I got liquidated of $40k yesterday

[TastyChillySauce00]

After getting liquidated yesterday what next for me, and am i going to get small part of my money back from the exchange, i am really confused because it was cross future i opened, not knowing donald trump will do me dirty- that was message i received this morning, any advice for him?

Btw, I wanted to follow up on this. Binance released a press release for most users that affected by the issues of their system and liquidation engine. Note that it's not for ALL liquidated users but only for specific cases that they explicitly mentioned.

I personally think if you didn't use USDE as your collateral that triggered many liquidations, then you won't be eligible because the USDe depegging was a major part of the reason why there was a liquidation cascade on binance and not everywhere else.

To be precise it's USDE, BNSOL, WBETH that got the compensation and unfortunately not for collaterals as you said.

Unfortunately this is the reality, the cascading dump affect every collateral related users yet only few coins collateral got compensated.
Wonder why it can happen in the first place. I always consider USDe to be not really safe and not depeg free but not this bad.

[Barikui1]

After getting liquidated yesterday what next for me, and am i going to get small part of my money back from the exchange, i am really confused because it was cross future i opened, not knowing donald trump will do me dirty- that was message i received this morning, any advice for him?

First of all, am really sorry for your loss, 40k dollar is quite a whole lot of money to lose at a go, but as it stands now the deed has already been done, the best you can do is to learn from this terrible experience.
I really don't know you level of knowledge in trading, but for you to lose such a huge amount of money, it entails that you just have little or no knowledge in trading, because no sound trader will trade with such a huge amount of money and did not put stoploss or apply any risk management strategy.
Lastly, you don't do leverage trading with such a margin, it's already too big for you to add leverage to it, because I am very sure that you wouldn't have been liquidated if you didn't use leverage at all, so it's left for you to learn from this and move on because feeling too sorry for yourself wouldn't bring back the lost money.
Sorry once again for the loss, just learn the hard lesson and move on.

[nelson4lov]

~Snip

To be precise it's USDE, BNSOL, WBETH that got the compensation and unfortunately not for collaterals as you said.

Unfortunately this is the reality, the cascading dump affect every collateral related users yet only few coins collateral got compensated.
Wonder why it can happen in the first place. I always consider USDe to be not really safe and not depeg free but not this bad.

I'm pretty sure no stablecoin in crypto has proven to be depeg free. USDT has depegged a couple of times in the past. USDC was depegged for over a week before slowing going back to peg after FTX blew up in 2022.

Yeah, other assets aside USDe gets compensations. I left them out intentionally, my bad!

USDe is not a stablecoin in the real sense. I consider a fund manager since they just do delta neutral stuff and it can get messy for them too if the funds they pooled to do delta neutral stuff gets liquidated in an extreme situation (eg: on Friday).

[Hispo]

I am sorry for your economical loss and I hope those 40k were not the bull of your capital, man. You gotta be strong, take what it is left and stay away from trading for a while, and definitely stay away from futures markets, it is not for everyone and only because those tools are offered to you, it does not mean you have to use them in order to accumulate capital, you need to remember exchanges make money by encouraging newbies to use highly specialized and risky tools like leverage.

When you feel like trading again, then stick to spot markets and never use leverage again... That amount of money you lost is very high, if something similar happened to me I would feel very depressed, hopefully it is not your case, though. Take care.

[Mpamaegbu]

Liquidated of $40k?

Honestly, I don't even know how to react to that. It's huge money, anywhere in the world. Let alone for someone who's from Nigeria. Do people from our country trade that huge funds on exchanges? That's a crazy thing to do. I wouldn't do it by any means, even in my dreams. It's too much risk to expose oneself to. Except OP meant his expected ROI from the position he took.

My advice is to freeze the account, withdraw what's left, and stop trading for a while.

Futures isn't for every trader. There are professional traders who don't even go near it. I don't know why those who can barely trade go that way.

[MinMan]

Liquidated of $40k?

Honestly, I don't even know how to react to that. It's huge money, anywhere in the world. Let alone for someone who's from Nigeria. Do people from our country trade that huge funds on exchanges? That's a crazy thing to do. I wouldn't do it by any means, even in my dreams. It's too much risk to expose oneself to. Except OP meant his expected ROI from the position he took.

They go that way because they see huge earning potential and hardly think about the downsides. Futures is always the riskiest form of trading even if it can give us exciting profits. In futures, we risk our entire wallet balance just to support one position which rules out risk management. OP have had a huge experience and I think this should teach OP to stay away from futures at least for a meanwhile and stick to spot trading. $40k investment in spot markets can also give really good profits and OP could have continued to get stable returns if he was with spot markets.

Even my suggestion for OP will be to get out of the markets and withdraw everything you have (if you have anything still) and try to come back strong after investing a good time in learning what went wrong and how you can correct yourself.

[el kaka22]

OP... you just made a topic about making life changing money. What kind of trolling attempt is this? The worst part is, what the hell are you getting out of it? Are you the guy who made a life changing profit from shorting, or are you the guy who lost 40 thousand dollars? It is evident that you have to provide proof, and if not, then you are just a simple troll and all these people who are responding to you seriously are just people who got trapped by your trolling.

I have never understood what people gain out of it, I have seen millions of people troll each other online, and the purpose always evades me. So lets say you made or lost nothing at all, and you still opened topics for both, and people got fooled and wrote to you, what is in it for you? What did you gained from it?

[AntonySS]

After getting liquidated yesterday what next for me, and am i going to get small part of my money back from the exchange, i am really confused because it was cross future i opened, not knowing donald trump will do me dirty- that was message i received this morning, any advice for him?

Getting liquidated is always tough, especially when you’re caught off guard by unexpected market moves. Cross futures can be risky since your whole account balance is on the line, so it’s important to set clear stop-losses or use smaller position sizes next time. The best advice is to learn from this experience, adjust your risk management, and come back smarter. Markets always move on, and so should you.

and don't forget about  psychology & risk management

[mobilestrike]

Don't trust any CEX, I got burned in 2022 on things related to Tera Luna from Binance,
I liquidated over $100,000 with over 20,000 percent short.
That was mine the last time I traded futures.

Nah. What happened to you is the fault of the Luna team and not the CEX, although in crypto, people should support DEX'es more because this is the main reason on why they are created.

DEX is decentralized and is usually open source, so they can be more trusted too in a sense of transparency but after all, trust can still be subjective since there are scammers too that is taking advantage of decentralization to scam people but this would the reason on why centralization had became a thing in crypto, to allow regulations that can possibly combat them.

[tsaroz]

After getting liquidated yesterday what next for me, and am i going to get small part of my money back from the exchange, i am really confused because it was cross future i opened, not knowing donald trump will do me dirty- that was message i received this morning, any advice for him?

I have too for again and again liquidated most of my crypto. I have too earned from the leverage but if I calculate, I'm still in a huge loss. After the last liquidation, I was determined not to take any leverage positions but when you get the hang of it, it sticks like addiction. Luckily I only lost 50% of my total portfolio this time as I have many of my position on spot grid or spot reverse grid. And with such crazy swings, these large range spot grids are also giving over 50% of ROI.
Donald Trump might not have personally wanted it but until he's in office, we could keep seeing liquidation maybe on both ways.

[beveryu778]

After getting liquidated yesterday what next for me, and am i going to get small part of my money back from the exchange, i am really confused because it was cross future i opened, not knowing donald trump will do me dirty- that was message i received this morning, any advice for him?

Playing with leverage is a kind of gambling. Crypto is volatile and you know this very well and I think you have been in crypto for a long time and have a very good knowledge about it which is why you had such a large amount in crypto. Anyway you did leverage trading with the risk of high volatility of crypto which was very risky. I am very sorry for your loss. Next time never trade in risky areas like leverage trading with such large amounts. You should learn a big lesson from this mistake

[justdimin]

After getting liquidated yesterday what next for me, and am i going to get small part of my money back from the exchange, i am really confused because it was cross future i opened, not knowing donald trump will do me dirty- that was message i received this morning, any advice for him?

No advice for him but a piece of advice for you. After taking this bad loss, step back and re-evaluate your positions. Do not rush to come back in and I would in fact prefer you to stay way at least for a meanwhile until you can make progress on your technical and fundamentals. Your loss was quite big and this can literally ruin your financials for a meanwhile unless you are in a really good financial shape. $40k still is a very big amount to lose as an individual trader.

What were you thinking before opening such a huge position? Did you have these big profits in the past or was it your largest position ever? Always study the news as well instead of just looking at the technical side as even such news will affect the markets and that will be so drastic that you won't even get time to close your positions.

[Fredomago]

After getting liquidated yesterday what next for me, and am i going to get small part of my money back from the exchange, i am really confused because it was cross future i opened, not knowing donald trump will do me dirty- that was message i received this morning, any advice for him?

Playing with leverage is a kind of gambling. Crypto is volatile and you know this very well and I think you have been in crypto for a long time and have a very good knowledge about it which is why you had such a large amount in crypto. Anyway you did leverage trading with the risk of high volatility of crypto which was very risky. I am very sorry for your loss. Next time never trade in risky areas like leverage trading with such large amounts. You should learn a big lesson from this mistake

A lesson to learn though a hard one to take, but with such a huge amount of loss if you're not into this industry that long you may possibly thinks of committing suicide or something alike, but since you are asking if what's next for you, as long as you have the opportunity is either here or in another place to invest, better to choose wisely, there's hope and other opportunities, you just need to calmly think positive and aim to understand and to learn more about the mistake that you commit to avoid doing the same in the future.

[Jegileman]

The market yesterday was actually signalling a short/sell, I wonder why majority of traders were longing and got liquidated due to the bearish liquidity, this means the market can sometimes confuse the traders to make a wrong call. The advice I have for you is that you should try to be appointing stop lose on your trades, stop lose prevent too much lose, just imagine if you had put a stop lose to cut you off if the market puts you in a $5k lose, it means you would have only lost $5k and not $40k.

Traders should limit their high hopes that the market will always go there way as they’d be predicted it, this is not how the market works. Even the best of traders makes wrong calls and have to face some defeat along the way. The best of traders are those that make good use of their stop losses no matter how sure they are that the market will go their way. One wrong mistake of not managing your losses could wipe up your entire struggle for the profits you’ve accumulated over the time. Don’t joke with your stop loss no matter how sure you are that the market will go your way as predicted. It is better to lose a little and then try again the next day than blowing up your capital just by failing to limit your losses by placing a stop loss.