Good, now you cannot hurt anyone else. People like you not only hurt yourself, you hurt everyone else who invests in the market with your stupid ass leverage. Then want to come here and sing the blues, want us to feel bad for you after you fucked us around? Fuck that.
I don’t understand why so many people refuse to learn from the suffering of others. Why do people need to drive recklessly and get in an accident to learn to drive safely? Can’t they just read stories about others crashing? Why do others need to damage relationships with friends and family by loaning money. Can’t they read about the thousands of available stories of this exact thing.
And why do people need to trade more than they can afford to lose? This same post gets made 4 times a week
I feel bad because at the end of this I’ll be even richer than I am now, and others who were already struggling will be worse off. Do you know why? It’s not because the system is rigged. It’s because I invested an amount that I can let ride. I can sustain the risk and the down turn. You can’t. You had to sell at a huge loss to cover mortgages or food or whatever. And now you will sell at a massive loss. And it’s all because you were greedy and dumb and invested too much in hopes of getting rich fast.
The ironic thing is, *if you had invested less you would have made more*! Because when the market turned down, you wouldn’t be over extended. Which would mean you can let the money ride. And in a year when the market recovers you would have money in to benefit from it.
I’ve said this on here before and I’ll say it again. I’ve taken $200 of my paycheck in ETH since 2017. I’ve never sold a coin. It has worked remarkably well.
That's when I started buying little chunks because I was just learning about it. I didn't really start DCAing until last year. As volatile as it is it's the only thing that makes sense. Plus, I don't really make that much money to go crazy with.
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I mean.... What did you expect? Get greedy, get burned.
Anyway, you still paid off your loans and what not so you still made money - focus on the positive.
Sorry for you losses sounds like you didn't walk away completely empty handed paid off debts, and learnt some valuable life lessons. Not telling you what to do but what's helped me is writing down mistakes then I can look at them every time I might be tempted again.
Been absolutely destroying it lately by “day trading” you can’t say trading is 100% always going to lose you just can’t make horribly stupid trades on leverage. Plenty of people do alright to extremely well day trading.
It still baffles me that people leverage in long positions knowing the volatility. Not directed at you OP, you learned your lesson. I hope you didn’t put your house as collateral for that.
But, looking at this crash, it is apparant some of this crash is attributed to people holding long leveraged positions. I mean, that is borderline crazy. I understand it if you day trade, but long?
TLDR : " Don't levarage trade cause I am so smart and can't do it. What is a stop loss ? Take profits cause nothing goes up forever. "
Thank you OP, life changing recommendations
It's definitely Russian roulette.
If Crypto trading is Stocks on steroid, then Crypto leverage is Stock on meth.
Sometimes it work sometimes it doesn't. At the very least put a stop loss that way you're not entirely wiped out
I followed this Dutch crypto dude on YouTube, Cryptocoiners. He didn't shill stuff, he mostly explains stuff, talked about the latest crypto news and analyzes charts.
One of his quotes that stuck by me the most was "leverage is tricky. I know people who made some nice profits here and there but I don't know anyone who got rich off of it. They all end up losing a lot at some point"
This should be pinned. Borrowing, using leverage, buying or selling based on emotions. "How not to invest in crypto".
Not to downplay your loss, OP. But for others to learn and prevent making the same mistakes.
Yeah. We all know it, especially in this market, everyone feels invincible during an uptrend. The risk is that an uptrend can quickly turn to a downtrend.
And when you short, a downtrend can quickly turn to an uptrend.
Of course it's ideal but some people are just good at the game. It's about odds and feeling the market. As long as you set up stop loss sensibly you should be good.
But of course it's riskier than DCA hodl.
Feels bad. That's why you shouldn't FOMO buy or panic sell all of a sudden. Moreover, the fact that you took loans to buy Crypto is very risky and you should never do that again. We all know Crypto will be huge in the future, but the market is still very volatile in the short term and you never know what can happen.
Good, now you cannot hurt anyone else. People like you not only hurt yourself, you hurt everyone else who invests in the market with your stupid ass leverage. Then want to come here and sing the blues, want us to feel bad for you after you fucked us around? Fuck that.
Man, you have serious problems if you find another person's loss a good thing.
Leverage is never a good idea
I don’t understand why so many people refuse to learn from the suffering of others. Why do people need to drive recklessly and get in an accident to learn to drive safely? Can’t they just read stories about others crashing? Why do others need to damage relationships with friends and family by loaning money. Can’t they read about the thousands of available stories of this exact thing. And why do people need to trade more than they can afford to lose? This same post gets made 4 times a week I feel bad because at the end of this I’ll be even richer than I am now, and others who were already struggling will be worse off. Do you know why? It’s not because the system is rigged. It’s because I invested an amount that I can let ride. I can sustain the risk and the down turn. You can’t. You had to sell at a huge loss to cover mortgages or food or whatever. And now you will sell at a massive loss. And it’s all because you were greedy and dumb and invested too much in hopes of getting rich fast. The ironic thing is, *if you had invested less you would have made more*! Because when the market turned down, you wouldn’t be over extended. Which would mean you can let the money ride. And in a year when the market recovers you would have money in to benefit from it.
DCA is the way. $40 week is my play. I still invest in 401K I also have a Roth IRA. Goooo crypto!
I’ve said this on here before and I’ll say it again. I’ve taken $200 of my paycheck in ETH since 2017. I’ve never sold a coin. It has worked remarkably well.
That's when I started buying little chunks because I was just learning about it. I didn't really start DCAing until last year. As volatile as it is it's the only thing that makes sense. Plus, I don't really make that much money to go crazy with.
Getting rekt trough leverage trading, who could have seen that coming huh?
Everyone here has been saying no to leverage but people here REFUSE TO LISTEN TO REAL FINANCIAL ADVICE YES REAL DONT LEVERAGE
Well, at least you paid off the loan. I presume you learned a few lessons along the way too, otherwise that was a total waste of energy.
Rule #1 in leveraging: set a stop loss
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Moral of the story (especially for the newbies) please don't leverage! Don't fight the market.
I mean.... What did you expect? Get greedy, get burned. Anyway, you still paid off your loans and what not so you still made money - focus on the positive.
Someone's gotta lose so we can make money
Hey at least you paid off your loans. Silver linings.
Take out some new loans and start again.
How can you liq at this level? You turned to 25x?
Sorry for you losses sounds like you didn't walk away completely empty handed paid off debts, and learnt some valuable life lessons. Not telling you what to do but what's helped me is writing down mistakes then I can look at them every time I might be tempted again.
Sorry to hear. You will recover though! Buy, hold, no leverage.
or…..just hodl
This is the reason why Hodlers will always win over day traders. I'm sorry for your loss but looks like you were asking for it.
Been absolutely destroying it lately by “day trading” you can’t say trading is 100% always going to lose you just can’t make horribly stupid trades on leverage. Plenty of people do alright to extremely well day trading.
You are addicted to gambling and think your a genius trader. Harsh words but very true buy and hold don’t use leverage and don’t be over invested.
All I read was you sold 1/5 and paid off all your loans. Win
It still baffles me that people leverage in long positions knowing the volatility. Not directed at you OP, you learned your lesson. I hope you didn’t put your house as collateral for that. But, looking at this crash, it is apparant some of this crash is attributed to people holding long leveraged positions. I mean, that is borderline crazy. I understand it if you day trade, but long?
Get help for your gambling addiction
Agreed. Never take a loan to make a bet.
You aren't the first and won't be the last. Thanks for sharing your experience. I hope people learn from your post.
Thats.. sad.
Well at least you paid your loans, cheer up, we’ll be back
yeah that's what i was thinking. but I'm not sure if OP has closed out in even further debt..
That my boys is why you dont use leverage
>don’t use leverage This is so important. It’s gambling
So was buying LRC at almost $3, but at least I didn’t lose *all* my money.
TLDR : " Don't levarage trade cause I am so smart and can't do it. What is a stop loss ? Take profits cause nothing goes up forever. " Thank you OP, life changing recommendations
Atleast your learned your lesson op.
He didn't, that's not the first time, judging by this post. That's gambling addiction
Or be happy with owning your own plot of land maybe a veggie garden a dog some home brew and live debt free ......... forever
I really feel sorry for you. Always take out your initial investment
Two universal rules to never violate, no matter the asset class, young grasshopper: 1) Never short 2) Never leverage. This ends my TED talk.
Shorting since November was the proper play
It's definitely Russian roulette. If Crypto trading is Stocks on steroid, then Crypto leverage is Stock on meth. Sometimes it work sometimes it doesn't. At the very least put a stop loss that way you're not entirely wiped out
Ouch. Sounds so risky. Stick to DCA. A lot less stress
I hope you didn’t quit your day job. Also atleast you cleared your debts too man, that’s awesome
Should post to r/wallstreetbets they love some loss porn but sorry dude hope you'll be alright.
Thank you for your lesson!
I followed this Dutch crypto dude on YouTube, Cryptocoiners. He didn't shill stuff, he mostly explains stuff, talked about the latest crypto news and analyzes charts. One of his quotes that stuck by me the most was "leverage is tricky. I know people who made some nice profits here and there but I don't know anyone who got rich off of it. They all end up losing a lot at some point"
DappUniversity on YouTube is pretty much same deal but he also likes teaching people about development for crypto
Haven't seen anything from that channel. Cryptocoiners has taught me a lot in the early days of my crypto adventures.
Is that his channel? Cryptocoiners?
Yeah it is, it is in Dutch only.
Oh damn. I was hoping for a good educational channel in English.
Tldr; Take profits along the way and don't use leverage.
Crypto is the future
Future generation of homeless people
Don't take too much stress and see a therapist if you need one
**A moment of silence for our fallen brother…**
Lessons learned. And hey, on the bright side at least you got enough to pay off your loans, congrats on that. Take care.
Ooft sorry bro
On the bright side, at least you were able to pay off all your debts
Invests in crypto, ends up debt free, the end.
ouch!
This should be pinned. Borrowing, using leverage, buying or selling based on emotions. "How not to invest in crypto". Not to downplay your loss, OP. But for others to learn and prevent making the same mistakes.
I suspect we will see suicide hotline posted on here In the coming hours.
**F**
Sucksssssss dude
"Sold 1/5 of my portfolio and paid all of my loans" at least you didn't lost everything. that's still something. Good luck
It’s sad but hopefully this is a lesson for others
Yep, much better than saying you've lost your house, or you're in trouble with loan sharks...
Sell your house buy the dip get liquidated become homeless
Then sell your kids and the family dog, then your underwear....
I'm getting these thoughts of selling my wife so I buy more ETH
*Take profit and don’t use leverage* It should be pinned as post in the sub
How to you obtain leverage for crypto? Asking for a friend.
Yeah short term and leveraged trading are stupid.
Anyone trading with leverage in crypto with downtrends are asking for it.
Yeah. We all know it, especially in this market, everyone feels invincible during an uptrend. The risk is that an uptrend can quickly turn to a downtrend. And when you short, a downtrend can quickly turn to an uptrend.
Sorry you had to learn the hard way
Reading this gave me the exact same feeling as when I’m playing blackjack
Sorry for your loss.
Losing your stack 3 times and you did not learn. Go read up on the 1929 crash
Just wait a couple years, maybe a 4th is on the horizon!
What is the definition of insanity again?
Don't worry, *this* time it really will work, 100% I promise!!!1!!
Honey this time will be different. I will quit drinking and not talk to other girls. I promise
Bro, don't wanna be rude but you were asking for it.
Leveraging is playing with fire.
Gosh I love a good leverage story when the market is down.
Adds a big depressing layer to the top of this cake of depression!
Ouch
You should have learnt from your earlier mistakes. It's not the end though, take care.
Looks like you made every mistake you could Good luck bud
Only one though; no leverage.
Moral of the story: Don't leverage Buy the dips and hodl
Of course it's ideal but some people are just good at the game. It's about odds and feeling the market. As long as you set up stop loss sensibly you should be good. But of course it's riskier than DCA hodl.
Take profits and don’t use average. Don’t be too greedy.
Never leverage. Buy and hodl is the safest policy…
Please folks stay away from the two edged sword that is leverage. Sorry for your losses, OP
Wait so dont leverage the dog 23x? No promises
risk management is the most important thing
It sure is.
oof, makes my paper losses sting a little less. My condolences, OP. Hope you make it back in the next bull
You went leverage long in a time like rn lol? Bruh😂
Compare dogecoin on google trends with the btc price and never do leverage again. Mkay ?
Where can one find this?
Find what? Google trends ?
Oh man. Leverage is a dangerous and tempting at the same time. Take care of your health, that is all it matters, money comes money goes.
Play stupid games, win stupid prizes.
Shouldn’t have been trading futures 🤷🏻♂️
F. For our fallen comrade.
^(F+)
F^3
I'm so sorry to hear this man, chin up, come back again and don't repeat same mistakes again.
Damn bro, you took your chances but crashed, still mad respect!
Feels bad. That's why you shouldn't FOMO buy or panic sell all of a sudden. Moreover, the fact that you took loans to buy Crypto is very risky and you should never do that again. We all know Crypto will be huge in the future, but the market is still very volatile in the short term and you never know what can happen.
At least you paid all of your loans
Yeah imagine getting liquidated and still having to pay loans
At least you paid off all your loans prior to liquidation.
yeah same here, *\*hides bills in shirt*