Search content
Sort by

Showing 6 of 6 results by bitcoinbastard224
Post
Topic
Board Trading Discussion
Re: Constantly burning out my trades. What do I do to avoid this?
by
bitcoinbastard224
on 16/12/2020, 23:43:28 UTC
UPDATE:

I have burned myself. I am officially penniless.
Thanks for advice and taking the time to respond anyway, much appreciated.
What have you learned? Lots of people had burned up their capital or money with trading but doesnt mean that this is already the end of the world.You can always go back and try to be wise and smart again with your trades.

Remember that only risk on the amounts that you can afford to lose and dont go overboard because this will really make out mistakes even more.Learn on past mistakes and be careful in the times you are being too greedy.

Next time where you should only spend a dime or sufficient amount to make some sort of practive.Is this decision of yours final? Would you trade again in the future?

I think I will need to stay away, of course. I clearly have a problem, but I was desperate.
Once you're in a deep hole, it's hard to get out.
Post
Topic
Board Trading Discussion
Re: Constantly burning out my trades. What do I do to avoid this?
by
bitcoinbastard224
on 16/12/2020, 22:42:45 UTC
UPDATE:

I have burned myself. I am officially penniless.
Thanks for advice and taking the time to respond anyway, much appreciated.
Post
Topic
Board Trading Discussion
Re: Constantly burning out my trades. What do I do to avoid this?
by
bitcoinbastard224
on 15/12/2020, 23:16:18 UTC
Just want to thank everyone for taking the time to respond. I have decided to stop and take time away, and focus on other things in my life first. Hopefully, this will bring my mindset down, and help me mentally recover, so that I can go into trades in a calmer mindset, eliminating fear, greed, and urgency.

I'll continue to read and re-visit this post, so please feel free to keep posting.

Thanks again!
Post
Topic
Board Trading Discussion
Re: Constantly burning out my trades. What do I do to avoid this?
by
bitcoinbastard224
on 15/12/2020, 00:07:53 UTC
I believe I have caught myself in a loss-chasing cycle. It's gotten to a point where I am now using my overdrafts and my final cryptocurrency investments to try and recoup any losses I have previously made.
The lower my funds get, the riskier my trades get, and the higher the leverage used. In total, I have lost just under £10,000. This is becoming more and more depressing as time goes on.

How do I safely recover my losses, preferably over a short period of time?

Stop what you're doing right now. Seriously. This kind of mindset will only result in you continually blowing up accounts and flushing all your money down the drain. It's the same way gambling addicts double down until they lose their shirt.

The first thing you need to acknowledge is that trading is a grind. It is very difficult and most people are not cut out for it. It takes very hard work and extreme amounts of patience. That's essentially what markets are: impatient and emotional traders giving their money away to patient and well-capitalized traders. And this is why retail traders are always getting fleeced by institutions.

Nobody is going to come into this thread and hand you a profitable trading system on a silver platter. That's just unrealistic. The vast majority of traders lose money and exit the market. With that in mind, what exactly is your trading system? Have you done any sort of back testing, anything that would suggest you are capable of beating the market? How do you manage risk and preserve trading capital?

I don't mean to be a dick but it sounds like you have a long road of learning, hard work, and most of all steadfast risk management ahead of you before you have a chance at recouping those losses.

The most important thing right now is to stop the bleeding. Stop trading. Start learning.

No no, that's pretty fair.

My trading system mainly consists of looking for breakouts on charts. Lots of lines, and reading the MACD/RSIs. I'll admit, i'm not very good at it, and a lot of it consists of hope; but sometimes, I am right...
Correct trades will normally net me a decent profit, but the bad trades I never understand how to close, and I am always scared to take losses early, and often let my positions bleed.
Post
Topic
Board Trading Discussion
Re: Constantly burning out my trades. What do I do to avoid this?
by
bitcoinbastard224
on 14/12/2020, 23:33:13 UTC
Hey,

I believe I have caught myself in a loss-chasing cycle. It's gotten to a point where I am now using my overdrafts and my final cryptocurrency investments to try and recoup any losses I have previously made.
The lower my funds get, the riskier my trades get, and the higher the leverage used. In total, I have lost just under £10,000. This is becoming more and more depressing as time goes on.

How do I safely recover my losses, preferably over a short period of time?

Just be calm and if needed then better to stop and mind of or check on where you do commit some mistakes. Observe your trades and realize on what you had done
because if you do tend to make up trades with that kind of motive where you do need to chase up your losses then this will really just in result with some gambling-type like of trading
or basically you arent on the right mind on making serious analysis or would able to follow it. So my suggestion? this is a trial and error thing and dont make use of large amounts
into your trading positions. Try to find out on where you do made bad calls and learn from it.Dont rush up and dont get panic yet you can make use of smaller amounts-
it isnt needed or necessarily to be big and if you do really like to trade then try to find out.

Thanks. I'll have a look and make some notes. My only issue is that funds are low, so it's very difficult not to go 100% in on high leverage. It is possible that I feel a sense of urgency to get these funds back.
Post
Topic
Board Trading Discussion
Topic OP
Constantly burning out my trades. What do I do to avoid this?
by
bitcoinbastard224
on 14/12/2020, 23:03:30 UTC
Hey,

I believe I have caught myself in a loss-chasing cycle. It's gotten to a point where I am now using my overdrafts and my final cryptocurrency investments to try and recoup any losses I have previously made.
The lower my funds get, the riskier my trades get, and the higher the leverage used. In total, I have lost just under £10,000. This is becoming more and more depressing as time goes on.

How do I safely recover my losses, preferably over a short period of time?