Recovering losses

[Natsuu]

At this point and as per the post, I would say that you must have already learned to stay calm at all times.

But I just want to emphasize the idea of dismissing the loses and focusing on what is ahead. Keeping your mind in sharp and empty of negativity from you past trades will make you sharper and wiser in your decisions. Aside from that, I think you only need to spread your accounts more in different coins.

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[LongBTC2Moon]

What makes you wrong is that you are overconfident that entering in trading will give you a better life and even willing to sell all your belongings just for this but somehow, trading isn't really for you. For all the losses you have this time, one way to recover all of it is to quit trading. Make yourself humbly accepting that trading isn't really for you and you are one of those people who are also not destined to become a trader.

Maybe you can find another opportunity that could help you get back of what you've lost in trading. Really sad, but sometimes we went through that way.

,
Thank you Maslate for your suggestion / feedback. I always knew it is very risky.  I was lucky to make some successful trades.
In fact, after I made 15% more bitcoin, I had decided that I will stop trading soon. After losing, the thought of recovering it had me continue for last month.

[LongBTC2Moon]

Recovering losses is nothing but making new profits; if you focus on making profits then there could be a chances for recovering your losses but if you all aim about recovering your previous losses then you may end up again and again losses. I mean there are differences emotionally between these two. You must need to feel afresh mentally before you planning up your trades; if you are under strain and worrying about your previous losses and trading among them will not definitely produce any good results for any trader.

Loss is loss; worrying about them will not help you. If you accept your losses and if you move forward then you will get new opportunity even within trading to make you richer as early as possible timeframe.

Unlike any other trading environment, you can make big profits in this crypto space just by holding for longer duration. Just plan up trades for years (but within only bitcoin) then definitely you will get at least 10x profits for your investments.

Thank you el kaka22.

[teosanru]

Hi friends,

I am not a professional trader, all I wanted to do is earn some bitcoin so as to pay the potential income tax.
On 23rd Feb, I lost my 80% of bitcoin.
I should have managed risk better, but my worst mistake happened, when I had longed 3x. and I got scared during the dip.
I had lost 50% of my bitcoin in January but I think I got lucky, Elon musk pump helped me recover my lost bitcoin and earn 15% more.
Out of this 115% btc, 80% is lost.
I tried to recover from feb 24 and I was able to make 20% to double and make it 40%.
But being under tremendous stress, I overtraded and lost recovered btc and now back to 20%.
I thought of asking for some guidelines / help from some twitter personalities who are good traders, but I am afraid to approach, because they may think I am going to ask for some bitcoin or I am a scammer. Also I do not personally know any good trader who can help / guide with the strategy to recover my lost bitcoin.
By help I do not mean to give me everyday a trade setup or calls.
my strategy is to go very slow, buying the dips with 2x or 3x leverages and recover bitcoin over period of next 6 months.
I didn't do any revenge trades or high leverage trades to make it all back in one trade. This recovering is easier said than done.
  
Also I was thinking of selling a piece of  land I own, buy some bitcoin and keep it safe in hardware wallet, not trade with it.
And slowly recover from my existing 20%. Or stop trading completely.  This 20% is also quite some. so just stop trading and be content with whatever I have. and DCA in future.
 
Now I don't need to pay any income tax but also lost my bitcoin.
Greatly appreciate any words of wisdom, any help with the strategy to recover my loss.

Thanks and regards,
LongBTC2Moon.

I appreciate your honesty towards your own self. Most people even after losing 80% think that it's just something temporary and they will get it again by doing revenge trades and what happens instead is that they end up losing the remaining 20% too. Atleast you took that time to introspect your fault here. My Recommendation to you is create a very small capital. Probably just 2-5% depending upon the amount it could be even $100 and try to trade with these $50 by following all the technical analysis strategy and risk management strategies. Trade with this much amount for at least 5-6 months by giving at least 2-3 hours a day. This experiment might cost you some time but would give you an idea that you are made to become a trader or not. Trading is a profession not a time pass thing.

Coming to sources of learning. Trust me you have to create your own trading strategy at the end of the day. It could be something you create after tweaking strategies of 3-4 different people but at the end it's you who has to choose indicators and tactics. Sources from where you can learn this can be categorized in this way:
1. Books: There are a hell of lot of books available in the market which would tell you what to do and how to trade. You can refer any of them, top of the list are how to day trade for living, Technical analysis by John Murphy etc.
2. Video courses: Almost every big trader on twitter or youtube has video courses some are paid and some are free. You need to invest in them to learn something.
3. Hit & Trial: At the end of the day it's the waves of the sea that teach you surfing. So market would teach you everything but make sure you keep your initial capital small to give market as small fees as possible for learning.

[dautuonline]

When greed takes the throne, bloodshed is natural.
I have a safer recommendation for you. Put your bitcoins on the Farming platform and make 8-18% profit per year.
Or you Lock bitcoin and use the platform to borrow with a dollar loan. Using that loan of good governance to buy and sell increases the number of bitcoins. This is a safe campaign

[carlfebz2]

Now I don't need to pay any income tax but also lost my bitcoin.
Greatly appreciate any words of wisdom, any help with the strategy to recover my loss.

Thanks and regards,
LongBTC2Moon.

Dont rush up! You dont actually need others help because they cant really help you out on the first place.The only one who could only help is only yourself.

When you are making some gains then thats a good indication that you could still have the chance on recovery.It might not really be that fast but it is much better if you done it slowly
but surely.

Dont add up more investment because that would really be a sign of desperation and would might end up into more further loss.You should avoid that.
Dont sell out your land. Try things as best as you can until you break even.

[adzino]

Hi friends,

I am not a professional trader, all I wanted to do is earn some bitcoin so as to pay the potential income tax.
On 23rd Feb, I lost my 80% of bitcoin.
I should have managed risk better, but my worst mistake happened, when I had longed 3x. and I got scared during the dip.
I had lost 50% of my bitcoin in January but I think I got lucky, Elon musk pump helped me recover my lost bitcoin and earn 15% more.
Out of this 115% btc, 80% is lost.
I tried to recover from feb 24 and I was able to make 20% to double and make it 40%.
But being under tremendous stress, I overtraded and lost recovered btc and now back to 20%.
I thought of asking for some guidelines / help from some twitter personalities who are good traders, but I am afraid to approach, because they may think I am going to ask for some bitcoin or I am a scammer. Also I do not personally know any good trader who can help / guide with the strategy to recover my lost bitcoin.
By help I do not mean to give me everyday a trade setup or calls.
my strategy is to go very slow, buying the dips with 2x or 3x leverages and recover bitcoin over period of next 6 months.
I didn't do any revenge trades or high leverage trades to make it all back in one trade. This recovering is easier said than done.
 
Also I was thinking of selling a piece of  land I own, buy some bitcoin and keep it safe in hardware wallet, not trade with it.
And slowly recover from my existing 20%. Or stop trading completely.  This 20% is also quite some. so just stop trading and be content with whatever I have. and DCA in future.
 
Now I don't need to pay any income tax but also lost my bitcoin.
Greatly appreciate any words of wisdom, any help with the strategy to recover my loss.

Thanks and regards,
LongBTC2Moon.

You think you are ready now? If yes, then go ahead and start trading again. But make sure you don't repeat the same mistakes. Make sure you learn everything from your previous mistakes. Also, try to understand what went wrong. Like you said, you didn't do any risk management. Maybe try doing it this time and see how it works out? It might be different this time and you may start making good profit and know when you withdraw your profits or stop.
Give yourself another chance IF you can afford, or else just move on.

[LongBTC2Moon]

Also I was thinking of selling a piece of  land I own, buy some bitcoin and keep it safe in hardware wallet, not trade with it.

Why would you sell a piece of land because you want to buy bitcoin? I think this is not a great idea at all because a piece of land is also an appreciative asset. And you should know that you do not want to take it slow is the reason you are thinking like this, while you need to take it slow in order to profit, or losses can ensue.

And slowly recover from my existing 20%. Or stop trading completely.  This 20% is also quite some. so just stop trading and be content with whatever I have. and DCA in future.

According to one of the rules of trading, do not count what you lose as losses (rather, as a means of learning in order to avoid past trading mistakes). If you lose, stop trading at the time to recover back good trading strategies. Just only focus on how not to lose, what has been lost is gone and never think about it, neither also not thinking you gained back what you lost but how not to lose anymore.

Thank you 4Y078.  I will do it. I later watched some videos on youtube and I am learning.
I think, I should have learnt about 'preserving the capital' earlier. It was mentioned in one of the videos. I have written down some rules in a notebook and remind myself every now and then.

You need to know the trading rules, trading is so risky, you can lost a lot, leading to selling of properties, trade again and lose. The best is to first try to use the Bitcoin that can convenient you to use and have a good risk management.

Thank you Charles-Tim.
I have to reiterate this, never sell your land, be patient, hustle for money and buy Bitcoin. If you think trading is not making any sense, then believe in Bitcoin and just hold.

[Twinkledoe]

Now I don't need to pay any income tax but also lost my bitcoin.
Greatly appreciate any words of wisdom, any help with the strategy to recover my loss.

Thanks and regards,
LongBTC2Moon.

Dont rush up! You dont actually need others help because they cant really help you out on the first place.The only one who could only help is only yourself.

When you are making some gains then thats a good indication that you could still have the chance on recovery.It might not really be that fast but it is much better if you done it slowly
but surely.

Dont add up more investment because that would really be a sign of desperation and would might end up into more further loss.You should avoid that.
Dont sell out your land. Try things as best as you can until you break even.

Getting some advice or help from this so-called experts is useless. Because they may even endorse you of something. I think if you do want to earn some tips, you can lurk around the forum, in this section and in the beginners & help, and you may get a lot of insights that will guide you in your trading decision. Also, as others also suggested, please don't sell the land. Yes, you are paying your tax now, but its value will increase thru time, and that is one tangible asset that is worth holding for. With bitcoin, we have no idea what will happen 5 or 10 years from now. At least you have tangible asset that you can hold onto when everything goes sideways.

[LongBTC2Moon]

Hi friends,

I am not a professional trader, all I wanted to do is earn some bitcoin so as to pay the potential income tax.
On 23rd Feb, I lost my 80% of bitcoin.
I should have managed risk better, but my worst mistake happened, when I had longed 3x. and I got scared during the dip.
I had lost 50% of my bitcoin in January but I think I got lucky, Elon musk pump helped me recover my lost bitcoin and earn 15% more.
Out of this 115% btc, 80% is lost.
I tried to recover from feb 24 and I was able to make 20% to double and make it 40%.
But being under tremendous stress, I overtraded and lost recovered btc and now back to 20%.
I thought of asking for some guidelines / help from some twitter personalities who are good traders, but I am afraid to approach, because they may think I am going to ask for some bitcoin or I am a scammer. Also I do not personally know any good trader who can help / guide with the strategy to recover my lost bitcoin.
By help I do not mean to give me everyday a trade setup or calls.
my strategy is to go very slow, buying the dips with 2x or 3x leverages and recover bitcoin over period of next 6 months.
I didn't do any revenge trades or high leverage trades to make it all back in one trade. This recovering is easier said than done.
 
Also I was thinking of selling a piece of  land I own, buy some bitcoin and keep it safe in hardware wallet, not trade with it.
And slowly recover from my existing 20%. Or stop trading completely.  This 20% is also quite some. so just stop trading and be content with whatever I have. and DCA in future.
 
Now I don't need to pay any income tax but also lost my bitcoin.
Greatly appreciate any words of wisdom, any help with the strategy to recover my loss.

Thanks and regards,
LongBTC2Moon.

You think you are ready now? If yes, then go ahead and start trading again. But make sure you don't repeat the same mistakes. Make sure you learn everything from your previous mistakes. Also, try to understand what went wrong. Like you said, you didn't do any risk management. Maybe try doing it this time and see how it works out? It might be different this time and you may start making good profit and know when you withdraw your profits or stop.
Give yourself another chance IF you can afford, or else just move on.

Thank you Adzino.

[LongBTC2Moon]

Hi friends,

I am not a professional trader, all I wanted to do is earn some bitcoin so as to pay the potential income tax.
On 23rd Feb, I lost my 80% of bitcoin.
I should have managed risk better, but my worst mistake happened, when I had longed 3x. and I got scared during the dip.
I had lost 50% of my bitcoin in January but I think I got lucky, Elon musk pump helped me recover my lost bitcoin and earn 15% more.
Out of this 115% btc, 80% is lost.
I tried to recover from feb 24 and I was able to make 20% to double and make it 40%.
But being under tremendous stress, I overtraded and lost recovered btc and now back to 20%.
I thought of asking for some guidelines / help from some twitter personalities who are good traders, but I am afraid to approach, because they may think I am going to ask for some bitcoin or I am a scammer. Also I do not personally know any good trader who can help / guide with the strategy to recover my lost bitcoin.
By help I do not mean to give me everyday a trade setup or calls.
my strategy is to go very slow, buying the dips with 2x or 3x leverages and recover bitcoin over period of next 6 months.
I didn't do any revenge trades or high leverage trades to make it all back in one trade. This recovering is easier said than done.
  
Also I was thinking of selling a piece of  land I own, buy some bitcoin and keep it safe in hardware wallet, not trade with it.
And slowly recover from my existing 20%. Or stop trading completely.  This 20% is also quite some. so just stop trading and be content with whatever I have. and DCA in future.
 
Now I don't need to pay any income tax but also lost my bitcoin.
Greatly appreciate any words of wisdom, any help with the strategy to recover my loss.

Thanks and regards,
LongBTC2Moon.

I appreciate your honesty towards your own self. Most people even after losing 80% think that it's just something temporary and they will get it again by doing revenge trades and what happens instead is that they end up losing the remaining 20% too. Atleast you took that time to introspect your fault here. My Recommendation to you is create a very small capital. Probably just 2-5% depending upon the amount it could be even $100 and try to trade with these $50 by following all the technical analysis strategy and risk management strategies. Trade with this much amount for at least 5-6 months by giving at least 2-3 hours a day. This experiment might cost you some time but would give you an idea that you are made to become a trader or not. Trading is a profession not a time pass thing.

Coming to sources of learning. Trust me you have to create your own trading strategy at the end of the day. It could be something you create after tweaking strategies of 3-4 different people but at the end it's you who has to choose indicators and tactics. Sources from where you can learn this can be categorized in this way:
1. Books: There are a hell of lot of books available in the market which would tell you what to do and how to trade. You can refer any of them, top of the list are how to day trade for living, Technical analysis by John Murphy etc.
2. Video courses: Almost every big trader on twitter or youtube has video courses some are paid and some are free. You need to invest in them to learn something.
3. Hit & Trial: At the end of the day it's the waves of the sea that teach you surfing. So market would teach you everything but make sure you keep your initial capital small to give market as small fees as possible for learning.

Thank you Teosanru for your advice.

[LongBTC2Moon]

Now I don't need to pay any income tax but also lost my bitcoin.
Greatly appreciate any words of wisdom, any help with the strategy to recover my loss.

Thanks and regards,
LongBTC2Moon.

Dont rush up! You dont actually need others help because they cant really help you out on the first place.The only one who could only help is only yourself.

When you are making some gains then thats a good indication that you could still have the chance on recovery.It might not really be that fast but it is much better if you done it slowly
but surely.

Dont add up more investment because that would really be a sign of desperation and would might end up into more further loss.You should avoid that.
Dont sell out your land. Try things as best as you can until you break even.

Thank you carlfebz2.

[Wind_FURY]

Recovering losses is nothing but making new profits; if you focus on making profits then there could be a chances for recovering your losses but if you all aim about recovering your previous losses then you may end up again and again losses. I mean there are differences emotionally between these two. You must need to feel afresh mentally before you planning up your trades; if you are under strain and worrying about your previous losses and trading among them will not definitely produce any good results for any trader.

Loss is loss; worrying about them will not help you. If you accept your losses and if you move forward then you will get new opportunity even within trading to make you richer as early as possible timeframe.

Unlike any other trading environment, you can make big profits in this crypto space just by holding for longer duration. Just plan up trades for years (but within only bitcoin) then definitely you will get at least 10x profits for your investments.

That would be focusing back and forth between two different sides of the same coin. A better path for OP, or anyone who truly wants to be a “trader”, is to focus not about the profits and losses, but focus on the process of being a good trader. It starts with learning how to trade well, despite having losing moments, not with making profits.

[semobo]

The lesson from your loss is how to make profits and how to avoid them so in future if you want to trade again, you may be aware of the losses and use stop loss limit in 15% from losing your capital. Choose better pairs instead of random coins, make use of stable coins which can save withdrawal fee everytime...

[maydna]

From your case, it seems you need to have control for yourself, and if you feel that you stress because of trading, I suggest you stop trading and leave the market, no matter if you lose or profit because that will help you reduce the tension. And when you come back to the market, you can think clearly and see the chance to trade by buying or selling. When you trade, you do not need to chase the bigger profit as that will not easy to get, and it will need time to see the price jump in a short time.

The important thing is how you can manage your emotion in trading, so you don't panic when you see the price move. Perhaps, it is hard, but that is worth trying. You can improve your skills by watching the video on many websites or read more lessons to help you understand the market situations.

[Ararbermas]

Never give up mate just keep your remaining btc because you still have a chance to recover your losses as long as bitcoin still making progress.  Just don't be greedy there's a right time for it. Hodling for long term will be your last option.
 
And also selling your property for bitcoin? Well in my opinion that will be your big mistake since you still lack of knowledge how to handle the situation when it comes investing. If i were you educate your self more. Don't ever make a decision if you're not yet ready for such things and if you really don't want thus mistakes to happen again.. Just saying because you will always end up nothing if you keep pushing your self on this kind of matter without enough knowledge. Remember that because that's the most important.

[isaac_clarke22]

Hello, OP.
Sorry for your losses there.
While there's nothing wrong with asking professionals in social media platforms, it might worsen your situation as you'll invest your money in it again.

Don't sell your land, OP to risk yourself again. You're digging your own hole deeper to that.
Just find another profession if you would ask me.
I quit day trading and I just started working through freelancing and it went quite well for me actually, though I might have said before that I am leaning a little bit to returning again but meh.

[Peanutswar]

Trading is one of the challenges we can discover in our life it's all about your mental state to hold the coin or position you have or let it go to lessen the risk and make another try. Trading is full of mistakes and failure good state and mindset is make a recovery and learn from that downfall if you think there's a chance to make a comeback go ahead but if you think it's too much take a break and think about it if still worth it to lose or not. I try to make a day trade when my first month it's too much of losses but I try to analyze what's wrong then I found out why and then I tried to go back and make a looking good profit and then if I think it's a good time I grab the opportunity.

[Ridwan Fauzi]

You just need to learn about how trading work, there are at least two main strategies fundamental and technical analyst. By overcome those strategies I bet you will confident when everytime you make an entry and you just need a proccess to recover your previously lose.

This has happened to me, I spend almost $1000 as my fund to trade bitcoin and some altcoins. Indeed, with the leverage system has made me lose my money in short time pariode.

I realized because these things was wrong and I need to do something, finally I started to learn and buy some trading books and it is work to me even I can recover my previous lose. I guess all trader newbie should know about that, the important thing in the trading field is a knowledge and an experience so as he will already know all the market situation.

[sana54210]

You just need to learn about how trading work, there are at least two main strategies fundamental and technical analyst. By overcome those strategies I bet you will confident when everytime you make an entry and you just need a proccess to recover your previously lose.

This has happened to me, I spend almost $1000 as my fund to trade bitcoin and some altcoins. Indeed, with the leverage system has made me lose my money in short time pariode.

I realized because these things was wrong and I need to do something, finally I started to learn and buy some trading books and it is work to me even I can recover my previous lose. I guess all trader newbie should know about that, the important thing in the trading field is a knowledge and an experience so as he will already know all the market situation.

You should be careful about leverages because it is really not something that is easy to handle, that is why there shouldn't be any newbies who go in for the first time, 1000 dollars is a correct choice so that you do not lose more, it of course depends on how much money you have but whichever nation you are from, it should not be a life changing amount anyway so I assume it was just amount you could recover, for me it is a lot of money but I have saved it in the past as well.

In the end we should all realize that leverage is something only experts should do, you could go in and make a lot of money by luck, but the longer you stay the more you will lose, but if you can become a veteran of trading, you could actually end up with a lot of money and that is why I do not think that you should be worried about it now, go ahead and learn spot very well before you consider these.