Quote from: btc_creative1 on February 14, 2020, 02:41:01 PM

Hi there,

I'm looking for some advice, and also to share my story.

I've been trading on bitmex for around 2 years, managing to develop an edge that I used to turn 0.15 btc into around 9btc over a few weeks last summer.
I managed to spot an algo pattern that I had seen before, and knew exactly what would happen so used high leverage. This worked out until I got overconfident and the final part of the pattern was different. I used way too much leverage thinking I could make a quick million and quickly destroyed my account.

Destroyed account- https://imgur.com/YxEPTnW
Trades- https://imgur.com/MpAVw6b

How do you deal with big losses? I still believe I have a significant edge, and combined with low leverage see the potential to be successful, but don't have the capital anymore. It is tempting to give up, but I still feel like there is potential to make a lot of money with the right risk management.

Any other stories of people building themselves back up from zero?

Cheers

There is alot of trading done with bots on Bitmex or any of the large exchanges. The issue with spotting certain patterns and using it to your advantage is that eventually this pattern will stop to work or it will work against you.

Many people probably knew about this pattern and flooded their orders at the same time. Eventually the bots which traded the pattern, knew that there was too many followers and they decided to trap you traders to their advantage. Hence why you ended up losing your entire account which you built up.

My advice, don't scalp just trade long term, on the hourly or higher charts, less traps and wicks to deal with and overall less stress. Only issue is that its less trades so less profit.