Boom and bust with Bitmex

[btc_creative1]

deleted

[jackg]

I think somewhere between 70 and 90% of contracts traders end up losing money so it's a handy statistic to keep in mind....

Also, to be fairly good at trading you need a good resilliance and lack of emotions. Considering you only started off with 0.15BTC I don't think you should feel too bad about losing it all since you could've got 9. But in future, I'd suggest every time you go over a certain amount that you try to pull out your initial capital or even a third of it. You can't build anything with nothing...

It's also handy to remember that a strategy you used once might not work again the next time so adjust everything accordingly.

Were you going all in, that must've been a huge move from putting in 9BTC since the limit on bitmex is 50BTC so you couldn't realistically go much over 6x leverage... You're going to need a tighter stop loss too in that case to ensure the position doesn't liquidate, the insurance fund for bitmex takes quite a big cut of a trade too...

[exstasie]

Destroyed account- https://imgur.com/YxEPTnW
Trades- https://imgur.com/MpAVw6b

How do you deal with big losses? I still believe I have a significant edge, and combined with low leverage see the potential to be successful, but don't have the capital anymore.  It is tempting to give up, but I still feel like there is potential to make a lot of money with the right risk management.

Any other stories of people building themselves back up from zero?

Cheers

I've taken some big hits, though I've never had the pleasure of losing all my capital. Most traders seem to blow their accounts up at least once though. It's called paying your market tuition.

This article is worth reading: Have You Paid Your Market Tuition?

And so is this thread: How many real accounts have you blown before consistently making money in FX?

[logfiles]

Sorry mate, that was a pretty nice profit you made before you blew it up. I guess the things that led to all this was probably greed  That thought of making a quick million dollars.
Becoming a near perfect trader is a thing that takes time, almost all traders make such mistakes at one point in time especially at the beginning of their trading journeys. What matters, is how you learn from your past mistakes to better yourself.
If you did it last time, you can do it again with now without that sense of over confidence but rather with some caution.

[adaseb]

Hi there,

I'm looking for some advice, and also to share my story.

I've been trading on bitmex for around 2 years, managing to develop an edge that I used to turn 0.15 btc into around 9btc over a few weeks last summer.
I managed to spot an algo pattern that I had seen before, and knew exactly what would happen so used high leverage. This worked out until I got overconfident and the final part of the pattern was different. I used way too much leverage thinking I could make a quick million and quickly destroyed my account.

Destroyed account- https://imgur.com/YxEPTnW
Trades- https://imgur.com/MpAVw6b


How do you deal with big losses? I still believe I have a significant edge, and combined with low leverage see the potential to be successful, but don't have the capital anymore.  It is tempting to give up, but I still feel like there is potential to make a lot of money with the right risk management.

Any other stories of people building themselves back up from zero?

Cheers

There is alot of trading done with bots on Bitmex or any of the large exchanges. The issue with spotting certain patterns and using it to your advantage is that eventually this pattern will stop to work or it will work against you.

Many people probably knew about this pattern and flooded their orders at the same time. Eventually the bots which traded the pattern, knew that there was too many followers and they decided to trap you traders to their advantage. Hence why you ended up losing your entire account which you built up.

My advice, don't scalp just trade long term, on the hourly or higher charts, less traps and wicks to deal with and overall less stress. Only issue is that its less trades so less profit.

[davis196]

What do you mean by "algo pattern"?
So you are saying that you had successfully predicted the crypto market price movements for a while?
How did you manage to achieve this?What was your analysis?
I always trade cryptocurrencies with the assumption that I will lose 100% of my investment.I usually use small amounts of coins and no leverage,so I don't regret anyway.Good luck with your second attempt to make some big profits from crypto trading.

[maxreish]

You're not the only who made a huge loss, dude. I made a negative profit from margin trading before, too. What I did was a reflection, rest, gain more learnings and then go back to margin trading. Margin trading is not always the winning part, since whales are there to destroy our good trades. Even the best indicators are not effective when urgent sideways and big whales are gonna enter the market.

And for that, my mistakes before were my inspiration now to get back from margin trading. Slowly, I am recovering. Hope you will get back, too. Remember that if we fall, there's always a good reason to stand up and continue.

[Ethereums]

its really hurt to see your loss mate, i been trying trade there with high timeframe since i cant follow everyday movement. But so far these 2 weeks been good for me. Now still waiting since the price goes below 10K again. Hopefull can find where to put action to buy as support this week.

[bearexin]

Any other stories of people building themselves back up from zero?

Do not be pessimist. Definitely you can bounce back but with spot trading. Just focus on building a decent capital and try in spot trading. Do not rush yourself so that you may not go back into leveraged trading. Most traders want to recover their losses from same platform but in my opinion that must be a very wrong approach. World is big and the earning opportunities too many more hence we should not think about recovering from same thing.

[Yatsan]

Just sharing. Imagine that you do it in just short amount of time and in just 1 loss you will stop, always think on how you start from nothing and just continue on what you are doing, don't let one wrong move stop you!

Personally, I have a similar experience, I stop for 1whole year after I became broke om leverage trading, and I just think on how I start and I continue my life, now I am doing good and start to trade again, just don't stop  .

[tbterryboy]

I’ll start again small when I can, and approach it slowly and build it back over time.

That must be the spirit of a trader; everyone here must have. What are your plans like you will be continuing back with bitmex are you will find a new spot exchange like someone suggested you? Starting back with small capital must be a good plan but where you are going to resume must be more important. I am also preferring to suggest you not to try again with leveraged trading because it is just an another form of gambling.

You must take time to realize about your mistakes and building a plan on which you should be sticking all the times so that you could trade more discipline and achieve what you are dreaming for. Life is simple and trading is simple but we must need a plan to keep them simple.