Bitcoin Forum

I won't even narrate any history, I will just say it as it is.

I got involved with cryptocurrency and overwhelmed with the market size and and all the good sides of the story, I didn't waste much time to gain little knowledge about the market, invested in it as anyone else could have, joined trading with little or no knowledge of crypto trading, learning on the trade, grew with the market, supposed to be a sweet experience but otherwise happened. I wasn't frustrated with the constant downtrend of the market, I guess it was my expectations that got it frustrated and eventually all was 1000% losses and I closed all trade without a consolation. But I'm still not giving up, rather looking for how to amend some of my mistakes.

Life experience cryptocurrency 1.0 (exited)

This was your mistake. You should have done some researches and try to gain some knowledge prior to investing your precious money. The forum would have helped you a lot. But at least you learned something from your mistake which is actually a good thing. And yeah, don't give up. Try avoiding all the mistakes you have done the first time and you will be good to go.

Thanks adzino, I hope to get better in my quest, it hurts though but I'll be fine some day

So what was your trading strategy?What was your portfolio?
Perhaps the biggest mistake that you ever made is that you sold all your coins and exit the market with a big loss.A good trader never sells when the prices are going down,he just waits for the bullish trend.
Now you can start all over,but with a lesson learned.

I know all that about a good trader, that was why I stated that I wasn't frustrated with the constant downtrend of the market, and closing all at loss was a situation beyond my control which was part of the biggest lesson learned, I guess I wasn't close to being a good trader at all.

Yeah, it has happened and the good thing is you have learned and still determined to continue what has been started. What's important is to carry the lesson along the way. It may be repeated from to time to time; hence, it is truly needed to be skeptical and open-minded always.

1000% profit loss but 1000% knowledge gain.

don't be afraid to lose and stumble sometimes, you just gotta try and try and try until you succeed. You'll eventually go on you big break and as you pass through t, you'd remember your struggles and falls along the way and thank God you didn't stop trying.

Everyone in this market can easily make 1000% loss even though they are good trader or holder if you just hold them that may be 1000% profit in a couple of years.

Don't worry mate you will surely get better in trading as you learn new lessons every day and you will someday reach the point wherein you make good decisions most of the time and profits from your trades. Just always remember that something that is not yet sold, despite a dump is not a loss because it might go up again anytime in the future. Also, remember to not lose sleep because of thinking about the money you lost and will lose in your future trades since there are always risks involved when trading.

Im still confused about your decision. When you stated that you lost 1000% and then you decided to close it, at this point I started to believe that you might be leaving the crypto currencies and never looking back. But next sentence if yours was frightening! Literally! You are going to continue the crypto's, if thats the case then why you even sold anything? You could have just waited enough so that you could have given some oxygen for crypto currencies to breath and thus get your ROI back on track! Come on man, how hard was it? The patience is the key here and you must learn that from your biggest loss of all time!

How did trading ever get accepted as a legitimate option for clueless newcomers? I've never, ever seen it suggested for stock markets and they're vastly more sedate and predictable.

Even the best traders can throw away all their gains in an instant. It's pure gambling.

I get you clearly man, and I'm sorry if I confused you a bit, I actually called it a loss the moment I closed the trade in loss, I wish I didn't but I couldn't help it, I guess I broke some of the rules, especially rule number #1...don't invest any money that you are not willing to lose, as simple as that may sound ironically it is the best truth ever in cryptocurrency trading, the idea will guide you or even prevent you from losing 1% of your portfolio but if you break it the repercussion is almost unbearable. I'm gonna make another thread to narrate part of my experiences, I'm sure it will help someone.

Thank you guys for your encouragement, I'm getting stronger and better

That's the reason why knowledge about trading and investing is what we should really have upon entering cryptocurrency. Sometimes, due to high or low prices, we can't control our emotions and we do panic buying or panic selling. We should know the basics of crypto first so that we'll know how to deal with the changes here.

When did you start trading and with what kind of coins?

Anyone could have made nice returns back in December with pretty much every coin. Did you invest in a shit coin or something?

Also, how do you lose 1000% ??? What??? You can only lose 100%. You can't lose after 100% because you've lost it all.

What ever we do we should have knowledge about everything we want to enter especially in crypto because if you didn't know how to deal with your emotion when the price are low I'm sure that you easily lose your money.

Due to current market strategy,you are speaking like this.Even I want to sell bitcoin worth of 500$,but the current price make me to worry.The reason is very simple,if I had sell 500$ of bitcoin.I will get huge loss for sure.I am going to hold till the next peak of 10,000$.

downward trend is normal case.
this is your mistake , you have to wait market to arrive back to normal. I am holding bitcoin + Ether 100$ not selling this crytpo reason , i know it will be back to normal and go high again in few months.

actually its the correct time to buy lots of bitcoin and altcoins. reason , market is down as compare to usd. when it go high = proft
also what do you mean by 1000% loss you lost money ? is that coin dead?
answer is no coin is ok but you have to wait till market stablize

With the current market trend, one would just be stuck with the coins like forever. If those coins were not good ones, it just makes the situation more ugly. Sometimes its good to accept losses and move on. At least some valuable lessons have been learnt. I've been in this situation once or twice.

It's looks like not a big deal for most people who come and trade for the first time to go allin at once without knowing the bankroll management and how the risk behind could so destructive. You got it now but yeah it's not a bad decision at all to leave / cash them out early even you are in huge loss, you might vulnerable to get even more losses, so yeah just take a break and come back later when you think everything is fine.

Trust me, we all make big mistakes.. some of my biggest mistakes have been in bull markets over bear, but I still think about some of the mistakes I made early on.  It's better now than when we enter a bull market because the hardest part is taking profits on coins that are doing really well.  You'll think back to these losses, think 100-200% profit IS ALWAYS GOOD ENOUGH, and not worry about it.  Thank you for your experience.. I know some will make fun of you or ridicule you, but to most of us it has happened to various degrees.

You need to accept it all,that's a part of expectations on high risks when doing investments,trading in crypto world. You should charge it to experience,and avoid to happen it again through by gathering some best strategies,and try to do it again  carefully and wisely.

Welcome to crypto world I hope now you will collect some knowledge. You will/should be more careful in selecting any crypto currency before investing into it. You should learn as much as you can, this forum is full of crytpo knowledge. Move around in different sections. Try to learn posts and participate as much as you can. Observe market trends and do take part in discussions as well. All these things will be helpful in development of a good crypto trader. 

Been there there's always a risk in every investment specially in trading cypto, had the same experience last year but worst I got scam from an ICO due to hype that I did not even bother researching cause I was new and did not expect to get scammed, so yeah I lost everything but that did not stop me. Luckily ended up in some good project with awesome returns of investment and profit. 

the best teacher of one are his or her mistakes and as soon as you don`t repeat your mistakes you gain experience and become wiser which will give you something more than a money.

I'm currently at 50% loss though I have made some terrible trading decisions but importantly I have learnt a lot which I will apply in my next trading.

Well you should learn few things before entering the trade market, most of the the people not bother to learn the basic because they thought that they could just put the money and get lucky, but in reality the market of crypto is very risky and volatile, even the professional with tons of experience could speculate the wrong movement and lost money, but don't give up even if you are losing money, learn to become a better trader, when you gain more experience it will be easier for you to make profit

That’s horrible to experience that your experience was zero profit and hundred percent  loss in this business it is proving that you are lack of knowledge about business but let this as a lesson you must learn.

It might not entirely be his mistake. Most times people introduce their friends and family to cryptocurrency. But they make the mistake of telling them only about the possible profits forgetting to tell them about the downtrend, losses etc. That might just be the case of OP. I know someone who introduced lots of people in December /January Crypto boom and today he can't keep his head up.

For most newcomers, this story would be more useful if you could tell which coins you invested in. Now I do not quite understand what your problem was.

I will explain you where is the problem, with his words! Take a look:

Next time waste a bit more time and gain more knowledge about the market before you invest your money.
It can be always green, its not profit all the time when ever you buy and what ever coin you buy. By this post I presume that op bought in december when prices were on top, later he just lost money in trying to recover cause entire market dropped, bad timing for him.
This should be a great example of what people should not do! And before everything spend more time on researching, it will worth it! If you don`t believe check what op wrote!

Hope you have effective methods to correct this mistake. The first day I lost 17% when I bought OMG for $ 9. I was scared, and I sold OMG and bought the BCH. And two days later I made over $ 200 when BCH increased. Therefore, never allowed accept defeat and withdraw from this market

It really happen and if your first experience was zero profit and hundred percent of loss then make it this mistakes as a challenges that  you must learned to be able to achieve your goal in this business.

First of all you cannot have a 1000% loss, at most you can lose 100% of your money, second your greatest mistake was trying to trade without any knowledge or experience, this market is not going to let go those mistakes and you cannot learn while doing it, the best thing is that you have not given up, take this as a learning experience and next time try to learn as much as you can before investing or trading.

I used to be like you and I thought before you invest the money you have in anything you should learn and study all that is relevant to the problem you want to invest, as well. electronic money.

I suggest if you want to start trading and do not want big loss, start with a small capital. trade slowly while studying.