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54608396 No.54608396 [Reply] [Original]

I carefully traded $95 into $900 over a period of 27 days, carefully..... and then I lost it all yesterday and got liquidated. I could have cut my losses at a $200 loss but I didn't, this happened because I made a mistake of overleveraging (10x) and didn't want to cut my losses. Am I a bad trader? should I give up?

>> No.54608410

>>54608396
Looks like you're getting there keep it up anon.

>> No.54608425

>>54608410
thanks anon, my main mistake was trying to mess with an altcoin, my gains were made trading Bitcoin but I was messing around trying to short ARB and they just kept pumping it. I will never leverage trade alts ever again.

>> No.54608492
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54608492

>>54608396
>am I bad trader
Yes
>should I give up
If you want to stay a bad trader, yes
Be glad this lesson only cost you $900
Others lose far more before they learn not to be idiots

ALWAYS HAVE A PLAN
This includes your tolerated loss.
If you enter the trade knowing you can lose 10%, then nothing the market can do can hurt you, since you are already prepared for the 10% stop loss to trigger..

Don't change the stop later, don't adjust your targets later.

Stick to you plan.

Also, don't ever put more than 10% of your nw in one single trade.
That way, when you lose the trade, if it's a 10% loss you're only losing 1% of your total folio.

Get your mental game on point anon, it's the only way to make it.

First you will lose a lot of money.
Then you will lose a little bit of money.
Then you will make a little bit of money.

Then you will make a lot of money.

>> No.54608552

>>54608492
okay I'm going to try again with $like $200. I refuse to put a lot of money into this shit.