I lost +$ 20k in future, advice for newbies

[Victorik]

First, sorry for the loses. It's not easy losing such amount of money. But, you should have been wiser in the proof time. I mean your loses should have taught you a lesson or two. However, thanks for the advice. Personally, I don't do future trading, I don't understand anything about it, so I run from it.
Another advice you fail to mention is that, we should always learn to take profit. Don't be a dashboard millionaire. Always take profit, no matter how small.

[Ngewex Yuk]

Investing in cryptocurrencies is crazy, I have known cryptocurrencies since 2012 or 10 years ago, at that time I was actively trading and participating in HYIPs, cloud mining, etc. when I managed to withdraw and profit then I would add more so that the value increased significantly, and the bad thing happened that the cloud mining and HYIP site became a scam so I stopped completely since 2015. Now I only invest top coins and hold for long term.

[D ltr]

very sorry for what happened to you.
it's true what you said NEVER TAKE MONEY FROM THE BANK AND TARDE WITH IT.
and I say it should be noted for novice traders, because if you don't have the expertise and experience I can make sure your money will be in vain, but here we are also taught so that we are not greedy in taking profits

[crwth]

How can you say it's not for you already when you just lost it? When were you successful in having turned $1k into $5k? What is the realization there? Is it just because of the loss or your lack of discipline and rules that you should set yourself not to lose your every capital?

I think it's just on your mindset that you should know your limits and have backup plans or have an emergency fund before anything else to quickly recover anything that might affect your lifestyle or living conditions.

You should have control over futures and set the right amount of rules. You can try Gunbot to have a trading system that can assist you continuously.

[btc78]

Hey guys.
First of all, i would like to thank all people here who are sharing informations and help other.

 Secondly, i want to share my bad experience in crypto using future.

Before Starting in crypto, i have traded forex in 2016, starting with a capital of $ 500,  i Lost it quickly then i have learned TA, after a few months, i came back and start again with $1k, Wich i turned into 5K in almost 15 days, but i Lost all again because I didn't respect rules and take more risk then i realized that forex isn't for me.

In the beginning of 2016 i started trading crypto but didn't know a lot of things about Blockchain, then lost again, because I didn't hold ( sold BTC and Ethereum at 2000, eth at 800 😂...

Since April 2021, when all people talk about crypto and when all is green 🍏 i started again in crypto but I didn't have  a clear strategy because i have trading using the money that i barrow from the bank Wich i had to use to buy our house with my wife, then i Start to take money from the bank, 3k a week, then i traded spot but as i wanted to make profit quickly but that was the wrong...
Then i started trading future and after turning 5k into 11k I didn't take profit coz i was greedy lol
After I lost all the money i have Wich is +20 k, i was living in hard situation coz i didn't buy the house i had planned with my wife to buy and she was angry as she didn't understand all this, she think it's only like casino...
Now I'm paying the bank every month the money i have borrowed from them until 7 years ...

It was a good lesson for me that I won't never forget.

My advice for newbies :
PLEASE, DONT NEVER TRY FUTURE.
PLEASE, DONT NEVER USE THE MONEY THAT YOU NEED FOR YOUR LIVING.
PLEASE, DON'T NEVER TAKE The MONEY FROM THE BANK AND TARDE WITH IT.

At the end, i apologize if that's long, but i would just like to share this and i hope newbies like me take lesson from this.
 Thank you guys.

all i can say is congratulations to your all success and failure in this investing and trading journey mate, what i find in your post is that greediness is all your problem and not the strategy you made.
because on all of those? you started well(Of course not including the very first time) this means one thing that you are good in this field it is just the attitude that brings you mostly to losses.
this may serve as your lesson mate that in any investing you will enter try not to seek too much profit and be contented in small but surely way.

[michellee]

From your story, it seems that you don't have the expertise to analyze so it makes you suffer losses and unfortunately, you do that many times and even use the money you borrowed. I hope it is the last time and you will never do it again and better start learning to trade.

We all must have experienced losses, but if we can take lessons from what we experience, we can change and improve our skills. Take your losses as a reminder and your reason to study better so that you can reap the benefits later.

[slaman29]

How can you say it's not for you already when you just lost it? When were you successful in having turned $1k into $5k? What is the realization there? Is it just because of the loss or your lack of discipline and rules that you should set yourself not to lose your every capital?

I think it's just on your mindset that you should know your limits and have backup plans or have an emergency fund before anything else to quickly recover anything that might affect your lifestyle or living conditions.

You should have control over futures and set the right amount of rules. You can try Gunbot to have a trading system that can assist you continuously.

I think it's pretty pointless discussing rational numbers with guys like that actually.

First, the post sounds completely fake, as you noticed. Second, the guy is probably not even using his real forum account, so that means he's not telling the truth or he'd be using his actual account. Who the hell loses that much money and doesn't have an account here already right?

Anyway, Gunbot is just for automation. If your system doesn't work, Gunbot doesn't make it better

[joeperry]

My advice for newbies :
PLEASE, DONT NEVER TRY FUTURE.
PLEASE, DONT NEVER USE THE MONEY THAT YOU NEED FOR YOUR LIVING.
PLEASE, DON'T NEVER TAKE The MONEY FROM THE BANK AND TARDE WITH IT.

Disagree with the number 1 and 3. Newbies can try future but with extra caution, I learned future and how it works through experience but of course with a limited amount of money around $20-$50 per trade and with a lower leverage to see and experience how it works. The third one, it's alright to take money from the bank and trade with it as long as it is your personal savings and not a loan taken from bank since I'm sure you wouldn't be able to pay for it.

I agree with the second one, if you have money and that money is for food, paying bills and other important expenses don't try to use that to trade or try your luck with trading since trading is like gambling there's no way you can tell that you are going to have profit and so it's not smart to use that money to trade. Only trade using your spare money that you can afford to lose.

[KaliLinux]

Hey guys.
First of all, i would like to thank all people here who are sharing informations and help other.

 Secondly, i want to share my bad experience in crypto using future.

Before Starting in crypto, i have traded forex in 2016, starting with a capital of $ 500,  i Lost it quickly then i have learned TA, after a few months, i came back and start again with $1k, Wich i turned into 5K in almost 15 days, but i Lost all again because I didn't respect rules and take more risk then i realized that forex isn't for me.

In the beginning of 2016 i started trading crypto but didn't know a lot of things about Blockchain, then lost again, because I didn't hold ( sold BTC and Ethereum at 2000, eth at 800 😂...

Since April 2021, when all people talk about crypto and when all is green 🍏 i started again in crypto but I didn't have  a clear strategy because i have trading using the money that i barrow from the bank Wich i had to use to buy our house with my wife, then i Start to take money from the bank, 3k a week, then i traded spot but as i wanted to make profit quickly but that was the wrong...
Then i started trading future and after turning 5k into 11k I didn't take profit coz i was greedy lol
After I lost all the money i have Wich is +20 k, i was living in hard situation coz i didn't buy the house i had planned with my wife to buy and she was angry as she didn't understand all this, she think it's only like casino...
Now I'm paying the bank every month the money i have borrowed from them until 7 years ...

It was a good lesson for me that I won't never forget.

My advice for newbies :
PLEASE, DONT NEVER TRY FUTURE.
PLEASE, DONT NEVER USE THE MONEY THAT YOU NEED FOR YOUR LIVING.
PLEASE, DON'T NEVER TAKE The MONEY FROM THE BANK AND TARDE WITH IT.

At the end, i apologize if that's long, but i would just like to share this and i hope newbies like me take lesson from this.
 Thank you guys.

You made a very good choice to stop trading futures. most of us that have traded FX back in the days and even if we did not make profits from those trades didn't take that experience and did not go in the same direction with crypto instead, we went into crypto trading with that mentality however, I believe that spot trading if at all you are going to day trade is the best. Buy and hold and sell when you are in a better price but for me, I prefer a longer time investment but great that you have realized the mistake and also shared it with us cos some will definitely learn from it.

[Protomono]

 The first impression I take from your experience is that you are too ambitious with a world you don't understand. It's true what you said that you were greedy, but what's even scarier is that you borrow money from a bank to trade crypto, that's crazy in my opinion, don't you think about the risk of loss that you may experience in the future? My advice for the future is never to repeat this kind of thing again, never use your life's money to play crypto, just with the money you are ready to lose.

[gurunanakji777]

It's a golden rule to always play with safe money that you can afford to lose. Don't invest your hard-earned money and don't be enticed by others' earnings because the result can not be the same for everyone. This market requires patience and does not trade like a gambler always book the profit at the right time. Learn to control the greed If you become greedy you might lose all your profit. Mostly, newbies, investors come here to make quick money but they end up in loss because of their gambling nature and lack of knowledge about the crypto market movements. I feel you lose money in overconfidence. I would advise you to enter again in this market when you learn the basics and fundamentals of the market otherwise it will always be risky.

[LogitechMouse]

tl;dr

My advice for newbies :
PLEASE, DONT NEVER TRY FUTURE.
PLEASE, DONT NEVER USE THE MONEY THAT YOU NEED FOR YOUR LIVING.
PLEASE, DON'T NEVER TAKE The MONEY FROM THE BANK AND TARDE WITH IT.

I just read the words that are in capital letters and I think its enough to know what is the main idea behind the OP's post.

I agree with you and I think many of us will agree because there are some traders including me who tried futures trading and failed. I still remember when I double my money in a short amount of time but I did it thru many trades (like swing trading but in the futures). All of the profits and the initial capital that I used in futures trading got wiped out in just a single trade. I did one single trade mistake and I lost all of my profits and my capital. After that I didn't do futures trading anymore. Futures isn't for everyone. Futures is for the expert people and those who are ready to lose their money if they made a single mistake.

[WalkerIVIV]

Here some mistakes that you have made it from your thread.

1. using loan to trade in the speculation market. Future is a very high risk trade for sure. You can get shorted by the whales easily and wiped out from the market.
2. You're being too greedy and yeah just take any profit from the market if you can get it.
3. you didn't use stop loses
4. you know that you have been loosing your money through future trade but you keep gambling on it with whole of your money.

Man, you have made lots of mistakes and you must work hard to pay your monthly debt to the bank. I hope that you know what you must to do next.
Avoid to deal with future trade anymore if you didn't have cold money to be used.  You may lose your life once again when you do that in the future

[masterrex]

I feel sorry for your $20K loss buddy and thanks for sharing your experience, I hope it can help novice crypto users and investors in terms of awareness. Anyway, I can say that trading futures are not suitable for newbies because it's not easy to catch up with the market trend, crypto is a very volatile asset that's why everyone should take some precautions when it comes to trading cryptocurrency whether it's for Spot, Margin, and futures. everyone should learn first to avoid such incidents to happen unless it's just for trial and error purposes.

[Flexystar]

There are people who actually make their living out of the crypto investments and future trading is one of the way to do so. It’s a myth that you are spreading here and I think it’s not what others gonna follow. Most of them in trading section knows how to trade by using the skills since there been hundreds of topics on the same.

I’m so sorry that you came to know that you did not qualify for the futures trading because you went into it blindly.
Understand that trading is critical workflow which needs to be understood before investing.

Learn, train yourself, and keep implementing.

[pawanjain]

You have learnt a hard lesson OP. $20k + is definitely a huge amount to lose and it could bring a change in one's living for a short term.
You have definitely made some mistakes but it's good that you have realized it. Just keep in mind not to repeat those mistakes again.
If you learn trading and do it the right way may be you can recover your lost funds after some months.
Take profits along the way and use stop losses to limit your losses.

[panduryk]

Its so pity, but now a lot of ppl taking money from bank and trying invest, but its rly like russian roulette.
I also should pay the bank a small amount of money, im taked around 100$ 3 years in the past, and im paying it for now, haha and im have a job which paying me every week a salary, but i just wont pay (im from ukraine) and im learned one rule, never use money from bank which u cant return when u wont, in summary i alrd pay 200$ and should pay smth aroung 10$, no and no, its not coz i dont have money,  I just wan't pay bank. They always calling me and asking to pay, im saying " what u want? Money? Ill pay when I want pay, not when u wanna and pls dont disturb me"
And i also tried forex in 2019 louse around 20$ and forget about it. Then now i trying a Futures, but im use only a small bit of my money, that after im click Long/Short, im forgetting about this money, so they are not mine 
People should fall once, to up in future.

[ultrloa]

Don't step on future if you are a newbie since you will encounter that heavy lose if you cannot defy thing towards picking good positions maybe for now train yourself on spot since its more safer and your money will not burn if market drops for sure in that you can learn a experience which you can use for your next trade in future.

[Shasha80]

The amount of loss is quite large (in my opinion).
In making a trade, do you do the analysis first?
If you did the analysis first, what analysis did you use? (fundamental analysis or technical analysis or both?)

The loss experienced by the OP is indeed very large, we must learn from these mistakes. It is clear from the experience recounted by the OP,
he does not control his emotions when trading. He was trading obsessed with wanting to make big profits immediately and greed overtook him.
So when OP was trading Forex in 2016 he managed to make $5k profit in 15 days, but because of greed he lost all of his profits. After that decide
on crypto trading without first learning about the crypto world. It's clear that trading crypto without knowledge, we will definitely experience losses.
Then entering 2021 the OP returned to trading crypto because the market was bullish, but the OP made the same mistake, he returned greedy
when trading futures by using borrowed money from the bank. In the end, his life fell apart and had to bear huge debts. We should learn from
the OP's mistakes, because the experience of others can be useful for those of us who have not experienced it.

[kawetsriyanto]

Staying away from Futures trading is definitely a good idea unless you like crazy risks.

Future trading isn't for newbies, OP is too early to choose Future trading. For newbies, Spot trading is much safer for them although there is no guarantee for no losses. So, OP should start from Spot trading and get some experience+knowledge there for a few months at least. Then, he can try Future trading with small capital once he thinks having enough knowledge+experience after a few months or even years in Spot trading. Honestly, I also still didn't try Future trading although I have spent more than 3 years in Spot trading. It is because I think Future trading doesn't fit with my trading style.