Something terrible happened to me today

[Btcalysis]

I have been having a very good October until few hours ago. I short a coin, I wanted to use 1x margin ratio but I mistakenly used 25x which got my trading money liquidated.

If I have used 1x leverage, I would have won today with my strategy.


https://www.talkimg.com/images/2024/10/10/i02Kz.jpeg

[freedomgo]

Sometimes things like that happen, but at least you know you’re good overall, aside from that one mistake.

I’m sure it won’t happen again if you learn from it.

[Wiwo]

Sad day for you in trading, it do happens at time and that is why you ought to use either a computer for trading so as to avoid mistakes of figure tapping instead manually clicking the leverage bottom to set the amount you want to leverage on, that minimise the rate of mistake selections of number in the leverage percentages zone.

Also when next you trade, always double the whole homepage that be sure everything is currect, before taking such a position.

[BitMaxz]

It seems that you chasing something, that is why the result turned out that way with bad result: "the higher the margin is, the higher the risk is." You are near to liquidation if you keep using a higher margin unless you know how to manage risk or know where to set the stop-loss.

Next time, if you are in a rush or chasing something, always double or triple check your setup before you click the buy or sell position. This is a pretty common mistake, even me I sometimes set it to 25x or more than that without notice because of multiple views or tabs. I didn't know one of the tabs was set to a higher margin, that turns my position got liquidated pretty quickly.

[Tungbulu]

Well, I'm not the Trading kinda person, due to the high risk in it, I prefer to do more of long-term HODLing, but I do have basic knowledge of trading and I understand how it feels when all your trading money gets liquidated all because of a single mistake that could've been easily avoided. Oh well... Perhaps this I believe teaches two very important lesson every trader should learn, but it's too bad you had to learn it the hard way.
Lesson one, is to always double check everything and apply extreme caution at all time, I believe with this, you'll be able to avoid subsequent situations or occurrences.  Second lesson is to always at all time use funds you can afford to lose for trading, so if these kinda mistake occurs, you wouldn't feel much of the impact. But still sorry about what happened to you mate.

[shinratensei_]

dang that's really unfortunate, but seeing your trading PNL records over these past few days you seem to be having good time trading if not for this small mistake you will be on a positive PnL streak.
I'm sure you can make the money you lost back again eventually with your performance, but yeah, always watch for the leverage, since it's the biggest factor that I think can make us lose our money.
more than 10x leverage, it's basically liquidation fest and I have the habit of always re checking leverage because it's just that important.

I think you should do recheck too, just to make sure in your future trades.

[LogitechMouse]

I have been having a very good October until few hours ago. I short a coin, I wanted to use 1x margin ratio but I mistakenly used 25x which got my trading money liquidated.

If I have used 1x leverage, I would have won today with my strategy.

Quite unfortunate if you will ask me, but the fact that you've profiting for the past few days is already a good thing.
I mean winning on your trades on a daily basis sounds hard. You lost because of the wrong margin ratio but overall, I believe that you're still a good trader.

Being consistent in trading is hard. 1x ratio is quite low and it's a low-risk type of trading for me. You're good still I believe. Just go get another set of capital and do the same thing. People do make mistakes, and as long as you will learn from it then it's all good. I don't want to say to OP to hold some coins because if I will just base on that picture, I would say that he's a pro in trading already. Whatever the case is, just continue trading. This is a pretty common mistake that you can work on.

[mk4]

When you say "mistakenly" do you mean you fat-fingered 25x or you intentionally used it because you became overconfident and greedy over the trade?

Anyway, if it's the latter — you probably already know the lesson here so telling you about it is a waste of time. Probably use 3-5x leverage at maximum next time.

[jcojci]

That can happen if you are not careful and check everything before you execute. Many of us are experienced like you so we must avoids that in the next trades.

There is no need to regret it too long because you still have more chances to recover from your losses. Be patient and careful this time so you will not have the same thing as before. You can make a big profit later and replace your losses.

[Btcalysis]

It seems that you chasing something, that is why the result turned out that way with bad result: "the higher the margin is, the higher the risk is." You are near to liquidation if you keep using a higher margin unless you know how to manage risk or know where to set the stop-loss.

Next time, if you are in a rush or chasing something, always double or triple check your setup before you click the buy or sell position. This is a pretty common mistake, even me I sometimes set it to 25x or more than that without notice because of multiple views or tabs. I didn't know one of the tabs was set to a higher margin, that turns my position got liquidated pretty quickly.

The long leverage was 1x while the short was 25x. I only looked at the long and went for short position as I thought it was 1x. It happened and it was too late when I realized.

[Peanutswar]

Sometimes when we make a new step into our current trading situation that's the time we make a mistake if you think that having a new strategy doesn't work you for multiple times, it is better to test it out first in paper trading so you can make the same mistake every time you make a trade, if you think your current trade is good enough to you and give a consistent earning why not stick for a it for a while until you master and make a new milestone once you already confident on that trade, trading is consist of knowledge, experience and skills and you must need to develop these not in an instant of course.

[BABY SHOES]

It's unfortunate that you had to be liquidated through no fault of your own.

Are you in a hurry by applying a margin ratio that initially wanted 1x instead of 25x, unconsciously you made a mistake because of greed?

Means that all your profits and capital are lost in a short time due to short coin?

[Ararbermas]

I have been having a very good October until few hours ago. I short a coin, I wanted to use 1x margin ratio but I mistakenly used 25x which got my trading money liquidated.

If I have used 1x leverage, I would have won today with my strategy.

that's really bad man,. And tbh with you i have same experience as you and thanks god i don't use to gamble a huge amout especially on trading , i mean i always save for my self. Lol  and also that's why i always double and triple check my order to prevent risky situation or to avoid massive losses. That's actually a big leason for me. And i hope you take that as well .

[tvplus006]

I have been having a very good October until few hours ago. I short a coin, I wanted to use 1x margin ratio but I mistakenly used 25x which got my trading money liquidated...

I very often see how beginners, after several successful trades, decide to increase their leverage in order to increase their profit in this way and eventually lose their deposit. Your story is very similar to what I described earlier.

[Oshosondy]

I very often see how beginners, after several successful trades, decide to increase their leverage in order to increase their profit in this way and eventually lose their deposit. Your story is very similar to what I described earlier.

Do not just conclude that he is a beginner. I do not think a beginner can be able to win from the 1st day of October to the 9th day. I remember when I started to trade, beginner traders can not win all days. There is high possibility that a trader will forget to edit the leverage and use a very high leverage to open a position. And if the market go against the position's direction, the liquidation may be very fast.

[Dewi Aries]

I think you are not the only one who experiences such an incident, my friend, there are many people who make mistakes unintentionally just because of lack of attention, and therefore this is why trading must be done with a high level of focus and this is also the reason why a trader who is having other problems that make them feel stressed is really prohibited from running a trading session at certain times.

It is none other than when you trade at the wrong time or place, then there is a great possibility for various unwanted possibilities to occur due to an error that should not be necessary, but on the other hand this is why there is a saying that experience is the best teacher, I hope you can be more careful when you want to trade in the future so that such incidents do not happen again.

[EL MOHA]

Do not just conclude that he is a beginner. I do not think a beginner can be able to win from the 1st day of October to the 9th day. I remember when I started to trade, beginner traders can not win all days. There is high possibility that a trader will forget to edit the leverage and use a very high leverage to open a position. And if the market go against the position's direction, the liquidation may be very fast.

Even if he is a beginner let’s assume beginners luck I would advice him to stick to the strategy that he has been using because from what I see here it is working for him and he can only make corrections from losses and sadly this particular Loss is a hard one but that’s how trading is, these are the trades that actually tests your psychology now OP needs to build on his risk management and hopefully he will bounce back as I pray this shouldn’t be his only capital left that just got liquidated.

This particular case senerio is never a beginner thing, most exchanges actually chooses a predetermined leverage for you and some leave leverages from other pairs there even when you switch the pairs. For example i onced used a 50x on btcusdt which we all know is not that volatile like the other pairs and when I wanted to switch to another pair the 50x was there I had only noticed when I went to set my stop and saw the price high luckily I was able to change it but if I had got Carried away I would have faced same fate as OP

[Gladitorcomeback]

I very often see how beginners, after several successful trades, decide to increase their leverage in order to increase their profit in this way and eventually lose their deposit. Your story is very similar to what I described earlier.

He actually described the reason why and how it happened here:

The long leverage was 1x while the short was 25x. I only looked at the long and went for short position as I thought it was 1x. It happened and it was too late when I realized.

Judging from his knowledge about trading and the start few days of his PnL history on that screenshot, I can say he isn't a beginner in the market but only in the forum. A person joining this forum after being in the market for some time will be judged as a beginner but he doesn't need to be a beginner when it comes to cryptocurrency knowledge and understanding.

@OP, just like everyone else, I think it's an unfortunate occurrence, but things can't be reversed. What's important is to learn and move on, that's what a good trader does. Wins bring you profit and money, while losses bring you lessons and experiences.

[Aanuoluwatofunmi]

I have been having a very good October until few hours ago. I short a coin, I wanted to use 1x margin ratio but I mistakenly used 25x which got my trading money liquidated.

If I have used 1x leverage, I would have won today with my strategy.

Its such a pity, i guess you might have done that in a rush or you carelessly didn't observe well when you're making the decision, sometimes, we have to be more attentive to what we are doing, trading comes with its own demand and we cannot be engaged in doing other things when we are trading in other to avoid divided mind.

I will encourage you by saying that you shouldn't worry, there are more many opportunities ahead and which you can use to make it back with your trade, only have to be more patient and careful for that time to repeat itself once more.

[Jegileman]

I have been having a very good October until few hours ago. I short a coin, I wanted to use 1x margin ratio but I mistakenly used 25x which got my trading money liquidated.

If I have used 1x leverage, I would have won today with my strategy.

Looking at your past trading for this month only, it shows that your strategy is profitable and you’ve been making some profits in the past before this liquidation happened to you today. It’s unusual for that to happen for how far you’ve come with your trading, always ending the day with profits. If you’d not had this many wins and the leverage used today just blew up your account, many will assume you were trying to get quicker profit than usual which may be caused by greed and lead to the total loss of your capital. 25x leverage is a big ratio when compared to the 1x leverage you wanted to use. You need to be more careful next time, mistakes like this can’t be averted, sorry for the loss.