Trader took his own life after the recent huge dump

[isaac_clarke22]

~

I am aware of the said strategy as well but I just don't want to use that strategy aside from hodling for now. From how the OP described what happened, I don't think I can handle the stress that his friend undergo through those losses.
We're not in the middle of pandemic and having that kind of financial stress as I mentioned here earlier is a lot of burden in one's mental health.

[Issa56]

That's very bad anything that happen I don't believe you should take your life no matter what happens life is special and you losing today those not mean another one won't come you taking your life is not the next step. From my experience I just believe cryptocurrency is not for the weak once and I don't believe you should invest what you can't afford to lose in Cryptocurrency any amount you are investing is what you believe if you lose you are still having backup because I just believe any money that's not yet in your local account is not yours yet. Always learn about risk management before starting cryptocurrency and don't borrow money to invest in Cryptocurrency to avoid things like dis.

[Hamphser]

Really sad to see these kind of events on where someone took his life just because he lost too much in trading and this is where we should take consideration on investing our money that we can only
afford to lose since this market is way too unpredictable.

You wouldnt know on what comes next and when you do go all in and also putting up a loan amount plus life savings and then the market turns out to opposite direction
then you would be fucked up but its not really worth to put your life into waste just because of that.

It might easy as it sounds but its not really worth for you to die for. Problems can be solved even though its hard but not really worth to take your own life
to get rid of the problem.

[jaberwock]

This is a grave story, that is why risk management is really important, we should do trading with enough knowledge and we use money that we can afford to lose. Those people who lose all their portfolios are those who don't have control while trading. Money is important but your life is much worth it than money, you can still work and earn that money but your life once it gone you don't have any chance to back it again. It is a mixed emotion that lets him took his own life.

I also think there should be mandatory KYC on all centralized exchanges because from what I have seen a lot of underage and immature students have started to trade and they have no idea of risk-management and risk-reward analysis. Some would even take money from their parents' cards and buy crypto in an attempt to earn more and return the money.

Very sad! Always think that no matter how much you will lose in trading, it's just a money and you can get it back but our life is only one and we can't take it back if we lose it. Be a responsible trader no matter what the market bring to us or whatever will happen to our assets. Always be a risk taker in terms of trading and investing but never risk your life for this.

I think if we make a list of all such suicides, I am sure the average age of such suicides must be around 15-20 because these young lads don't understand the risks of crypto. There are so many ways they can know about Bitcoin and cryptocurrencies and even guides on how to trade but there is almost no way to learn about crypto trading and the risks that are associated with crypto trading, especially futures and margin trading. Isolated trading is still fine because it doesn't affect your remaining funds.

[fullhdpixel]

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 is definitely a very disturbing post and I feel like people have started to consider crypto trading as gambling recently which is why futures trading is so popular among traders. Everyone wants quick money and they don't understand the risk and how quickly you can lose everything when you do futures, it's even worst than gambling. At least in gambling you have fun but here you will just have stress all the time.

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

That's really sweet of you but I think people are shocked when they lose money to such a devastating bear-run/crash and it's hard to discuss their loss with a stranger. A lot of people feel shamed as if they have failed an exam and take their lives, I just don't know how money is at a higher priority for them than life.

[Mahanton]

When you are tending to engage into this market then you should be aware on the risk because if you do anticipate or expect that much that you would make money then
better remove this kind of mindset because nothing is assured when it comes to profitability and always remind yourself that money should be spent out on investment
isnt something that came out on your savings.Dont go all in and always set out take profit and stop losses incase the market goes to opposite way.
Its sad to hear these situations where someone couldnt able to handle out their emotions.

[Vaculin]

When you are tending to engage into this market then you should be aware on the risk because if you do anticipate or expect that much that you would make money then
better remove this kind of mindset because nothing is assured when it comes to profitability and always remind yourself that money should be spent out on investment
isnt something that came out on your savings.Dont go all in and always set out take profit and stop losses incase the market goes to opposite way.
Its sad to hear these situations where someone couldnt able to handle out their emotions.

It is really hard to think that someone took his life. We don't know if that only dump triggers him, maybe there is another reason, we just never know.

Yeah, it is to remind everyone that the market will just go up and down, if we have some patience, maybe we could wait sometimes for the recovery, not have to think about suicide because of losses. We can get back all the losses but not our life anymore.

So maybe it was very important to let our family involves in every decision we made especially in tough situations. To hear their advice has a bigger impact on our mindset.

[goinmerry]

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.

That was noted at the start but when emotions stepped in after the event of loss, we can't really stop it especially if it involves risking life savings or retirement amount that supposedly can support the future of the said person.

That was a stupid act but it's really hard to compete against the after-effect of losing such in a huge market. There are even proven reports that people got depressed and their mental health got heavily affected.

This is the problem of some people claiming they can earn big money in crypto especially in the last bull run. Back several months ago, lots of Binance traders bragging their $100 daily income without doing anything without realizing the worst-case scenario.

[gabbie2010]

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.

It baffles me reading about traders leveraging their trades such method of trading is too risky and can rekt or lead to bankruptcy personally I trade with isolated margin x3 it is risky too compared to spot trading but less riskier to isolated margin x10, I always deploy Stop Loss in all my trades  this is quite a touching story the fellow used a whole life savings to trade, I read stories of liquidated accounts running into billion dollars during this market crash.

[electronicash]

this isn't the first time. we've also heard of the previous suicide of a trader before from robinhood. if its sad to hear this happened to a fellow trader, it must be frightening sad for his family.

if there was just someone with him, it could be avoided. starting over for a second time around with small funds still good for me than suicide. theres no hope for that.

[so98nn]

That’s really sorrowful news. However, one can not blame the crypto space but the person who willingly enters into the market. We already know all the risks here, the crypto is volatile and volatile at its best. Such dumps are seriously normal and long term investors have seen worst I guess.

If market is expected to pump 40-100% or may be more then it is also liable to drop vice versa. So investors must understand with what they are playing.

Sorry for the guy and his family who lost him. But the show must go on and he should have known that already.

[Smartvirus]

I've seen this to be a regular thing with gambling but for trading, its a lot more strange and a lot more serious to me because, it Goulding happen to anyone. Getting your account wiped is very much a common thing amongst traders that didn't get to do there analysis quite well. Its just so disappointing that the traders too are about taking the ways of the gamblers. So uncool and its not a strange fact that most crypto enthusiast live there savings in cryptos because of the highly volatile nature or coins as they always hope for some gains.

Well, its very important fir traders to be sensitised on hodling and not to trade on a there funds as instances like this do come into play. Lets be guided.

[dothebeats]

I would be utterly broken too if this ever happens to me. This is also the main reason why I don’t go balls deep on things I know I haven’t mastered yet and not enough experience and knowledge to guide me. Not that I’m scared to try but the consequences might be too great for me to bear. Perhaps the dude is also in debt from other people in order to fund his trading ventures, and seeing the correction wipe his trading money in an instant, it’s truly devastating.

RIP to this guy if ever this is true.

[abel1337]

I would be utterly broken too if this ever happens to me. This is also the main reason why I don’t go balls deep on things I know I haven’t mastered yet and not enough experience and knowledge to guide me. Not that I’m scared to try but the consequences might be too great for me to bear. Perhaps the dude is also in debt from other people in order to fund his trading ventures, and seeing the correction wipe his trading money in an instant, it’s truly devastating.

RIP to this guy if ever this is true.

Doing leverage trading is pretty risky by itself and being liquidated means your rekt. I think the trader didn't do or don't apply any risk management and liquidated right after the dump, Imagine how a stop loss could help the trader save his life, some funds and to get out on a minimal loss. Well, there's a possibility that the money was from a loan and we can't blame how he feels after losing that much instantly. We could just hope that those who read this story always remember to do risk management and apply a simple stop loss on leverage trading or even on spot.

[wxa7115]

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  

It is such a sad story but one that I am sure has happened many times and that is going to keep happening all over the world, this is just another case that should serve as a warning, do not use leverage unless you are an expert trader and even then you need to use a stop loss otherwise the same could happen to you.

If you are invested in bitcoin then you know that your investment is never going to go to zero as bitcoin will always have some value, so if you do not use leverage at worst you will lose some of your capital that can always be recovered as long as you hold your coins, the perfect example of this is what happened during 2017 to those that bought at 19k, even those people as long as they held now have 100% profits despite the current crash, but those that use leverage can be destroyed in a single dip of the market.

[Mauser]

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  

That is very sad. I think the biggest problem is taking out a loan just to start trading with crypto currencies. We should never trade or gamble with money which we can't afford to lose. It is also very sad that he didn't see any other way out of his problems. The biggest loss doesn't justify to take our own life. We might still be able to make up for our losses. And even if we never will be able to repay the damage we have done, we can still try to do so. It is all about remain optimistic in life. Maybe one time we get caught off guard and lose big time, then we need to be more careful in the next few month. We shouldn't keep increasing our risk to make back the loss, because the chances are we will lose more money.

[dunfida]

I would be utterly broken too if this ever happens to me. This is also the main reason why I don’t go balls deep on things I know I haven’t mastered yet and not enough experience and knowledge to guide me. Not that I’m scared to try but the consequences might be too great for me to bear. Perhaps the dude is also in debt from other people in order to fund his trading ventures, and seeing the correction wipe his trading money in an instant, it’s truly devastating.

RIP to this guy if ever this is true.

Doing leverage trading is pretty risky by itself and being liquidated means your rekt. I think the trader didn't do or don't apply any risk management and liquidated right after the dump, Imagine how a stop loss could help the trader save his life, some funds and to get out on a minimal loss. Well, there's a possibility that the money was from a loan and we can't blame how he feels after losing that much instantly. We could just hope that those who read this story always remember to do risk management and apply a simple stop loss on leverage trading or even on spot.

Majority doesnt really make out their own research and just directly jumped into the market because they had been pleased nor get excited on what leverage trading could possibly give when it comes to profit
without minding out on the risk that could really happen once they do decide to go all in.You would surely regret that you had done such thing and if you dont like to have a miserable life
then its better to be mindful towards your actions and dont just easily get hooked with big easy profits because leverage trading is somewhat close to gambling if you do ask me.

[andriarto]

I would be utterly broken too if this ever happens to me. This is also the main reason why I don’t go balls deep on things I know I haven’t mastered yet and not enough experience and knowledge to guide me. Not that I’m scared to try but the consequences might be too great for me to bear. Perhaps the dude is also in debt from other people in order to fund his trading ventures, and seeing the correction wipe his trading money in an instant, it’s truly devastating.

RIP to this guy if ever this is true.

Doing leverage trading is pretty risky by itself and being liquidated means your rekt. I think the trader didn't do or don't apply any risk management and liquidated right after the dump, Imagine how a stop loss could help the trader save his life, some funds and to get out on a minimal loss. Well, there's a possibility that the money was from a loan and we can't blame how he feels after losing that much instantly. We could just hope that those who read this story always remember to do risk management and apply a simple stop loss on leverage trading or even on spot.

Majority doesnt really make out their own research and just directly jumped into the market because they had been pleased nor get excited on what leverage trading could possibly give when it comes to profit
without minding out on the risk that could really happen once they do decide to go all in.You would surely regret that you had done such thing and if you dont like to have a miserable life
then its better to be mindful towards your actions and dont just easily get hooked with big easy profits because leverage trading is somewhat close to gambling if you do ask me.

many people just follow the euphoria at that time, they argue that they are afraid that they miss the moment, behind it all, it turns out that they don't have enough knowledge about the crypto market, and this will certainly lead to a disappointing ending, after their psychology is drained.

[ice18]

Oh really sad news for a crypto trader this usually happens when you enter a position and the market doesn't give a confirmed movement its really risky especially if you use your whole life savings yes it can give a huge return once your entry is correct but un fortunately this does not happen mostly so be very careful in leverage trading.   

[kesmex]

I would be utterly broken too if this ever happens to me. This is also the main reason why I don’t go balls deep on things I know I haven’t mastered yet and not enough experience and knowledge to guide me. Not that I’m scared to try but the consequences might be too great for me to bear. Perhaps the dude is also in debt from other people in order to fund his trading ventures, and seeing the correction wipe his trading money in an instant, it’s truly devastating.

RIP to this guy if ever this is true.

Doing leverage trading is pretty risky by itself and being liquidated means your rekt. I think the trader didn't do or don't apply any risk management and liquidated right after the dump, Imagine how a stop loss could help the trader save his life, some funds and to get out on a minimal loss. Well, there's a possibility that the money was from a loan and we can't blame how he feels after losing that much instantly. We could just hope that those who read this story always remember to do risk management and apply a simple stop loss on leverage trading or even on spot.

Majority doesnt really make out their own research and just directly jumped into the market because they had been pleased nor get excited on what leverage trading could possibly give when it comes to profit
without minding out on the risk that could really happen once they do decide to go all in.You would surely regret that you had done such thing and if you dont like to have a miserable life
then its better to be mindful towards your actions and dont just easily get hooked with big easy profits because leverage trading is somewhat close to gambling if you do ask me.

many people just follow the euphoria at that time, they argue that they are afraid that they miss the moment, behind it all, it turns out that they don't have enough knowledge about the crypto market, and this will certainly lead to a disappointing ending, after their psychology is drained.

That is why it is important to know about the cryptocurrency market and at least we have the basic knowledge first,
because if we don't have knowledge I think it will greatly influence the decision,
What is clear is that we need to keep learning and that will make the opportunity for success very big