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SUPPORTMy final margin call (self.ethtrader)

revcbackredditor for 1 month が 投稿

Okay guys, so after quite a few years, I'm quitting trading altogether.

Through my years, I've had some great days and some bad ones. I remember staying up nights on end looking at the price, roaring with happiness when my position went up 20% and sighing when my stop losses were hit. I've had some amazing fun and invested hours upon hours of my life into crypto. I'd earned a LOT by reselling stuff in real life and putting it into BTC in the $200-600 range. My net worth was pretty huge and I was essentially set for life. Being young, I have very little in fiat: the majority of my holdings were in BTC.

All because of one position, I lost it all. Yes, I know it was stupid. Yes, I know you shouldn't short, especially in a bull market. Yes, I know that I should have cut my losses fast. From the first worrying -2 BTC to the slightly terrifying -20 BTC, watching my losses grow and grow. Everyone told me to close the position: but I told them, are you retarded? Do you want me to close out with a $2,000 loss when it's so clear DASH is going to crash? Do you want me to close with a $10,000 loss when this is clearly a bubble? Do you want me to close with a $50,000 loss when I can easily make $20,000 if I just wait this out?

I was so damn certain that DASH was going to fall. And, it kept hitting new all time highs. I thought I was smarter than the market, I thought I could time the bubble: but guys, remember. It just doesn't work.

So, I've decided to stop trading 100%. It's a drug to me. (Even after being liquidated, can you believe that I converted the rest of my bank funds to Bitcoin and shorted more? I made a horrible decision in a fit of rage and I regret it so fucking much.)

My final margin call: https://gyazo.com/8cba2eb983f4ff6733a0b8b4807f358a

I hope that some people here will be able to learn from me and never let their losses grow to what they can't afford to lose. For years, I have been content with my life and sufficiently "well-off" in the knowledge that crypto is huge and I have enough money to live comfortably. I'm crying as I type this, because this is the worst moment of my life. So many fucking years of working, and all gone in days. I'm no longer rich, or well-off. I'm going to have to fucking bust my ass, bit by bit, to slowly recover - and I don't even know where to start. The pay I'll get when I start working ($10-20ish) seems like literally nothing compared to the thousands I lost. And if crypto really takes off, I'll always have regrets about what could have been.

Honestly, I'm just so done with everything. My head hurts, I can't stop crying and DASH is still going up. Good bye, I hope all of you have a great day.

Here's my BTC address, if anyone's feeling generous. EDIT: removed

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[–]insomniasexx 13 ポイント14 ポイント  (2子コメント)

  1. Ouch. I'm sorry. Start by breathing. Seriously. This is going to hurt now and for a while, but realize that you are not your trades, you aren't defined by your trades, and seriously there is a lot more to life than fucking crypto trades.

  2. Figure out what gives your life meaning that isn't crypto trading. Do that more than you trade. When you are 30, 40, 50 years old and this entire crypto thing is a fad of the past and you are broke, are you going to put "crypto trader" on your resume? Don't get me wrong, I'm bullish as fuck. But putting your eggs all in one basket is irresponsible - whether that is the money you make, the money you save, or the items on your resume.

  3. Call up your friend (no texting!) who works as a sign-spinner or actor or some bullshit and get a drink with him. Listen more than you speak.

  4. Call up your friend (no texting!) who is actually on a career path that you are slightly envious of. Get a drink with him. Listen more than you speak.

  5. Delete reddit -> gym.

For those who trade or those who might be in a similar position, don't be greedy and don't rely on crypto for your livelihood or self-worth or net-worth, please.

  1. Get yourself a fucking piece of paper and a fucking sharpie. Write down how much you are going to take TO FIAT into YOUR BANK ACCOUNT each month. Then do it. If you are in the US, get yourself an IRA and/or another account that (1) has tax benefits and (2) you can't touch. Every single month, a % or flat rate should absolutely go to your bank account - preferably one that will stay there for 30+ years and grow slowly and be there when you are old and wrinkly.

  2. Before opening any trade - short or long - or even if you are holding - write down when you are going to close. When you close if it goes south, when you sell if it goes north, all of it. Then do it. This has to be in sharpie...on paper....on the wall...next to your computer. You can't delete it, trash it, erase it. You do what it says because you 1wk/1mnth/1yr ago would have been happy with that, and you today should be happy with that.

  3. Decision making in the heat of the moment is never good. Trust your past, more rational self. There is no new information that is more reliable today than the information you were relying on when you opened that position. This will save you more often than it hurts you to close a bit early. Plus, you can always blame and hate and want to kill your past self. It's much more problematic when you are blaming, hating, and wanting to kill your present self.

  4. Diversification between Dash and BTC is not diversification.

  5. Call up your mother or another trusted (older, respected, mature, financially sound) person in your life and explain to them that you plan on keeping X% of your net worth in crypto. If you don't have the balls to do that because you know they will think you are a crazy stupid motherfucker, then that X% needs to go down until you can.

  6. Don't only hang out with crypto people. Having people in your life - colleagues, friends, family members - who are aware that you are into crypto but don't quite get it - is a very good thing. They keep you grounded. When reddit is going BUY BUY BUY, they remind you that the 99% of the world doesn't know an ethereum from and ethernet cable. This is insanely helpful when you think that things couldn't possibly go wrong. And also nice to have when you fuck up, lose it all, and reddit is laughing at you.

  7. Things will always go wrong.

[–]TenderloinTechBro 1 ポイント2 ポイント  (0子コメント)

Great advice.

There is one simple question that has kept me profitable in my trading career:

What if I'm wrong?

If the answer to this question is unacceptable, adjust your plan until the answer to this question is acceptable to you. Then stick to the plan. If OP had followed basic risk management strategy, he wouldn't be in this position.

[–]notsogreedyBull 0 ポイント1 ポイント  (0子コメント)

You're right.
Expect the unexpected

[–]Snwmn88redditor for 2 months 11 ポイント12 ポイント  (0子コメント)

Stay strong my friend, I feel for you :(

[–]dirtyhera 7 ポイント8 ポイント  (0子コメント)

Holy shit. Man I am so sorry.

[–]_kittehBullurker 3 ポイント4 ポイント  (0子コメント)

Sounds like a bad experience, good luck out there. Earning real money by doing stuff you -hopefully- like is much more rewarding for the mind anyway. Just make sure you find that job you love, don't settle.

Removing your BTC address from your post was the right thing to do, it clashes with your intention to stop trading as well.

[–]xAlias 3 ポイント4 ポイント  (0子コメント)

Sorry to hear that man. Stay strong and learn to move on. At the end of the day, you are still well in mind and body, young and have your loved ones. Money comes and money goes.

Just take this as a valuable and costly life lesson and make sure you learn from it.

And yes, take a break from trading as it can be destructive when you try to gamble to recoup your losses. I know that feeling and nearly liquidated my whole trading funds till I woke up one morning and closed my short near margin call. The sleepless nights and tensions are not worth it!

Good luck!

[–]L3THALSHADOWzFan 2 ポイント3 ポイント  (0子コメント)

wow

[–]bcn1075 2 ポイント3 ポイント  (0子コメント)

I've been nailed a few times in my life pretty hard. I lost a sh*tload in the crash of 2008.

The best thing to do is walk away for now like you are doing. It is only money. It seems like the world is ending, but it will pass.

The lesson for everyone is to buy and hold! Don't put in more than you can afford to lose.

[–]towjamb 2 ポイント3 ポイント  (0子コメント)

You realize you may have a problem beyond losing a fortune. And it won't be rectified with more money. If I were you, I would take this opportunity to step away and do some real soul searching. Seek help if you must. You need to move forward in life with a healthy mind or it will destroy you. Take care.

[–]fast11 2 ポイント3 ポイント  (0子コメント)

Shit happens. You will get through it. Don't do anything stupid for now. Shut down your computer and go smell the flowers outside. You're not alone.

[–]viners 2 ポイント3 ポイント  (0子コメント)

For your own sanity, don't look at the price of DASH ever again.

[–]MisterBurgerFaceHodler M.D 1 ポイント2 ポイント  (0子コメント)

Greed is a curious force..

[–]TenderloinTechBro 1 ポイント2 ポイント  (0子コメント)

Start with your psychology. Go see a therapist.

[–]ThisGoldAintFree 5 ポイント6 ポイント  (4子コメント)

😂 begging for money when you completely threw away all your savings on a gamble, get out of here. A long post isn't going to hide you're just trying to get free money

[–]revcbackredditor for 1 month[S] 4 ポイント5 ポイント  (1子コメント)

Yeah, I understand. But try and put yourself in my shoes. Anyway, removed the address.

[–]ThisGoldAintFree 0 ポイント1 ポイント  (0子コメント)

Oh no I definitely would have done the same thing lol but it's against the rules. I would have shorted dash also as it seemed pretty obvious at the time but I don't gamble like that. Just investing in what I believe in. Overall tho not a good idea to ask people for money here cause we all lost a decent amount today I think

[–]Quebethredditor for 2 months 1 ポイント2 ポイント  (1子コメント)

You are an arsehole.

[–]yayreddityay 0 ポイント1 ポイント  (1子コメント)

Since you are still young, you can probably use your years crypto knowledge to somehow get a job in the field.

At least this isn't like the other bad trade post where a 40 to 60 year old man lost about the same amount trading, but with fewer chances of recovering.

(also, inb4 Dash crashes tomorrow)

[–]xAlias 0 ポイント1 ポイント  (0子コメント)

Which was the other bade trade post?

[–]Bingbongfly 0 ポイント1 ポイント  (1子コメント)

Damn, that's though. I feel for you. I remember your posts, you said "eventually dash will fall, if I remember correctly I replied : "The market can stay irrational longer then you can stay solvent." It's a good saying, very applicable to this, good for new traders to keep in mind. Good luck in the future!

[–]mtl_economics 0 ポイント1 ポイント  (0子コメント)

I remember that exact comment and thinking it was on point. Never imagined he had this much on the line.

This is brutal.

[–]holiquetal 0 ポイント1 ポイント  (0子コメント)

u'll be aright man. Don't worry about it. Try to get yourself some healthier hobby, you sound like u need help.

[–]TickleTh1sElmo 0 ポイント1 ポイント  (2子コメント)

How'd you lose it all?

[–]revcbackredditor for 1 month[S] 1 ポイント2 ポイント  (0子コメント)

Forcefully liquidated, so had around 23 left out of the 150 when my position got completely closed. I converted the last of my bank funds to BTC through Coinbase, and with 26 BTC reshorted. The rest is history. My body literally cannot stop trembling right now.

[–]mtl_economics 0 ポイント1 ポイント  (0子コメント)

My final margin call: https://gyazo.com/8cba2eb983f4ff6733a0b8b4807f358a

[–]blog_ofsiteGolem fan 0 ポイント1 ポイント  (0子コメント)

I lost $10k last 2 days and you lost over $100k, so I can some what relate to what you are feeling right now. Honestly, good luck with your life and I hope your luck turns around. I will take your lesson to my grave.

[–]speedyarrow415 -1 ポイント0 ポイント  (0子コメント)

Why does this sound familiar like the fake Apple stock guy on r/Wallstreetbets