Futures

When I started trading futures, I had no idea what it was. I still remember my first trade. I loaded my wallet with 600USDT, and out of curiosity and without any knowledge, I placed a long on a token with 50x Leverage, and went to sleep. (I had no idea that I could lose all my money, and I was just a newbie.) Overnight, that coin pumped so hard.
When I woke up the next day, I was shocked to see that $600 had made me exactly $6756. (1200% returns in just a night) I know it's hard to believe, and you may call me a liar, but all I can do is keep going with my story.
I immediately closed my position and withdrew all my money from the exchange to my bank account. I was so happy I didn't even consider trading again for the next few months, as my previous returns were more than enough, and I kept enjoying profits.
After 3 and a half months, I tried to do that again. So, I loaded my wallet again with $1300 and started looking for coins that could do the same. I found one and went Long with 75x leverage this time. ( After huge profits earlier, I started learning trading, and I started to think I was a genius.) Anyway, so this trade slowly started going against me, I kept watching in silence, and there came my first liquidation.
A thick Red candle and boom. $1300 got wiped in less than a minute. I was naive enough that I didn't even think that I could get wiped out this quick.
If I hadn't had profits earlier, I could've died of a heart attack. 😂
I didn't even flinch once and loaded my wallet again with $700, and before going long or short, I decided to learn first.
So I opened YouTube and started searching for trading-related content. This became my daily habit eventually.
I kept learning and kept losing more and more. I didn't back out, I kept adding more and more assets, and within 6 months, I was in huge debt. (Almost $14000) Total realised losses above $27000.
That's when I decided to realise my mistakes and turn back to profitability.
I) Over-Ambitious and Greed: I always wanted more and more, and I wasn't satisfied with my returns. I could've easily managed to get $50-$60 profits daily, but I kept waiting for more, as the greed inside me wasn't letting me close at low returns. Resulting in trades going against me every time.
II) Lack of patience: I had zero patience level as soon as I started a trade, and it started going against me. I closed that position immediately, resulting in futures eating my capital slowly.
III) Overconfidence and High Leverage: I never started a trade with a small portion of my capital and always went all in with high Leverage, bringing my capital to a risk of liquidation. Trading swings made me profitable first, but made me lose even more later.
IV) Lack of risk management: I didn't set up a Stop-Loss and Take-Profit and went to sleep multiple times with open positions, just to wake up and see my wallet empty in the morning.
How did I manage to overcome?
I decided to change my habits first. Did market research, Token analysis, reduced the leverage, started setting up SL and TP, and started to believe in my positions. I also stopped going all in once to significantly reduce my liquidation price.
I completely stopped chasing the high returns and started closing positions early at profits. I didn't chase the hype and kept trading tokens I knew about. At first, I traded $BTC $ETH $XRP and SOLANA, later I moved on to meme tokens.
I diversified my portfolio. I never keep assets in an exchange. I keep my funds secure in wallets, and I only keep stablecoins in an exchange. For example, I only keep USDT in my Binance exchange wallet. In that way, my funds are secure, plus I don't want to pay a gas fee every time, so I can't use them very often.

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