What can lead to losing everything in the cryptocurrency world?
Contracts
This can be said to be the biggest reason for losing everything while trading cryptocurrencies. If you just started trading contracts and lost some money, that's okay; many people would stop playing at that point.
But the worst are those who make some money right away; at that moment, their confidence soars, and they can't control their inner greed.
They think they are the chosen one in the cryptocurrency world, a unique trading master. As a result, they keep investing more and more of their principal, increasing leverage higher and higher, and eventually, during a sudden market drop or a black swan event, they end up getting liquidated.
This is the true portrayal of many cryptocurrency traders. We must be clear that the cryptocurrency world is a highly risky market; calling it a casino wouldn't be an exaggeration.
Are we here to invest or to gamble? If it's gambling, there are many ways to do it; why go through so much effort and spend so much time and energy in the cryptocurrency world? Our only purpose in the cryptocurrency world is to make profits, and to make them steadily and long-term! Short-term profits, in my view, are not very meaningful because our lives are still long! What we want is to make money continuously, to make money long-term, to make money steadily, and ultimately achieve a significant leap in wealth and a crossing of social classes. Not to be a gambling dog that jumps up and down.
