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

[poodle63]

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.

agreed with your statement degens usually also just hit and run, trying to profit off the meme coin and then cash out to find another meme coin its like a cycle but finding new meme coin that could make good profit is already as hard as it is so these degens are just actively sniping for the newest coin if not they always try to find info on the new meme coin that gonna emerge even following presale.
thats what being degen is, they just disregard risk management in order to get the most profit out there, its completely aligned with their idea of getting rich overnight tho since considering that there are some meme coin investor that indeed got rich overnight and most likely those that can do that and possibly have diamond hand are only degen.
personally im not that reckless i always asses for risk so that i won't be losing money but some people definitely have different idea on how they approach in making proft so such speculative
behaviour totally understandable on my end.

[1714676630]

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[1714676630]

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[1714676630]

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[AnonBitCoiner]

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.

Exactly we cannot call those as a beginner who have joined crypto trading since 2017 because he has spent many years in trading and hopefully a person can learn much better in such a time. Maybe he has not learned anything and in the whole time he just followed the opinions of others.

Meme coins are risky and doubtful coins so if one uses such a huge amount in meme coin then he has done the wrong thing and this may be due to greed or lack of knowledge. Traders should always focus on potential coins and meme coin does not have any potential to give you sure profit so if someone wants to lose money then they should choose meme coin.

[BD Technical]

Trade is like a tide trade actually those who do it now those who are behind it actually depends on luck because you see yourself if you are learning terel or if you are not spending time then you will never be able to earn.  Nowadays, many people are very successful in dating and earn a lot of money, but not everyone can do it.  What is luck? It is not the same luck given from above.  But in that case, not everyone can determine the fate and there are many people who are helped by fate and because they do things wisely, they are lucky. If you do it wisely, you are lucky.  He is however a los in training and like his love is very much dependent on luck.

[bitLeap]

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.

~~~

I've heard this story on X for a long time and it's true that he lost everything. I am sure that this is not the first time, but this loss is the biggest loss during his experience in crypto trading. It is important to know that in Future trading the risks are like that, since he decided to trade everything, the risks and conditions have been agreed upon. Don't blame other people, just blame yourself for being careless. As a trader, he must be responsible for all decisions taken, whether bitter or sweet, he must be able to accept them. Like it or not everything has become the main basis for trading.
Since that incident, has he stopped for a moment to calm down or instead used the remaining $1000 in his account to return to trading with the ambition to catch up on what he lost?

[Nwada001]

I've heard this story on X for a long time and it's true that he lost everything. I am sure that this is not the first time, but this loss is the biggest loss during his experience in crypto trading. It is important to know that in Future trading the risks are like that, since he decided to trade everything, the risks and conditions have been agreed upon. Don't blame other people, just blame yourself for being careless. As a trader, he must be responsible for all decisions taken, whether bitter or sweet, he must be able to accept them. Like it or not everything has become the main basis for trading.
Since that incident, has he stopped for a moment to calm down or instead used the remaining $1000 in his account to return to trading with the ambition to catch up on what he lost?

That has been proven to be a technical error, as Binance doesn't allow traders funds to liquidate completely.
 
It was later said that about $180,000 was later returned to the guys account, which is even for him to either start up with again with lessons learned or he could just move that out of his exchange account and focus on something else, because it will be very stupid of him if he repeats the same mistake again as he might not be able to come out of it again.

[_BlackStar]

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'm not saying that's a downside - but it's a risk that some traders probably ignore. There are many traders who really desire to become rich overnight - while they fail to understand when it is time to cut losses and remain silent so as not to be provoked by emotions.

The high leverage used not only allows traders to make large profits - but behind it also carries a high risk of liquidation. Beginners are never advised to use leverage above 2x - even experienced traders would not be too brave to use 10x and above if they knew how risky futures trading is.

[Bushdark]

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.

Trading isnnit easy and I am always surprised when I see traders trading in future trades with ease and relaxation.
This is a delicate type of trading which is different from spot trading that could be hard for one to earn non experienced traders to meet up. I mist see people using 100x to 500x to trade without even bothering about the risk it could pose to them if the market goes wrong from their predictions. I can't trade like this and I am very conscious about how I take signals to trade.

[AakZaki]

It was a painful and mentally disturbing event to lose $1 million just trading Binance futures. why should you be so careless in using all that money for trading, let alone using large leverage, that's a stupid act and without using a stoploss. no matter how much money you have, you will definitely lose it if you don't have good analytical and management skills. The liquidity risk is very large because the leverage used is also quite large, I'm not even too interested in futures trading because of the risks.

[Issa56]

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.

I had some bad experience about future trading in the past, so I don’t really encourage people to trade futures. If you are a future trader and you have been making profits, don’t be surprised that whenever you will be losing, then you will lose everything you have made in the past. I don’t know why the person should even trade with that huge amount of money, you should trade with what you can afford to lose, and not trade with all your life savings.

I don’t just know why the person decided to trade futures with that amount of money, it doesn’t make sense to me, it’s better to trade on spot than trading on futures. If you are trading futures and you are doing that with a big amount of money, then you should make sure you set your stop loss incase if things goes against you, then it’s going to cut your loss.

[rojan]

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

I am very worried about my friend who is addicted to future trading. My friend is busy with future trading for several days. I have explained to him a lot that you will lose all money in future trading for small mistakes but he does not want to listen to me.  How can I remove him from future trading now please give me proper advice.

[Poker Player]

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.

In the case of the protagonist of the OP's story, we do not know if the million he lost was accumulated in earnings. It seems more dramatic since he says he lost it all and it does not seem to be pure profits from trading on the site. In any case they act as degenerate gamblers, as has been said. I think we will have to start talking about degenerate traders.

[Bushdark]

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

I am very worried about my friend who is addicted to future trading. My friend is busy with future trading for several days. I have explained to him a lot that you will lose all money in future trading for small mistakes but he does not want to listen to me.  How can I remove him from future trading now please give me proper advice.

There is nothing you can do rather than trying to tell him to stop because the loses could be huge if care is not take.
Future trading can be very risky and one could lower all funds without a patient ability to stay days without trading just to observe the market and look for s better opportunity to enter and trade. It is very important for us to check very well before we make any decisions about trading especially in future trading that can could pose a big risk on us if we don't know how to balance up and trade.

[slaman29]

I see this story so many times, back in forex days and penny stocks days<>

In the case of the protagonist of the OP's story, we do not know if the million he lost was accumulated in earnings. It seems more dramatic since he says he lost it all and it does not seem to be pure profits from trading on the site. In any case they act as degenerate gamblers, as has been said. I think we will have to start talking about degenerate traders.

Yeah that's why I brought up my story. It's never clear how much people actually lost as net. Did they earn a lot of profit and then lost all of it? Then it's not really a loss. We say you only have profit or loss when you either lose your deposit, and close account, or withdraw to your bank Those were forex days anyway, realized profit/loss is not what you see in your account until you move it out.

Anyway, degen traders ARE degen gamblers. Sheep in goats clothing lol

[Lanatsa]

I see this story so many times, back in forex days and penny stocks days<>

In the case of the protagonist of the OP's story, we do not know if the million he lost was accumulated in earnings. It seems more dramatic since he says he lost it all and it does not seem to be pure profits from trading on the site. In any case they act as degenerate gamblers, as has been said. I think we will have to start talking about degenerate traders.

Yeah that's why I brought up my story. It's never clear how much people actually lost as net. Did they earn a lot of profit and then lost all of it? Then it's not really a loss. We say you only have profit or loss when you either lose your deposit, and close account, or withdraw to your bank Those were forex days anyway, realized profit/loss is not what you see in your account until you move it out.

Anyway, degen traders ARE degen gamblers. Sheep in goats clothing lol

Playing up with degen or memes or even with that 100-125x max leverage on which i could consider out to be gambling. Yes, you could really be able to apply analysis but doesnt mean that you could really be able to be that having a good grasps into it no matter how old or veteran you are on this space whether dealing up with crypto or with those traditional markets like Forex or stocks on which we know that
increasing leverage or even simply that increasing your lot size (forex/stocks) could really totally blown up someones account if you won't really be that careful.

I have seens tons of videos or reels that someone do make out some live trading. Setting up some huge amount of capital and made out some totally gambling-like leverage.
On the time that they are liquidated then this is the time that you would really be able to see those kind of regrets that they shouldnt have done this and that.
It would really be not always recommended even if you are old timer, how much more into those first timers?

[Essential10]

Since Pepe Coin is a meme it is undoubtedly a risky currency, trading in such currency is very risky. There are steps to take risk, it's really hard to lose $1 million just trading futures on Binance, I think this kind of activity is very stupid. If you go ahead with trading without knowing proper analysis, you will surely pay extreme price where you have already paid. He gambled overnight, when gamblers lose bets they lose patience and throw it all in and lose it all. If he had invested such a large amount in the top coin without trading and held it, he would have definitely made a huge profit.

[Wind_FURY]

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.

In my opinion, and although we should encourage people to buy the DIP and HODL Bitcoin, it's actually understandable if plebs with a very small amount of capital decide to gamble in a shitcoin + leverage. But for an investor who has $1,000,000 and insists on trading shitcoins, which are already volatile, and doing that with leverage then he is gambling with his mental insanity.

Let's pretend he bought Bitcoin with an average price of $65,000 TODAY. Come back to this topic during 2025. I believe the investment would grow, and be worth at least $5,000,000 in fiat value.

[wxa7115]

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.

What did this person thought it could happen? They were trading a meme coin, using leverage and money they could not afford to lose, refused to use a stop loss and finally they kept their position open when they went to sleep.

So this is not really about a person that made a mistake and suffered because of it, he made several mistakes in a row and for what I can tell this was just the way he did things, meaning that given enough time this could have happen at some point unless he changed the way he approached the markets, a possibility that cannot happen now for obvious reasons.

[tvplus006]

It was a painful and mentally disturbing event to lose $1 million just trading Binance futures. why should you be so careless in using all that money for trading, let alone using large leverage, that's a stupid act and without using a stoploss. no matter how much money you have, you will definitely lose it if you don't have good analytical and management skills. The liquidity risk is very large because the leverage used is also quite large, I'm not even too interested in futures trading because of the risks.

I'm sure that's not all the money he lost. If the trader followed risk management, then he should still have sufficient capital left to continue trading and, accordingly, he has a chance to recover the lost coins.

[BABY SHOES]

In my opinion, and although we should encourage people to buy the DIP and HODL Bitcoin, it's actually understandable if plebs with a very small amount of capital decide to gamble in a shitcoin + leverage. But for an investor who has $1,000,000 and insists on trading shitcoins, which are already volatile, and doing that with leverage then he is gambling with his mental insanity.

That's good advice by buying DIP and HODL instead of small capital by playing gambling on shitcoin + leverage is the same as gambling, sometimes I like to wonder about people who have $1,000,000 assets in shitcoin do they do that because they have spare money behind? But what the OP means is that all his money is in shitcoin so gambling madness is true.

Let's pretend he bought Bitcoin with an average price of $65,000 TODAY. Come back to this topic during 2025. I believe the investment would grow, and be worth at least $5,000,000 in fiat value.

That's common sense thinking then we make sense with my own thinking.
But other people with $1,000,000 hope to $10,000,000 in shitcoin hahahaha.

[alastantiger]

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.

Investing in meme coin looks like fun for some people. They want to get in and be out but they are  really high risky investments and they hold little to no value. But then as we know, what we see is that a community gets behind them pumps it using social media platforms and then FOMO is at the back of their minds which is what is basically responsible for increasing the price. If you have ever gambled, then you will know that there is absolutely no difference between them. The unknown is high higher than the know and you are sure that the there is going to be significant losses when it eventually blows up.