Ruined my account through multiple mistakes

[Mumbeeptind1963]

Have you guys ever ruined your account when you were still a beginner? And by ruined I mean losing everything or a very big part of it. I started trading like 3 months ago and made my first deposit 2 months ago. After 150+ trades through the course of 1 month I managed to get my 4000$ initial investment to 7000$. Needless to say I was over the moon and I got overconfident. I invested more than usual thinking I have a great opportunity right there and even though I had a fixed plan with certain stop losses in place for every trade, after the price went against my prediction I still hold onto it thinking it will rebound and even added a little more to average down. In the end the price got my stoploss and I was down 3000$ (I don't know how I managed to lose so much in 1 trade). I was very frustrated with my idiocy and I started chasing losses (again like an idiot). Throughout the next 2 weeks I managed to lose another 2400$ by trading while mad (lost most of it when bitcoin went up from 6700 to 8000 at the beginning of the year, shorting it). Now I have only 1600$ left in my account, deeply depressed and afraid to lose even more. I'm afraid that I won't ever make it back and even if I do this is the worst timing possible with the halving rally in sight. I get more depressed even thinking of all the profit those money would have generated if the rally begins. I came here to ask for some advice since I don't trust my decisions anymore and maybe you could give me some insight.

You must fix yourself, you are losing a lot of money, by being unstable with your emotions. We need to be mentally healthy too when trading or gambling. You need to change your strategy as well, but for now you need to take a rest, and realized what you have done and you lose so many money. Also accept that we all do mistake, I myself nearly had lost a 1btc in 2018 and now I learned from that mistake and will not do the same way again.

[1715430573]

1715430573

[1715430573]

1715430573

[1715430573]

1715430573

[1715430573]

1715430573

[sisule]

Have you guys ever ruined your account when you were still a beginner? And by ruined I mean losing everything or a very big part of it. I started trading like 3 months ago and made my first deposit 2 months ago. After 150+ trades through the course of 1 month I managed to get my 4000$ initial investment to 7000$. Needless to say I was over the moon and I got overconfident. I invested more than usual thinking I have a great opportunity right there and even though I had a fixed plan with certain stop losses in place for every trade, after the price went against my prediction I still hold onto it thinking it will rebound and even added a little more to average down. In the end the price got my stoploss and I was down 3000$ (I don't know how I managed to lose so much in 1 trade). I was very frustrated with my idiocy and I started chasing losses (again like an idiot). Throughout the next 2 weeks I managed to lose another 2400$ by trading while mad (lost most of it when bitcoin went up from 6700 to 8000 at the beginning of the year, shorting it). Now I have only 1600$ left in my account, deeply depressed and afraid to lose even more. I'm afraid that I won't ever make it back and even if I do this is the worst timing possible with the halving rally in sight. I get more depressed even thinking of all the profit those money would have generated if the rally begins. I came here to ask for some advice since I don't trust my decisions anymore and maybe you could give me some insight.

You must fix yourself, you are losing a lot of money, by being unstable with your emotions. We need to be mentally healthy too when trading or gambling. You need to change your strategy as well, but for now you need to take a rest, and realized what you have done and you lose so many money. Also accept that we all do mistake, I myself nearly had lost a 1btc in 2018 and now I learned from that mistake and will not do the same way again.

Many investor can't control their emotion because looking altcoin have higher price keep holding and panic time when assets back with lower price, I try this moment several time and now I could control my soul how really get little profit very time in bitcoin trading but keep continue than have waiting with long time because our assets hold with lower price.

[beerlover]

What you should remember is that even with good trades you may end up losing most of your money if you are not careful enough with the trading fee and withdrawal fee eating a huge chunk of your money as well.

When you make just enough or sell for the same price, the trading fee calculated could end up being a loss as well. That is why I tell people who get into trading fairly new and decided to make hundreds of trades like you, when you calculate the trading fee for all of that combined it would make a lot of money, and I mean a lot of money as in hundreds of dollars.

Of course, you can have some bad trades as well but if you consider how much you lost to fee's then you will realize that you wouldn't be as down as you are right now without them as well. Buying and holding is the most clear cut way of making money without spending too much time and money along the way.

[adaseb]

Since you are a new trader its considered normal to lose money. Just be lucky its only $4000 because if it was $40,000 or $400,000 you most likely would of lost the same % of money.

What you said its fairly typical of most new traders. They basically get lucky and think they know the markets well and they take larger and larger trades until they get into a losing streak. Then what happens they start to lose their profits, and then their initial investment and that's when fear comes in and it causes even more losses.

Gamblers and traders for some reason don't mind losing profits but they hate to lose their own initial trading funds. And they will overleverage themselves "Just to break-even and quit" however most of the time they end up losing more and more and end up blowing up their accounts.

[DevilSlayer]

If you ruined your portfolio then do not lose hope because you will still regain your losses if you will focus on enhancing your skills. You lose because there is something wrong and you should aware of that. The best way to know in what part did you always keeping making mistakes is by journalizing, you should record all of your past trades and you can find out what's wrong with your strategies and your execution.

[topbitcoin]

Have you guys ever ruined your account when you were still a beginner? And by ruined I mean losing everything or a very big part of it. I started trading like 3 months ago and made my first deposit 2 months ago. After 150+ trades through the course of 1 month I managed to get my 4000$ initial investment to 7000$. Needless to say I was over the moon and I got overconfident. I invested more than usual thinking I have a great opportunity right there and even though I had a fixed plan with certain stop losses in place for every trade, after the price went against my prediction I still hold onto it thinking it will rebound and even added a little more to average down. In the end the price got my stoploss and I was down 3000$ (I don't know how I managed to lose so much in 1 trade). I was very frustrated with my idiocy and I started chasing losses (again like an idiot). Throughout the next 2 weeks I managed to lose another 2400$ by trading while mad (lost most of it when bitcoin went up from 6700 to 8000 at the beginning of the year, shorting it). Now I have only 1600$ left in my account, deeply depressed and afraid to lose even more. I'm afraid that I won't ever make it back and even if I do this is the worst timing possible with the halving rally in sight. I get more depressed even thinking of all the profit those money would have generated if the rally begins. I came here to ask for some advice since I don't trust my decisions anymore and maybe you could give me some insight.

Just keep believe with yourself. What you need is take a rest and wait for good moment, good mood and good price to buy. Because if we keep depressed and force to do trading, it will be worse than you already did. Believe if you can reach that profit again will really help you into your trading activity.

[Genemind]

I also had the same experience and to be honest, it's just part of the learning process. Sometimes our mistakes could turn into lessons especially in trading. We can't do trading perfectly for the first time so we need to learn everything about it continuously. Trading is a long process of learning and we can't rely upon the decisions of others. we should deal with every market situation for us to learn more about it.

[oktana]

when we get big losses and even move worse, what must be done is to calm down by maintaining assets.

the thing to consider in that condition is to check the trend, whether bearish is very active, or only in a few days. it would be wise to exchange it with Usdt first and wait for calmer momentum. maybe everyone has experienced it, but experience must also make us think to understand more things that we are not good at.

[Ridwan Fauzi]

A few days ago there is someone who give this article https://www.liberatedstocktrader.com/why-traders-fail-in-online-forex-trading/ and I think it is very useful article.

Sometimes you need other people's suggestion actually you have to ask how the professional trader manage their money. Because in my mind, trading is not about how good your strategy is but you need another important part such as how you manage your emotion while you trading.

[alyssa85]

Have you guys ever ruined your account when you were still a beginner? And by ruined I mean losing everything or a very big part of it. I started trading like 3 months ago and made my first deposit 2 months ago. After 150+ trades through the course of 1 month I managed to get my 4000$ initial investment to 7000$. Needless to say I was over the moon and I got overconfident. I invested more than usual thinking I have a great opportunity right there and even though I had a fixed plan with certain stop losses in place for every trade, after the price went against my prediction I still hold onto it thinking it will rebound and even added a little more to average down. In the end the price got my stoploss and I was down 3000$ (I don't know how I managed to lose so much in 1 trade). I was very frustrated with my idiocy and I started chasing losses (again like an idiot). Throughout the next 2 weeks I managed to lose another 2400$ by trading while mad (lost most of it when bitcoin went up from 6700 to 8000 at the beginning of the year, shorting it). Now I have only 1600$ left in my account, deeply depressed and afraid to lose even more. I'm afraid that I won't ever make it back and even if I do this is the worst timing possible with the halving rally in sight. I get more depressed even thinking of all the profit those money would have generated if the rally begins. I came here to ask for some advice since I don't trust my decisions anymore and maybe you could give me some insight.

That's where you went wrong - never ever trade more than 1/10th of your stash. It's all about risk management and ensuring that you don't lose so much you are out of the game. You should have also taken your initial investment out after you hit $7000. After that you'd have been trading only with your winnings and your losses wouldn't have been so unbearable.

[LogitechMouse]

I will just assume that you are a newbie because if you are not then you will not post thread like this here .

As a newbie in trading, losses are inevitable so you will experience losses along the way. I see 2 mistakes that you did.
1. You are a newbie and yet you invested a huge amount of money. Now that you lost, you can't take it. As a newbie, just invest a small amount of money first.
2. You trade using your emotions instead of your strategy (if there is). One mistake of a newbie is they are trading thru their emotions and you saw the end result of it .

Take this as a learning and at the same time, try to research more and then go back to trading if you still want to trade. If not then find another way to earn cryptos .

[Reid]

That's awful. Sorry for what happened with you.

Mistakes can be done when you are using your emotions and I think at this case you did. (base on your story)
You have the tendency to gamble more when you see profits are getting larger which is wrong.
Should've just stayed with one path until you can really feel the profit or ROI is already there.
You did get it right?
It is just that, you didn't keep it but instead used it to make a higher income.
This is a good lesson though.

[Soots]

I also had the same experience and to be honest, it's just part of the learning process. Sometimes our mistakes could turn into lessons especially in trading. We can't do trading perfectly for the first time so we need to learn everything about it continuously. Trading is a long process of learning and we can't rely upon the decisions of others. we should deal with every market situation for us to learn more about it.

If we're a trader it's good to grab every single opportunity while it was there, because based on I had experience lastly I didn't able to decide in a smart way while my holdings has been profitable during the last bullrun. That's true that trading had been a long process, and now it was a very tough experience seeing bitcoin's volatility.
I couldn't count those times I was in a deep regret which eventually made me more depressed, but I need to move on to survive and hope to see more good future fro cryptocurrency.

[AniviaBtc]

Have you guys ever ruined your account when you were still a beginner? And by ruined I mean losing everything or a very big part of it. I started trading like 3 months ago and made my first deposit 2 months ago. After 150+ trades through the course of 1 month I managed to get my 4000$ initial investment to 7000$. Needless to say I was over the moon and I got overconfident. I invested more than usual thinking I have a great opportunity right there and even though I had a fixed plan with certain stop losses in place for every trade, after the price went against my prediction I still hold onto it thinking it will rebound and even added a little more to average down. In the end the price got my stoploss and I was down 3000$ (I don't know how I managed to lose so much in 1 trade). I was very frustrated with my idiocy and I started chasing losses (again like an idiot). Throughout the next 2 weeks I managed to lose another 2400$ by trading while mad (lost most of it when bitcoin went up from 6700 to 8000 at the beginning of the year, shorting it). Now I have only 1600$ left in my account, deeply depressed and afraid to lose even more. I'm afraid that I won't ever make it back and even if I do this is the worst timing possible with the halving rally in sight. I get more depressed even thinking of all the profit those money would have generated if the rally begins. I came here to ask for some advice since I don't trust my decisions anymore and maybe you could give me some insight.

I think this could be every beginner mistakes, patient and not to be greedy is the hardest thing to learn in cryptocurrency trading. Sometimes when we're seeing a coin rising, we have the desire to join the pump because we think the coin's price will still got pump higher and we won't miss that. But most of them are just a bull trap. So i think managing the risk and our assets is the most important thing in crypto trading instead of just learning the technique

Patience can be achieved through practicing your self-discipline because the only thing that is your enemy in trading is GREED. Being greedy will really lead you to huge amount of losses and opportunities because making an action without thinking the possible outcome or consequences will make you feel blank after a mistakes. Then that's the time that you will regret something for losing a certain amount of money that's why planning is also important before anything else. And also look for the price and charts in the market that can be served as a guide to your trading.

[Hamphser]

This is usually happening to newbies when they practice trading through the real market without any small knowledge of what is the basics. There are sites that is designated for trading practice only and OP probably missed that. I myself can tell that i do experience this kind of stupidity before but it's important that we must learn to our mistake so we will not be doing the same thing over and over again.

[Cacingkemi]

You must continue to trade to be able to regain the profits you have previously made, even though it takes a long time to be able to achieve the profit target as before, at least the trade you are doing now must be more careful and not in a hurry to be able to aim at profits big one in a short amount of time

[isaac_clarke22]

~

Saying that "thinking it will rebound" is common for us, that it turn us to greed from the "overconfidence" you stated. Don't be desperate to chase your losses if it didn't work out in the first place. It's just like you put a rubbing alcohol to your wound. That's me when I was day trading, OP. I can't say it was exact but it was almost related to how overconfident I had become just because I had like 3k of capital that day.

[Oceat]

You must continue to trade to be able to regain the profits you have previously made, even though it takes a long time to be able to achieve the profit target as before, at least the trade you are doing now must be more careful and not in a hurry to be able to aim at profits big one in a short amount of time

I don't think that's the right decision to make if OP doesn't eliminate or fix the problem first of his actions it will going to get back again and again. Trading is not just buying and selling, one must know where they messed up and know how to fix it then continue to do their next strategy. Trading and trading without looking what is the problem is the quickest way to burn out your capital.

[huige007]

I will just assume that you are a newbie because if you are not then you will not post thread like this here .

As a newbie in trading, losses are inevitable so you will experience losses along the way. I see 2 mistakes that you did.
1. You are a newbie and yet you invested a huge amount of money. Now that you lost, you can't take it. As a newbie, just invest a small amount of money first.
2. You trade using your emotions instead of your strategy (if there is). One mistake of a newbie is they are trading thru their emotions and you saw the end result of it .

Take this as a learning and at the same time, try to research more and then go back to trading if you still want to trade. If not then find another way to earn cryptos .

you are right for newbie  better to start from the small steps. First of all, do not prefer investing large amount of money as it is quite sudden and unpredictable that what change is going to occur in terms of the value of the currency you are currently investing into. So, take consultancy from the ones who are experienced and do not prefer to use your coins quickly.try to hold them for some time.

[KnightElite]

I will just assume that you are a newbie because if you are not then you will not post thread like this here .

As a newbie in trading, losses are inevitable so you will experience losses along the way. I see 2 mistakes that you did.
1. You are a newbie and yet you invested a huge amount of money. Now that you lost, you can't take it. As a newbie, just invest a small amount of money first.
2. You trade using your emotions instead of your strategy (if there is). One mistake of a newbie is they are trading thru their emotions and you saw the end result of it .

Take this as a learning and at the same time, try to research more and then go back to trading if you still want to trade. If not then find another way to earn cryptos .

you are right for newbie  better to start from the small steps. First of all, do not prefer investing large amount of money as it is quite sudden and unpredictable that what change is going to occur in terms of the value of the currency you are currently investing into. So, take consultancy from the ones who are experienced and do not prefer to use your coins quickly.try to hold them for some time.

The preferable investment of the newbies is below $1000, newbies cannot put a huge amount of money in their first investment because mistakes are inevitable. Newbies are required to study the market very well in order to get used to handling risks and also to become familiar in the market. Identify what kind of a trader/investor are you is the best way to become a successful trader.