Haven't made any money; when it comes to losses, cryptocurrency enthusiasts have a lot to say.
Once young and reckless, I entered the crypto world, made a little money in spot trading, and started daydreaming. I dreamed of a computer, a set of tea utensils, sitting for several hours each day, possessing millions in assets, occasionally having tea, playing games, making trades, and traveling—what a leisurely life!
Don't evade it; this is the life that every cryptocurrency enthusiast dreams of when they first start. It is precisely this greed for sudden wealth that causes most people to suffer significant losses. After experiencing the storm, only the experts who can survive will truly feel the calm.
So let's recount the losses I have experienced, hoping to serve as a warning for newcomers considering entering the market to be cautious and strategic.
1. Never hold onto contracts.
The second serious liquidation was when I planned to play cautiously. After all, I started to respect the crypto world. In fact, the crypto world is truly an opportunity for most ordinary people; it depends on whether you can seize it and whether your inner strength is strong. I had a friend who lost a million playing contracts and was left stunned. I encountered him again looking a bit dazed; this is a true story. So everyone must be careful: high risk, high return, but no one tells you about the consequences of the high risks you take!
The second injection of ten thousand also came slowly. I started playing cautiously with five to ten times leverage. I don't believe that after playing for more than ten years, I still can't make money!
The facts prove it's hard to say. I slowly increased from ten thousand to over eighty thousand, feeling secretly pleased. I have trading talent after all. One afternoon, I made two trades with five times leverage, and in the evening, I had a drinking party to attend. Human nature is lazy; I thought it would be fine to go drink, but I can’t handle alcohol well.
I got so drunk that I woke up the next afternoon, completely forgetting my trades. When I checked, I had lost half. The pain I felt inside at that moment was unbearable; I was reluctant to cut my losses but felt miserable holding on. My resolve was weak: I said, 'I won't look!' Then came the torturous fluctuations, and finally, on the fifth day, I faced liquidation.
2. Do not be indecisive when placing trades; manage multiple orders simultaneously.
To continue from the second point, it wasn't supposed to lead to liquidation, but I made a fatal mistake. After holding onto a position, I carelessly opened two more orders. At the time, I thought I could profit from these two orders to support the other two orders adequately.
Thinking back, it was foolish to dare to make four trades with eighty thousand. If I don’t explode, who will? One of the trades was in a meme coin, and the volatility was quite scary. (Please don't laugh at me) I genuinely forgot about one order, and all the orders exploded.
Including all the funds in my account, one order that I held on to was too much, and as a result, everything was lost. At that time, it was indeed a significant loss due to my own foolishness.
Brothers, what major losses have you experienced before?
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