A little sad story

[Scripture]

You got lucky to received that Bonus but failed on trading, well that's how this market works and only those who'll take the risk will win. That's fine, at least you don't lose your own money that could be more painful to watch.

This is why I don't trade leveraging, this is too risky and I'm losing the money without even fighting for it, I'd rather  used it for Spot trading. This is sad story yes, buy you can learn from this experience, just keep thinking that its a free money. 

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[Shasha80]

Everyone has their own sad story, so you are not alone in experiencing sad things when trading crypto. All members of this forum must have
experienced bad things in trading, so it's not the end of everything if we experience losses when trading. It is also a lesson for you that it is
very dangerous to trade with leverage, I prefer spot trading which has much less risk. After all, you are also trading using the money from
the bonus, so losing that money doesn't hurt too much.

[danherbias07]

Indeed a sad story.
But, it's not just you. A lot of us had the same error. I admit I had weak hands too.
I sell whenever I see a pump and never think twice. A lot of chances was given to just hold the coins that I accumulated and bought but I didn't.
Money is such a bitch. It shines too much making our decisions cloudy. Even though we already made a good plan, money breaks it midway when an opportunity to sell comes in.

[Sled]

Indeed a sad story.
But, it's not just you. A lot of us had the same error. I admit I had weak hands too.
I sell whenever I see a pump and never think twice. A lot of chances was given to just hold the coins that I accumulated and bought but I didn't.
Money is such a bitch. It shines too much making our decisions cloudy. Even though we already made a good plan, money breaks it midway when an opportunity to sell comes in.

It comes to be a mistake if we are selling at lose but as we are earning some profit, I'd never think this a wrong doing, only we need security and not to lose opportunity. However, it sometimes to happen that after selling our coins, the price just pump. Yeah, we probably blame ourselves because of being impatient but what if it drop, I think we should be thankful.

Because if we just only know what will happen next, doubted if someone will sell at cheap price but definitely they will able to wait until the price reaches to its peak.

[leea-1334]

Hey,,, that is not really a sad story. It was free money.

Imagine getting 100++ BNB a few years ago and selling all of it for BTC to buy a shitcoin investment that all together today is only worth less than the fee it would take to transfer it to Binance.

100 BNB = 60000 today.

That is a true story,,, no need to guess who it happened to:)

[electronicash]

you're trading on leverage, it happens to season traders too. you figure the market goes up and you think it will go down all because it had reached heights that will possibly go down. you're not the only one who made mistakes.

one reason i don't like futures because of the leverage. unlike when you are just accumulating coins thru trading, if somehow i got burned, i can turn to another coin or invest my stablecoin to some other token.

[Sinjokubhi]

So I got some bonus from bybit.

I longed btc at first with 50x leverage (you do that with 'free' money), but since it was on the rise for last few days, thought it will dip and closed the long, opened short.

Got liquidated soon after.

Had I not closed the long, I would be in several double digit thousands of dollars profit today.

Rip

Indeed regret comes at the end, but it is not something you have to regret. But it can be an experience for you, so you don't rush to make a decision in this matter. From this I can take a lesson, namely do not be in a hurry to close your short or long term by selling everything, it would be better if you leave half of it, especially if you get it for free. From that 50% you can continue, continue to monitor the volatility and don't forget to also set a stop loss, so that if the price goes down it will be able to reduce losses or not at all.

Therefore, it takes patience in doing it. There is nothing wrong with rushing so that the profits we already get are not lost, that is a good response, immediately selling it before the price drops. However, even if it does not match your expectations, you have benefited from it. How much better, you are grateful for what you have got, and from there you also get new experiences to be used as lessons in the next trading process. Sometimes many of us are not as fortunate as you, get a bonus like that, and reap the benefits of it. So don't regret what you get, it's the result of your own hard work, if you get a profit then be happy and if you get a loss then study it. Learning from mistakes is necessary.

[trigger1975]

Holy fuck, that takes the cake (so far)

 

Let's come back to your OP.  When you have closed the trade, was that according your original plan for that trade?  If so: pat yourself on the back instead of thinking about how much you would have made if not following your plan.  Executing and managing a trade according to the plan is the most important exercise a trade can do.  If you have followed your plan, you did a good job no matter what happened afterwards.

If you did not follow the plan: ask yourself why.  What was it? Fear the trade could turn against you?  Fear you could lose the already gained profit?  Also ask yourself, how can you avoid this in future?  Probably trading smaller could help.  Add your thoughts and action plan to your trade journal.

All traders have closed trades before they have originally planned to do.  That's part of the evolvement in becoming a better trader.

So either way: the question is, can you accept the market is rallying further even though you have closed the trade according your plan or can you work on yourself to have the discipline to follow your plan?  And: don't look back, the next trade where you can do better is right around the corner. 

[awik p]

you're trading on leverage, it happens to season traders too. you figure the market goes up and you think it will go down all because it had reached heights that will possibly go down. you're not the only one who made mistakes.

one reason i don't like futures because of the leverage. unlike when you are just accumulating coins thru trading, if somehow i got burned, i can turn to another coin or invest my stablecoin to some other token.

indeed choosing stable coins in trading will be safer, if we have mastered it then trading in tokens can multiply profits. what we need to know is that not every trader will win all bets. what we need is how to respond to each condition

[FanEagle]

I longed btc at first with 50x leverage (you do that with 'free' money), but since it was on the rise for last few days, thought it will dip and closed the long, opened short.

Got liquidated soon after.

Had I not closed the long, I would be in several double digit thousands of dollars profit today.

What all I can say is, you totally forgot about technical analysis and who reacted based on nothing.

Yes, if you would have followed technical analysis then probably you might have done two things:
1. You might have put trailing stop-loss to move along with markets.
2. Never gone for shorting.

Indeed, 50x leverage must be a dangerous one even you are trading with free money. So, the final results of you are not really surprising me honestly.

Moreover, I am just curious on how you got eligible to avail bonus from bybit? Could you please share more info on that?

[libert19]

I longed btc at first with 50x leverage (you do that with 'free' money), but since it was on the rise for last few days, thought it will dip and closed the long, opened short.

Got liquidated soon after.

Had I not closed the long, I would be in several double digit thousands of dollars profit today.

What all I can say is, you totally forgot about technical analysis and who reacted based on nothing.

Yes, if you would have followed technical analysis then probably you might have done two things:
1. You might have put trailing stop-loss to move along with markets.
2. Never gone for shorting.

Indeed, 50x leverage must be a dangerous one even you are trading with free money. So, the final results of you are not really surprising me honestly.

Moreover, I am just curious on how you got eligible to avail bonus from bybit? Could you please share more info on that?

They have AMA's where participants get bonus split out, also had deposit bonuses, I don't remember exactly which bonus was that since this is thing of when BTC was $18k, I just decided to share it now.

I don't do trading at all, it was bonus so I just decided to fuck around.

[Saniati]

We know, Failure is the pillar of success.

Better luck next time. ❤

[blckhawk]

So I got some bonus from bybit.

I longed btc at first with 50x leverage (you do that with 'free' money), but since it was on the rise for last few days, thought it will dip and closed the long, opened short.

Got liquidated soon after.

Had I not closed the long, I would be in several double digit thousands of dollars profit today.

Rip

Yeah, it was really unfortunate indeed but no worries you may lose the money but you've gained experience and that is all matters. That money can be earned back or even more as long as you have experience and knowledge. That loss will serve as a lesson for you to not repeat the same mistake. You gotta move on besides, just like you have mentioned it just a bonus so it is not your total loss, imagine those people who actually lose their money that would have been more devastating. Anyway don't be swayed by it and just keep moving forward.

[repear7]

Yes that sad story. Don't regret it, That was past. Hope you present and upcoming days will be bright and lucky. I also face this same issue in binance future trade. So i understand your pain. I was lost my own money.

[ninkdwi]

regret always comes in the end, the point is you already have more than enough advantages. your story is experienced by almost all traders, so you are not alone. enough to make learning to think more in the long term.

[wxa7115]

So I got some bonus from bybit.

I longed btc at first with 50x leverage (you do that with 'free' money), but since it was on the rise for last few days, thought it will dip and closed the long, opened short.

Got liquidated soon after.

Had I not closed the long, I would be in several double digit thousands of dollars profit today.

Rip

I do not think that you are actually learning the right lesson out of this, it seems that you are mad because you shorted the market instead of keeping your long position open but that is not what caused your losses, the main reason for your losses was the huge leverage that you were using.

We must remember that the volatility in this market is very high already and that should be more than enough to produce the profits that you need, if you need even more profits than that then most likely the expectations that you have out of the market are wrong, so learn the right lesson out of this and never use leverage again.

[Btcvilla]

So I got some bonus from bybit.

I longed btc at first with 50x leverage (you do that with 'free' money), but since it was on the rise for last few days, thought it will dip and closed the long, opened short.

Got liquidated soon after.

Had I not closed the long, I would be in several double digit thousands of dollars profit today.

Rip

I am not believe with short bitcoin is good moment because after bitcoin correction last few weeks under $50,000 never I see bitcoin have lower price any more, better never try to put short trade for future with bitcoin, Best ideas if you keep hold with your long position and you know how much profit have you get if your position still long.

[posi]

well that's how this market works and only those who'll take the risk will win.

That's not how the market works and the last time I checked it not those that can take the risk win but those that understand and study the market very well that win.

That's fine, at least you don't lose your own money that could be more painful to watch.

It's still not fine though it will be painful if it was his own money but he ought to have make a fortune through the money if he went for long.

[LUCKMCFLY]

So I got some bonus from bybit.

I longed btc at first with 50x leverage (you do that with 'free' money), but since it was on the rise for last few days, thought it will dip and closed the long, opened short.

Got liquidated soon after.

Had I not closed the long, I would be in several double digit thousands of dollars profit today.

Rip

And how did you come to the conclusion of putting "Short" your position? did you have any intuition? I say this because intuitions are often successful, Jesse Livermore in his book "Memoirs of a Stockbroker" talks about intuitions that go against all odds and on several occasions it worked for him.

If now what you were expecting was a quick correction, were you assuming a bullish trap? Anyway, if it was "free money" it represented money, you have to give it the respective importance, the same in trading every day you learn, this is like a university career that prepares you to be more professional every time. The important thing is that you understood what your mistake was and that is a great teaching. Many enter trading gambling, and they are lucky and win, but they do not learn from their mistakes, there is no feedback, it is more difficult because they do not grow in knowledge, and the more they try to understand the market the more likely they will generate profits.

[SquallLeonhart]

That's fine, at least you don't lose your own money that could be more painful to watch.

It's still not fine though it will be painful if it was his own money but he ought to have make a fortune through the money if he went for long.

Yeah, even it was bonus, losing must be painful for anyone. Moreover, out of market tension, most people do forget whether it is hard earned money or free money hence when we losing it, the pain will be the same. I guess that out of all bad experiences, we must need to learn and remember those hard reasons which caused the loss and we must work on not repeating the same mistake for rest of life long.

This is how naive traders do turn as professional traders. When we are slowly learning something every day and keeping that in mind and making use of it time to time in the trading then we can easily become professional trader in very short period of time itself.