Disappointment or blessing?

[Oshosondy]

I was trading a shit coin called OG Fan token today. Its price has been increasing from below $3 last week and I decided to go short position with it today at around $6.5. But I was disappointed as the coin increased from $6.5 to $14.7 in less than 30 minutes after. My money was liquidated at $9.

I decided to deposit part of the money that I have gained from trading before but I deposited the USDT but I forgot to include the memo. I was not credited but I messaged the exchange customer care. The price of the coin was $9 at the time. If I that money was credited, I would have lost it because the coin later increased from $9 to $14.7 on the exchange.

After I have filled the necessary form so that I can be able to get my USDT back, I sent another USDT which I used to open short position at $13 and the coin fall to $10.6 and I was able to recover back my coin. Unbelievable.

Some disappointments can be blessing.

[mk4]

Man that's so ballsy of you to be shorting a $17m marketcap token with $3m daily volume on Binance lol. This thing's guaranteed to spike up and down.

[tbct_mt2]

I was trading a shit coin called OG Fan token today. Its price has been increasing from below $3 last week and I decided to go short position with it today at around $6.5. But I was disappointed as the coin increased from $6.5 to $14.7 in less than 30 minutes after. My money was liquidated at $9.

Trading with leverage is risky.
Trading shit coins is risky.

When you combine two big risks, your trading position will have very high risk of liquidation. Because shitcoins usually don't have high market caps and it's very easily to manipulate these shit coins.

I did not know about OG fan token but checking on Coinmarketcap, I find an interesting thing from its historic price chart.
https://coinmarketcap.com/currencies/og-fan-token/

There are at least two times in the past, this OG fan token suddenly spikes like the latest spike that causes your liquidation. If you notice its past two strikes, you would have seen this risk and have been more careful to avoid shorting this token.

[Strongkored]

Sometimes mistakes can save us but not always, because more often not, because we have to pay for the mistakes we make.
You take two big risks, trading on leverage and also on shitcoins, you are lucky to get through it well, even though you made a mistake, and other times you may not survive and leverage is not something I will touch on especially on shitcoins.

[hugeblack]

You need to be lucky to make a profit from a currency that changed from $6.5 to $14.7 in less than 30 minutes, you were lucky today but you won't be lucky always (unless your trading strategy is high risk, no profit guaranteed trading)

[crwth]

It's clearly a hectic trading day for you, OP. It could be stressful, but it turned out great for you in the end. That's the unpredictability of life, maybe especially the deposit that you made. It's good that there are recoveries for those wrongful deposits.

[slaman29]

No offense, but Bro you're not trading, you're gambling

And if you gamble long enough, you always see these kinds of incidents of chance even out. It's like playing at casino or live sports. I place a bet, but the dashboard keeps rejecting it especially for live games. Sometimes, the result changes in my favor, sometimes not.

So sometimes frustration, sometimes blessing in disguise.

A proper trade is always using limits, stops, and on balance you already predetermined.

GL, but if you gamble, remember, don't expect the money back

[Coin_trader]

Man that's so ballsy of you to be shorting a $17m marketcap token with $3m daily volume on Binance lol. This thing's guaranteed to spike up and down.

For real men, shit tokens with low marketcap with hype tends to have an insane price swing for a short period of time. I witnessed shitcoin like this increase 200% within a day then erase all the gains a day after the hype.

Traders of this kind of token knew what they are trading as high volatility that’s why price swing usually so high both ways. OP is very lucky to have temporary stop on trading due to problem until the price pivot downward in favor to his position.

[mirakal]

snipped~

Some disappointments can be blessing.

Sometimes we get lucky and things go our way, but that doesn’t mean it’ll happen again next time. This kind of luck can happen in all areas of life, not just trading. For me, it’s always better to play it safe because these moments are not common, and we can easily chalk them up to chance. Usually, mistakes don’t work out in our favor, and we end up taking losses.

But at least, OP got a chance to learn and be more careful moving forward. This just proves that luck does come into play in trading—if it weren’t for a bit of luck, you’d probably be looking at some serious losses.

Let this be a reminder to stay focused when trading. Your time and attention should be dedicated to what you’re doing!

[retreat]

You really got lucky there, maybe if I were you I would stop and not want to deposit my money back after that loss. But yeah we can't always hope for luck like that, because it will only happen a few times, so it's better to be more careful in trading and always make sure that the risk of the trade is bearable because sh*t can happen anytime, especially in shitcoin trading.

[stomachgrowls]

No offense, but Bro you're not trading, you're gambling

And if you gamble long enough, you always see these kinds of incidents of chance even out. It's like playing at casino or live sports. I place a bet, but the dashboard keeps rejecting it especially for live games. Sometimes, the result changes in my favor, sometimes not.

So sometimes frustration, sometimes blessing in disguise.

A proper trade is always using limits, stops, and on balance you already predetermined.

GL, but if you gamble, remember, don't expect the money back

On the moment that you would really be trying to chase up something whether short or long position just because of those sudden spikes and you have forgotten on applying some technical analysis, then i could really definitely say that this would really be that some sort of a gamble. When it comes to trading then having that gambler like mind is never been that recommended but there are actually moments that there would really be those kind of urge for you to make out such position. There would really be those people who would really be making out such trading decision. As for the situation then its good that particular deposit didnt push through.
When doing trading then its neever been that i deal that it should really be taking up with some gambler like kind of approach when it comes into this aspect. Trading decisions will really be that still affected out on whats up into your mind on the moment that you will really be applying out with those kind of desperate measures and trying out to chase up on whats the current trend on wihch it will really be that too risky to consider.

[jcojci]

I believe if that our profit, that will be back to me no matter if I lose that in the previous trade. I don't know how and why but that is happen although not many times. But behind of disappointed, we will get many blessing if we can accept the disappointments. We can learn from that lesson because not many people can accept the disappointment with ease.

They still regret what happen to them and not think that their disappointments is just a little depends on what they will get later. When we get a bless, we may forget our disappointed because we are too happy.

[SmartGold01]

After I have filled the necessary form so that I can be able to get my USDT back, I sent another USDT which I used to open short position at $13 and the coin fall to $10.6 and I was able to recover back my coin. Unbelievable.

Some disappointments can be blessing.

Lucky you mate but of all the discussion over here you still choose to go trade with altcoin like what if you had lose the funds what would you do?
Regret or whom do you blame for that gambling you put up as trading.
Most times it's good to stay with coin with higher liquidity to enable trade peace of mind and coin that team has already planned to pumped and dumped it on newbie traders who are not good at trading altcoins.

[Oshosondy]

Lucky you mate but of all the discussion over here you still choose to go trade with altcoin like what if you had lose the funds what would you do?

I gamble with altcoins sometimes.

Most times it's good to stay with coin with higher liquidity to enable trade peace of mind and coin that team has already planned to pumped and dumped it on newbie traders who are not good at trading altcoins.

You are right but it is also still good to know that trading generally is very risky. If you are trading altcoins, you can use little amount of money for it. If I use up to $250 to trade bitcoin excluding the leverage, I can use $30 to trade altcoins. I do not mention the real amount but I use percentage to estimate the amount.

[BABY SHOES]

Disappointment is a blessing to you.
You started short and liquidated your position.
You deposited but forgot the meme so it was not credited, but fortunately you can get the USDT back.

Now you bravely open a short position again and the price now continues to fall maybe you have recovered the previous loss but the anxiety is always there, right?

In the end this is a blessing for you.

[EL MOHA]

I decided to deposit part of the money that I have gained from trading before but I deposited the USDT but I forgot to include the memo. I was not credited but I messaged the exchange customer care. The price of the coin was $9 at the time. If I that money was credited, I would have lost it because the coin later increased from $9 to $14.7 on the exchange.

I know most people will say trading shitcoin is way too risky but I say trading anything with leverages is alread risk to me so it is not bad trading this shitcoins the only thing though is the use of proper risk management which people then to apply. If you maybe regularly trade with like 10% of your portfolio then with other pairs then for shitcoin pair the amount will be reduced to like a 5% this way the entire risk is reduce and the trade is allow to run smoothly. The shitcoins to me have a very good market structure and are very easy to analyze than the utility coins most especially for scalper.

What you had intended doing which is to fund the wallet and then trade the coin is something I wouldn’t have done because part of my risk management is never to actually enter a pair immediately after it might have caused a loss because to me it is a revenge trading so it was a blessing for you to have the money hanged on.

[shinratensei_]

I won't short on a shit coin with suspicious price action ever, but at least from this story you recovered your loss.

I've learned my experience shorting low mcap coin 9/10 it never goes well, always random pump out of the blue, I got liquidated from big time, ux link and other low mcap coin.
I can definitely say, that trading low mcap coin 10x harder than trading BTC . that's why I just decided to back out from trading them, despite the prospect.

good thing that you reopened short position at higher peak and make it break even, other people probably depressed at their first liquidation.

[knowngunman]

I won't short on a shit coin with suspicious price action ever, but at least from this story you recovered your loss.

He's gambling with trading for sure. Engaging with shitcoin that moves with high volatility within a short time of thirty minutes or less requires extra balls. If I managed to escape the first time, that'll be the end of me interacting with such coin. I don't think it worth the risk.

good thing that you reopened short position at higher peak and make it break even, other people probably depressed at their first liquidation.

Glad he succeeded but that's never the right decision to take at that moment. Hasty to deposit after liquidation to trade on same coin is actually a revenge trade just like someone pointed out earlier and we already know what revenge trade normally lead to. It's luck after all but some time the power to decide is in our hands.

[Oshosondy]

Glad he succeeded but that's never the right decision to take at that moment. Hasty to deposit after liquidation to trade on same coin is actually a revenge trade just like someone pointed out earlier and we already know what revenge trade normally lead to. It's luck after all but some time the power to decide is in our hands.

You are not completely correct about this. It is not revenge trade. Revenge trade is when you trade because you lose and not know where the market might go but you decide to enter the market again. But when you know that a market was overbought and later become more overbought and your analyses shows that the market will fall, that is not a revenge trading at all. Although I can say I gamble with the coin but we still make analyses while trading with shit coins before we gamble with it.

[slaman29]

GL, but if you gamble, remember, don't expect the money back

On the moment that you would really be trying to chase up something whether short or long position just because of those sudden spikes and you have forgotten on applying some technical analysis, then i could really definitely say that this would really be that some sort of a gamble. <>

'Forgotten on applying some TA?' that sounds like a major problem. You can't forget to make TA, you either do it or you don't

Same thing with limits and stops. You can't really forget those. If they are simply part of the process, you do not make any trades without doing TA and limits. No position should be open without those.

The whole point of those things is to make sure you CAN forget about positions and allow them to close as desired