Post
Topic
Board Trading Discussion
Merits 4 from 2 users
Re: 16k DOLLARS LOSS IN JUST 1 YEAR
by
Issa56
on 19/10/2023, 10:08:43 UTC
⭐ Merited by Antotena (2) ,knowngunman (2)
I HAVE JUST EXPAIN TO YOU MY JOURNEY OF TRADING THAT HOW I HAD LOST THESE DOLLARS.
I have started the trading from BINANACE app and I invest 1 k dollar at the start from spot while I had no teacher
i was in trainee at that time one day was will profit the other day was my loss day every month I invested in binance app from my salary
Firstly, as a beginner who knows nothing about trading and is beginning to learn how to trade, why will you start trading with $1k? It's totally a wrong idea. You should start with a small amount. From your post, you said you had no teacher, so nobody to guide you. Then you should have just started with a small amount, you should have just deposited like $10–$50 and be using it to practice. Even professional traders do lose, if you're just starting and don't know anything about trading, you will lose almost everything you deposited to start with.

after investing these money would finish in just 4 to 6 days after that I again wait for my salary.
At the end in invested 6 k dollar at one time but there was a coin which has up from 0.92 to 14 dollars I bought this coin in 11 dollars and unfortunately this coin dip to 2 dollars and I was see my loss in just 10 minutes.
You should have just taken a break when the loss was too much. You should have just stopped trading and done more research on why you were losing, then try to improve your strategy. If you know anyone to be a good trader, you can just seek help from the person to put you through.

From your post, it shows that you were trading altcoins, which is very risky. If you focused on bitcoin, I'm sure you wouldn't have lost that amount of money. You were looking for quick money, which is why you FOMO, a coin that pumped from $0.92 to $14, then dropped to $11, and just because of the little drop, you decided to jump into it. You should have known that coins like this are pump and dump coins, and since the coin has already pumped,  the next thing is for it to dump, and it was dumped on you.

My trading method I just sharing with you tell me where I done a mistake
1: invest in one coin also multiple coin
Investing in one coin is not bad, but it should be bitcoin. You invested in an altcoin (pump and dump coin), and that was the first mistake you made.

2: trading was at spot also futures
As a beginner, you shouldn't even go close to future trading, you can lose all the money you are using to trade within a very short period of time.

3.coin was buy from dip they again more dip
4.coin was sell from top they again go up
You went to buy a coin from the top instead of from the bottom. Next time, you shouldn't buy a coin that has already been pumped, because people who pumped it will dump it on people like you who are beginners.