Post
Topic
Board Trading Discussion
Re: Recovering losses
by
adzino
on 02/04/2021, 20:53:50 UTC
Hi friends,

I am not a professional trader, all I wanted to do is earn some bitcoin so as to pay the potential income tax.
On 23rd Feb, I lost my 80% of bitcoin.
I should have managed risk better, but my worst mistake happened, when I had longed 3x. and I got scared during the dip.
I had lost 50% of my bitcoin in January but I think I got lucky, Elon musk pump helped me recover my lost bitcoin and earn 15% more.
Out of this 115% btc, 80% is lost.
I tried to recover from feb 24 and I was able to make 20% to double and make it 40%.
But being under tremendous stress, I overtraded and lost recovered btc and now back to 20%.
I thought of asking for some guidelines / help from some twitter personalities who are good traders, but I am afraid to approach, because they may think I am going to ask for some bitcoin or I am a scammer. Also I do not personally know any good trader who can help / guide with the strategy to recover my lost bitcoin.
By help I do not mean to give me everyday a trade setup or calls.
my strategy is to go very slow, buying the dips with 2x or 3x leverages and recover bitcoin over period of next 6 months.
I didn't do any revenge trades or high leverage trades to make it all back in one trade. This recovering is easier said than done.
 
Also I was thinking of selling a piece of  land I own, buy some bitcoin and keep it safe in hardware wallet, not trade with it.
And slowly recover from my existing 20%. Or stop trading completely.  This 20% is also quite some. so just stop trading and be content with whatever I have. and DCA in future.
 
Now I don't need to pay any income tax but also lost my bitcoin.
Greatly appreciate any words of wisdom, any help with the strategy to recover my loss.

Thanks and regards,
LongBTC2Moon.

You think you are ready now? If yes, then go ahead and start trading again. But make sure you don't repeat the same mistakes. Make sure you learn everything from your previous mistakes. Also, try to understand what went wrong. Like you said, you didn't do any risk management. Maybe try doing it this time and see how it works out? It might be different this time and you may start making good profit and know when you withdraw your profits or stop.
Give yourself another chance IF you can afford, or else just move on.