Trader took his own life after the recent huge dump

[crzy]

This is why we need to educate ourselves first, avoid being too emotional in the market because its very volatile and trader have to practice trading based on his own analysis and not because of his emption. We heard so many sad stories before, and I don’t want this sad things to happen to my friends that’s why I keep telling them to trade with extra money only and I stop them from being greedy as well, and always trade responsibly.

[adaseb]

Alot of people got their accounts liquidated. And its sad to hear of a few that took their lives. Its like the story of that kid last year that committed suicude due to Robinhoods bad option info. He entered some options strangle trade. Where he was long and short at the same time but for some reason it showed that he was negative half a million dollars. And instead of contacting support he got depressed and took his life and his parents are suing Robinhood right now.

Basically it was nothing but a visual error with the way how buggy the software is, he never owed that much money. He might of been in profit even. However I guess he didn't have experience and knew exactly how it worked and assumed he lost all that money. Even if he lost all that money, he could of just declared bankrupcy which would of been better than taking his life.

[semobo]

That is the issue with the people always they are investing more money than what they can afford to lose it, I don't know how they are confident of making profits for sure when they are taking such decisions but as a trader or investor they always need to have a second plan if their plan didn't work well as they have planned.

Save a life by investing smartly, don't take life-risking decision anymore.

[Ararbermas]

Some lost a very huge amount of money because bitcoin collapsed and it fell like a rock wherein no one really expecting it would be like this.. So for me its not surprising if there's someone become depressed because of the results right now of bitcoin. Especially if they expecting a masive return because it breaks all the resistance and make new ATH, without knowing suddenly it turns like this immediately..

[palle11]

I have read the unfortunate story. Unfortunate because the trader took his life by him self but not because he did the right thing to take his life or to open a leverage account. Leverage trade isn't a crime actually but the incident now rings it more to traders on the need to be careful about leveraging or high leverage. I'm also thinking the user used a very high leverage which is why his account burnt out fast.

Now from the story, to me why reading, I saw it was like it was the fault of Binance that someone who couldn't manage his emotion and account could blame Binance for his high unguided risk appetite. That particular line is on quote below.

He opened a leveraged position and unfortunately had his entire account liquidated by Binance when he was unable to login to close his position

Analysis time from the quote above

1. He opened a leveraged position:Response ,  because of his greedy appetite for quick profit.

2.Unfortunately had his entire account liquidated: Response , the usual result of leverage trading if not guided. So his wasn't or wouldn't be the first nor last because more traders will keep using high leverage.

3. Liquidated by Binance when he was unable to login: Response, it would have happened by any other trading platform if you don't guide your trade , it wasn't just about Binance but the attitude of the trader. He wanted profit but wasn't thinking anything could go wrong with the trade.

4. Unable to login to close his position: Response , he didn't need to rush to login in if he did the right thing by using MM (Money Management). MM is also good incase network goes bad. The user may not have found it easy in login because of network challenges.

This is unfortunate because of the death but we need to learn the mistakes and it is a saying that a wise person learns from others mistake.

[Hamphser]

That is the issue with the people always they are investing more money than what they can afford to lose it, I don't know how they are confident of making profits for sure when they are taking such decisions but as a trader or investor they always need to have a second plan if their plan didn't work well as they have planned.

Save a life by investing smartly, don't take life-risking decision anymore.

Due to lack knowledge and a mix of greediness then these are casual mistakes that noobs or even experienced ones would able to commit.We should not invest on the amount we can afford to lose.

You would really be ending up on having big problem once the market would turn against on what you do predict.Always consider the risk and put up good management into your finances.

Its sad to look that there are people whom cant able to handle out their emotions and ending up their own lives because of big debt or loss of money.

[Ryker1]

Some lost a very huge amount of money because bitcoin collapsed and it fell like a rock wherein no one really expecting it would be like this.. So for me its not surprising if there's someone become depressed because of the results right now of bitcoin. Especially if they expecting a masive return because it breaks all the resistance and make new ATH, without knowing suddenly it turns like this immediately..

Well, if you will first understand how bitcoin investment works, you will never commit suicide because you know that time will come bitcoin price will go up to the reason that there are still institutional investors who still invested bitcoin during this recent dump. If you are a holder, you should know that from time to time bitcoin price crashes at any time. This is the same on gambling addiction and I thought, this was only on gambling activity that happened. They are weak people who easily thought that investing in bitcoin is just easy to make money, they never think of the risk that a part of it. Well, perhaps not only because there is a recent huge dump he took his life, but there is also a possible reason behind the scene.

[MCobian]

Some lost a very huge amount of money because bitcoin collapsed and it fell like a rock wherein no one really expecting it would be like this.. So for me its not surprising if there's someone become depressed because of the results right now of bitcoin. Especially if they expecting a masive return because it breaks all the resistance and make new ATH, without knowing suddenly it turns like this immediately..

Well, if you will first understand how bitcoin investment works, you will never commit suicide because you know that time will come bitcoin price will go up to the reason that there are still institutional investors who still invested bitcoin during this recent dump. If you are a holder, you should know that from time to time bitcoin price crashes at any time. This is the same on gambling addiction and I thought, this was only on gambling activity that happened. They are weak people who easily thought that investing in bitcoin is just easy to make money, they never think of the risk that a part of it. Well, perhaps not only because there is a recent huge dump he took his life, but there is also a possible reason behind the scene.

It's as good as it is before we really dive into the world of crypto, we must first learn about all things related to crypto. Therefore I always say
in this forum, education is the most important, because it will make people understand more when they decide to use their money to buy Bitcoin
or altcoins. I think that people's decision to commit suicide is a very big decision, I also believe the factor he did this was not only because of
the market dump. But there are other factors that ultimately make the problems he is facing feel very hard to deal with. Therefore, if we experience
a serious problem, we must tell it to people we can trust, don't force it to be resolved by ourselves. Because sometimes we need other people
to alleviate every problem we face.

[nelson4lov]

~Snipped
 because the dump which actually not too huge...

In my opinion, 40 - 60% drop in price from last high is definitely a huge dump to me. The funny thing here is that majority of the altcoins were up like 3-10x since the bull market started but these 40-60% dip has taken them back to the level they were towards the beginning of the year. Some altcoins even went as low as touching 2020 lows. If the dump wasn't that huge, then the deceased trader in question would've been able to take the hit without considering suicide as a last resort. It's just sad to see because even people who don't take the suicide route are either depressed or emotionally down.

[Yatsan]

The article was really an awful one for this becomes the worst case scenario of an individual who loss a big part of his entire portfolio due to correction. Such thing do really happen if you are having a not stable mind set over thinking things and not understanding how does it work. Maybe if he just understand those, we would be saved from getting his own life. This is a calling for everyone whether newbie or veteran to take trading in moderation and always do check on your mental and emotional state and do not mixed up those two for worst cases may arise once it have not been put into control. Be a responsible trader. Money can still be earned after loss but life cannot be resurrected once it was ended.

[martina14]

This was a very sad news, if ever this really happen. Doing leverage trading is not easy actually. I had been here in this field of business for a couple of year and yet until now I never try to do leveraging in terms of trading here in cryptocurrency because I know it has a high risk once you do this. And only an experts can do this actually not for the newbies or lack of experience too.

[GeorgeJohn]

Like we all know that everybody has equal tendency to win or lose a trade which often depend on some certain knowledge on how the market works. For an individual to be more successful in trading, he/she needs to know how much risk should be taken for a particular trade(Risk management), capital sizing(leveraging), and having adequate knowledge on the fundamentals and technical aspects of trading.

When it come to trading, a lots of newbies including some traders who have vast knowledge on how the market movement works wouldn't put much consideration to risk management which have been a continuous detriment to our trading lifestyle. Just imagine someone with an $100 account trying to make 70% of the account size in a single trade...is this not greed?
Most time i just don't blame some traders because they don't always consider opposite side incase something goes wrong, what would happen to their capital which always entails Risk management.

Capital sizing is another important aspect of trading. Knowing how to position your trades while putting your risk to reward ratio into consideration. I believe the guy in question could not put  his capital into consideration when trading because this might have prevented him from over leveraging which led to lose of his life saving fund.

Fundamental and technical analysis is another important aspects of trading. One has to be equipped with the necessary tools, news that are vital for different style of trading. In respective of how certain a particular trade could be, i believe one has to be extra ordinary careful when placing a trade. There is nothing like sure trade so the appropriate precautions should be take in order to prevent later regret of one's decision. Capital reservation is much better than loses due to carelessness or greed.

[tippytoes]

This was a very sad news, if ever this really happen. Doing leverage trading is not easy actually. I had been here in this field of business for a couple of year and yet until now I never try to do leveraging in terms of trading here in cryptocurrency because I know it has a high risk once you do this. And only an experts can do this actually not for the newbies or lack of experience too.

Unfortunate event that someone took his life because of his losses. Maybe he couldn't accept what had happened to his life's savings and he couldn't see a way out to get out of this mess. If he should have reached out to his friend, the ending may be different. Sometimes, it needs a sincere conversation to someone in order to change perspectives in life. Let us remember, money can always be replaced, but our life, it is only one. We will always find a way how to resolve our financial situation. We will have a lifetime looking for ways on how to get back those savings.

[semobo]

That is the issue with the people always they are investing more money than what they can afford to lose it, I don't know how they are confident of making profits for sure when they are taking such decisions but as a trader or investor they always need to have a second plan if their plan didn't work well as they have planned.

Save a life by investing smartly, don't take life-risking decision anymore.

Due to lack knowledge and a mix of greediness then these are casual mistakes that noobs or even experienced ones would able to commit.We should not invest on the amount we can afford to lose.

You would really be ending up on having big problem once the market would turn against on what you do predict.Always consider the risk and put up good management into your finances.

Its sad to look that there are people whom cant able to handle out their emotions and ending up their own lives because of big debt or loss of money.

A common fella who wants to get out of the middle-class trap take such risky decisions but everyone who wants to get out of that trap needs to know that it is not literally possible to happen in reality in weeks or months, even years. One who is rich now may need decades to increase their standard of life by keep saving money, and spending less money then keep compounding the money they make and diversify into lot other ways.

[wahyu wida]

That is the issue with the people always they are investing more money than what they can afford to lose it, I don't know how they are confident of making profits for sure when they are taking such decisions but as a trader or investor they always need to have a second plan if their plan didn't work well as they have planned.

Save a life by investing smartly, don't take life-risking decision anymore.

Due to lack knowledge and a mix of greediness then these are casual mistakes that noobs or even experienced ones would able to commit.We should not invest on the amount we can afford to lose.

You would really be ending up on having big problem once the market would turn against on what you do predict.Always consider the risk and put up good management into your finances.

Its sad to look that there are people whom cant able to handle out their emotions and ending up their own lives because of big debt or loss of money.

A common fella who wants to get out of the middle-class trap take such risky decisions but everyone who wants to get out of that trap needs to know that it is not literally possible to happen in reality in weeks or months, even years. One who is rich now may need decades to increase their standard of life by keep saving money, and spending less money then keep compounding the money they make and diversify into lot other ways.

in this case success does not come quickly. requires a long process which is different for each person. the same as real work if we want to build a business, then start from scratch and strive for success. so don't think in the crypto business today we will easily get money in a short time, everything requires a process and a risk

[cheezcarls]

This is why I don't do leverage trading because I am not good at it or even pro. It's not good to go all-in on that, especially focusing on one coin only. This reminds me of a colleague of mine who is asking me some advice about leverage trading and going all-in on Bitcoin, however, he has no trading knowledge and he only sees the potential in making a lot of money in leverage trading. Good thing that I told him to get educated first in leverage trading before investing an amount that he can afford to lose.

I believe that guy was going all-in and not just managing his funds very well. He should have only invested and leverage trade on what he could afford to lose.

[btc78]

I'm very sadden seeing such News because Like others we are often losing in our trades but we don't wanna commit suicide .

and also this is why i don't commit all my savings in crypto , i make sure to separate my lifetime funds than my crypto investments and i keep my wife updated so we can talk over every time there is a bad things happening in my holdings.

And also i try not to engaged in daily trading for the reason why this story happen.

[imstillthebest]

I'm very sadden seeing such News because Like others we are often losing in our trades but we don't wanna commit suicide .

and also this is why i don't commit all my savings in crypto , i make sure to separate my lifetime funds than my crypto investments and i keep my wife updated so we can talk over every time there is a bad things happening in my holdings.

And also i try not to engaged in daily trading for the reason why this story happen.

we cant do what the guy in the op did because our life was important to us and we know that there are many people around us that love and value us  .
also our losses could be within our limit only so its not that hard to accept if ever our trades fail .
saving wont be called a saving if you will take out and spend the money that you save for trades but they should be kept for a different reason .

[maydna]

Trading using leverage without having enough funds and skills will be the same to give the money for free because we will not get the profit. Before you decide to use leverage trading, you should familiarize yourself with the market. You should analyze the market movements so that you will not have difficulty making a profit when you start to use leverage trading.

But many things that we should learn before using leverage trading. Having control for ourselves will be important too as we will see the seduction on taking the profit because the green sign will come to us and delay taking the profit. And once we delay taking a profit and wait for more, the price can go back to the other direction and make us lose the profit.

[TheGreatPython]

I tried to read that article but it has been deleted by Reddit now. I think it might be fake news which is why they deleted it or it might be because it creates negativity. Thanks for sharing screenshot OP.

I currently only trade spot, when the market is crashing like this and buying at high prices, all that needs to be done is HODL.

That's right and spot trading is actually the best for people with low capital and high patience. If the market has crashed at least you know you have the same amount of coins and just their value has dropped which surely will get back up in the coming time. But if you trade leverage then you will be done once the market dumps.