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.
I appreciate your honesty towards your own self. Most people even after losing 80% think that it's just something temporary and they will get it again by doing revenge trades and what happens instead is that they end up losing the remaining 20% too. Atleast you took that time to introspect your fault here. My Recommendation to you is create a very small capital. Probably just 2-5% depending upon the amount it could be even $100 and try to trade with these $50 by following all the technical analysis strategy and risk management strategies. Trade with this much amount for at least 5-6 months by giving at least 2-3 hours a day. This experiment might cost you some time but would give you an idea that you are made to become a trader or not. Trading is a profession not a time pass thing.
Coming to sources of learning. Trust me you have to create your own trading strategy at the end of the day. It could be something you create after tweaking strategies of 3-4 different people but at the end it's you who has to choose indicators and tactics. Sources from where you can learn this can be categorized in this way:
1.
Books: There are a hell of lot of books available in the market which would tell you what to do and how to trade. You can refer any of them, top of the list are how to day trade for living, Technical analysis by John Murphy etc.
2.
Video courses: Almost every big trader on twitter or youtube has video courses some are paid and some are free. You need to invest in them to learn something.
3.
Hit & Trial: At the end of the day it's the waves of the sea that teach you surfing. So market would teach you everything but make sure you keep your initial capital small to give market as small fees as possible for learning.
Thank you Teosanru for your advice.