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Re: Recovering losses

LongBTC2Moon

on 02/04/2021, 22:19:20 UTC

Quote from: carlfebz2 on Today at 08:42:51 PM

Quote from: LongBTC2Moon on Today at 10:40:50 AM

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.

Dont rush up! You dont actually need others help because they cant really help you out on the first place.The only one who could only help is only yourself.

When you are making some gains then thats a good indication that you could still have the chance on recovery.It might not really be that fast but it is much better if you done it slowly
but surely.

Dont add up more investment because that would really be a sign of desperation and would might end up into more further loss.You should avoid that.
Dont sell out your land. Try things as best as you can until you break even.

Thank you carlfebz2.

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Board Trading Discussion

Re: Recovering losses

LongBTC2Moon

on 02/04/2021, 22:07:17 UTC

Quote from: teosanru on Today at 05:52:17 PM

Quote from: LongBTC2Moon on Today at 10:40:50 AM

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.

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Re: Recovering losses

LongBTC2Moon

on 02/04/2021, 21:56:52 UTC

Quote from: adzino on Today at 08:53:50 PM

Quote from: LongBTC2Moon on Today at 10:40:50 AM

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.

Thank you Adzino.

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Re: Recovering losses

LongBTC2Moon

on 02/04/2021, 21:39:00 UTC

Quote from: Charles-Tim on Today at 11:41:16 AM

Quote from: LongBTC2Moon on Today at 10:40:50 AM

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.

Why would you sell a piece of land because you want to buy bitcoin? I think this is not a great idea at all because a piece of land is also an appreciative asset. And you should know that you do not want to take it slow is the reason you are thinking like this, while you need to take it slow in order to profit, or losses can ensue.

Quote from: LongBTC2Moon on Today at 10:40:50 AM

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.

According to one of the rules of trading, do not count what you lose as losses (rather, as a means of learning in order to avoid past trading mistakes). If you lose, stop trading at the time to recover back good trading strategies. Just only focus on how not to lose, what has been lost is gone and never think about it, neither also not thinking you gained back what you lost but how not to lose anymore.

Quote from: LongBTC2Moon on Today at 10:40:50 AM

Thank you 4Y078. I will do it. I later watched some videos on youtube and I am learning.
I think, I should have learnt about 'preserving the capital' earlier. It was mentioned in one of the videos. I have written down some rules in a notebook and remind myself every now and then.

You need to know the trading rules, trading is so risky, you can lost a lot, leading to selling of properties, trade again and lose. The best is to first try to use the Bitcoin that can convenient you to use and have a good risk management.

Thank you Charles-Tim.
I have to reiterate this, never sell your land, be patient, hustle for money and buy Bitcoin. If you think trading is not making any sense, then believe in Bitcoin and just hold.

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Board Trading Discussion

Re: Recovering losses

LongBTC2Moon

on 02/04/2021, 17:36:37 UTC

Quote from: el kaka22 on Today at 04:23:28 PM

Recovering losses is nothing but making new profits; if you focus on making profits then there could be a chances for recovering your losses but if you all aim about recovering your previous losses then you may end up again and again losses. I mean there are differences emotionally between these two. You must need to feel afresh mentally before you planning up your trades; if you are under strain and worrying about your previous losses and trading among them will not definitely produce any good results for any trader.

Loss is loss; worrying about them will not help you. If you accept your losses and if you move forward then you will get new opportunity even within trading to make you richer as early as possible timeframe.

Unlike any other trading environment, you can make big profits in this crypto space just by holding for longer duration. Just plan up trades for years (but within only bitcoin) then definitely you will get at least 10x profits for your investments.

Thank you el kaka22.

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Re: Recovering losses

LongBTC2Moon

on 02/04/2021, 17:15:34 UTC

Quote from: Maslate on Today at 12:32:47 PM

What makes you wrong is that you are overconfident that entering in trading will give you a better life and even willing to sell all your belongings just for this but somehow, trading isn't really for you. For all the losses you have this time, one way to recover all of it is to quit trading. Make yourself humbly accepting that trading isn't really for you and you are one of those people who are also not destined to become a trader.

Maybe you can find another opportunity that could help you get back of what you've lost in trading. Really sad, but sometimes we went through that way.

,
Thank you Maslate for your suggestion / feedback. I always knew it is very risky. I was lucky to make some successful trades.
In fact, after I made 15% more bitcoin, I had decided that I will stop trading soon. After losing, the thought of recovering it had me continue for last month.

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Re: Recovering losses

LongBTC2Moon

on 02/04/2021, 15:35:18 UTC

Quote from: trigger1975 on Today at 02:20:49 PM

Quote from: LongBTC2Moon on Today at 10:40:50 AM

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%.

Don't want to sound rude or harsh but just being honest: first stop trying to get back your lost. Accept it. It is what it is. The more you try to gain back what you've lost, the worse it'll get. A good indication of your current mindset is that you feel under tremendous stress which lead to overtrading. There is no way of making rational or well thought decisions under such a stress.

Take time off of the charts and markets and don't open new investment or trading positions out of FOMO. That'll do no better in your current situation. Come back to your decisions if your mind cleared and you've accepted the loss.

Thank you trigger1975 for your words of wisdom. I will take some time off. and make peace with what has happened.

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Re: Recovering losses

LongBTC2Moon

on 02/04/2021, 15:22:55 UTC

Quote from: Kelvinid on Today at 02:22:23 PM

It is a sort of learning not only just for you but for those who suffered losses the very first days of their trading life. I know it wasn't come too easy and succeed instantly because that what not really happens in real life and losing is a part of it but it returns, this will teach us how to manage our emotions despite the losses we got.

Recovering losses is a big challenge and sometimes we find ourselves hopeless but this could never be resolve and bring back all the losses we have if we never take action and encourage ourselves to make it better.

Thank you Kelvinid!

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Re: Recovering losses

LongBTC2Moon

on 02/04/2021, 11:22:09 UTC

Quote from: 4Y078 on Today at 11:01:33 AM

but if you really wanted to learn how to trade like a professional i would suggest you to download some books based on trading and start from their

ill

Thank you 4Y078. I will do it. I later watched some videos on youtube and I am learning.
I think, I should have learnt about 'preserving the capital' earlier. It was mentioned in one of the videos. I have written down some rules in a notebook and remind myself every now and then.

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Board Trading Discussion

Re: Recovering losses

LongBTC2Moon

on 02/04/2021, 10:54:51 UTC

Quote from: mk4 on Today at 10:45:48 AM

At some point, you just realize that maybe trading is not for you, and there's really nothing wrong with it! Some people hop professions multiple times before they end up doing something what they're good at, and that they enjoy.

Seriously though, you probably already know this, but just look for another source of income. May it be through jobs, gigs, a business, or whatever. Don't just sit there looking at Coinmarketcap.

Best of luck going forward.

Thank you mk4.

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Topic OP

Recovering losses

LongBTC2Moon

on 02/04/2021, 10:40:50 UTC

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Board Marketplace

Re: Buying no kyc bitcoin

LongBTC2Moon

on 01/02/2021, 16:52:53 UTC

Quote from: sheenshane on January 31, 2021, 12:30:22 PM

Quote from: LongBTC2Moon on January 31, 2021, 10:13:10 AM

Can you please suggest which is the best and what is the safest way to buy bitcoin.

If you're concerned is the KYC verification upon purchasing Bitcoin you can search decentralized exchange sites which KYC isn't required.
Have you tried Bisq? Or here in the forum, Currency exchange, this board is what you need to visit and of course, choose reputable members to deal with or escrow service here in the forum.

Quote

Another question is regarding gift cards, which are the most sought after gift cards to buy bitcoin?
Are there any gift cards accepted globally which I can use to buy bitcoin from overseas / foreign nationals.

Ain't an expert about buying gift cards because I haven't tried this but I saw a thread that has a list] Gift cards providers, it might help you to find a good one.

Alternatively, Bitcoin ATM near your place, if there is, might also a way to buy Bitcoin for you if this isn't prohibited in your place.

Thanks Sheenshane!

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Board Marketplace

Topic OP

Buying no kyc bitcoin

LongBTC2Moon

on 31/01/2021, 10:13:10 UTC

Hi friends,

I am trying to buy some non kyc bitcoin.
I tried hodl hodl, but I couldn't find no offers in my country.

I am now trying on paxful.com and vertex.market.
Can you please suggest which is the best and what is the safest way to buy bitcoin.

Another question is regarding gift cards, which are the most sought after gift cards to buy bitcoin?
Are there any gift cards accepted globally which I can use to buy bitcoin from overseas / foreign nationals.

I am planning to sell all the bitcoin on exchange and create a new wallet, start from the scratch in non kyc bitcoin.

Thanks,

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Board Electrum

Re: http://electrumhardware.join-law.com/

LongBTC2Moon

on 24/01/2021, 23:00:27 UTC

Quote from: o_e_l_e_o on Today at 09:48:20 PM

The only time you should ever type your seed phrase in anywhere is if you have otherwise lost access to your wallets and you need to restore this access in an emergency. For maximum security, if you ever type the seed phrase in anywhere that isn't directly in to your hardware wallet or on permanently airgapped cold storage, then you should consider it immediately compromised and move all funds to a new and securely created wallet.

And for future reference, using HTTPS does not mean that a site is safe. HTTPS protects against man-in-the-middle attacks, but if you the site you are connecting to is malicious anyway, then HTTPS does nothing. It is trivial for scammers to enable HTTPS.

Thanks o_e_l_e_o!

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Board Electrum

Re: http://electrumhardware.join-law.com/

LongBTC2Moon

on 24/01/2021, 22:46:17 UTC

Quote from: o_e_l_e_o on Today at 09:48:20 PM

Thanks a lot!

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Board Electrum

http://electrumhardware.join-law.com/

LongBTC2Moon

on 24/01/2021, 17:28:13 UTC

Hi friends,

Is anyone aware of this site

http://electrumhardware.join-law.com/

has anyone used this site to verify the 24 word hardware wallet seed phrase is correct? to ensure back up would work ok, in future.

I am asking because, this doesn't appear legit electrum site.

I was asked to use to verify my 24 word seed phrase by one person.

I didn't do because it doesn't even have https secure connection and it sounded suspicious asking to enter 24 word seed phrase on third party site which looks 'not original'.

I would like to confirm whether it was a ploy to make me enter my phrase and later may be steal funds or something.

Let me know what do you think?

Thanks,

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Topic

Board Bitcoin Technical Support

Re: Unconfirmed BTC transaction not completed

LongBTC2Moon

on 01/11/2020, 15:24:08 UTC

Thanks @hosseinimr93 et al.
While the transaction was in unconfirmed status, address I sent from was showing 0.0 BTC balance.
After transaction got invalid, I had not checked on block explorer.
I had only checked on wasabi wallet, where balance was still 0.0.
I checked on blockexplorer, my BTC is still there.
So seems earlier 0.0 BTC balance seems to be reversed.
Also I think, I need to import coldcard wallet once again into wasabi for it to show reverted balance.
I will check that in wasabi wallet.

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Board Bitcoin Technical Support

Re: Unconfirmed BTC transaction not completed

LongBTC2Moon

on 01/11/2020, 14:03:20 UTC

Thanks @hosseinimr93 and @o_e_l_e_o, for your response.
I was trying to perform a partially signed transaction using my new coldcard wallet and wasabi wallet on my desktop.
This is first time I am using the wallet.
Not sure if my private keys are compromised because, I have not connected my hardware wallet with computer.
only created a transaction on wasabi wallet, took that to coldcard wallet in a memory card, and signed.
for privacy concerns, I am not sure if should share the transaction url, this is first time i am using the wallet and not sure if in future, I can create new public address using same wallet or it remains same.

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Board Bitcoin Technical Support

Merits 4 from 2 users

Topic OP

Unconfirmed BTC transaction not completed

LongBTC2Moon

on 01/11/2020, 12:57:11 UTC

⭐ Merited by LoyceV (2) ,o_e_l_e_o (2)

Hi Friends, Gurus, Experts,

I was trying a BTC send transaction for the first time, so sent 5$ worth BTC, I didn't want to pay higher fees and I was ok to wait for a few hours / days for transactions to confirm, so I chose lowest possible fee of around 250 satoshis.
The transaction remained unconfirmed for days, I kept on checking it once in a while, then On 5th or 6th day,
I see following message

Transaction invalid: some outputs that it attempts to spend have been already spent or are no longer valid.

what happens in this case ?
How do I recover my 5$ worth of BTC

Appreciate any help / suggestion.

Thanks and regards,