Trader took his own life after the recent huge dump

[zanezane]

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.   

That's an understatement, this doesn't "usually" happen, how many times have you seen this kind of thing happen to constitute as usual occurrence? I think that the person who died know the risk and he was just so sure that it will go down the right place so he bet on futures but he was lost.

[Mpamaegbu]

We get to see stuff like this from losers who think life is a bed of roses and wouldn't want to take loss at any time. Commonsense should tell anyone that even among roses there are torns. Come to think of it, why don't we have people committing suicide during bull rally? You know why? It's simply because people like to win always. That's a wrong mindset.

Come to think of it, there's always that caveat of trading being highly speculative and that people stand to lose their capital in it. Sadly, those who go into trading tend to overlook all that warning and think that trading is a shortcut to getting rich. It's not. Life doesn't work that way. And to anyone who takes their own life because of failure or hardship, I don't have any sympathy for you. Sorry about my stand (if it offends you) but that's the way I see it.

[Renampun]

...

This is quite surprising news and I am sure there are many cases like this that occur but are not too exposed...

Trading is not an easy thing, to be able to successfully pass every obstacle when trading, besides needing skill, you also need self-control. for other traders remember that money can be sought but your life will not be.

[worle1bm]

This is a actually sad to hear that trading cost your life in real sense.This is the case when we lost more than we afford to loose as more than $9 billion got liquidated on leverage trading in past few days which caused market traders a heavy loss of funds but in this case it cause a loss to family members also which fills my heart with sorrow. Don't be so emotionally attached to the market loos as it can make you weak heart person which sometimes is dangerous as in this case.Your life is most important gift of god don't waste it or let market loss overwhelm you.

[DoublerHunter]

This is a actually sad to hear that trading cost your life in real sense.This is the case when we lost more than we afford to loose as more than $9 billion got liquidated on leverage trading in past few days which caused market traders a heavy loss of funds but in this case it cause a loss to family members also which fills my heart with sorrow. Don't be so emotionally attached to the market loos as it can make you weak heart person which sometimes is dangerous as in this case.Your life is most important gift of god don't waste it or let market loss overwhelm you.

^ It possible he is not aware of the negative circumstance ahead, he always thinks about the possible profit that could be made and did not prepare for the negative outcomes which are we can expect from trading. Trading activity is not just an easy job, there are too many aspects that you probably encounter. So if you are being such an emotional person, it is better you watch it out before things will happen. Or else, try to control yourself as much as possible and not to turn to this decision. Sad thing but he is just a coward and becomes a foolish one.

[molsewid]

This is a actually sad to hear that trading cost your life in real sense.This is the case when we lost more than we afford to loose as more than $9 billion got liquidated on leverage trading in past few days which caused market traders a heavy loss of funds but in this case it cause a loss to family members also which fills my heart with sorrow. Don't be so emotionally attached to the market loos as it can make you weak heart person which sometimes is dangerous as in this case.Your life is most important gift of god don't waste it or let market loss overwhelm you.

Definitely true, our life is most important that we have in ourselves rather than those millions of earnings. And I couldn't judge this person too who took his own life after the recent huge dump because i don't know also what he has been going through in life. This is such a rare case scenario and I hope that whoever experienced this kind of losses today due to recent market crashed may you be still strong and not be so emotional attached about it. You can find a way to get up from this.

[Vaskiy]

Sad, he had lost a good friend. No words to console him. Myself have took decision to end my life after losing all my savings on gambling. This is the first time I'm coming across a person who've ended his life losing through trading. It is the mind that decides at the instant, if we cross that moment we'll not do this. Myself came out of such a decision after, because I shared my loss on the forum and everyone had the same thought. Life is precious, money can be earned.

[apityeh71]

In 2018 I lost alot of money because the market dumped, because I traded on spot market, so I decided to holding my all coins. While waiting for that, I did another job, then now I get it back all my money including the profit. So I suggestion for beginner trader, dont trade by use leverage and margin because that very dangerous, and there are no possibility to get back the money.

[Murpheus]

My people say 'when there is life, the neck will hang beads' leveraged trading is risky, investing overall is a risk, and one should know what they are jumping into, and should do so with spare money if it's too risky! So sad that he had to end his life, it's never easy to start from square one, have experienced it before, and I almost lost myself in the darkness of self pity, family is what kept me!! Sometimes a problem when shared is halved!!!

[stomachgrowls]

In 2018 I lost alot of money because the market dumped, because I traded on spot market, so I decided to holding my all coins. While waiting for that, I did another job, then now I get it back all my money including the profit. So I suggestion for beginner trader, dont trade by use leverage and margin because that very dangerous, and there are no possibility to get back the money.

Leverage or Margin is indeed suicide but if you do just play along with minimal of 10x then i can say its a bit less risk but going 50-100x? thats really just like pointing out a gun into your head.

Dont play with fire if you cant handle up the risk and mostly noobs do get wrecked with future/margin on where they do really look after for the profits that they can potentially made without
looking the probabilities on how fast it would be when the market swings will just easily wipe out their capital.

My people say 'when there is life, the neck will hang beads' leveraged trading is risky, investing overall is a risk, and one should know what they are jumping into, and should do so with spare money if it's too risky! So sad that he had to end his life, it's never easy to start from square one, have experienced it before, and I almost lost myself in the darkness of self pity, family is what kept me!! Sometimes a problem when shared is halved!!!

Its never easy to start on square one but doesnt mean that it would be over. You do have loved ones and relatives which can support you even though there might be some
criticisms but those things will just pass away.

Whats important is that you do able to recover up yourself into such wrekt but that would surely take some time.

[cryptolord2077]

Absolutely right. Trading with leverage is always roulette if you have little experience.
It is good if you lose money immediately, much worse if you are lucky several times and consider that you understand how the market works and begin to make bolder moves, make larger deposits. The result is painful as always.

[awik p]

Absolutely right. Trading with leverage is always roulette if you have little experience.
It is good if you lose money immediately, much worse if you are lucky several times and consider that you understand how the market works and begin to make bolder moves, make larger deposits. The result is painful as always.

there are many such incidents, where novice traders have made a profit several times, and finally consider trading easy, so they dare to make a topup deposit. without him knowing that his arrogance and greed are the beginning of the great loss he will receive, and finally frustration befell him

[Anamika1000]

Money is not everything in a sense we can say but taking the decisions which took your's and someone life will be a bad decision and it is. Trading is a risk as we can say and it give you a profit too and a loss even sometimes. So, we should never lose hope.

[Zilon]

The trader must have suffered huge depression after the dump its really a sad and ugly event. This is why In investments we are always adviced to stake what we are willing to loose and this also applies to trading. If he had applied risk management principle who knows the losses would not be much using stop loss to exit trade if trade goes wrong has saved my account severally. May his soul rest in peace it's a black moment for we traders I really feel for his family.

[boyptc]

Money is not everything in a sense we can say but taking the decisions which took your's and someone life will be a bad decision and it is. Trading is a risk as we can say and it give you a profit too and a loss even sometimes. So, we should never lose hope.

Due to the hardship of life during this pandemic.

Many people are looking for a way to recover as quick as they can since most livelihoods are being stopped and affected by the pandemic. But for the newbies.

You don't have to do leverage because you see others are making money on it, leveraging isn't for everybody. Even me, I cannot do attain to take risk on it.

[Cling18]

Money is not everything in a sense we can say but taking the decisions which took your's and someone life will be a bad decision and it is. Trading is a risk as we can say and it gives you a profit too and a loss even sometimes. So, we should never lose hope.

That's the reason why we're always advised to prepare ourselves emotionally upon trading so we'll know how to handle situations like this. If we're emotionally weak then we'll surely feel hopeless or disappointed every time the market dumps. We could still earn money that we lose but if we'll take away our lives, we'll never have another one.

[ChrisPop]

That's sad man... Unfortunately, most people don't take into account or they don't want to see the emotional burden that is constantly put especially on newbie traders who are also more likely to take irrational risks as they are not yet in control of their emotions while trading. Even pros sometimes have trouble managing them, but they developed mechanisms to control that. That's the difference.

Trading is very similar to gambling if you don't approach it from a methodical perspective. Most of a trader's job happens off the trading hours. Documenting trades and analysing the markets and not pusing the buy and sell buttons randomly or taking positions that could terminate an account. And even if that happens, the loss of the account is not an "end of the road". It should be purely viewed as a lesson and opportunity to develop one's skills.

[cryptolord2077]

A really sad story.
Unfortunately, not all of us are able to cope with stress, I remember stories of how during the financial crisis people were thrown out of the windows of skyscrapers because of loans and debts. Take care of yourself.
It's not worth it.

[bitcoinst]

Sad story, I hope it's not true. In any case, during difficult times or difficult conditions, it is always important to understand that this is not eternal.
Bad times will pass, they always pass. Take a look at the cryptocurrency cycles, the same thing, winter gives way to summer, and so on.
Everything passes. As long as you are healthy you can be happy and self-sufficient.

[CaVO32]

Sad story, I hope it's not true. In any case, during difficult times or difficult conditions, it is always important to understand that this is not eternal.
Bad times will pass, they always pass. Take a look at the cryptocurrency cycles, the same thing, winter gives way to summer, and so on.
Everything passes. As long as you are healthy you can be happy and self-sufficient.

Unfortunately, not many people have that kind of perspectives in life. Some really feel that it is the end of their world when they experience such loss especially if the money is not yours. So if in case you encounter the similar situation in life, you should know what to do. Don't be embarrassed to ask help from your family. You will be surprised what they can do to assist you with the situation.