Ruined my account through multiple mistakes

[jazmuzika217]

I think you should have more lesson about trading to learn more. I suggest that you need to back to basic that you need to have some research and study about trading. And make some experiment to trade small amount of coin to have an trial and error conclusion and to make you more familliar in trading activity flow.

[Dart18]

Can we call it greed?
You made an error so you have to fill those blanks again.
That is greed for me. You want the money back in just lesser time because you got so much used with profits.

What will be the better thing to do?
Go back from the start.
Think of that $1600 as your initial deposit again.
That way, you can boost yourself into making profit once again.

[wajik-tempe]

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

[Asmonist]

I had also a somehow reverse experience. After trading for months, I was over confident to hold my funds for a long period. Not checking it anymore and just let it stay until I receive a notice that the site was going to close. Unfortunately, I haven't read the email notice immediately and unluckily I read it after the said due date. I haven't retrieve my funds anymore and I was so disappointed about it. I realize it was also my mistake and trading really needs a full attention.

[Mahanton]

Just only some tips;

~Dont treat trading just like gambling
~If you do find yourself got stressed too much then take a rest or break and try
to analyze your error.Its a matter of trial and error.Dont rush up.
~Dont mind too much on how to chase losses because it will just mess up your analysis
because you do think of this always.
~As mentioned, dont get too overconfident because you might be profitable this day but would lose big time tomorrow.

[Colt81]

Yes i have done a lot of mistakes in trading a multiple times when i was a beginner in trading because my predictions in the market charts are mostly wrong, that is why i lose a lot of money in trading, but i sometimes have a chance to recover all of those losses when my analysis was correct.

[wajik-tempe]

Yes i have done a lot of mistakes in trading a multiple times when i was a beginner in trading because my predictions in the market charts are mostly wrong, that is why i lose a lot of money in trading, but i sometimes have a chance to recover all of those losses when my analysis was correct.

Following other people anaylsis (pro traders ofcourse) would be a nice option if we don't have any experience in trading at first. Because it will lower risk and also we'll be more confident with our trades and not become panic when the whales are playing with the market. And ofcourse it's better than gambling without any knowledge in trading. trading with just feeling is the worst

[Savemore]

Yes i have done a lot of mistakes in trading a multiple times when i was a beginner in trading because my predictions in the market charts are mostly wrong, that is why i lose a lot of money in trading, but i sometimes have a chance to recover all of those losses when my analysis was correct.

Following other people anaylsis (pro traders ofcourse) would be a nice option if we don't have any experience in trading at first. Because it will lower risk and also we'll be more confident with our trades and not become panic when the whales are playing with the market. And ofcourse it's better than gambling without any knowledge in trading. trading with just feeling is the worst

It is not a nice option for me, there are self proclaimed professional traders so I do not easily believe to the post of other people in the internet. Having knowledge is important but the most important is we should not depend our decisions on others, we are the one who should create our won decisions. Mistakes are inevitable but we can use our mistakes in order to protect our funds in the near future.

[Eternad]

I had also a somehow reverse experience. After trading for months, I was over confident to hold my funds for a long period. Not checking it anymore and just let it stay until I receive a notice that the site was going to close. Unfortunately, I haven't read the email notice immediately and unluckily I read it after the said due date. I haven't retrieve my funds anymore and I was so disappointed about it. I realize it was also my mistake and trading really needs a full attention.

This is so sad, many exchanges were closing, there are many projects that were closing that loses the value of their token. We need to be updated now since many do exit scam. We should know how to manage our time to read news and be updated in all of our investments. It's difficult when they already gone especially if you have bigger investments. Some of my bounty coins were loss in value now, didn't sell it those time they high that's my mistake that I want to forget

[shoreno]

there was a saying that one mistake cant fix the other one . that saying happened on you because you think it can solved your problem but it only make the problem more worst . 

as a newbie its okay to commit mistake but you as a newbie you learn fast because within a month only you already doubled what you invest and you said you are aware about stopping ? but your failure was not following it .

[nicolas1979]

Don't push too hard, trading is alternative income not primary. When you break account because some mistake or market defeat you stay realistic is the right step for you. Accept that as reality and find the solution next day, not right now. Second step is you need to realize trading is not always get profit, so find another way to make money out side trading world is good step. This time you need to relax, leave the market now do your hobbies and came back again when ready. In desperate condition, tired and boring can make trader doing something stupid, avoid that before bankrupt is yours.

[panganib999]

Nothing you can really do about that. There's the euphoria in earning quite big sometimes and you can't really help but think, what if I can win more? What if I can actually duplicate this amount again? kind of thing, which I think all of us has experienced at least once. There are a lot of ways to counter these problems such as forcing yourself to face reality, studying the possibilities, or just plain "I'm satisfied with what I have" attitude. That's just the way trading is.
As for the rally this halving, Accumulate. By the end of the year should be the time for your comeback, but could be a small margin only though. Still, your a day trader so this may not apply to you sadly enough. It's kinda difficult to see the market daily since there are a lot of changes.

[TitanGEL]

But sometimes more losses can motivate us to become a profitable trader. I do not afraid to have losses because it makes me a strong trader. My trading psychology is becoming more strong because of my losses. You have huge losses and it seems that you will not easily regain all of the losses but you should not quit and the reason why you lose that big is because you need to improve something in order to avoid that situation again in the near future.

[Negotiation]

With so many people like this I think it's good to stop your current trade Because you've already lost a lot You need to research and practice different places to know the trade better Hold on as much as you have and you will be able to make a good profit. Set a good time for business and try to invest in capital.

[Ahimoth]

Can we call it greed?
You made an error so you have to fill those blanks again.
That is greed for me. You want the money back in just lesser time because you got so much used with profits.

What will be the better thing to do?
Go back from the start.
Think of that $1600 as your initial deposit again.
That way, you can boost yourself into making profit once again.

Before deciding to start all over again, always remember thar we must move on and set aside those mistakes as your learned lesson. On that amount of $1600, think of lowering the initial deposit to $50 or $100 while on the recovery stage.
Move on and be careful on the next chapters of trading.

[carlfebz2]

But sometimes more losses can motivate us to become a profitable trader. I do not afraid to have losses because it makes me a strong trader. My trading psychology is becoming more strong because of my losses. You have huge losses and it seems that you will not easily regain all of the losses but you should not quit and the reason why you lose that big is because you need to improve something in order to avoid that situation again in the near future.

It depends because not all people would have the same mindset when it comes to learning where
they do treat up their mistakes just like it was the end of the world or they do think that they are complete
failure and ends up to be a reason for them to quit totally.For some they do accept losses and defeat and
learn from it and these are the type of people who do succeed where giving up isn't included into their
vocabulary.Just take things slowly and don't rush up because it will really cause too many mistakes.

[Sadlife]

This was also me when i was a beginner, in the beginning it was nice and easy and i am earning some profits without any in depth knowledge with a simple technique, i could win with buy and sell strategy. Then it got all turned around when i went to greedy. The price was being oversold and i thought of holding it and not planning to exit i thought it would reach some crazy price but it fallen really hard and after that the same as you did "chasing losses."

Two things i learned in trading never get emotional and greedy.

[luckyflop]

In this market, you need to be calm when trading. If you are impatient and not calm then surely you will only take failure and continuously lose money. First you need to learn how to control yourself and keep yourself awake, because you have made a profit in this market so I believe you will quickly recover your previous investment with a stable mind. In this market failure and success always go together so don't be scared and discouraged. Failure will make you more experienced and in the future you will not make that mistake

[Baby Dragon]

But sometimes more losses can motivate us to become a profitable trader. I do not afraid to have losses because it makes me a strong trader. My trading psychology is becoming more strong because of my losses. You have huge losses and it seems that you will not easily regain all of the losses but you should not quit and the reason why you lose that big is because you need to improve something in order to avoid that situation again in the near future.

It depends because not all people would have the same mindset when it comes to learning where
they do treat up their mistakes just like it was the end of the world or they do think that they are complete
failure and ends up to be a reason for them to quit totally.For some they do accept losses and defeat and
learn from it and these are the type of people who do succeed where giving up isn't included into their
vocabulary.Just take things slowly and don't rush up because it will really cause too many mistakes.

We have different levels of perception and you can't literally assure that they will take their mistakes as a lesson and guide to help them make a wiser decision. We accept our mistakes and experiences in different ways, some of them accepted it by considering it as one thing to consider before making an actions or any decisions and some of them just disregard it without even realizing that the incident can also help them change themselves into a stronger and wiser person. It usually happens for people who doesn't have enough understanding when it comes to trading, sometimes mistake isn't bad because they can also make you analyze what went wrong and you can used it as guide to avoid doing the same mistake.

[ethereumhunter]

I think you really need to learn how to control yourself and not greed for chasing the profit. Remember that you should avoid overconfident because you already got that experience, and I am sure that you don't want to get the same experience. In trading, you can get a big profit in one trade, but if you are greedy, your profit will disappear because you are late to sell and take the profit. You should know that only use the money you can afford in trading, so if you lose, you can accept the loss, and you can move on and try to recover the losses.