Re: Do Not Lose Everything Youve Gained in One day, or One Trade
According to him, he went long with all of his entire crypto NetWorth on an Altcoin because he was expecting the price of the altcoin to jump back up, after a news (which was later confirmed to be fake) caused the cryptocurrency to go down, but unfortunately for him, by the time he woke up from sleep the next day, on checking on this trade, he discovered that he had been completely liquidated because the price of the crypto currency ended up dumping even harder than before.
Anxiety and fear made me deposit more money and he try to see if he could DCA the dip and make some of the money he lost back, and at a point, the price reached his take profit target but unfortunately, the take profit did not fill before the price of the altcoin shoot up again and at end, he was liquidated again.
I think the friend learned his lesson here. Everyone has their mistakes to learn from right? It is just very unfortunate of him because he made so many wrong things at once. First off, putting all your money into one cryptocurrency is like going all in at a poker game, its super risky. Also he acted on unverified news
he should have calmed down first and did his research.I think he also let his emotions prevail as he wanted to recover losses by pouring in more money. It might seem like a good idea in the heat of the moment but it just made things worse for him We all need patience in this crypto world. Prices can swing wildly so jumping the gun and not waiting for the right moment can burn anyone.