A trader lost over $1 Million + on Binance Future trading

[ndutndut]

It is surprising that someone who has been in crypto since 2017, using $1 million to gamble with meme coins in Binance future trading. If he learned much since 2017 and got experience with meme coins, he mustn't spend $1 million for meme coins. Even worse, he spend the money in future trading. I'm a bit confusing with him, why he didn't to use the money on safe coin like Bitcoin and choose spot trading.  

But many beginners make the mistake of using high leverage to get bigger profits but also go all in for futures trading, it is even a stupid long-term trading decision.

He isn't a beginner anymore, he has joined crypto since 2017. He seemed not doing trading but he invested the money in meme coins. Honestly, it is a very careless way in trading for an experienced trader. I think someone who has been trading in crypto since 2017 must be wiser. Even he wants to gamble with meme coins in future trading, it shouldn't be with $1 million.

This is an example of someone who is involved in the crypto world but cannot control his emotions which makes him greedy because he wants to get rich quickly and in the end loses everything. This is where we also learn that if someone knows about the crypto world from 2017, it doesn't mean they are an expert in the crypto field. The proof is that he is still trapped in coin memes, even though if he had known crypto for a long time, his wise choice would have been to invest in Bitcoin, or at least with $1 million that he could allocate to various coins, which does not mean putting all your eggs in one basket. The world of crypto is full of risks, if you make a mistake or take the wrong decision then in an instant you will lose everything. So be wise in managing your finances in the crypto world.

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[poodle63]

This is an example of someone who is involved in the crypto world but cannot control his emotions which makes him greedy because he wants to get rich quickly and in the end loses everything. This is where we also learn that if someone knows about the crypto world from 2017, it doesn't mean they are an expert in the crypto field. The proof is that he is still trapped in coin memes, even though if he had known crypto for a long time, his wise choice would have been to invest in Bitcoin, or at least with $1 million that he could allocate to various coins, which does not mean putting all your eggs in one basket. The world of crypto is full of risks, if you make a mistake or take the wrong decision then in an instant you will lose everything. So be wise in managing your finances in the crypto world.

degens will always be a degens, most of the people trading meme coin are degens with high risk tolerance but definitely losing a million they will still gonna regret their previous decision because its not some measly amount, but as far as I know these people don't really like diversification of their portfolio because what they are seeking are fast profit and in fast paced manner.
there are many degesn who keeps betting on these meme coin putting thousands of dollars is just a small thing for them, so talking about reducing risk with them is just wasting time.
but as always if they know what they are doing, willing to risk that amount of the money and fully knows what the consequence that it has, its definitely gonna be fine.
they're doing the speculations here in hopes of making quick profit even leveraging 2x with meme coin i already considered crazy but these people just went 25x leverage.

[Hamphser]

This is an example of someone who is involved in the crypto world but cannot control his emotions which makes him greedy because he wants to get rich quickly and in the end loses everything. This is where we also learn that if someone knows about the crypto world from 2017, it doesn't mean they are an expert in the crypto field. The proof is that he is still trapped in coin memes, even though if he had known crypto for a long time, his wise choice would have been to invest in Bitcoin, or at least with $1 million that he could allocate to various coins, which does not mean putting all your eggs in one basket. The world of crypto is full of risks, if you make a mistake or take the wrong decision then in an instant you will lose everything. So be wise in managing your finances in the crypto world.

degens will always be a degens, most of the people trading meme coin are degens with high risk tolerance but definitely losing a million they will still gonna regret their previous decision because its not some measly amount, but as far as I know these people don't really like diversification of their portfolio because what they are seeking are fast profit and in fast paced manner.
there are many degesn who keeps betting on these meme coin putting thousands of dollars is just a small thing for them, so talking about reducing risk with them is just wasting time.
but as always if they know what they are doing, willing to risk that amount of the money and fully knows what the consequence that it has, its definitely gonna be fine.
they're doing the speculations here in hopes of making quick profit even leveraging 2x with meme coin i already considered crazy but these people just went 25x leverage.

There are people who do really love to gamble with degens and this is why on the time that they would really be able to see for a coin that still building up its hype then they would really be that tending to dive in.
The only thing that you should really be mindful is to take out profits on the time that you do able to make some nasty profits or having those multipliers. Leave some coins for moon bag and transfer into another project on which this is something that would really be that somewhat effective if you do hover yourself on degen or meme coin world.

If you cant be able to bare up with the risks then this market isnt for you and better stick into those well established coins or projects which is far more better than dealing with memes or degens
but actually i do find myself that enjoying into this field considering the risks is high and so as with the rewards. As long you could be able to bare up with the risks
then it should be just fine.

[Z_MBFM]

Future trading is very risky I was once very addicted to futures trading because I became very greedy. And slowly I lost $40k there then I gave up futures trading very hard.  This is a death trap for a trader. from here it is possible to make huge profits in a short period of time by trading with a small amount of money if an accurate prediction is made. But if the prediction is wrong, the trading fund is lost. It is very much like gambling so it is better to stay away from futures trading. and if one is interested then he should not spend too much money there. the op's story hit me hard because it reminded me of something that happened to me in the past

[Awaklara]

Future trading is very risky I was once very addicted to futures trading because I became very greedy. And slowly I lost $40k there then I gave up futures trading very hard.  This is a death trap for a trader. from here it is possible to make huge profits in a short period of time by trading with a small amount of money if an accurate prediction is made. But if the prediction is wrong, the trading fund is lost. It is very much like gambling so it is better to stay away from futures trading. and if one is interested then he should not spend too much money there. the op's story hit me hard because it reminded me of something that happened to me in the past

future trading has its appeal for traders. More people who are new to trading are interested in futures trading than learning spot trading. whatever the capital, it will not reduce the risk of future trading. especially if the trader places quite large leverage.
However, in trading, we can make profits and losses. we must be wiser in managing our trade. If you like trading, of course, we have to know our limits. Don't force the moment too much which makes us very ambitious to chase losses.

[Cookdata]

This is one disadvantage of future trading. You can make a fortune over night trading on future, but you can also lose it all if you don't apply good risk management. It's obvious that this man did not set a stop-loss point; his greed overshadowed him with too much confidence that the bitcoin price can't dump since the halving is just around the corner.

It's hard to experience total liquidation like this on spot trading, but if I thought Binance by default doesn't allow 100% liquidation on future trading, at least it will automatically stop in the range of 85–90% of the trader's total assets they always tries to leave you with something.

Binance don't liquidate traders 100%, this was a technical error because the liquidation usually stop around 85% and you will be left with the 15% which is fair. After the trader cried on X, the correction was made for him and the remaining assets worth $180k was returned. I guess he had a second chance to start over again and learn form his silly mistake.

I'm not sure I will take such kind of risk even on a spot trade, he obviously lack good knowledge of trading, you can't just opened position a million dollar of all your wallet, it doesn't make any sense. I repeat  even in a spot trade where there is no leverage, it doesn't make sense to trade a million dollar on a single trade, it would be wise diversify to reduce risk of investments. The more I look at the trader situation, I see him as a pure gambler and not a trader.

[lixer]

Binance features trading. am I unfamiliar with this term, haha I know it is a typo error, anyway $1M is not a big amount hehe when it comes to one of the biggest losses in the market, people lost millions in futures just because of their dumb decision, TBH when its comes to Future you need to be always ABC, always be careful because things are not easy there, first of all, the market is volatile and secondly on the high leverage there's a high risk to reward ration.

Risk management requires expertise there, with a lowly risk magnet and undisciplined manner you can never win in futures trading also I consider it haram because of some religious restrictions on the financial system.

No matter how much some people have lost in the market, $1m is still a big amount to be lost in a single trade because people lose millions of dollars in multiple trades at different times but losing $1m in a single trade is something different and it must make someone feel extremely bad and shattering, especially if the person losing that amount can't afford to lose it because as mentioned in the OP, it was all the money the person had.

This is why it is important for traders involved in futures trading to be vigilant and always have a close eye on the market and most importantly, have their risk-management at place all times because the market is extremely unpredictable and you never know what might happen in a few hours in this market.

[shield132]

Reference

“Just woke up and realised I got liquidated overnight. I was 3x long PEPE. I lost everything I had. I don’t even have $1000 in my bank account but had $1M in Binance. I have been in crypto since 2017. Today I lost everything,” he posted.

This is one disadvantage of future trading. You can make a fortune over night trading on future, but you can also lose it all if you don't apply good risk management. It's obvious that this man did not set a stop-loss point; his greed overshadowed him with too much confidence that the bitcoin price can't dump since the halving is just around the corner.

It's hard to experience total liquidation like this on spot trading, but if I thought Binance by default doesn't allow 100% liquidation on future trading, at least it will automatically stop in the range of 85–90% of the trader's total assets they always tries to leave you with something.

Sorry but when you open 3x leverage on memecoin and you go bankrupt, you deserve it! It's very risky to trade futures with high leverage, I tasted its awful flavour on myself and I am never going to trade futures with high leverage ever in my life. Binance is also known to pump and dump leveraged and futures trading coins. I'll tell you a recent example. 4 days ago BNB's lowest spot price was 508 BNB/USDT but lowest futures price was 489 BNB/USDT. This is a 4% difference, not a huge from one view but it's huge for people who trade with high leverage. That's how Binance makes money also.

[Lanatsa]

Reference

“Just woke up and realised I got liquidated overnight. I was 3x long PEPE. I lost everything I had. I don’t even have $1000 in my bank account but had $1M in Binance. I have been in crypto since 2017. Today I lost everything,” he posted.

This is one disadvantage of future trading. You can make a fortune over night trading on future, but you can also lose it all if you don't apply good risk management. It's obvious that this man did not set a stop-loss point; his greed overshadowed him with too much confidence that the bitcoin price can't dump since the halving is just around the corner.

It's hard to experience total liquidation like this on spot trading, but if I thought Binance by default doesn't allow 100% liquidation on future trading, at least it will automatically stop in the range of 85–90% of the trader's total assets they always tries to leave you with something.

Sorry but when you open 3x leverage on memecoin and you go bankrupt, you deserve it! It's very risky to trade futures with high leverage, I tasted its awful flavour on myself and I am never going to trade futures with high leverage ever in my life. Binance is also known to pump and dump leveraged and futures trading coins. I'll tell you a recent example. 4 days ago BNB's lowest spot price was 508 BNB/USDT but lowest futures price was 489 BNB/USDT. This is a 4% difference, not a huge from one view but it's huge for people who trade with high leverage. That's how Binance makes money also.

Its all business and this is how it works but it is really just that been done on less obvious manner on which you've said that they are really that indeed making money with this. Come to think that even
having those sudden crash or pumps on which making up that almost a billion dollars been liquidated or simply sweeping those SL's then you could really say that there's someone whose behind it.
For those who had been able to experience that leverage stuff and have a taste of that liquidated notification on your email and been able to experience that in short period of time then you would really
be having that kind of trauma which it would really be causing up for you to curse and not to touch up leverage trading into your entire trading career path. 

[Franctoshi]

Reference

“Just woke up and realised I got liquidated overnight. I was 3x long PEPE. I lost everything I had. I don’t even have $1000 in my bank account but had $1M in Binance. I have been in crypto since 2017. Today I lost everything,” he posted.

This is one disadvantage of future trading. You can make a fortune over night trading on future, but you can also lose it all if you don't apply good risk management. It's obvious that this man did not set a stop-loss point; his greed overshadowed him with too much confidence that the bitcoin price can't dump since the halving is just around the corner.

This isn't the first story of it kind in this space, I could remember we had such a sernario like this happened back then in 2022 , However,  This is what usually happens to people that doesn't take risk management and trading stops seriously, What are the trading stops there for, the stop lose which is there to protect a trader should the price not go in their favour or direction.

 This is really a sad situation losing everything in just one day, lastly there is a big lesson to learn here , for newbies or beginners in trading, your trading capital should be different from every other funds you have in your wallet.

[goaldigger]

Future trading is very risky I was once very addicted to futures trading because I became very greedy. And slowly I lost $40k there then I gave up futures trading very hard.  This is a death trap for a trader. from here it is possible to make huge profits in a short period of time by trading with a small amount of money if an accurate prediction is made. But if the prediction is wrong, the trading fund is lost. It is very much like gambling so it is better to stay away from futures trading. and if one is interested then he should not spend too much money there. the op's story hit me hard because it reminded me of something that happened to me in the past

This is true and if you are being too greedy, then you might ended up the to the same situation.
This is just one out of many stories about a trader being liquidated and yet many are still playing aggressively simply because this can also be rewarding especially if you predicted your position very well. Better to always have your target price and don't forget to set your stop loss level so you will not be liquidated.

[Wind_FURY]

Most likely this person or trader isn't not experienced enough, because PEPE coin has been hyped by many people in crypt currency world and it became popular for a short time but look at its price now, and that is the wrong move that person does, risking too much money in future trade, thinking that he could doubled or earn a lot from a single trade which is looks like he didn't think it throughly and must be pressured to trade futures in order to not miss the opportunity but in reality that is the trap mindset of a trader, 2 things that person does, is he used futures and increasing the leverage which is a very big mistake if you are not experienced enough then stay away from futures because it can eat you whole if you make the wrong decision in that trade, imagine the regret and stress that persin is going through now, I don't want that feeling.

Inexperienced? He's been in crypto for over 7 years and has made $1M try if I do it probably won't reach that number, I think he has been experience so he can make a lot of money in crypto.

But this is his own fault that I think all his assets are in PEPE not diversifying, then he traded futures without stop-loses or he forgot? I don't know what happened exactly.

This is clearly a fatal mistake, the money that has been lost a lot is unlikely to come back again in a short time, but that's the risk in futures will be liquidated if not doing a good enough discipline.

You're right, with an amount of his capital at $1,000,000, he should either be starting to diversify, OR if he wants to invest in just one asset - make that investment HODLing Bitcoin. And he didn't merely buy and held a shitcoin, he took a long position in a shitcoin perpetual contract WITH LEVERAGE. He may not be a newbie, but the mental insanity with what he did is real. He's a gambler, not a trader nor an investor.

[justdimin]

There are people who do really love to gamble with degens and this is why on the time that they would really be able to see for a coin that still building up its hype then they would really be that tending to dive in.
The only thing that you should really be mindful is to take out profits on the time that you do able to make some nasty profits or having those multipliers. Leave some coins for moon bag and transfer into another project on which this is something that would really be that somewhat effective if you do hover yourself on degen or meme coin world.

If you cant be able to bare up with the risks then this market isnt for you and better stick into those well established coins or projects which is far more better than dealing with memes or degens
but actually i do find myself that enjoying into this field considering the risks is high and so as with the rewards. As long you could be able to bare up with the risks
then it should be just fine.

That is a big "pandemic" at this point because it is happening all around the world and not just in one place. I do understand that we may not be looking at it like it's a normal thing, but it has become normal at this point because of how many people are doing it. I believe that we should be considering this as very normal and not really react differently to it.

I believe that we are at a stage where it is not that easy to "not lose", because too many people are doing it which makes others do it as well. I hope that people could get better at this, it will not be simple or easy, but it could take a while and could end up with a much bigger result in the end. We should consider how we could get bigger and bigger in the end to be much more profitable.

[leonair]

Future trading is very risky I was once very addicted to futures trading because I became very greedy. And slowly I lost $40k there then I gave up futures trading very hard.  This is a death trap for a trader. from here it is possible to make huge profits in a short period of time by trading with a small amount of money if an accurate prediction is made. But if the prediction is wrong, the trading fund is lost. It is very much like gambling so it is better to stay away from futures trading. and if one is interested then he should not spend too much money there. the op's story hit me hard because it reminded me of something that happened to me in the past

This is true and if you are being too greedy, then you might ended up the to the same situation.
This is just one out of many stories about a trader being liquidated and yet many are still playing aggressively simply because this can also be rewarding especially if you predicted your position very well. Better to always have your target price and don't forget to set your stop loss level so you will not be liquidated.

The high leverage system of futures trading makes a trader greedy. And due to greed, many people do future trading with over confidence and they end up liquidated their balance. Futures trading is as addictive and risky as gambling so futures trading should not be done unless you have the ability to lose. and if one is not an expert in trading then the future will be very scary for him

[boyptc]

The high leverage system of futures trading makes a trader greedy.

Not really that but the potential gain that traders will get with high leverage is what's making them greedy. If it's not about the high potential gain that they might get through futures, they won't do it.

And due to greed, many people do future trading with over confidence and they end up liquidated their balance.

This!

They're overconfident with what they know and can do about it. But starting 3x leverage, that's more than enough already and can be said as a high risk.

[BABY SHOES]

You're right, with an amount of his capital at $1,000,000, he should either be starting to diversify, OR if he wants to invest in just one asset - make that investment HODLing Bitcoin. And he didn't merely buy and held a shitcoin, he took a long position in a shitcoin perpetual contract WITH LEVERAGE. He may not be a newbie, but the mental insanity with what he did is real. He's a gambler, not a trader nor an investor.

If he puts his hopes on shitcoin then he is gambling for years, he is not making a healthy investment in a safe asset, say bitcoin, but he believes more inecoin in the hope that it can go up by using high leverage, this is the mistake they have been doing all year.

I can't understand how not a beginner does this ridiculous action, logically if I have that much, I might play in shitcoin 10% of total assets or below, I don't want to go crazy because of his own actions, ahhh but he will regret his mentality.

[moneystery]

trading using leverage is very risky in that at any time if traders are not wise in managing their trades, then they could lose all their money, as felt by the trader. 1 million dollars is not a small amount of money, it is quite a lot of money that can change someone's life. i don't know what the trader felt, but i'm sure that he was like a crazy person when he realized the loss.

hopefully this will be a lesson for all of us that futures trading is risky and only done by professionals + people who are ready to lose their money.

[gunhell16]

Reference

“Just woke up and realised I got liquidated overnight. I was 3x long PEPE. I lost everything I had. I don’t even have $1000 in my bank account but had $1M in Binance. I have been in crypto since 2017. Today I lost everything,” he posted.

This is one disadvantage of future trading. You can make a fortune over night trading on future, but you can also lose it all if you don't apply good risk management. It's obvious that this man did not set a stop-loss point; his greed overshadowed him with too much confidence that the bitcoin price can't dump since the halving is just around the corner.

It's hard to experience total liquidation like this on spot trading, but if I thought Binance by default doesn't allow 100% liquidation on future trading, at least it will automatically stop in the range of 85–90% of the trader's total assets they always tries to leave you with something.

I personally believe that it is possible to get a large amount of profit in one day in futures trading. But, as some say, we should know what is called risk management. Because if we don't know the correct use of it, it will really lead to a situation similar to the OP's topic.

That's a huge amount; the other ordinary people may be old; they haven't managed that amount yet; then they will lose in an instant in futures trading. Maybe the one who lost $1 million got into greed too.

[stomachgrowls]

trading using leverage is very risky in that at any time if traders are not wise in managing their trades, then they could lose all their money, as felt by the trader. 1 million dollars is not a small amount of money, it is quite a lot of money that can change someone's life. i don't know what the trader felt, but i'm sure that he was like a crazy person when he realized the loss.

hopefully this will be a lesson for all of us that futures trading is risky and only done by professionals + people who are ready to lose their money.

The best time that you would consider yourself on touching up leverage is on the time that you do find yourself that efficient when making up some spot trades on which we know that this is something
that will really be important or something that could give out that kind of handling when it comes to higher leverage trades on which we know that when it comes to this one it would really be that so
risky for someone to deal with. This isnt something that you could really be to bare up easily when it comes to risks management or factor. Even if you do consider yourself good with
spot trading but doesnt mean that you will be able to succeed on futures trading. You would really be needing to make out that kind of adjustments but of course to those who are good
at spot would really be having an upperhand in compared to those who do make out direct dealing.

[slaman29]

I see this story so many times, back in forex days and penny stocks days before I even used Binance, but the one that stuck with me was a guy who turned a few hundred dollars (which is quite a lot of money here) into a few million during the GME thing where he made a lot then invested in meme and nft tokens, but everything was on Binance, and he just kept trading and trading and then same thing. Leverage liquidated everything.

It stuck because he didn't lose money in the end, overall he still had a few hundred dollars because it was in stablecoin but he lost years, lost his job and life because he lived on his computer the whole time. But he saw millions... and yet never withdrew anything. Just got addicted trying to add more zeros because it seemed so easy.

Posted then deleted his account so nobody knows where he is or what he did. He just came in to tell people trading is never a happy ending if you think you make money from it, anybody can in a bull run, everybody loses when it's bear.

Just a friendly warning to anyone seeing loads of green now Trading seriously is not for most people and if you see traders posting to you about memecoin bonanzas just remember, their story hasn't ended yet