Greediness
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Let me share 2 you guys my experience & hope that u could learn from it. I have been trading both on spot and futures for d past 3 yrs, & 2 b honest I'm still @ d recovery stage @ d moment (lost $6K for that period). I got depressed, so, deleted my #Binance account & said to myself to 4get about crypto.
But then, I did a reflection to myself & realized what went wrong.
The cryptoworld is so dangerous, hence binance has a no liability agreement that u need 2 sign before stepping into it, they know it for sure.
So, what went wrong?
As a newbie, we tend 2 do our research, reading through different websites, but most often than not, we resort 2 shortcuts e.g. Watching influencers in youtube, X etc.. Which tells you how they turned $100 into $10, 000 or sometimes even more than that. So, as our minds tricks into believing that, hell, if he did it, I can do it too. Then we give in, and that's how #Greediness sets in, allowing ourselves to believe that we can harness wealth that easy and fast. And most of the time, we are wrong. We can easily get liquidated before we can gain that wealth that we are aiming for.
With that said, I did futures. At first, I was earning $10/D profit for 5 days for just 1 position in futures (I started my portfolio at $1k). Then I said 2 myself, if I can gain $10/D, why not increase d size of my position & add trading pairs too, to make the process faster. That's when all things went wrong, and that's where sleepless nights began. I added funds and added funds to my account thinking that, hey, I can take back what I lost. But with d same strategy, I was dumbfounded, I lost 6K in total (how would I get back those losses).
Here's what I'm doing now, I only have 1 position in futures, with unmarked liquidation, means no liquidation unless d coin goes to zero, and I'm doing DCA in case sudden drop happens (like what happened for the past 12 hours). No amount of research or influencers can prepare you for that. Then, I set up my TP @20% then repeat. And it is very effective! No, worries at all even the market makes a dip!
Let me share 2 you guys my experience & hope that u could learn from it. I have been trading both on spot and futures for d past 3 yrs, & 2 b honest I'm still @ d recovery stage @ d moment (lost $6K for that period). I got depressed, so, deleted my #Binance account & said to myself to 4get about crypto.
But then, I did a reflection to myself & realized what went wrong.
The cryptoworld is so dangerous, hence binance has a no liability agreement that u need 2 sign before stepping into it, they know it for sure.
So, what went wrong?
As a newbie, we tend 2 do our research, reading through different websites, but most often than not, we resort 2 shortcuts e.g. Watching influencers in youtube, X etc.. Which tells you how they turned $100 into $10, 000 or sometimes even more than that. So, as our minds tricks into believing that, hell, if he did it, I can do it too. Then we give in, and that's how #Greediness sets in, allowing ourselves to believe that we can harness wealth that easy and fast. And most of the time, we are wrong. We can easily get liquidated before we can gain that wealth that we are aiming for.
With that said, I did futures. At first, I was earning $10/D profit for 5 days for just 1 position in futures (I started my portfolio at $1k). Then I said 2 myself, if I can gain $10/D, why not increase d size of my position & add trading pairs too, to make the process faster. That's when all things went wrong, and that's where sleepless nights began. I added funds and added funds to my account thinking that, hey, I can take back what I lost. But with d same strategy, I was dumbfounded, I lost 6K in total (how would I get back those losses).
Here's what I'm doing now, I only have 1 position in futures, with unmarked liquidation, means no liquidation unless d coin goes to zero, and I'm doing DCA in case sudden drop happens (like what happened for the past 12 hours). No amount of research or influencers can prepare you for that. Then, I set up my TP @20% then repeat. And it is very effective! No, worries at all even the market makes a dip!