Trader took his own life after the recent huge dump

[GreatArkansas]

https://www.reddit.com/r/CryptoCurrency/comments/ngk8f6/please_dont_trade_on_leverage_if_you_arent_a/

As we all saw the recent dump of Bitcoin, which Bitcoin dropped around $30,000 recently.
I saw a very sad Reddit post, I don't know if this is true but this is very important for all the traders out there that we should always trade responsibly.

It's just money everyone, we can make it all back! Never ever do something stupid that will put you at risk of your life with it.

If you guys also having a hard time or lost a lot recently, let's talk about it, feel free to post here or send me a message, I am willing to talk with you  

[cryptoaddictchie]

Damn this is a grave news. People should really take cautious when dealing with leverage trading. Mind those who have fainted hearts to avoid trading style like this. You let the emotions take in and once a user can't take the result definitely will result to something like this. Money is so hard to earn and probably the victim can't take it that his long time saving is already gone just like that. I'm very sorry to the one who've posted this on reddit I'm sure yohlu can't accept the reality of what happened.

[cabron]

Would it not happen if he had closed his position on Binance?  I think so too. Reddit deleted it, I wonder how old he was.
It would have been different if he sees his family and see how many people love him even if he did some mistakes.

Anyway, margin trading is more stressful than just doing it on the spot market. I've seen pro traders share the analysis but they don't really engage in margin trading and it's all because the capital can easily get liquidated when the market goes against the position.

[mk4]

This unfortunately happens a lot in bear markets or price crashes like this. Truth be told for the readers — while money is definitely important, money isn't everything. Money that was lost can be made back in the future whereas on the other hand, you only have one chance at life. Be careful with making impulsive decisions.

[xSkylarx]

This is why important to have risk management when doing leverage trading. My friend also got liquidated with the recent crash, all his profit including the capital from the start of the year on leverage trading went to waste. I only know him online and I hope he is doing okay. Leverage trading is really risky even if you have big capital. Even if your liquidation price is far and didn't put a stop loss thinking that is impossible to go that low, if market dumps like this there is a high chance you will get liquidated.

[el kaka22]

"Do not trade on leverage unless you are professional" and "do not trade with money that will cause you to commit suicide if you lose it" are not the same things. I believe there is a good chance that you could potentially end up losing your money if you are not a professional but if you get in with low amounts that you do not care about that will not be a problem. It's hard I know because even the minimums in some places are like 50 bucks and for people like me losing 50 bucks hurts, not remotely enough to commit suicide, it is like 10% of my salary so it is a bad thing for me of course, but it is not really THAT bad, it is like making a bad purchase, buying a useless toy, that kind of stuff.

This is why do carry on trading on leverage, even very high leverage if you are an amateur, who cares? But, only do it with money that you can afford to lose, think of that money as gone, if you do not mind that money lost then you can do it but if you do it with money that is so high that you want to kill yourself? That's very wrong.

[ReiMomo]

I think, this time of the year. The best thing to improve and develop is persistence and stoicism. We all are in an industry with volatility that would either make or break us. Financially we may become quickly successful but the negative effect of it is still intact.

And the time that you lose, things will go wrong one by one. You start to hate your life in a way that you won’t respect it that much and take it. The same thing happened to the trader.

I’m not a trader myself, but I own cryptocurrencies and I am also affected by the correction. I just feel bad about his person since if only he knew that he can still recover from the losses he had, he might become successful.

[DoublerHunter]

^ I feel sorry for the loss of the person who posted this. Only if he knew his friend was going through those circumstances, help might have been given by him. You know what? I think we all have to learn to avoid leveraging especially with the volatile market and you use all of your life savings to trade. That is a very risky one and consequences might be big. And sometimes, when we feel a short and temporary success, the tendency is we grow our egos in a way that we think we are the best. And when the failure hits us, we don’t have somewhere to go to seek assistance and help because we eat us. A negative effect of quick success.

[Scripture]

There's so many untold stories when in comes to losing money in trading, and this one is very sad to know someone will took life because these challenges, leveraging is not for all, that's way too risky and you can lose everything in just a short period of time. Rest in peace to the friend of that Sender and I hope this serve as a lesson to everyone here, the market will always go up and down, put the money that you can only afford to lose, don't go all in.

[Oceat]

How many people would be doing this kind of action everytime they fail?

People really trying to make some profit by risking everything even though it's said that cryptocurrency has a higher risk of losing your money due to its volatility. And suddenly someone ended their own life after that correction which is somehow connected to Elon Musk's tweet.

This kind of risk in trading is unbelievable, risking your money and life just like that after losing everything. How can someone would learn if they would just head dive to the market just because it's hyped or bullish run? Take time to learn and getting rich quick is not happening in trading.

[TimeTeller]

How many people would be doing this kind of action everytime they fail?

People really trying to make some profit by risking everything even though it's said that cryptocurrency has a higher risk of losing your money due to its volatility. And suddenly someone ended their own life after that correction which is somehow connected to Elon Musk's tweet.

This kind of risk in trading is unbelievable, risking your money and life just like that after losing everything. How can someone would learn if they would just head dive to the market just because it's hyped or bullish run? Take time to learn and getting rich quick is not happening in trading.

This is really sad and unfortunate event.
This is a reminder for all crypto traders that they need to assess themselves if they are truly ready in this market.
The roller coaster ride in this market can really take a toll on someone's mental health.
And if you are playing with money that is not yours, that's another problem.
If you know someone who is in the verge of breaking out, lend your time as it may help him see things clearly.

[dunfida]

People shouldnt really be ending up on a suicide if they do lost up money but honestly this is a hard thing to say when you are in the situation because imagining that your entire life
savings was on the line and suddenly get liquidated then you would really be going into that point.This is why its important that we shouldnt go all in with cryptocurrency investment.
Its way too risk and always invest on the amount that you can only afford to lose because in case you got liquidated then you wont really be hurt that much where it comes to a
point on where you do decide or end up having the thoughts on taking your own life which it isnt really worth at all.

[newdevices]

really sad to see traders do things like that, why do you have to act like that?
very unfortunate, this is the importance we have to have knowledge about trading, don't just trade based on FUD and FOMO,
because the market can be dumped and pumped, its okay if you play on the spot, but in futures trading it will really get you die

[Distinctin]

He was broke and desperate, He takes all the pressure but too unfortunate that he can't manage it all. But damn, it is a stupid decision.

If we have some problems it is very important to share them with any of our family members or with our friends. We need some advice, it sometimes could heal what we feel, and gives us comfort, if he is doing this earlier, he couldn't think about this for sure. And most important is to keep our mind healthy at all, minimize stress, and always positive. Everyone shouldn't just have to ignore this.

RIP

[carlfebz2]

He was broke and desperate, He takes all the pressure but too unfortunate that he can't manage it all. But damn, it is a stupid decision.

If we have some problems it is very important to share them with any of our family members or with our friends. We need some advice, it sometimes could heal what we feel, and gives us comfort, if he is doing this earlier, he couldn't think about this for sure. And most important is to keep our mind healthy at all, minimize stress, and always positive. Everyone shouldn't just have to ignore this.

RIP

Sad to hear out these kind of stories where someone doesnt able to handle out their emotions and ending up on having this kind of way on resolving things on taking his own life.

For sure when we are on the situation on where we had bet out everything in terms of finances and get lost of those funds then we would really be having a hard time on how we could solve things up.

We dont know on where to start and how to get up on our feet but these things wont happen if you do had just realized that you shouldnt risk all in all because tendency
of this situation to happen would really be next in line.

[GreatArkansas]

For every one got to have some worst experience, talking with someone will help.
There are a lot of hotlines that can help those people who are in the dark.

Below website may help you, list of hotlines or helpline online. I hope these will help.

https://suicidepreventionlifeline.org/chat/ - US Only, online chat helpline
https://findahelpline.com/i/iasp - Outside US helpline
http://www.suicide.org/index.html - Suicide prevention site, hotlines, email, chat helplines, etc.
https://www.opencounseling.com/suicide-hotlines - List of hotlines for every country.

[blackened515]

<...>

Do not go into leverage trading when you haven't had experience in it, the victim must surely be a newbie in trading and maybe might have not experience dip in price before, this is clearly a lesson to others that come across this thread. We kept on saying this statement everyday "Invest in the amount you can afford to loose" but some people think it's just a saying. Investing with all your savings is a very risky mindset and not appropriate at all, a good entrepreneur is an average risk taker, learn that and breath fine in your trading career.

[hugeblack]

Such news will be for the people who got acquainted with the digital currencies after the Greek mask talk about them and then they bought at the tops in the hope that the price would rise and when the opposite happened they sold and exit the market.
I don't know what people think when they want to invest in a currency that has appreciated by 1000% and they want it to rise again.
The error in the way of thinking, the panic, and the lack of accurate analysis of the market, the current loss is not huge and maybe 50% of the money so there is no need to cry, but they have to wait.

leverage trading is scam

[isaac_clarke22]

His friend took a risk and it didn't pay off. I wished that he didn't kill himself, but I guess the devastation of his life savings being wiped was really a lot of burden to his mental health.
What hits harder is that it is in the middle of the pandemic, and I felt how his friend felt.
I feel sorry for the OP and his friends' family.

From this post, aside from leverage trading, don't risk your money into crypto if you don't have a stable occupation/job.

[Questat]

Trading isn't a healthy environment to take place, many had ended their life because of failures.
And everyone should think that suicide is not a solution to any problem we have but this will only escalate the problems and getting worse. And now he is gone forever and those who had to hear this news, it is a need for us to talk to anyone if we have some problem, it is better to express what we feel not in a way to take our life but to share it to someone who we think that could help and could understand our situation.