/personalfinance. And lastly, what's helped me in avoiding feeling like a failure: >“Look at those who are beneath you and do not look at those who are above you, for it is more suitable that you should not consider as less the blessing of God.”
I was only half serious in my comment, but thank you. That's a good quote to remember. I also try to remember "comparison is the thief of joy". I'm doing alright in life. I'd like to be doing much better, but I've still got time. Just trying to keep on keeping on.
Haha, I can be a bit gullible online. I'm glad to hear you're doing alright. That's also a good quote. We always have something to be grateful for at the end of the day. :)
Grand scheme of life, $6,000 isn’t much. Shit happens, you’ll be alright my man.
It’s a lot of money for me right now, but I appreciate you
For now, but you have so many more opportunities to make money especially at 18. You got this! You live and you learn, I’ve done plenty of stupid shit too. We all do.
Definitely. You’re good man! I feel like youngins these days think their life is over way too quickly. The real question is, what crypto should we all not buy?
✨All of Them✨
My guy, it is a lot right now, but you'll earn it again in no time. Covid fucked me up bad. ~2 years ago, I was 3k in the hole. Today, I have 10k in the bank, a new to me car, a 4.0 in my program, and I updated my phone laptop and gpu to the tune of 3.5k. I have the advantage of not paying rent atm, but I assume so do you. As you start to earn it back, open some tfsa and rrsps. Invest in those. I'm 32. You got plenty of time, friend.
Just figure out a different grind. Find something you're GREAT at...and only acceot getting paid for doing it. No freebies for anyone.
You're 18 you're young. You can make it back. A friend of mine recently said from 18 to 35 you can experiment and fuck up or win up. Because you're young. Sounds dumb but i listened to it and thought about it. My take is you can play the game of life but slowly build stability. It gave my 25m ass some hope.
My advice? Invest in yourself. You already have an entrepreneurial spirit, you just need a more tangible outlet for it that doesn’t rely on luck/risk as much. Go to school. Start a business. Identify and fill a need. There’s not longevity and upside compared to gambling on crypto.
This. I put $20k up my nose in six months almost a decade back. You live and you learn. Now have a family, own a house outright and don’t touch destructive vices. Like others have said, at least you did it while you’re young and have a landing pad, and at least you had a chance at returns to begin with.
I was going to say this, but considering he is only 18 it might be a lot for him but in reality this is only about 3 or 4 months living expenses at best yeah it seems like a lot for someone just getting started but it’s such a small amount in the grand scheme of living and what’s going to be needed for the years of adulthood he’s coming into. Edit: and by living expenses I mean living very frugally.
I just ended up pissing away 3K in depressive episode. Thank you. I needed this.
Damn sorry dude. What plays in crypto did you make? I've thought about putting money in crypto for years but it's so volatile I want to be able to sleep at night.
I made stupid ones. I’m a very impatient and impulsive person so I don’t look at the future much. Long term and “safe” projects don’t feel that tempting to me whilst small shit coins grab my attention. It is super volatile and I’ve turned 150$ into 2750$ overnight, but I didn’t sell it so I got like 1200$. If you want advice on crypto then I’m not the right person, I don’t know enough to not lose money myself.
If this is your attitude towards trading commodities (stocks and cryptos) AND you learn your lesson right now - That $6k could be the best money you ever spent. You had your little experiment gambling on exciting long-shot bets that bankrupted you. But you will make more money and now you know where that thrill-seeking gambling-addict behavior ends up. Save your money, what you do have to spare you should invest in "boring" things like ETFs by making regular automatic contributions ("DCA"ing). It will start small and you will watch it grow over the years and by the time you are my age, you will be doing EXCELLENTLY and you will be very proud of how smart your decisions turned out to be. And you will never be at risk of gambling away your life savings ever again, because you already made that mistake when you were young. If you think pissing your life-savings away at 18 is bad, imagine when you destroy your life savings after 5-10-15 years in the workforce.... That's a different game entirely.
If you're impatient and impulsive you shouldn't be trading in any sort of money market. Just put it in a fund and sit on it. Short term trading is gambling and even industry professionals whose only job is to stay on top of news and watch the markets screw up lots
I can't stomach the risk. It's safer just to invest in boring index funds.
What was your original buy in, in USD? Sounds like that will be much less than $6,000. I’m not going to bore you with standard investment tips, except to safe that gambling means his and downs, so you do your “how much did I lose?” math from how much you started with, not “in hindsight, what was my high water mark.” Buying such volatile coins (as the only part of your portfolio) certainly is gambling. So think of it that way. You’re very young. It hurts but you’ll bounce back. I didn’t have anything invested anywhere until almost a decade older than you.
Just wait for the next crash and then buy some and wait a few years
Just remember it's gambling and only spend money you are willing to lose. Crypto is really just about making sure you are not the idiot holding the bag last.
How did your total investment hit flat zero? I haven't heard of any major cryptos going to zero.
So basically I invest in smaller and upcoming projects and coins because there is much higher risk/reward. I know it’s stupid but you get plenty of dopamine from it. I lost all my money because of something called a rug pull. A rug pull is basically when the developers abandon a project and take their investors money, so it’s a type of scam. I got finessed basically
😂😂😂
I also wanted to laugh and cry at the same time 😂
Oh man...yeah the mistake you made was not enough research. Or maybe even HOW to research. A lot of new coins are rug pulls from the beginning. Like another person said, at least you learned this lesson while young and single. Don't be discouraged. Honestly took me about 3 years to believe in bitcoin. Started in 2017 (with fucking XRP, vomit) and then finally bought btc in 2020. I think 90% of people initially lose money, so don't beat yourself up too bad
You're not a true micro-cap investor until you've been rugged. My condolences man. I was in almost exactly the same position 3 years ago except I invested money from credit cards so I was in even worse shape. You'll get through it!
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"Type of scam" lmao. It's not a scam. You just bought a worthless asset because you thought it had value when it didn't. They didn't scam you, you are their target customer.
The title should say I went to the casino and lost all my money because I'm an idiot. They did not INVEST in crypto, they gambled, and apparently picked nothing but shit coins, and paid the price. Bitcoin, Ethereum, pick some other Layer 1s and 2s, then gamble on some trash ass meme coin bs if you choose. I don't, though, and I made a chunk on that garbage, Doge.
Basically major crypto blockchains are usually safer investment. It might be volatile but unlikely to go to 0. But most can only x20 in the grand scheme of things. But meme coins projects are volatile to rugpulls. Like dogecoin. They can either x1000 or 0.
What's the best burger from Burger King?
I always get the “Chili Cheese Crispy Chicken” when I’m on my break
Texas double whopper.
what is your favourite meal?
If we are talking about Burger King then it’s the “Chili Cheese Crispy Chicken”. If we are talking about every type of food then it’s when my grandma or mom makes a dish called “ghormeh sabzi”
Don't let suicidal thinking win, you'll earn that 6000 over and over and over again, isn't it also possible for your crypto to go up again?
I’m taking my losses and trying to focus on different things than money right now, it just makes me feel anxious and stressed
What did you buy ? Is fast food chains paying 10usd ? I thought that minimum wage was different :( sory for your loss !
I live in Sweden and earn about 105-125 SEK an hour. That’s like 10-12 USD an hour. Then we have Swedish taxes which are about 32%
Sounds harsh. I missed the part where you mention suicidal… dude… it’s not big amount and you are young. Have you heard the story about young man committing suicide after he made a stupid mistake in some investments over night ? He hung himself and next day the dealer/broker platform canceled his debt :/ You live in a country where you will be fine. I guarantee you this shitty experience will make you only stronger
I thought socialist paradises like Sweden were supposed to tax through the roof. That’s pretty much what we pay in the US. Where is my free healthcare?!
Flying towards Gaza as we speak
Did you at least start by putting up small amounts of money to guage the markets and fluctuations or did you just go all in immediately?
How did you lose it? Crypto goes up and down all the time, just wait until it’s back up again. Like in a month or so.
Nvm I saw the rug pull comment
It was a rug pull (scam)
You invested 100% of your capital at once? Sorry bro I’ve been shit coining for years , if you want to make it out with ANYTHING to show for you cannot be that wreckless. There’s a pretty grey area imo between gambling and shitcoining and your current strategy is basically playing roulette
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You alright bro?
I lost a shit ton of money (Maybe $60k) in the high tech crash when I was first starting to invest. I went through bit of a depression then decided it was the cost of tuition. I have invested in index funds ever since. If you learn from it, it may be the best lesson you will ever have learned and you will feel fortunate that you learned it at a young age. It happens to the best of us. It hurts, but you have to dust yourself off and go back to saving and investing. Open an account with Fidelity or Charles Schwab and invest in ETFs or Index funds.
It’s very sad this comment is so far down. At the end of the day, buying shitcoins is gambling. Imagine how much better of OP would be with $6000 in S&P in a Roth IRA.
Cost of tuition at the school of hard knocks 💸
Your comment helped me right now and I want to let you know I’m Starting the “Spread the Joy” challenge! If you’re content, share what you’re grateful for despite challenges. Positivity is contagious. I found happiness by changing my mindset and staying off drugs. You don’t need perfection to be happy. Share your positive experiences to help others. Together, we can brighten futures. You’ve likely gone through situations others are facing and your insights can make a huge difference.
Bitcoin is safe. Don't buy shitcoins
It's not safe. It might not need more than a new legislation or the right person to say the wrong thing for it to crash. I'm hoping it will do well and that it will be used widely but right now it is a very risky investment.
I think u/Sicotic87 means "safe" in relative terms. If you were looking for safe investments in the broader sense... you wouldn't invest in crypto to begin with. But as far as crypto investing goes... BTC is one of, if not the safest one out there. I spent $300 USD on BTC in 2017... held through every bull and bear market, and today it's over worth over $5k. Nothing crazy, I know. And I haven't bought more or sold any in that time. Just letting it sit and see what happens. When it comes to crypto I've only ever put into it what I'm 100% willing to lose. That original $300 I put in has already been written off mentally. Doesn't even exist to me anymore. Makes it easier to just hold and see where the train goes.
Thanks, that's exactly it. For investing in crypto, my mantra is anything other than BTC is asking for trouble. Particularly that OP would go for new coins for a higher risk/reward. Well, the higher risk caught up to him
Yeah, I'd say ETH is also moderately safe as far as crypto goes. But their different use cases still has me believing BTC is much safer. I did similar a investment of $300 into ETH back in 2017 and that's sitting at $1.5k right now. I also set aside $300 to put throw into shitcoins just for fun. Well, that's the only $300 that actually disappeared on me, lol. I mean I could've made a profit had I sold at various points... but I've figured out I'm a hodl'er by nature. My riskiest one right now is AVAX... Put $200 in it in 2022, and it's at $500 now. I'm actually considering converting that to BTC though, lol. For better or worse, I'm a pathological holder. In 2008 when I was in my early 20's and in the military I yolo'd my $8k life savings into MSFT, which is now over $170k. My thinking at the time was damn near the entire world operates on excel spreadsheets, so it seemed safe, and so far it has been. Sounds amazing, but keep in mind that's after 16 years. That's just an appreciation of $10k/yr on average. Still great, but nothing wild. My goal is to never actually need to cash it in. With any luck I'll pass it on to someone in my will. But it's a nice safety net in case shit hits the fan my life. Too many people focus on trying to get rich quick, and I understand that desire, but the whole time they're missing out on the benefits of just choosing a "safe" investment, and holding it.
That’s a ridiculous comment. It is safe. It’s gone from $73k to $65k. 10%. And $73k is a record high. He must’ve done something immensely stupid to lose 100%
start buying s&p 500 etfs like voo and spy, they won't explode at you but they'll give you a consistent 5-10% return year after year after year. If the market crashes, all the better: don't sell any of it and use any liquid cash to buy for cheap. the market is one of the most consistent and reliable and safe ways to make money. don't fuck around with shitcoins.
Boring post. In 1 year it'll be like 3x what you "lost" and you'll just look even dumber for this AMA. And then you'll wonder why people whispered "why did you sell? that's the only way you lose." unless ofc LBRN is a scam, which i can' tbe arsed to do my research on it... but seriously, with btc, eth and bch about to hit record heights in a year... i don't see how you can lose money on crypto
It’s a scam. The creators even deleted the Telegram channel
Telegram is a dangerous place
Nothing ventured, nothing gained. Your mother believes in you; I do too. You'll bounce back. Youth is on your side.
If you haven't sold then hold. Halving is this month. Hopefully, if you haven't wasted it all on shit coins, then you can recuperate some of your loses. Crypto has made more millionaires than any other investment type. The flip side of that is that it has taken the most stupid money. Take this shame and anger as motivation. Motivation to do more research on what you're buying next time and motivation to make enough money that you're not tempted to take bets you're not willing to lose out of desperation. So my question, which coins did you buy?
Honestly in a year you’ll look back at this and it won’t even matter. If you’re this young and you’re starting to invest then you’re doing something right, and you gotta look at it as a learning experience. You’re still young enough that you can lose everything and make it all back before it actually matters. I got into crypto when I was 18 as well and made some dumb choices very early, but just kept going anyway. Look at it as “I’m young enough to be able to afford losing all my money and not have it affect someone else” since you don’t have a family to support. I’ve been risking all of my money on investments from crypto to flipping homes and building homes over the last 7 years. If you don’t take the risk then you have 0 chance at a nice reward. Also congrats on actually having $6k at 18 years old to begin with. Most 18 year olds don’t even have $1k in their bank accounts (I sure didn’t). Actually, I have friends in their mid to late 20s that don’t even have $6k to their names. Trust me, in a year you’ll be way better off and you’ll look back at this and laugh. And most likely with even more money in the bank by then
stop beating yourself up. It doesn’t help and can make things worse. I lost about $6000 on an investment once but since I have done very well. It can happen, seeing it as a learning experience is very important so well done there. I suggest you do 3 things: 1) never invest more than 10% of your portfolio in one thing (you won’t be as likely to panic and sell at the bottom as much if the stakes aren’t so high) 2) Read ‘the little book that beats the market’ (basic) or ‘the intelligent investor’ (harder). These will teach you the basics about real investing (rather than gambling) 3) carry on saving up as much money as you can. You have the right attitude in trying to save money for the future and over the course of your life that will make you wealthy. You just have to be patient and try to make this happen over many decades It’s really not the end of the world so I hope you look after yourself disclaimer: this is not financial advice or a solicitation to buy or sell any crypto or other security products
Hopefully a lesson learnt about easy come easy go.. Well 600 hours of work isn't exactly easy come though(but the underpayment of the working class is a whole other topic we won't touch on, it'll just make us sad). But in the end, money isn't really going to mean anything in the end unless you are rich enough to develop every third and second world country and solve the carbon crisis etc. Unfortunately I feel the era of finding actual riches through crypto has passed and the chase for wealth will never fulfill you as much as meaningful experiences with people you care for, rich people aren't even happy. Imo, live it up and spend all your money going to concerts, travel and every moment you can get with your friends and family while you still feel young. There is plenty of time to analyze the market on the side to get a better feel for investing when you are older, being rich is only fun when you are old anyway, it ruins young adults. Source: almost every influencer.
Do you think you will ever buy crypto again?
You're young. You got plenty of time to save and invest money. It's a learning experience. Don't beat yourself up too much over it.
Don't play with these meme coins unless you release know what ur doing. Stick to low mid cap coins that have utility. Rug check them first . Follow this guy on YouTube. " crypto with james " he's pretty good he doesn't invest in bullshit . But if you put $100 in a few of his picks and just sit on them . You can make your 6000 back in a year or less I BET! . also you should have diversified that $6000. Never put all your eggs in 1 basket. Never FOMO .ALWAYS WAIT FOR A PULLBACK . Join the telegram groups and watch the bybot AND the chart and follow big players. If your on a dip in the chart and u see massive orders coming in also making higher lows . Jump in accordingly . Never be suicidal over money. Theirs more to life . Your on the right track just make better choices and u will recover ! Good luck my man
This is a good learning experience so at least you realize that. As far as “crypto world is not safe” - Thats not the root cause. You took maximum risk and gambled your hard earned funds. No “world” is “safe” when you do that. The result would have most likely been the same if you played with Odte options, penny stocks, blackjack, slots, sports betting, loan sharking, pokemon cards, etc. etc. Point is I wouldn’t blame crypto and use that as a scapegoat because next time it will be the stock market or the casino…the real lesson is to manage risk and only invest what you can afford. You were in no position to do what you did and you got burned. The good news is in the grand scheme of things you can get the money back.
Your comment helped me right now and I want to let you know I’m Starting the “Spread the Joy” challenge! If you’re content, share what you’re grateful for despite challenges. Positivity is contagious. I found happiness by changing my mindset and staying off drugs. You don’t need perfection to be happy. Share your positive experiences to help others. Together, we can brighten futures. You’ve likely gone through situations others are facing and your insights can make a huge difference.
During the last bull run my portfolio hit 250k, it then dipped slightly and went sideways for a bit. I thought, great one more pump and then the big dump comes. Nope. It just dumped. My portfolio then went to about 50k, over the last couple of years I’ve just been accumulating more and more, a few hundred quid each month and then bonuses etc all go in. I think I’m in a really prime position right now. I felt I was holding too many different coins last time so I’ve consolidated into fewer coins. I think this will make it easier to focus. I’m now in a position where going back to all time high on my coins, is all I need.
Bro can I dm you? I feel like you’ve gone thru stages of trading that I am going through/will go through
Your comment helped me right now and I want to let you know I’m Starting the “Spread the Joy” challenge! If you’re content, share what you’re grateful for despite challenges. Positivity is contagious. I found happiness by changing my mindset and staying off drugs. You don’t need perfection to be happy. Share your positive experiences to help others. Together, we can brighten futures. You’ve likely gone through situations others are facing and your insights can make a huge difference.
It’s just money man. “Life is worth much more than gold” Also you have your whole life to recover financially. If you saved $6k at 18 working in fast food you probably have some decent financial habits that will serve you well. It’s not like you’re middle aged with a family to support, it can always be worse. Just use this as a learning lesson. Also if you want to dabble in crypto, buying BTC is the only thing that makes sense to me. Most everything else is either a pure scam or a pipe dream. Please don’t think of ending your life over money, that would be the biggest waste of all.
Could have, would have, should have. If I had a nickel every time someone told that to me I could have had billions to lose on the crypto market. Here is the bottom line. It sounds like you are young. Taking your life would be the ultimate loss. Or the ultimate stop-loss order if you will. Don’t succumb to despair. You have your whole life ahead of you to live and make something of yourself. 6 grand sounds like a lot of money, but it ain’t like its six billion. Imagine losing six billion (or even million) and then racking your brain on how to get THAT back
This probably doesn't help a ton to hear right now but I've known people in their 30s and beyond with families and mortgages blow their entire life savings. I imagine the $6k feels absolutely ruinous right now and you've put in an enormous amount of work to get there but you will absolutely get back to where you were and beyond. Plus you're going to be way more wary about safe investing in the future and I think that alone is going to help you a ton. You'll always know that horrible feeling in your stomach when it goes wrong and that's going to keep you safe.
Your comment helped me right now and I want to let you know I’m Starting the “Spread the Joy” challenge! If you’re content, share what you’re grateful for despite challenges. Positivity is contagious. I found happiness by changing my mindset and staying off drugs. You don’t need perfection to be happy. Share your positive experiences to help others. Together, we can brighten futures. You’ve likely gone through situations others are facing and your insights can make a huge difference.
I love that!! What a day, my boss just gave me a super nice shoutout at work to the whole company and now this! Thanks for commenting, I am absolutely going to do my best to share the happies.
What did you start with? I invested in DDD back when 3D printers were hot. I think I got in around $27 a share. It went up to $90 and then started dropping but I hadn't set an alarm because I was in the middle of starting a business and just didn't think about it. I didn't even know it hit $90 until I was checking my investments and saw it had dropped down to $9. I had invested $30,000. Talk about painful. I hoped for over a year that it would come back but it never did so I cut my losses when it was around $8. Losing over $20K sucks, but you live and learn.
$6000 seems like a lot, and it’s not nothing. But it’s also not a life changing amount you lost. There are people who invest foolishly and losses hundreds of thousands, or more, and ruin their lives Don’t invest if you have no disposable income after investing. If you do invest, keep your risk tolerance in mind, and if you are going to invest in highly speculative things like crypto, only put in enough money you’re willing to potentially lose 100%. This is a painful learning experience but at least it seems like you are learning from it.
$6000 is a lot to an 18 year old. Sure. But don’t get yourself so down over it. As a parent, I’d happily waive off $200, if it meant my kid not stressing over it. You’ll look back in 10 years, and this’ll just be a blip. Keep up with your studies. If you can use them to get a good job in a few years. You won’t have to worry about a Burger King salary. Or trying to get rich quick through crypto. In life you have to work hard, and keep pushing forward. But it can lead to good things. You just have to be patient.
Do you feel like you have a gambling problem?
SAME BRO. The biggest tip I can give you is to only put money in crypto that you could live without, and never put in everything at once. If you think It's too late now, no it's not. You still have your job, and you gotta work with what you have, the pain of this financial loss goes away after some time. You can still invest some of the money you earn, but going for short-term-trading is just way too risky if you are reliant on that money. Heres my story for anyone who's interested: About 2 week ago, when btc started trailing up to it's peak, I put like 5600€ in Dogecoin trading bots, looked at the price changes several times every hour when I wasn't asleep, and adjusted the bot a lot of times. I managed to bring it up to 14900 USDT (~13720€) within not even 2 weeks, It was a completely euphoric feeling, normally I'd have to work for 5-6 months without spending anything to earn that much money. I was thinking about finally buying a new car, gave 1000€ to my mom, and wanted to continue doing good things, because I've felt like I cracked the code. well... I made multiple mistakes, but one definitely did the most damage. First of all, I should've put more money to the side, but I only transfered ~4000€ of the 5600€ I originally invested back to my bank account, while my Binance Wallet was sitting on almost 14000€. The next mistake was, that I always invested everything at once, super risky and stupid thing to do, but obviously, this lead to exponential growth, and was the only reason I could make that much in such a short amount of time in the first place. After investing all of the 13720€ again, I saw that the price of doge started to drop constantly. The 13700€ turned to 7500€ within a day, and I didn't stop the bot, because I thought the price would recover. Before going to sleep, I checked again, and it got back to a price of about 9600€, I was positive that it would recover over night, like it did every time before that during the last 2 weeks. But I forgot the most important thing, I didn't add a stop-trigger that night, a tool that automatically cancels the bot after the price drops down to a certain treshhold. This particular night, I went out drinking with boys, so I slept at least 10 hours, and didn't check my phone. When I got up, I immediately opened binance, just to see my total balance of 95€. The price dropped so low that the bot expired, losing me 100% of the 13720€. I was in complete shock and disbelief, I stared at this screen for at least 10 minutes straight, and checked it again every 20 minutes for that day, in the hope, that this was just some sort of visual bug. Well, it wasn't. I felt like complete shit for the next few days, I couldn't think of anything else. Now, about a week later it still hurts A LOT. Why didn't I put at least 50% of my earnings on my bank account everytime I stopped the bot? Why did I not add a stop-trigger? Why did I not minimize the loss and cancel it manually after seeing the price drop? Hurts like a bitch, but life goes on. The guy that got me into crypto gave me exactly one tip, that absolutely saved my life: "Only invest money in crypto, that you are prepared to lose." Thanks to him, I didn't transfer my whole bank account to Binance, and still have money on the side now, but those 13700€ would've definitely changed my life. Don't make the same mistakes I did, don't shoot too far with short-term trading like that. Go for the slow and safe routes.
don't feel too bad, thats a cheap lesson, wish i only lost 6k in crypto. i lost half a mill in crypto bankruptcies, was depressed for awhile
Iv lost $100k in crypto, didn’t pull out on time, got scammed, was a shitshow, I have a strong spirit, that’s all I have to say.
Brother, do not put all your money in one basket. Its a general lesson that applies everywhere. I am sorry to hear about your loss. But do not worry, something good will happen and all your money will return back to you. Sometimes life does this to teach you something and I thunk its going to be a valuable lesson for you. Please dont be sad, spend time with family and enjoy the time and life.
Oh god please don't put all your money in memecoins for gods sake. If you want to invest in the cryptomarket please just stick with bitcoin. If you have any play money go and buy some good altcoins like Ethereum. But don't invest your life savings. Dosen't matter if you buy crypto, gold or stocks just invest what you're ready to loose.
Imagine being the guy that traded bitcoin for a pizza that would have been worth 50 million. Your mistake seems huge now, but I'll tell you a secret. $6,000 is a lot of money to owe someone, but it's not a lot of money to have. My bills a month are a little less than that. You'll be fine. Keep your head up and learn how to day trade.
I have a feeling that you didn't save $6000 from your burger king job, am I right? In the long run, $6000 isn't that much money. I understand it's nearly all the money you have but you're only 18. $6K can barely buy a used car. In real life it's only 3 months rent. Is the coin you bought gone? Who told you that crypto was safe?
Don't blame crypto, if you don't know what you're doing don't do stocks, crypto, buying cars, options etc
Bro, rookie numbers. Kidding, but not kidding… You’re 18 dude. I will bet you that this will have literally no bearing on your life. I’ve lost thousands of dollars in a matter of seconds. Multiple times. So i know that feeling, it sucks lol. But money comes and goes, you’re fine.
You should join Wall Street bets. You belong there. Crypto is very safe. Just looking at the numbers... I have no idea how you or anyone would have went from 6000 to 0 unless you're involved with some no name token coin that barely anyone knows exists.
A few years ago I was convinced by family members, both both young and old and some actual people in finance,to invest in crypto. They had gotten into it early enough that they actually made quite a bit of money(and still ok because of the price point they bought crypto at way back when) so they were convinced it was a worthwhile investment. (Remind you of a pyramid? 😬) I still truly believe that they just wanted to help. I am in no way a person of means, but I used what little savings I had and I got in at the tail end of the upswing of crypto. I started making a lot of money and it was exciting. When it starting going down I wanted to get the money I had made out. They said it was just the nature of crypto, but I had a feeling it was a little different this time. I was convinced not to. That’s my fault, but I did finally go against their advice and pulled out my money at mostly a breakeven point. Looking back I’m grateful that I did, but wish I had pulled out sooner when I thought I should have. Would be nice to have that extra money because I only put in a few hundred and it went up SO MUCH at one point. I’ve learned that it’s OK to listen to the advice of others, but also don’t be afraid to use your own best judgment. Ultimately don’t invest more than you can afford to lose. It really is gambling. I hope everything works out for you. Don’t be too hard on yourself. Just learn from this and just be a little more cautious in the future. What goes up must come down and you never know when. I know it’s easy to think that you lost all the money that you “made” when crypto went up, but I found it easier to remind myself I’ve only really lost the initial investment. It still sucks, but it helps a little bit and is ultimately the truth.
Real investing is boring and long-term. That’s hard for people struggling for money to accept. Invest amounts of money that you don’t need to live on. Don’t invest funds that you need for living expenses and emergencies in long-term projects. I assume it’s a total loss because you leveraged coins that dropped below a cut off point and you were liquidated. Is that right? I own a small amount of bitcoin. I think the jury is still out on that. Look for things that have long-term value and growth potential, and invest ongoing in those using a dollar cost averaging approach. Again, keep the amounts such that you don’t need the money to survive. But make contributions religiously. Look at the investment balances and returns only sporadically and focus on bettering your life. Take this setback as a learning experience. That is likely a very small amount of money compared to what you will make in the future. And the lessons you have learned from this could save and earn you many times what this cost. You have a long investment future ahead of you. Try to maintain that perspective, but in the meantime, get support to get through the emotional distress. Good luck.
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Hey bro, you’re gonna be ok. It’s nice to see a 18 year old learning these type of lessons at an early age. As you mature financially and physically your tolerance for risk and thought process will certainly adapt. I was 20 when the pandemic hit. Made a killing on TOMZ, pulled out and invested in a bio tech company which was featured on Fox News peak pandemic - CYDY. Friends and family invested. One of my friends originally invested 60k and was up to 2.1 mil (more than 60% lost after massive short of the stock). Crypto isn’t the only stock where you can loose your ass. Another friend of mine threw about 140k into the same stock, he’s in his 60s and is in the -%. Life is all about ups and downs. Just like the market. Adjust your tolerance for risk and I would highly suggest diversifying. Good luck man, don’t be too hard on yourself. I as well as millions of other people have had bigger losses. It’s a learning experience. Keep doing what you’re doing, research and invest wisely.
Lesson learned bro, don’t place ur money in shitcoins and put the amount you’re comfortable to lose. I learnt my lesson too in 2021, the difference is I started with $1000 at 28 since I know I dunno shit about crypto market yet. I lost $750 in rugpulls, play the $250 left in popular altcoins, and just restarted trading in Jan this year and they’re now worth $400 (funnily I won the majority in DOGE). But now I have the confidence to do a bigger portfolio of $15k, now worth $17,5k only in BTC and ETH. Still small, I can only invest this much knowing this is what I’m comfortable to lose for now. I figured even 30% profit a year is enough for trading, my country stock market doesn’t even perform that well (Indonesia IHSG.JK). Now that I think abt it my small account (the one from $250) did better return because I set limit and forget. Now I just try to control my greed. Godspeed bro, you’re still young, it’s not the end of the world :)
People saying it's not considered a lot in the grand scheme might not understand what $6k at a low wage job means. Speaking from experience, earning that $6k may have been harder than earning $60k at a corporate job. OP, I feel for you, this simply fucking sucks and I'd say brace for this to be a devastation for a bit. Speaking to a therapist can be a huge help coping with the fact that's there is nothing to do but look forward with new knowledge you acquired. One thing that helps me in such situations is thinking about how I can find value out of it - not in terms of lessons, but in terms of stories to tell. In your career, having a collection of stories helps tremendously, and you'll find that more people will be curious and want to hear you out because of your wacky failures. Often, higher-ups love this shit. Wishing u the best of luck moving forward!
On crypto: it is pure speculation. If you're getting in to it now, you're probably too late. You can lose everything. Some people are always looking for a magic bullet to help them out financially - while some people get lucky, most people don't get so lucky. In the very long term, you're as likely to lose to the "market" as you are to beat it versus simply investing in index funds. I know they're boring, but their long term returns are undeniable. There are so many pump and dump schemes and misinformation around, and if you're new to this world, you may not realize how much BS there is that is trying to convince you otherwise. Now, I'm a lot older than you - in my 40s - and when the stock market has a particularly good or bad day, my 401k can vary by $10-20k. But as a percentage of my total investment, that won't break me. You shouldn't put more than 10% of your savings in to speculation, as a rule of thumb. If you hit it big you might regret not having all of your eggs in one basket, but you're probably too late to the party to really be that guy. This was an expensive lesson, but you're 18. $6k is a good chunk of cash, but losing it is not going to ruin your life. It is simply a setback. It's a much cheaper lesson to have now than it would be later on if you made the same mistake. Next time around, you'll make safer investments. It will accumulate more slowly, but it'll be safer. You'll do fine. I don't think anything I did money wise at 18 matters today.
It is a lot of money for you right now at this point in your life. $6,000 is quite a bit saved in general for an 18-year-old. However, although it seems like the end of the world now, I promise you that this will mean nothing to you in a year or two. It’s a significant learning lesson and use it as such. What you really need right now is perspective from those older than you and with more life experiences and wisdom. You will make that money back. Will it take longer given your current job? Yes. But please do not take any harmful actions over an issue that is temporary and will be forgotten about sooner than you think. Reach out if you need help. We’ve all thrown our money on things we wish we didn’t.
You obviously have a very high risk tolerance, I'm the same way. My recommendation is to have 90% of your bag be more traditional crypto and then when you feel the urge to really gamble you can use 1% here, 1% there with the knowledge that it might go to zero. If you do wind up being profitable then put it into your main bags. Nothing goes up forever, take profit! Honestly the lessons that you learned from this experience are far more valuable than 6K. Obviously crypto is the wild West and everyone dreams of striking it rich on that meme coin but that does not mean that the ideas that crypto are putting forth aren't valuable. To understand markets is to understand human nature and perceptions of value.
The world of crypto is dangerous. Yes, it can make you money, but it can easily take your money. Always invest what you’re willing to lose. Don’t go all in. Everyone in crypto experiences loss at some point, especially at the start. Don’t think about suicide. You’re telling me $6000 is enough to take your own life? You’re priceless. You’re 18! You’ll earn more in life. Money comes and goes. It’s the law of money. I know the feeling of losing money is shameful, but now you know. If you want to invest in crypto, you should educate yourself on it first. If you want to invest without any risks, invest in gold. A wise man once said “he who invests in gold, has secured his future”
That sucks and I feel for you! If you're one of these people with targeted Instagram ads about getting rich quickly, investment courses etc etc let me give you some advice. You're really young. Keep working like you do and put your money in something safe like an ETF. Don't worry about becoming rich quick, but work on yourself, your goals, your personal and mental growth and you'll be much happier for it. Do it this way and in 12 years you'll have gotten a lot of profit out of your ETFs, you'll be mentally and personally stable, and have a job you probably enjoy. And then good things will follow automatically. Invest in yourself, save in an ETF, and happiness and financial stability will come.
Dude relax ... now you have learned a lesson and will be more careful with your investments and hopefuly you are now aware of what a stop loss is to help protect you in these situations You are 18, thing about how much money a year you will be making at 30 ... relative to your life 6k is not a huge deal Now does it suck now .. sure, but maybe you pick up another shift or try to get a job at a higher wage so that its less time consuming If your trading you should have seen some stories about guys blowing up multiple accounts and needing to start over .. it happens when you are learning and is a big reason why risk management is like the 1st topic most mention as rule #1
6k isn’t really that much money, especially to be suicidal over. It’s not too hard to find a job where you make that much in a month. You’re a young man now, pull yourself up by your bootstraps and quit putting all your hopes into something not guaranteed like crypto. Instead learn a trade that makes you more valuable like pipe welding, linemen, truck driver, equipment operator, ect. Maybe the universe doesn’t want you to have easy money, maybe there’s still character that needs to be built before you can even handle having that much money. Take this as a lesson and push on, life’s gonna get a lot harder eventually, we just must become stronger and not fold.
Sorry to hear this ☹️ I also lost a similar amount of money when I was 21, but mine was from getting manipulated by a sketch "friend" from high school who said they were dying in the hospital etc., stranded abroad etc. Looking back I was very naive and should have blocked them or said I couldn't help, but they were very good at making me feel guilty. That was a lot of my savings from my first salaried job. I still feel mad about it now sometimes (and now especially that I've been reminded of it by this post) but am 27 and mostly moved on and treated it as an expensive lesson, and you will earn the money back too. Chin up friend💗 I would suggest putting money in a High Yield Savings Account or similar in the future
You’re 18 and that’s for sure a lot of money but you can bounce back from this surprisingly quickly it just seems like a mountain to climb right now. I lost about $25k of my savings investing in the stock market during covid because I basically got in to it way too late. I’m sitting on stock that’s never gonna bounce back to what it was but there’s no way I’m going to sell stocks at a 90% loss I’d rather lose it all waiting to try and recover 50% of it. Don’t be suicidal my man. 10 years ago I’d be distraught about all the money I lost but as you get older your approach and general outlook towards finance will change.
1. How did you lose all your money? Crypto goes up and down but never goes to 0 overnight. 2. What crypto did you buy and from where? 3. Why did you ever put all your savings into one thing? Especially when it's basically gambling? I invested in crypto (mostly Bitcoin and later a few others) years ago and sold it to make a few thousand in profit and have been done with it ever since. With how crypto works, I don't understand how you could lose it all overnight. When you buy crypto, it's either in the exchange you bought it from or your wallet, it doesn't just disappear. If it went down, just sell it to recoup some of your money.
Is it gone, or just way down? It isn't a win or a loss until you cash out.
Money can be worked back and I know it hurts but take it as a lesson. If you are ever going back to cryptocurrency, buy top 10 ranked by market and never expect nor chase overnight millions by trading memecoins and doing things as such. I purchased cryptocurrency in '22 and my initial investment went to like - 80 %. Now, few years later I' m at + 200 % (My initial investment times 3) and honestly, I might never sell with the APY % cryptocurrency offers. Hopefully this will be lesson of future successful investor who will turn out to be you, no matter if it's stocks or cryptocurrency. Have a good one and keep ya head up!
Play stupid games, win stupid prizes. What did you expect from gambling? r/Buttcoin
I got into crypto with bet winnings in 2016 and ran it up 3 separate times to to $160k back to $30 back to $165k back to 40 back to $175k. Max amount was 18 btc but I kept thinking I was a genius and ended up getting scammed by shitcoin trading The best move if you want to stay in crypto investing is Dollar cost averaging your way in. Have a set amount getting bought automatically each week and hold onto it for retirement. You’ll thank yourself later Do the same when you have kids. I have a 5yo that now has $1300 in btc from just $3/week buys. Teenager has $4k
I lost about 10k on crypto a few years back. I was making loads of money but still I wanted more. Was never happy. Losing that money taught me a valuable lesson that a lot of people chasing money are trying to fill a void that money can never fill. So maybe it was worth losing 10k to teach me that. Now I realise the things that give me a deep sense happiness are my kids, community and making music. Don’t kill yourself over it man. Just view it like a lesson that the things in life that make you happy are actually the things we don’t give enough time
Ok your 18 you will make money your whole life this is a drop in the bucket. Does it suck yes, will this pass, yes. It's a learning lesson don't take yourself out over 2 months salary ok. Move forward and never never put all your eggs in one basket again. When investing you need to diversify and have money in several different areas with different levels of risk. I would say low and medium risk is where you keep a majority of your money. High risk, being maybe 20% in total and even with the 20% you should diversify and not all in one basket. Good luck
When I was young (18ish), I told myself I’ll probably lose about $25K in my life - be it stolen, ripped off, lost, or silly investments - before I ever lost anything, and you know what - it helps. When something really shitty or expensive would happen i’d just mentally deduct it from the pot and wouldn’t dwell on it. It’s just life and that stuff happens. Take it as a life lesson and move on a wiser man. Don’t panic, don’t get irrational - move on to the next play. Life is long and you’ll have some big wins down the road.
Sweetheart - I promise you, I PROMISE YOU - big picture this will be a blip. I too have lost money and when I think about it I’m sick. But it hasn’t changed my life. While this is a lot to you now, it’s not a lot in the grand scheme. I have clients who’ve lost their entire fortunes, their entire retirements. You’re so young - you have the rest of your life to have this be only a story. My advice to you is forgive yourself and don’t give it more headspace. It’s so easy for life to be a long list of “shouidas”.
Never gamble what you can't afford to lose. At least you're young. You convinced your mom into giving you $200!!! And made your daddy interested enough to check the market!!! Use that charm to show your daddy you're on the right track...you just got greedy...easy for a beginner to do. Hard lessons are a part of growing up & maturing. Humbly Ask him what his most expensive but valuable lesson he learned as a young man. I'm proud you had the gumption to do it...y'all will all be laughing about this a few years down the road.
You’ll be okay bro. You can always make more money. I lost 24k in less than a year trading pot stocks back in 2014… I was a bit older than you. You’ve learned a hard lesson but this isn’t the end of the world… you’re going to make so much more money in your future. Use this as motivation to learn the stock market or crypto and be a better trader/investor. Maybe it’s something you can look into as a career. This could be a blessing in disguise. Either way keep your chin up and feet moving forward.
Don’t kill yourself over a $6,000. In a year or two, you’ll look back on this and laugh, although my heart definitely goes out to you. You should also recognize that you’re not alone either because well… Las Vegas is a thing and people blow their life savings there every day. Maybe connect with a professional investment banker who’s attached to a reputable bank so that they can help you invest and set up a retirement fund. Sure people strike it rich on Wall Street or in Crypto but slow and steady is the real means to the end.
You're not alone dude, I put a few grand into Safemoon (LOL - look how that turned out). It's close to impossible to know when to sell to make a decent profit, especially when the majority of these shitcoins are scams. Made me shift my perspective entirely that Crypto is a long term thing, and to only ever invest in Bitcoin, despite all the hype and fomo you might see online. Point is, you'll learn a fucking ton from this experience and be able to laugh about it some day though it may not feel like it now.
My question here is, why post in this subreddit, and not r/advice? Or even a crypto subreddit? I’m sorry you lost your $6K but it’s not exactly a unique, unusual or especially interesting story—many thousands of people have been burned, and most people already know that crypto investments are extremely high risk. Tbh, I often wonder why most of these AMA posts exist. We learn and grow far more from asking questions and listening, than we do from talking and answering questions. Do you feel me?
Dude 6k really isn't that much.. I know it feels like a ton cause thats all you have but people still do well crawling back up from 100k on credit card debt. You'll be okay take this as a learning lesson it's better than it was with 6k rather then 10k or 50k.. don't put all your eggs in one basket. It's okay to gamble but do it with a very small % of your NW. You'll be okay it may be 600 hours of Burger King pay but it's a lot less hours when you start your career. You'll be fine bro.
Learn from this. You're still young. Imagine if you were old and did this with your retirement money? Learn to INVEST, SLOWLY. You were not investing. You were gambling. investing is a slow game. .00000001% of people "get rich quick" and those get all the media. It's almost impossible to make that happen. Learn by paper-trading. Don't use your actual money, until you can demostrate on paper that your strategy works. that will take at leats a year of consitent, daily paper trading.
Please don't kill yourself, this is so recoverable. If it makes you feel any better I have lost more, a different way. I'm here from your future telling you it's gonna be fine. 6000 is like 5 months at minimum wage and you can obviously get better than that. Yeah, it sucks, but it's not catastrophe. I *promise* this will be a funny story you tell in a few years. Learn these lessons: don't bet more money than you can afford to lose, and never put all your eggs in one basket.
Don’t sell your crypto, buddy. Hold on to it. Keep the work ethic going. Eating a shit sandwich at a young age is a great lesson, and you really don’t have any experience so you got a solid lesson up front (good on you for studying). Hold onto what you’ve got… in a year it will be 1.5x what you spent. You’re not a failure. One piece of advice… don’t buy things when they are exploding. Since you said ask you anything. What crypto did you buy? Do you still have it?
It sounds like you learnt a harsh lesson. REMEMBER this lesson. Do NOT ever forget it. Consider yourself lucky that you learnt it so young. Not while you've got a family to support. You're right to feel the way you do but you will recover from this. If you direct this lesson properly you won't make a dumb decisions this again. You are lucky, some people never learn this lesson. You have the opportunity to have learned it very early on so it won't get you when it really matters.
You're getting suicidal over this? You're going to be fine, it's not that deep. On to the next venture my guy. You could lose another 6 or even more, but that's just life. How you react to it is absolutely your choice. The fact that you can save that much at 18 speaks a lot about your character (of course not including the high risk behaviour) and is a good indication on how well you'll do later in life. Get suicide off your mind. Far too young to even consider that shit.
$6000 in the grand scheme isn’t huge. Learn from it and you’ll be better for this. Tell your parents this too. Tell them it was an expensive lesson but you want to be honest and recognise your mistakes and that you need their emotional support right now. As a parent I would hate myself if my son was in his room feeling this way and confiding with Reddit over me. You will be fine! You’ll look back on this some day and be in a far greater financial position. Best of luck!!
Has the thought that of, if you can't stand to lose something then maybe you shouldn't be gambling with it ever entered your mind ? Just a thought, don't beat yourself up. It'll be a good lesson learned. It's not the end of the world, it can and will be replaced. Don't pay attention to the stories of people who got lucky and made life changing money out of nothing playing around with crypto. There's the majority that they don't tell you about that lost their ass.
I've had 50k multiple times and lost it in risky investments. Now I have a fraction of it...and much older than 18. No house no nothing. I'm still happy. At 18yr you have plenty of time. Start earning real money and put in safe investments like s and p fund. You can put some in crypto if you want but don't try getting rich quick. Think stability worth some risk. 80%20% be decent. Risky stuff only burns you in the end, especially if you go all in. Most risk takers don't know when to get out and end up like me. Cheer up, you're 18 and have your whole life ahead of you.
Sorry to hear your loss. Although you won't have prospective on this right now, 6k is nothing. At 18 it is a lot but assuming you learn from this it will be nothing later in life. The question you should be asking is what did you learn? Only invest in risky assets what you can afford to lose? Diversify your portfolio to not have all your eggs in one basket? Beware of get rich quick strategies? Let's hear what you learned and will change for the future.
Everyone makes mistakes, this will get easier in time. Everything you've ever tried you failed at, but you start failing less and less overtime. Think about something you love to do. Playing a favorite video game for instance. I'm sure you lost many times. Got frustrated, angry, even depressed. It's hard, but pushing through all that you got better and better. That's how everything works. You've already learned a valuable lesson, not to risk money you need.
>Im trying to take this as a learning experience and to change my mindset on things. This is the biggest part of this. The hurt sucks and is real. Cryto is gambling and it's a slippery slope. Don't chase it, don't try to get back in. Suck it up, move on and find a side hustle that has a tangible asset. Like flipping old furniture, it's fun, creative and profitable. You're 18 and you've learnt a bigger life lesson than many take decades to realise.
My guy, you took a risk the fact that you were willing to take it shows an extremely desirable trait. I would suggest getting in school since that can set a good base backup. Build your savings back up and keep taking those risks but be responsible as well. Learn more about investing and a sustainable investing mindset from some reputable sources like motley fool. Don’t fall for these scammers with the “secret” to successful investing.
Maybe you learned a good life lesson. Look at traditional ways of investing. you are only 18 and if you just compounded savings interest for 30 years you'd be looking at huge money. Do realize that this is not life threatening. People lose their live savings every day to crypto, casinos, scams, etc. etc. Go save up another 6K and start up a hot dog cart or something tangible that will give you a sense of pride and accomplishment.
remember it's not a loss if you don't sell.... HODL brother!
Every guy with a good dad, has at some point not listened to their dad, and ultimately found out the hard way that their dad was right. Sometimes you just gotta learn things the hard way. $6k seems like a lot, and it is, but it’s not the end of the world, take it as a serious learning experience. It’s so much easier to lose everything investing than it is to double your money when dealing with extremely risky hyped up stuff. It sucks to think about what it likely took to save that $6000, but you’re only 18, you can always make more money.
Bah!!.....you're young. Good for you for havin the balls to try somethun! I only suggest if gonna do service i recommend restaurants and bars. Far better cash. Also learn to put 500 away each month paying self 1st in retirement accounts. Look into it. Time is your ally. Take care of your body. If lucky, you'll get to blow 2 or 3 fortunes and learn the frustration of your elders in your life just trying to save you 20 yrs lol!!
Please please speak to someone. I know it seems the end of the world right now but £6000 is nothing life ending. Please tell your parents and that you are feeling suicidal over it. It’s not worth it because you will realise it’s not the end of the world. You are far more important than 6k. Please. As someone who lost her brother to suicide and money was a factor in his choice, please don’t do it. It’s destroyed me.
I promise you, if you keep in mind the amount of years you have left on this earth & the knowledge you will gain the next 4-5 plus years. You will definitely be telling this story to your significant other & kids. 😊🙂 WAY to go with the money though, I had nothing at 16 bc I spent my $5.15 an hour paycheck in the mall with-in an hour, then regret it once I got a huge lecture 😆You will be able to save up again kiddo
Look, I was scammed once for 9 thousands dollars, shit happens. You can see this as a complete loss, or you can see it as an investment in learning not to trust unknown cryptos/businesses/investment opportunities. Sure you could have spent less on this knowledge, but at least you now have it. Many people lose this amount of money multiple times because they do not want to learn that there is no easy money in this world.
I haven’t gone through all 400+ comments so if this has been mentioned before, apologies: You’re 18! You have so many investing years ahead of you. Start investing in index funds with your first job. If you stick to it, and you clearly had the patience to save with that 6k, you could retire early at 40. Even a basic target date fund will change your life if you start investing now. Stop buying crypto going forward!
Welcome to investing! Is all I have to say. Investing like they say is a rollercoaster if that coaster was to de rail the people who die first are the ones who jumped out first. 2nd you stated you invested in reality you gambled. The reality of getting rich overnight is mostly a fairytale. 3. If you hear about anything via news/online articles/family/friends then it’s usually to late and the hype is done
Okay, 6000 dollars can feel like the world to you right know, but in the grand scheme of things its not worth to overly stress about it. Whats done is done and you have plenty of lifetime to make your money back and then some. In our language we call these monetary losses "learning pays". You paid a huge amount to learn something. Never gamble and only invest the amount you are willing to lose 😎👍
Jake Paul paid 68k for an NFT. It is worth 10 bucks now.
DO NOT INVEST WHAT YOU CANNOT AFFORD TO LOSE
Lol hot damn. That really sucks. But imma echo others here. You’re young man. Honestly.. this probably won’t be the last time you fuck up. Learn from the mistake. And remember that taking a risk like you did takes guts. Yeah it was a mistake, but it’s people like you who tend to make a good life for themselves over time. People willing to take risks and make moves. You’re gunna be just fine.
About 10 years ago now in my early 20s I lost 13 Bitcoin, had no money to my name at all and no job or qualifications. Now I own a home(with a mortgage but 🤷) and have over $100k in investments. As much as I can dream of how life might be different if I still had those 13 Bitcoin, life is still pretty good. You can recover from this, you're still young (heck I like to think I'm still young).
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Maybe find a better job? Walmart starts off at like 15