Bitcoin Forum

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https://www.reddit.com/r/CryptoCurrency/comments/ngk8f6/please_dont_trade_on_leverage_if_you_arent_a/

As we all saw the recent dump of Bitcoin, which Bitcoin dropped around $30,000 recently.
I saw a very sad Reddit post, I don't know if this is true but this is very important for all the traders out there that we should always trade responsibly.

It's just money everyone, we can make it all back! Never ever do something stupid that will put you at risk of your life with it.

If you guys also having a hard time or lost a lot recently, let's talk about it, feel free to post here or send me a message, I am willing to talk with you  ;)

Damn this is a grave news. People should really take cautious when dealing with leverage trading. Mind those who have fainted hearts to avoid trading style like this. You let the emotions take in and once a user can't take the result definitely will result to something like this. Money is so hard to earn and probably the victim can't take it that his long time saving is already gone just like that. I'm very sorry to the one who've posted this on reddit I'm sure yohlu can't accept the reality of what happened.

Would it not happen if he had closed his position on Binance?  I think so too. Reddit deleted it, I wonder how old he was.
It would have been different if he sees his family and see how many people love him even if he did some mistakes.

Anyway, margin trading is more stressful than just doing it on the spot market. I've seen pro traders share the analysis but they don't really engage in margin trading and it's all because the capital can easily get liquidated when the market goes against the position.

This unfortunately happens a lot in bear markets or price crashes like this. Truth be told for the readers — while money is definitely important, money isn't everything. Money that was lost can be made back in the future whereas on the other hand, you only have one chance at life. Be careful with making impulsive decisions.

This is why important to have risk management when doing leverage trading. My friend also got liquidated with the recent crash, all his profit including the capital from the start of the year on leverage trading went to waste. I only know him online and I hope he is doing okay. Leverage trading is really risky even if you have big capital. Even if your liquidation price is far and didn't put a stop loss thinking that is impossible to go that low, if market dumps like this there is a high chance you will get liquidated.

"Do not trade on leverage unless you are professional" and "do not trade with money that will cause you to commit suicide if you lose it" are not the same things. I believe there is a good chance that you could potentially end up losing your money if you are not a professional but if you get in with low amounts that you do not care about that will not be a problem. It's hard I know because even the minimums in some places are like 50 bucks and for people like me losing 50 bucks hurts, not remotely enough to commit suicide, it is like 10% of my salary so it is a bad thing for me of course, but it is not really THAT bad, it is like making a bad purchase, buying a useless toy, that kind of stuff.

This is why do carry on trading on leverage, even very high leverage if you are an amateur, who cares? But, only do it with money that you can afford to lose, think of that money as gone, if you do not mind that money lost then you can do it but if you do it with money that is so high that you want to kill yourself? That's very wrong.

I think, this time of the year. The best thing to improve and develop is persistence and stoicism. We all are in an industry with volatility that would either make or break us. Financially we may become quickly successful but the negative effect of it is still intact.

And the time that you lose, things will go wrong one by one. You start to hate your life in a way that you won’t respect it that much and take it. The same thing happened to the trader.

I’m not a trader myself, but I own cryptocurrencies and I am also affected by the correction. I just feel bad about his person since if only he knew that he can still recover from the losses he had, he might become successful.

^ I feel sorry for the loss of the person who posted this. Only if he knew his friend was going through those circumstances, help might have been given by him. You know what? I think we all have to learn to avoid leveraging especially with the volatile market and you use all of your life savings to trade. That is a very risky one and consequences might be big. And sometimes, when we feel a short and temporary success, the tendency is we grow our egos in a way that we think we are the best. And when the failure hits us, we don’t have somewhere to go to seek assistance and help because we eat us. A negative effect of quick success.

There's so many untold stories when in comes to losing money in trading, and this one is very sad to know someone will took life because these challenges, leveraging is not for all, that's way too risky and you can lose everything in just a short period of time. Rest in peace to the friend of that Sender and I hope this serve as a lesson to everyone here, the market will always go up and down, put the money that you can only afford to lose, don't go all in.

How many people would be doing this kind of action everytime they fail?

People really trying to make some profit by risking everything even though it's said that cryptocurrency has a higher risk of losing your money due to its volatility. And suddenly someone ended their own life after that correction which is somehow connected to Elon Musk's tweet.

This kind of risk in trading is unbelievable, risking your money and life just like that after losing everything. How can someone would learn if they would just head dive to the market just because it's hyped or bullish run? Take time to learn and getting rich quick is not happening in trading.

This is really sad and unfortunate event.
This is a reminder for all crypto traders that they need to assess themselves if they are truly ready in this market.
The roller coaster ride in this market can really take a toll on someone's mental health.
And if you are playing with money that is not yours, that's another problem.
If you know someone who is in the verge of breaking out, lend your time as it may help him see things clearly.

People shouldnt really be ending up on a suicide if they do lost up money but honestly this is a hard thing to say when you are in the situation because imagining that your entire life
savings was on the line and suddenly get liquidated then you would really be going into that point.This is why its important that we shouldnt go all in with cryptocurrency investment.
Its way too risk and always invest on the amount that you can only afford to lose because in case you got liquidated then you wont really be hurt that much where it comes to a
point on where you do decide or end up having the thoughts on taking your own life which it isnt really worth at all.

really sad to see traders do things like that, why do you have to act like that?
very unfortunate, this is the importance we have to have knowledge about trading, don't just trade based on FUD and FOMO,
because the market can be dumped and pumped, its okay if you play on the spot, but in futures trading it will really get you die

He was broke and desperate, He takes all the pressure but too unfortunate that he can't manage it all. But damn, it is a stupid decision.

If we have some problems it is very important to share them with any of our family members or with our friends. We need some advice, it sometimes could heal what we feel, and gives us comfort, if he is doing this earlier, he couldn't think about this for sure. And most important is to keep our mind healthy at all, minimize stress, and always positive. Everyone shouldn't just have to ignore this.

RIP

Sad to hear out these kind of stories where someone doesnt able to handle out their emotions and ending up on having this kind of way on resolving things on taking his own life.

For sure when we are on the situation on where we had bet out everything in terms of finances and get lost of those funds then we would really be having a hard time on how we could solve things up.

We dont know on where to start and how to get up on our feet but these things wont happen if you do had just realized that you shouldnt risk all in all because tendency
of this situation to happen would really be next in line.

For every one got to have some worst experience, talking with someone will help.
There are a lot of hotlines that can help those people who are in the dark.

Below website may help you, list of hotlines or helpline online. I hope these will help.

https://suicidepreventionlifeline.org/chat/ - US Only, online chat helpline
https://findahelpline.com/i/iasp - Outside US helpline
http://www.suicide.org/index.html - Suicide prevention site, hotlines, email, chat helplines, etc.
https://www.opencounseling.com/suicide-hotlines - List of hotlines for every country.

Do not go into leverage trading when you haven't had experience in it, the victim must surely be a newbie in trading and maybe might have not experience dip in price before, this is clearly a lesson to others that come across this thread. We kept on saying this statement everyday "Invest in the amount you can afford to loose" but some people think it's just a saying. Investing with all your savings is a very risky mindset and not appropriate at all, a good entrepreneur is an average risk taker, learn that and breath fine in your trading career.

Such news will be for the people who got acquainted with the digital currencies after the Greek mask talk about them and then they bought at the tops in the hope that the price would rise and when the opposite happened they sold and exit the market.
I don't know what people think when they want to invest in a currency that has appreciated by 1000% and they want it to rise again.
The error in the way of thinking, the panic, and the lack of accurate analysis of the market, the current loss is not huge and maybe 50% of the money so there is no need to cry, but they have to wait.

leverage trading is scam

His friend took a risk and it didn't pay off. I wished that he didn't kill himself, but I guess the devastation of his life savings being wiped was really a lot of burden to his mental health.
What hits harder is that it is in the middle of the pandemic, and I felt how his friend felt.
I feel sorry for the OP and his friends' family.

From this post, aside from leverage trading, don't risk your money into crypto if you don't have a stable occupation/job.

Trading isn't a healthy environment to take place, many had ended their life because of failures.
And everyone should think that suicide is not a solution to any problem we have but this will only escalate the problems and getting worse. And now he is gone forever and those who had to hear this news, it is a need for us to talk to anyone if we have some problem, it is better to express what we feel not in a way to take our life but to share it to someone who we think that could help and could understand our situation.

Corrections and crashes can happen in both bull and bear market. Margin traders if choose high leverages, will be liquidated and bull or bear market does not make sense for such traders.

I never advise newbies to use leverages for trading. Because they do neither understand how risky crypto market is nor how their margin position will be liquidated.

If they are newbies, let's get started with hodl that can give them open positions for as long as they want. No risk of liquidation and they will have many opportunities to take profit. Miss one, go ahead with another.

Man, this is sad. Everything is good and happy when the market is green but when the tables turn people can have severe reactions.

I'm not saying it isn't stressful seeing the market dumps but for Christ sake, life can be lived even without being in the market. I feel for people and their families who fall for this insanity. I hope this gives people a better perspective on things, on life.

Very sad! Always think that no matter how much you will lose in trading, it's just a money and you can get it back but our life is only one and we can't take it back if we lose it. Be a responsible trader no matter what the market bring to us or whatever will happen to our assets. Always be a risk taker in terms of trading and investing but never risk your life for this.

Feel sorry for him. I seen some posts about people's losses when last dump in social media. People should be aware for capital, because sometimes they get beginner's luck and then all in with all of their assets because they already think they can get big profit in trading, that is totally a mistake. Trading is something complicated like we should learn it and master it in both analysis and emotion so not ended with bad things.

Feel sorry and sad for his loved one that he had left on.This is a sad story on someone who havent able to control up his emotions and i know that it isnt really that much
simple to take when your life savings was risked on a particular trade but it isnt really just right for someone to consider on putting all of his finances on a single trade.
You wouldnt know on whats coming and this is one of the probabilities since this market is way too unpredictable.Set always some risk management plans whenever
your plan A would fail then theres always should be some Plan B's so that you wont really be put up into a situation as you dont have any choice left for you to take.

This is really sad and hard to believe, but no matter how unbelievable this sounds or looks, the fact remains that things like this happen almost on daily basis around the world, I feel really sad right now for guy who took he's own life, thats the worst thing that can happen to any human being, suicide should never be considered no matter how bad the situation is, talking to people around you or family members, even friends can heal any wound no matter how deep.
Last year in my country, a professional doctor was driving over a very long bridge of a big river, all of sudden, he packed his car, got out, walk over and jumped over into into the river, when people discovered, a rescue team was sent to go in search of the doctor but before they found him, he was already dead, no body anywhere, not even in his office/hospital knew anything as to what could possibly be the reason why the doctor took he's own life.
No matter the problem, talk to people, suicide is not the best option and it's never a solution to any problem.

I've read it with sadness. I think I've read a handful of stories like this that they've taken their own lives related to the crypto market.

That's why I know I can't handle the losses if I'll go leverage and that's the reason why I'm sticking to the spot market which is easy to adjust and for which, I can bear the losses.

Sorry for the loss of his family.

trading based solely on FOMO and news will only drive us crazy. Before trading, of course you have to know the basic imu of trading first and know the risks. If something like this happens that cost him his own life, that is not good and very unfortunate.
Leveraged trading is also very risky, if it is liquidated it will lose everything. Don't use money that you really need anymore.

I currently only trade spot, when the market is crashing like this and buying at high prices, all that needs to be done is HODL.

We must be responsible for our own choices.

We shouldnt really risk out the amount that we cant afford to lose and its really a bad idea to bet your life savings into a market which is way too volatile.

You would really be boggled up with pressure and emotion and asking out on where you should begin after you had been liquidated.

Its sad to hear and read up these kind of stories into those traders or investors who had been wiped in the market due to extreme volatility.
This is one of the possible scenario for someone who dont mind up about financial management.

Margin trading can lead to the liquidation of the balance and as a result, the trader can get a lot of stress, which can lead to rash actions. But those traders who trade on the spot market are also subject to stress when they see that the value of an asset falls in terms of the dollar and consider the lost profit as a loss.

I have read this story because it was shared by my friends on social media and I think that what he did at the time was a bit dumb because he put everything all in in that leverage but considering that he went to go to this length meant that it left a drastic effect on him and left him with no hope. Condolences to the ones he left behind.

Not sure whether it is true or not but it is really sad when you lose all of your balance in just a blink of an eye. I have been a trader for many years and I did encounter 2 times when I lost all of your money because of reckless enter a trade without consider the risk I might take,

Honestly, I do not want this information to be true. It is painful even to an experienced trading like me. This bullrun drives the world crazy in various sides. I just try to not be engrossed in because I know once I lose the control, I will lose everything

The bull market is a stimulus to buy more tokens at high prices, eyes always twinkling on profits and daily encouragements about the next price levels to be reached, an enchanting picture is drawn and has made many people fall quickly into cold ice tunnels, instead of trying to adjust the opportunity in the first small dumping, they are constantly trying to stick to the fundamental recovery. A few days after the imbalance activates, their account also activates self-destruct process, quite painful for the too narrow and immature views from quite a few young investors

Same old stories where people put everything in one basket and when the market crashes, they’ll lose everything, I feel sad every time I hear this kind of story as well, I can’t imagine spending much money in trading that will just lose within a day. This is a big mistake that we should avoid all the time, don’t lose hope and don’t ever take your own life just because of money because you can always earn that.

This is very sad news to hear. I sometimes feel so angry at the people who manipulate the market in such a manner knowing that many people will go liquidated and might lose their life savings. Everyone knows that these types of manipulations are very carefully crafted by the whales and they knowingly liquidate a certain set of people but what they forget while earning money is that this dump might have caused the deaths of so many people. This is just one story. But yes all of the remaining folks should take a great lesson from here. Exchanges are manipulative and they are the main people involved with these whales. You are trying to earn money by trading on their exchange and you have to win against them only so make sure you are always extra cautious. Also as I always say stop losses fed into the system should be a necessary thing that every trader should do. It's okay having lost an opportunity than to lose your entire capital.

We can't really understand the real scenario as we don't know how much he struggles, and his emotional stress.

Maybe he sees the crypto as his last hope for success, hoping, wishing, and putting it all in it.

Rest In Peace

True.

There are investors and traders that cannot take the emotional hit whenever the market goes the opposite that they are. If it's related to money then it could be his dream and goal to change his life forever.

But within just a flash of a moment, those were gone and he finds no hope on it.

It is really sad to hear stuff like this. I hope stuff like this don't happen anymore. Please people learn from other people mistakes and invest only what are you comfortable to lose.

And that he was wrong. We know the risk in trading, we know that we can't find 100% assurance of market returns. He supposedly thinks that thing before. Too hard to imagine a person doing like this and one common reason is that they can't take the stress anymore leading to suicide.

Or what if that money is coming from a loan and he can't pay anymore makes him decide to take his life. What makes it difficult into his situation is that he never tells what he feels.

This is not a first time we have heard about this kind of suicide because trading. My condolance for his family.
The reason was because he was trade with leverage, which can make your investment down so deep just because the dump which actually not too huge, but it can make you bigger profit too if it's get pump. As we noticed, the price was pumped from $30k to $40k, but now it's down again.

Crypto is very volatile, never ever think you can invest with loan money or your daily expense money, soon you will regret arter doing that

This is why we need to educate ourselves first, avoid being too emotional in the market because its very volatile and trader have to practice trading based on his own analysis and not because of his emption. We heard so many sad stories before, and I don’t want this sad things to happen to my friends that’s why I keep telling them to trade with extra money only and I stop them from being greedy as well, and always trade responsibly.

Alot of people got their accounts liquidated. And its sad to hear of a few that took their lives. Its like the story of that kid last year that committed suicude due to Robinhoods bad option info. He entered some options strangle trade. Where he was long and short at the same time but for some reason it showed that he was negative half a million dollars. And instead of contacting support he got depressed and took his life and his parents are suing Robinhood right now.

Basically it was nothing but a visual error with the way how buggy the software is, he never owed that much money. He might of been in profit even. However I guess he didn't have experience and knew exactly how it worked and assumed he lost all that money. Even if he lost all that money, he could of just declared bankrupcy which would of been better than taking his life.

That is the issue with the people always they are investing more money than what they can afford to lose it, I don't know how they are confident of making profits for sure when they are taking such decisions but as a trader or investor they always need to have a second plan if their plan didn't work well as they have planned.

Save a life by investing smartly, don't take life-risking decision anymore.

Some lost a very huge amount of money because bitcoin collapsed and it fell like a rock wherein no one really expecting it would be like this.. So for me its not surprising if there's someone become depressed because of the results right now of bitcoin. Especially if they expecting a masive return because it breaks all the resistance and make new ATH, without knowing suddenly it turns like this immediately..

I have read the unfortunate story. Unfortunate because the trader took his life by him self but not because he did the right thing to take his life or to open a leverage account. Leverage trade isn't a crime actually but the incident now rings it more to traders on the need to be careful about leveraging or high leverage. I'm also thinking the user used a very high leverage which is why his account burnt out fast.

Now from the story, to me why reading, I saw it was like it was the fault of Binance that someone who couldn't manage his emotion and account could blame Binance for his high unguided risk appetite. That particular line is on quote below.


Analysis time from the quote above

1. He opened a leveraged position:Response ,  because of his greedy appetite for quick profit.

2.Unfortunately had his entire account liquidated: Response ,  the usual result of leverage trading if not guided. So his wasn't or wouldn't be the first nor last because more traders will keep using high leverage.

3. Liquidated by Binance when he was unable to login: Response,  it would have happened by any other trading platform if you don't guide your trade , it wasn't just about Binance but the attitude of the trader. He wanted profit but wasn't thinking anything could go wrong with the trade.

4. Unable to login to close his position: Response , he didn't need to rush to login in if he did the right thing by using MM (Money Management). MM is also good incase network goes bad. The user may not have found it easy in login because of network challenges.

This is unfortunate because of the death but we need to learn the mistakes and it is a saying that a wise person learns from others mistake.

Due to lack knowledge and a mix of greediness then these are casual mistakes that noobs or even experienced ones would able to commit.We should not invest on the amount we can afford to lose.

You would really be ending up on having big problem once the market would turn against on what you do predict.Always consider the risk and put up good management into your finances.

Its sad to look that there are people whom cant able to handle out their emotions and ending up their own lives because of big debt or loss of money.

Well, if you will first understand how bitcoin investment works, you will never commit suicide because you know that time will come bitcoin price will go up to the reason that there are still institutional investors who still invested bitcoin during this recent dump. If you are a holder, you should know that from time to time bitcoin price crashes at any time. This is the same on gambling addiction and I thought, this was only on gambling activity that happened. They are weak people who easily thought that investing in bitcoin is just easy to make money, they never think of the risk that a part of it. Well, perhaps not only because there is a recent huge dump he took his life, but there is also a possible reason behind the scene.

It's as good as it is before we really dive into the world of crypto, we must first learn about all things related to crypto. Therefore I always say
in this forum, education is the most important, because it will make people understand more when they decide to use their money to buy Bitcoin
or altcoins. I think that people's decision to commit suicide is a very big decision, I also believe the factor he did this was not only because of
the market dump. But there are other factors that ultimately make the problems he is facing feel very hard to deal with. Therefore, if we experience
a serious problem, we must tell it to people we can trust, don't force it to be resolved by ourselves. Because sometimes we need other people
to alleviate every problem we face.

In my opinion, 40 - 60% drop in price from last high is definitely a huge dump to me. The funny thing here is that majority of the altcoins were up like 3-10x since the bull market started but these 40-60% dip has taken them back to the level they were towards the beginning of the year. Some altcoins even went as low as touching 2020 lows. If the dump wasn't that huge, then the deceased trader in question would've been able to take the hit without considering suicide as a last resort. It's just sad to see because even people who don't take the suicide route are either depressed or emotionally down.

The article was really an awful one for this becomes the worst case scenario of an individual who loss a big part of his entire portfolio due to correction. Such thing do really happen if you are having a not stable mind set over thinking things and not understanding how does it work. Maybe if he just understand those, we would be saved from getting his own life. This is a calling for everyone whether newbie or veteran to take trading in moderation and always do check on your mental and emotional state and do not mixed up those two for worst cases may arise once it have not been put into control. Be a responsible trader. Money can still be earned after loss but life cannot be resurrected once it was ended.

This was a very sad news, if ever this really happen. Doing leverage trading is not easy actually. I had been here in this field of business for a couple of year and yet until now I never try to do leveraging in terms of trading here in cryptocurrency because I know it has a high risk once you do this. And only an experts can do this actually not for the newbies or lack of experience too.

Like we all know that everybody has equal tendency to win or lose a trade which often depend on some certain knowledge on how the market works. For an individual to be more successful in trading, he/she needs to know how much risk should be taken for a particular trade(Risk management), capital sizing(leveraging), and having adequate knowledge on the fundamentals and technical aspects of trading.

When it come to trading, a lots of newbies including some traders who have vast knowledge on how the market movement works wouldn't put much consideration to risk management which have been a continuous detriment to our trading lifestyle. Just imagine someone with an $100 account trying to make 70% of the account size in a single trade...is this not greed?
Most time i just don't blame some traders because they don't always consider opposite side incase something goes wrong, what would happen to their capital which always entails Risk management.

Capital sizing is another important aspect of trading. Knowing how to position your trades while putting your risk to reward ratio into consideration. I believe the guy in question could not put  his capital into consideration when trading because this might have prevented him from over leveraging which led to lose of his life saving fund.

Fundamental and technical analysis is another important aspects of trading. One has to be equipped with the necessary tools, news that are vital for different style of trading. In respective of how certain a particular trade could be, i believe one has to be extra ordinary careful when placing a trade. There is nothing like sure trade so the appropriate precautions should be take in order to prevent later regret of one's decision. Capital reservation is much better than loses due to carelessness or greed.

Unfortunate event that someone took his life because of his losses. Maybe he couldn't accept what had happened to his life's savings and he couldn't see a way out to get out of this mess. If he should have reached out to his friend, the ending may be different. Sometimes, it needs a sincere conversation to someone in order to change perspectives in life. Let us remember, money can always be replaced, but our life, it is only one. We will always find a way how to resolve our financial situation. We will have a lifetime looking for ways on how to get back those savings.

A common fella who wants to get out of the middle-class trap take such risky decisions but everyone who wants to get out of that trap needs to know that it is not literally possible to happen in reality in weeks or months, even years. One who is rich now may need decades to increase their standard of life by keep saving money, and spending less money then keep compounding the money they make and diversify into lot other ways.

in this case success does not come quickly. requires a long process which is different for each person. the same as real work if we want to build a business, then start from scratch and strive for success. so don't think in the crypto business today we will easily get money in a short time, everything requires a process and a risk

This is why I don't do leverage trading because I am not good at it or even pro. It's not good to go all-in on that, especially focusing on one coin only. This reminds me of a colleague of mine who is asking me some advice about leverage trading and going all-in on Bitcoin, however, he has no trading knowledge and he only sees the potential in making a lot of money in leverage trading. Good thing that I told him to get educated first in leverage trading before investing an amount that he can afford to lose.

I believe that guy was going all-in and not just managing his funds very well. He should have only invested and leverage trade on what he could afford to lose.

I'm very sadden seeing such News because Like others we are often losing in our trades but we don't wanna commit suicide .

and also this is why i don't commit all my savings in crypto , i make sure to separate my lifetime funds than my crypto investments and i keep my wife updated so we can talk over every time there is a bad things happening in my holdings.

And also i try not to engaged in daily trading for the reason why this story happen.

we cant do what the guy in the op did because our life was important to us and we know that there are many people around us that love and value us  .
also our losses could be within our limit only so its not that hard to accept if ever our trades fail .
saving wont be called a saving if you will take out and spend the money that you save for trades but they should be kept for a different reason .

Trading using leverage without having enough funds and skills will be the same to give the money for free because we will not get the profit. Before you decide to use leverage trading, you should familiarize yourself with the market. You should analyze the market movements so that you will not have difficulty making a profit when you start to use leverage trading.

But many things that we should learn before using leverage trading. Having control for ourselves will be important too as we will see the seduction on taking the profit because the green sign will come to us and delay taking the profit. And once we delay taking a profit and wait for more, the price can go back to the other direction and make us lose the profit.

I tried to read that article but it has been deleted by Reddit now. I think it might be fake news which is why they deleted it or it might be because it creates negativity. Thanks for sharing screenshot OP.

That's right and spot trading is actually the best for people with low capital and high patience. If the market has crashed at least you know you have the same amount of coins and just their value has dropped which surely will get back up in the coming time. But if you trade leverage then you will be done once the market dumps.

I am aware of the said strategy as well but I just don't want to use that strategy aside from hodling for now. From how the OP described what happened, I don't think I can handle the stress that his friend undergo through those losses.
We're not in the middle of pandemic and having that kind of financial stress as I mentioned here earlier is a lot of burden in one's mental health.

That's very bad anything that happen I don't believe you should take your life no matter what happens life is special and you losing today those not mean another one won't come you taking your life is not the next step. From my experience I just believe cryptocurrency is not for the weak once and I don't believe you should invest what you can't afford to lose in Cryptocurrency any amount you are investing is what you believe if you lose you are still having backup because I just believe any money that's not yet in your local account is not yours yet. Always learn about risk management before starting cryptocurrency and don't borrow money to invest in Cryptocurrency to avoid things like dis.

Really sad to see these kind of events on where someone took his life just because he lost too much in trading and this is where we should take consideration on investing our money that we can only
afford to lose since this market is way too unpredictable.

You wouldnt know on what comes next and when you do go all in and also putting up a loan amount plus life savings and then the market turns out to opposite direction
then you would be fucked up but its not really worth to put your life into waste just because of that.

It might easy as it sounds but its not really worth for you to die for. Problems can be solved even though its hard but not really worth to take your own life
to get rid of the problem.

I also think there should be mandatory KYC on all centralized exchanges because from what I have seen a lot of underage and immature students have started to trade and they have no idea of risk-management and risk-reward analysis. Some would even take money from their parents' cards and buy crypto in an attempt to earn more and return the money.

I think if we make a list of all such suicides, I am sure the average age of such suicides must be around 15-20 because these young lads don't understand the risks of crypto. There are so many ways they can know about Bitcoin and cryptocurrencies and even guides on how to trade but there is almost no way to learn about crypto trading and the risks that are associated with crypto trading, especially futures and margin trading. Isolated trading is still fine because it doesn't affect your remaining funds.

It is definitely a very disturbing post and I feel like people have started to consider crypto trading as gambling recently which is why futures trading is so popular among traders. Everyone wants quick money and they don't understand the risk and how quickly you can lose everything when you do futures, it's even worst than gambling. At least in gambling you have fun but here you will just have stress all the time.

That's really sweet of you but I think people are shocked when they lose money to such a devastating bear-run/crash and it's hard to discuss their loss with a stranger. A lot of people feel shamed as if they have failed an exam and take their lives, I just don't know how money is at a higher priority for them than life.

When you are tending to engage into this market then you should be aware on the risk because if you do anticipate or expect that much that you would make money then
better remove this kind of mindset because nothing is assured when it comes to profitability and always remind yourself that money should be spent out on investment
isnt something that came out on your savings.Dont go all in and always set out take profit and stop losses incase the market goes to opposite way.
Its sad to hear these situations where someone couldnt able to handle out their emotions.

It is really hard to think that someone took his life. We don't know if that only dump triggers him, maybe there is another reason, we just never know.

Yeah, it is to remind everyone that the market will just go up and down, if we have some patience, maybe we could wait sometimes for the recovery, not have to think about suicide because of losses. We can get back all the losses but not our life anymore.

So maybe it was very important to let our family involves in every decision we made especially in tough situations. To hear their advice has a bigger impact on our mindset.

That was noted at the start but when emotions stepped in after the event of loss, we can't really stop it especially if it involves risking life savings or retirement amount that supposedly can support the future of the said person.

That was a stupid act but it's really hard to compete against the after-effect of losing such in a huge market. There are even proven reports that people got depressed and their mental health got heavily affected.

This is the problem of some people claiming they can earn big money in crypto especially in the last bull run. Back several months ago, lots of Binance traders bragging their $100 daily income without doing anything without realizing the worst-case scenario.

It baffles me reading about traders leveraging their trades such method of trading is too risky and can rekt or lead to bankruptcy personally I trade with isolated margin x3 it is risky too compared to spot trading but less riskier to isolated margin x10, I always deploy Stop Loss in all my trades  this is quite a touching story the fellow used a whole life savings to trade, I read stories of liquidated accounts running into billion dollars during this market crash.

this isn't the first time. we've also heard of the previous suicide of a trader before from robinhood. if its sad to hear this happened to a fellow trader, it must be frightening sad for his family.

if there was just someone with him, it could be avoided. starting over for a second time around with small funds still good for me than suicide. theres no hope for that.

That’s really sorrowful news. However, one can not blame the crypto space but the person who willingly enters into the market. We already know all the risks here, the crypto is volatile and volatile at its best. Such dumps are seriously normal and long term investors have seen worst I guess.

If market is expected to pump 40-100% or may be more then it is also liable to drop vice versa. So investors must understand with what they are playing.

Sorry for the guy and his family who lost him. But the show must go on and he should have known that already.

I've seen this to be a regular thing with gambling but for trading, its a lot more strange and a lot more serious to me because, it Goulding happen to anyone. Getting your account wiped is very much a common thing amongst traders that didn't get to do there analysis quite well. Its just so disappointing that the traders too are about taking the ways of the gamblers. So uncool and its not a strange fact that most crypto enthusiast live there savings in cryptos because of the highly volatile nature or coins as they always hope for some gains.

Well, its very important fir traders to be sensitised on hodling and not to trade on a there funds as instances like this do come into play. Lets be guided.

I would be utterly broken too if this ever happens to me. This is also the main reason why I don’t go balls deep on things I know I haven’t mastered yet and not enough experience and knowledge to guide me. Not that I’m scared to try but the consequences might be too great for me to bear. Perhaps the dude is also in debt from other people in order to fund his trading ventures, and seeing the correction wipe his trading money in an instant, it’s truly devastating.

RIP to this guy if ever this is true.

Doing leverage trading is pretty risky by itself and being liquidated means your rekt. I think the trader didn't do or don't apply any risk management and liquidated right after the dump, Imagine how a stop loss could help the trader save his life, some funds and to get out on a minimal loss. Well, there's a possibility that the money was from a loan and we can't blame how he feels after losing that much instantly. We could just hope that those who read this story always remember to do risk management and apply a simple stop loss on leverage trading or even on spot.

It is such a sad story but one that I am sure has happened many times and that is going to keep happening all over the world, this is just another case that should serve as a warning, do not use leverage unless you are an expert trader and even then you need to use a stop loss otherwise the same could happen to you.

If you are invested in bitcoin then you know that your investment is never going to go to zero as bitcoin will always have some value, so if you do not use leverage at worst you will lose some of your capital that can always be recovered as long as you hold your coins, the perfect example of this is what happened during 2017 to those that bought at 19k, even those people as long as they held now have 100% profits despite the current crash, but those that use leverage can be destroyed in a single dip of the market.

That is very sad. I think the biggest problem is taking out a loan just to start trading with crypto currencies. We should never trade or gamble with money which we can't afford to lose. It is also very sad that he didn't see any other way out of his problems. The biggest loss doesn't justify to take our own life. We might still be able to make up for our losses. And even if we never will be able to repay the damage we have done, we can still try to do so. It is all about remain optimistic in life. Maybe one time we get caught off guard and lose big time, then we need to be more careful in the next few month. We shouldn't keep increasing our risk to make back the loss, because the chances are we will lose more money.

Majority doesnt really make out their own research and just directly jumped into the market because they had been pleased nor get excited on what leverage trading could possibly give when it comes to profit
without minding out on the risk that could really happen once they do decide to go all in.You would surely regret that you had done such thing and if you dont like to have a miserable life
then its better to be mindful towards your actions and dont just easily get hooked with big easy profits because leverage trading is somewhat close to gambling if you do ask me.

many people just follow the euphoria at that time, they argue that they are afraid that they miss the moment, behind it all, it turns out that they don't have enough knowledge about the crypto market, and this will certainly lead to a disappointing ending, after their psychology is drained.

Oh really sad news for a crypto trader this usually happens when you enter a position and the market doesn't give a confirmed movement its really risky especially if you use your whole life savings yes it can give a huge return once your entry is correct but un fortunately this does not happen mostly so be very careful in leverage trading.   

That is why it is important to know about the cryptocurrency market and at least we have the basic knowledge first,
because if we don't have knowledge I think it will greatly influence the decision,
What is clear is that we need to keep learning and that will make the opportunity for success very big

That's an understatement, this doesn't "usually" happen, how many times have you seen this kind of thing happen to constitute as usual occurrence? I think that the person who died know the risk and he was just so sure that it will go down the right place so he bet on futures but he was lost.

We get to see stuff like this from losers who think life is a bed of roses and wouldn't want to take loss at any time. Commonsense should tell anyone that even among roses there are torns. Come to think of it, why don't we have people committing suicide during bull rally? You know why? It's simply because people like to win always. That's a wrong mindset.

Come to think of it, there's always that caveat of trading being highly speculative and that people stand to lose their capital in it. Sadly, those who go into trading tend to overlook all that warning and think that trading is a shortcut to getting rich. It's not. Life doesn't work that way. And to anyone who takes their own life because of failure or hardship, I don't have any sympathy for you. Sorry about my stand (if it offends you) but that's the way I see it.

This is quite surprising news and I am sure there are many cases like this that occur but are not too exposed...

Trading is not an easy thing, to be able to successfully pass every obstacle when trading, besides needing skill, you also need self-control. for other traders remember that money can be sought but your life will not be.

This is a actually sad to hear that trading cost your life in real sense.This is the case when we lost more than we afford to loose as more than $9 billion got liquidated on leverage trading in past few days which caused market traders a heavy loss of funds but in this case it cause a loss to family members also which fills my heart with sorrow. Don't be so emotionally attached to the market loos as it can make you weak heart person which sometimes is dangerous as in this case.Your life is most important gift of god don't waste it or let market loss overwhelm you.

^ It possible he is not aware of the negative circumstance ahead, he always thinks about the possible profit that could be made and did not prepare for the negative outcomes which are we can expect from trading. Trading activity is not just an easy job, there are too many aspects that you probably encounter. So if you are being such an emotional person, it is better you watch it out before things will happen. Or else, try to control yourself as much as possible and not to turn to this decision. Sad thing but he is just a coward and becomes a foolish one.

Definitely true, our life is most important that we have in ourselves rather than those millions of earnings. And I couldn't judge this person too who took his own life after the recent huge dump because i don't know also what he has been going through in life. This is such a rare case scenario and I hope that whoever experienced this kind of losses today due to recent market crashed may you be still strong and not be so emotional attached about it. You can find a way to get up from this.

Sad, he had lost a good friend. No words to console him. Myself have took decision to end my life after losing all my savings on gambling. This is the first time I'm coming across a person who've ended his life losing through trading. It is the mind that decides at the instant, if we cross that moment we'll not do this. Myself came out of such a decision after, because I shared my loss on the forum and everyone had the same thought. Life is precious, money can be earned.

In 2018 I lost alot of money because the market dumped, because I traded on spot market, so I decided to holding my all coins. While waiting for that, I did another job, then now I get it back all my money including the profit. So I suggestion for beginner trader, dont trade by use leverage and margin because that very dangerous, and there are no possibility to get back the money.

My people say 'when there is life, the neck will hang beads' leveraged trading is risky, investing overall is a risk, and one should know what they are jumping into, and should do so with spare money if it's too risky! So sad that he had to end his life, it's never easy to start from square one, have experienced it before, and I almost lost myself in the darkness of self pity, family is what kept me!! Sometimes a problem when shared is halved!!!

Leverage or Margin is indeed suicide but if you do just play along with minimal of 10x then i can say its a bit less risk but going 50-100x? thats really just like pointing out a gun into your head.

Dont play with fire if you cant handle up the risk and mostly noobs do get wrecked with future/margin on where they do really look after for the profits that they can potentially made without
looking the probabilities on how fast it would be when the market swings will just easily wipe out their capital.

Its never easy to start on square one but doesnt mean that it would be over. You do have loved ones and relatives which can support you even though there might be some
criticisms but those things will just pass away.

Whats important is that you do able to recover up yourself into such wrekt but that would surely take some time.

Absolutely right. Trading with leverage is always roulette if you have little experience.
It is good if you lose money immediately, much worse if you are lucky several times and consider that you understand how the market works and begin to make bolder moves, make larger deposits. The result is painful as always.

there are many such incidents, where novice traders have made a profit several times, and finally consider trading easy, so they dare to make a topup deposit. without him knowing that his arrogance and greed are the beginning of the great loss he will receive, and finally frustration befell him

Money is not everything in a sense we can say but taking the decisions which took your's and someone life will be a bad decision and it is. Trading is a risk as we can say and it give you a profit too and a loss even sometimes. So, we should never lose hope.

The trader must have suffered huge depression after the dump its really a sad and ugly event. This is why In investments we are always adviced to stake what we are willing to loose and this also applies to trading. If he had applied risk management principle who knows the losses would not be much using stop loss to exit trade if trade goes wrong has saved my account severally. May his soul rest in peace it's a black moment for we traders I really feel for his family.

Due to the hardship of life during this pandemic.

Many people are looking for a way to recover as quick as they can since most livelihoods are being stopped and affected by the pandemic. But for the newbies.

You don't have to do leverage because you see others are making money on it, leveraging isn't for everybody. Even me, I cannot do attain to take risk on it.

That's the reason why we're always advised to prepare ourselves emotionally upon trading so we'll know how to handle situations like this. If we're emotionally weak then we'll surely feel hopeless or disappointed every time the market dumps. We could still earn money that we lose but if we'll take away our lives, we'll never have another one.

That's sad man... Unfortunately, most people don't take into account or they don't want to see the emotional burden that is constantly put especially on newbie traders who are also more likely to take irrational risks as they are not yet in control of their emotions while trading. Even pros sometimes have trouble managing them, but they developed mechanisms to control that. That's the difference.

Trading is very similar to gambling if you don't approach it from a methodical perspective. Most of a trader's job happens off the trading hours. Documenting trades and analysing the markets and not pusing the buy and sell buttons randomly or taking positions that could terminate an account. And even if that happens, the loss of the account is not an "end of the road". It should be purely viewed as a lesson and opportunity to develop one's skills.

A really sad story.
Unfortunately, not all of us are able to cope with stress, I remember stories of how during the financial crisis people were thrown out of the windows of skyscrapers because of loans and debts. Take care of yourself.
It's not worth it.

Sad story, I hope it's not true. In any case, during difficult times or difficult conditions, it is always important to understand that this is not eternal.
Bad times will pass, they always pass. Take a look at the cryptocurrency cycles, the same thing, winter gives way to summer, and so on.
Everything passes. As long as you are healthy you can be happy and self-sufficient.

Unfortunately, not many people have that kind of perspectives in life. Some really feel that it is the end of their world when they experience such loss especially if the money is not yours. So if in case you encounter the similar situation in life, you should know what to do. Don't be embarrassed to ask help from your family. You will be surprised what they can do to assist you with the situation.

When it comes to emotional aspect then each person would really be totally different there are some who can handle and there some who cant which would really be ending up on taking his own life.
This is why its really important on taking good risk management and be aware on what are the potential losses you can experience here on this investment because if you dont prepare yourself
then you would really be having this kind of problem.This is a very stressful kind of investment since we are dealing with unpredictable price and volatility of the market.

It was very sad, but I guess not all the people have this kind of perspective in life. When it comes to emotional aspects then each person was totally different. Some of them feels like it is already the end of their world when they experience such a huge dump and loss a huge amount of money. Some of them can handle those kind of situation but some also can't handle it which they decide to end up on taking their own life. It's very important for you to learn on how to handle or manage risk and be aware about everything. Prepared yourself of everything that might possibly happen, have knowledge on it and be patient.

It's a really sad story, taking such a step can't be anything bigger than your own life. If you want to survive in life not just for business you have to face many problems so don't give up the crypto market means its rise and fall it has huge dumps as well as pumps for this you need to have a positive idea about the market and control your emotions. Success is not achieved unless you can control your emotions and learn to deal with risk therefore, without sacrificing one's life one should try to recover the loss then business will become easier and market analysis will be easier.

As I say patience is very important in  trading. You don't have the abilities of a good trader until you don't have patience. In trading everything is possible whether there will be some profit or as well as loss. So, we should be always prepared for both. And prepared ourselves mentally strong.

Losses in trading and investing are normal. Some people who have been undisciplined will be extremely dangerous.
And now what can we do today with trade. A rainbow chart in the 1h zone looks very interesting. Lol, Fud from coinbase IPO ? After a week of lulling according to the chart, the turn follows the news. and FUD is damn. Some things are distorted here. Short latch

Once decided to exist in this life, a peaceful day for each of us is really very little, that means every day for us is different happy and sad music, what we need to do is listen to every melody and emotion but don't put our soul in it because it's all just a page in our lives, holding our selves to a page will make us no longer see the future. Trader's life is also extremely long pages of history, losers cannot write their bios while survivors are winners, they can write biographies of life and they know mistakes and know the future and appreciate life and opportunities

It is somewhat normal for those who are already aware of the consequences that we might get from trading (losing/gaining) but for those who haven't know, this was a nightmare, and like OP had shown to us, that might possibly happen when emotions can't be control anymore.

I was thankful that I could still control myself. I've been in losing sometimes but never in mind to think that way but instead, it helps me to find a way to get stronger and accept the fact that losses can be possible no matter how careful we are as sometimes we commit mistakes that cause losses. If can't manage to handle the stress in trading, it was best to stop earlier before we come into the point of taking our life.

I felt bad about this sad news I hope those who have felt lose and still trying to figure out how to make up again i hope you're all doing fine. Losing in trading is normal and this truth shouldn't be taken for granted because acceptance to whatever may happen ahead or in future will be a big help for you to move forward and keep going on. Trading is not an easy thing that's why here we always keep on saying to take a risk to whatever you afford to lose.