Recovering losses

[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.

[1715140996]

1715140996

[1715140996]

1715140996

[mk4]

At some point, you just realize that maybe trading is not for you, and there's really nothing wrong with it! Some people hop professions multiple times before they end up doing something what they're good at, and that they enjoy.

Seriously though, you probably already know this, but just look for another source of income. May it be through jobs, gigs, a business, or whatever. Don't just sit there looking at Coinmarketcap.

Best of luck going forward.

[LongBTC2Moon]

At some point, you just realize that maybe trading is not for you, and there's really nothing wrong with it! Some people hop professions multiple times before they end up doing something what they're good at, and that they enjoy.

Seriously though, you probably already know this, but just look for another source of income. May it be through jobs, gigs, a business, or whatever. Don't just sit there looking at Coinmarketcap.

Best of luck going forward.

Thank you mk4.

[LongBTC2Moon]

but if you really wanted to learn how to trade like a professional i would suggest you to download some books based on trading and start from their

ill

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.

[Charles-Tim]

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.
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.

[electronicash]

agree with mk4. you even consider looking for someone on twitter to help you. it's not the place to look for a tutor. i doubt someone will actually teach but look for some tuts on how to use indicators on tradingview. the more you think of your loss, the more you would think of getting back chasing the pumps. and start training yourself which the other option is to just look for a job and just hold your coins.

[Strongkored]

When you focus on how to recover losses you experience you will be increasingly trapped in irregular trading, my advice, as some members have mentioned, is better to increase your trading knowledge, if you have been studying for a while but have not found the right formula. it would be more appropriate to exit trading or start investing meaning it will last in the long term so you don't have to make trades every day which is sometimes very emotionally draining.

[Maslate]

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.

[Wind_FURY]

OP, accept your losses, and forget them. Take those losses as a kind of expensive “tuition fee” paid to the School of Trading. From now, you should just HODL, and find other ways to make money in the real world, save, and buy Bitcoin during dips. I believe with hard work, you will make it.

[samcrypto]

Recovering your loses is not easy, and the only way to keep going is to adopt change and to accept all the mistakes you've done over your past trades. This is reminder to you that there's no easy money in this market, so you have to take it seriously.

If you're still a newbie in trading with a very limited experience, then used this losses to improve yourself. Making money just to be used on paying taxes is not a good reason to invest on Bitcoin seriously, because this market can offer you the best and you just need to do your best to achieve it, also find your biggest why invest on Bitcoin.

[trigger1975]

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%.

Don't want to sound rude or harsh but just being honest: first stop trying to get back your lost.  Accept it.  It is what it is.  The more you try to gain back what you've lost, the worse it'll get.  A good indication of your current mindset is that you feel under tremendous stress which lead to overtrading.  There is no way of making rational or well thought decisions under such a stress.

Take time off of the charts and markets and don't open new investment or trading positions out of FOMO.  That'll do no better in your current situation.  Come back to your decisions if your mind cleared and you've accepted the loss.

[Kelvinid]

It is a sort of learning not only just for you but for those who suffered losses the very first days of their trading life. I know it wasn't come too easy and succeed instantly because that what not really happens in real life and losing is a part of it but it returns, this will teach us how to manage our emotions despite the losses we got.

Recovering losses is a big challenge and sometimes we find ourselves hopeless but this could never be resolve and bring back all the losses we have if we never take action and encourage ourselves to make it better.

[LongBTC2Moon]

It is a sort of learning not only just for you but for those who suffered losses the very first days of their trading life. I know it wasn't come too easy and succeed instantly because that what not really happens in real life and losing is a part of it but it returns, this will teach us how to manage our emotions despite the losses we got.

Recovering losses is a big challenge and sometimes we find ourselves hopeless but this could never be resolve and bring back all the losses we have if we never take action and encourage ourselves to make it better.

Thank you Kelvinid!

[LongBTC2Moon]

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%.

Don't want to sound rude or harsh but just being honest: first stop trying to get back your lost.  Accept it.  It is what it is.  The more you try to gain back what you've lost, the worse it'll get.  A good indication of your current mindset is that you feel under tremendous stress which lead to overtrading.  There is no way of making rational or well thought decisions under such a stress.

Take time off of the charts and markets and don't open new investment or trading positions out of FOMO.  That'll do no better in your current situation.  Come back to your decisions if your mind cleared and you've accepted the loss.

Thank you trigger1975 for your words of wisdom. I will take some time off. and make peace with what has happened.

[livingfree]

You should haven't go into margin trading without proper experience or if you're not prepared for any outcome, good or bad. I'm sorry with what happened to you but it seems that you really had a bad time.

I wouldn't recommend you selling a piece of your land for it but if that's what you really think is better for you to do and will make you happy, think of it many twice and don't commit another mistake that might put you into stress.

If you trade, just go on the spot market and don't leverage it.

[LUCKMCFLY]

If now you have the conviction that you should sell the terrain and buy Bitcoin, the decision is just yours, now it is a very good time to invest in Bitcoin, but invest, which means that you should not invent speculating in the market. In addition, he expects the price to increase, meanwhile, it is good that reflections, trade is to study, it would be good for you to study some books that talk about the market, of market speculators how they did to face the different scenarios,  you can learn how you can better understand the market.

It is good that you also read about the investment, Warren Buffet Books is excellent, because they are applicable to the Bitcoin market. At this time, keep calm and think well what to do, it is not good to make decisions when it is under stress.

[so98nn]

Right now the words of wisdom for you are simple:- “You learn from your own mistakes”. Just see how big mistake you done by selling your bitcoin and the act is called as Panic Sell. That’s what you done and you wish you would have read these terms already on the forum. However it is very important that, you must follow these stuff and not to get temporary motivation from them.

People do mistake by not following it strictly. You need rigorous control over your emotions while trading. So just keep in mind these tactics.

[el kaka22]

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.

[crwth]

I think we all will go through something like this because our life is not always going to be straight upwards. There would always be losses, and just like charts, there are highs and lows, and you could never go wrong aiming higher and higher every time you go through a low. It's best to be happy with what you still have and start from there.

Many people have experienced far worse, not to compare it, but some people overcame their hardships. I know you will as well.

No one could ever honestly tell what you could do right now, but as long as you stick to your goals and aim higher highs, then you would get to your goals.

[Zilon]

I think if you love to trade then go learn how to trade. Mind you Bitcoin is highly volatile and therefore it is a very risky market to trade. But once the knowledge is gotten you would not just trade Bitcoin alone you would also know when to buy more Bitcoin at cheaper rates then sell it off in the future at a more expensive rate.