May 20, · Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more. I lost btc paper profit and nearly 50 BTC margin. I was devasted, and down to BTC total. After evaluating the situation, I came to the conclusion that the pump to 16k was a dead cat and that we are going lower. Therefore I shorted. At 12k. Added at 13k. Added at 14 and 15k. Got liquidated at the top at 17k. Another 50 BTC loss. Down to Btc Trading wallet to btc wallet I’ve bought some btc on Blockchain and it automatically went to my btc trading wallet, I then sent it to my normal btc wallet. It’s been over 24hrs and there’s no sign of the btc, no transaction proof of it or anything- only saying that I bought bitcoin.
Reddit btc trading5 Easy Steps For Bitcoin Trading For Profit and Beginners
Two very different things. Unfortunately, depression and such can very much cloud your vision. Smiling and looking at them in the eye while talking positively about Bitcoin is incredibly taxing and I immediately want to throw up in the nearest trash can afterwards.
Sometimes I wish I never came to know of crypto. It's both a blessing and a curse. I don't think we can never escape this. As long as we live we will forever be a slave to these thoughts, which will always come back to haunt us of what we could have 'done differently'. We can probably never walk away and forget about it, like what we can do from an embarrassing situation.
Because while other people can forget, we will never forget our own actions. Yeah it's tough definitely. I guess the only answer is to find more value in other aspects of life. Relationships, hobbies, giving back. There are a lot of ways to try to mend your mind after something like this, I'm just worried I don't have the tools or the will to do so. Thanks for the comment. I really relate to this. I bulged a disk in my next last year and narrowly avoided surgery.
At its worst I slept 10 hours in a week. Chronic nerve pain turned into a useless arm from a completely atrophied tricep. It was terrifying and gave me an entirely new appreciation for being able to sleep a full night, open a door with my right arm, let alone do anything physical that I love like ski, workout, or play soccer. Forget about the riches, boats, hotels etc It is complicated, sometimes, in the past it used to be easier It was way easier back then, when we were less intelligent and more aggressive.
I really dislike this logic. People in the past were incredibly intelligent just because they didn't sit on the accumlated knowledge we have today doesn't make them savages. You could still go to war if you wanted nobody is stopping you. That life philosophy is also really sad.
It's not self evident that because life will eventually end for you that you should find it so meaningless and petty. I think there is some sort of freedom achieved from recognizing that we are all just little blips on the big screen.
When you accept the insignificance of your existence it really frees you up to just be yourself and like that person and pursue the things you love rather than worrying all the time about how society is judging you. Guys get it bad this way because your bankroll is a big part of how you are viewed and determined to be a success in life. There are so many better measures. No kidding, last night while I was lying in bed I thought how great it is that I am healthy, no backpain, no cancer etc.
Only idiots. I am scared every bull run and scared every bear market. If you don't live in fear with this much on the line ya'll don't know shit. That cut both ways, if you live in fear you'll never be in a high position of the gambler to start feeling invincible at first place. I was rich and felt like a king and a genious! Still hunts me everyday that was 40k back in the days. If 3K to 3M doesn't excite you then no amount of money or gambling will satisfy you. Thank you for sharing.
People are like that. No amount satisfies them. It is even worse, because the more money one has, the more urgent is the feeling that money does not matter at all which is also wrong. My dog died in my arms two nights ago and I didn't realize until that moment that he was my best friend. Appreciate it. Hurts like hell. I'm a grown man but that was my first dog.
Now I see what all the fuss is about. Spoiled the shit out of our little rescue dog. Thought we had more time together but the universe doesn't owe a thing to anybody. Hit by a car at the end of our driveway a week or so until our son is born.
Shattered a lot of dreams. Just fucking slays me. Little guy really taught me how to love and softened a lot of my hard edges, so in a very real way he had far reaching effects. Sorry to unload on you like that but I felt it relevant to the conversation. Happiness is a moving target that always changes when perspective is introduced.
I fully imagined that I had it made and was just getting into the phase of kicking back and enjoying my riches. I recognize your username from the early days. Sorry to hear about your pup. They sure weasel their way into your heart. Together like a pack. The old man is on his last lap and man does it tear me up. Good thing you got a baby to look forward to. And good luck on that. Appreciate you reaching out my friend. Give your pups a squeeze for me and enjoy every moment you have with them :.
I did the same on Forex years ago, easy to win in a bull market , leverage and doubling positions is a fouls errand when it catches up with you.
I remember the night i was leveraged very high and some politician in Asia made an off the cuff comment about the euro and the market jumped up past my stops and they couldn't be honored , my positions all closed , they went back down to the previous level by the next day but I was out of the market.
Yes this is like my 6th comment on this thread - I'm feeling it! Hopefully I'm not being a troll. Then the next day, "Nevermind, BTC is good!
Just seems like an extremely easy game! The one thing I have told myself, after losing on a bunch of trades is this It takes at least 2 weeks to see the profits on a trade the way that I was trading. This is the quote that makes no sense to me. Why would you leverage with that much capitol available already with a clearly volatile investment?
It seems like a very clear rookie mistake, almost obvious gambling addiction. There are lots of people with gambling problems. We hear about the ones who have amazing streaks of luck It is confirmation bias at its finest, and there's a large number of gamblers in the crypto world.
You really have to be careful out here. It's not really greed, any human will quickly reevaluate their goals once they have achieved them. Its an evolutionary development that prevented us from sitting on our asses once we'd created something new like stone tools. I'm so desensitized, my old part time job besides my education was a month, now I could give a fuck about it. Going up thousands and going down thousands every day changes a man Learned that lesson playing poker with those guys that have a hand every hand, all in all the time.
Always works until it doesn't. But damn, if your stack is that big take a few chips off the table and use what's left to do it again. It's very tempting to say that if we were him we would have done this and that.
But we are not him and the reason he had BTC in the first place is because he always gambled more aggressive than us. It's kinda insane to always be in a long or short margin position. Margin calls. When you use leverage, and your lender determines that you've lost too much on the position, they'll liquidate your hard assets to cover the position.
Poker has an element of skill, but if a gambling addict antes up, he will gamble. He will have that momentary lapse in discipline, he will, just once, go against the odds and bet all in on an inside straight draw, or push too hard with bottom set when he knows deep down that he got out drawn.
There are poker players who win all the time, maybe they've got skill, the maths, or reading people. But none of these people are true gamblers. Gamblers always go home with nothing. Jesus, if this is true at least you got a unbelievable story to share. You seem young so don't take it too seriously. Everyone is a great trader in a bull market.
The actual traders make it out of a near market alive. Margin trading is a completely rigged game in crypto. There are people with access to data at the exchanges that identify vulnerable accounts and then wait for low liquidity periods to intentionally drive accounts into liquidation. This occurs in altcoins more, but can happen in BTC as well. People underestimate the risks trading on the exchanges. You are the potential victim of insider trading, exchange hacking, theft by the owner of those exchanges, and a government crackdown.
All four of those risks together over any significant amount of time makes people "trading" on the exchanges a very likely loser. Have an upvote. Many people on this sub act like hodling is something to be looked down upon.
I've never understood the risk appetite of those who keep their coins in someone else's custody. As you said, each individual risk is pretty small but they DO compound.
I've seen people make money from trading, but I've seen just as many lose a huge amount of coins due to exit scams, fake exchange hackings and other issues. However you cannot use your loss against those gains. And in some tax juridictions only against gains done on the SAME year losses cannot be postponed!!!! I advise you to see ASAP a tax accountant. You might be already literally bankrupt if you cannot pay your taxes. This is a reminder for everyone not to gamble with your tax liabilities.
If you make some profits make sure you have enough fiat to pay for your taxes. I didn't have BTC, but I've been in similar tilt situations at least two times. You are not the first one to get rich fast and then lose all your money.
Luckily, you didn't end up in jail as many "get rich fast" people do. According to what you said, you have big knowledge gaps about importance of diversification and risk-management, so please spend some time researching it.
Now you are disgusted with BTC and I know this feeling very well, but it will pass. There is a chance that we will have a bearish market for a few weeks or even months, so you have time to calm down, educate yourself about investing and join us later on the next wave. You have much more experience and knowledge, than average crypto investor.
And now the important part - you still can rebuild your portfolio from scratch! It will take much longer, than a few months, but you can make it. I did it. Many people did. You can do it, too. And trading is always risky, stressful and doesn't add any value to the society or community, so investing and hodling is a much safer way to get rich, rather than trading.
The older you get, the more dangerous stress will be for you, it can even kill you e. So take your time, learn about risk-management, never play with your whole portfolio, and when you get many cryptos again, don't forget to rebalance your portfolio by moving some funds into fiat money, real estate or stocks.
Apart from investing, please don't forget to focus on what you want to do in life except for being a rich guy flying jets. How you want to help people and contribute to the community? And invest your time in this direction.
Your experience, knowledge and reputation won't just vanish like BTC did. I'd send him some BTC so he can cash out and buy a kitkat but we know what he'd do with it instead If you do not live in the United States please seek out local resources. Kinda off topic but how do taxes work in this situation? Again sorry to get off topic but very interested in some replies.
They work like this: if his losses occurred in he's fucked for life. Hopefully he didn't use a verified US exchange. It's generally a bad idea to trade on margin, and a worse idea to trade with money owed to the IRS U. Here's hoping OP traded it all in , otherwise he may have to take a loan to pay the IRS now, then deduct that loss out of his other income in the next x years.
Wow, so much this, nearly forgot about the taxes. I'm not really understand the tax code well enough and does he have to pay any gains tax for trading this way? Every trade is a taxable event. When he realized gains, he created a tax liability.
It's scary stuff: one can lose everything, and then still have a massive tax liability. This is exactly why I've tried to stick to buy and hold as much as possible, and didn't try to cash out until I was up enough to make it worth the bookkeeping.
Money is utterly worthless without health. If you've never been truly sick before you won't, you can't, understand what I'm saying. It is a cliche saying, but, Money can't buy health. Personally I would be long gone if ever I reached such amount. I guess greed does strange things to people. Made k? Take out k. Take out k and buy a condo that you lease out and make passive income on. Cash out 20 BTC and buy some shit. So if you are a retard and lose all your gains you still have a relatively lavish and comfy life compared to where you were before.
OP suffers from a gambling addiction, which is unfortunate, or literally deserves what happened to him. Life changing amounts of money is the key phrase. For different people that's different amounts. I mean or he would just do the smart thing and sell small parts.
Doubles, sell half, or whatever. You're still incredibly rich. Do you hire somebody or just do it through the exchanges? You can easily cash out this much through exchanges. Maybe not in one go, but it's not as scary as it sounds. I would cash out the moment I hit 2. New school, started grinding again making a week and skipping school. Started loaning money out again in high school back when the xbox was a huge craze and offered my classmates a way for them to buy their xboxes. They never paid back so I just brushed it off like I didn't care.
High school almost over, I managed to grind some capital by offering taxi services to my classmates, and then my car broken down and i lost everything trying to fix it but it kept breaking. Back to 0, I got accepted into some average university and took out a bunch of loans, then managed to cancel my dorm agreement which is supposed to be mandatory for freshmen.
I just lived in a van I bought with my loans and managed to save so much money it was unreal. That's when I got into bitcoin and used the rest of my loan money to buy bitcoins. When it went up to I sold half my stake, to get comfortable in life just to have that safe fallback that couldn't be taken from me. When it reached I thought it was never going to stop but then it went down to soon after.
I forgot about bitcoin for a while and just studied and graduated. I never planned on working though since I still had a comfortable life. Get to the near present and finally sold some of bitcoins again little bit at a time just to stay in.
Moved my coins around to some projects that mooned and then some. Anyways, my model is to look at all possible realities that can happen and to make sure I'll be happy no matter which one I go into. So if everything goes to 0, I have backup capital that will keep me comfortable. If some of the coins moon, I'll be happy too since I have stakes in them.
No matter what happens, I'm happy. Awesome balls. Bring out the wheelbarrow for this guy to even walk around.
You're not alone, many of the top dogs have been in your place. It's both a crushing and exhilarating feeling watching the price both rise and fall. That sick butterfly feeling in your stomach watching the price climb is very similar to the sick butterfly feeling you get when it's dumping.
Check out the movie The Gambler with Mark Wahlberg. This market still hasn't even happened yet. You have it in you, go kick ass and rise again my brotha. Not many people have the earnings potential that you do.
It's so easy to make money in this game. Learn from your mistakes though. Some say we all need to crash and burn once to become real traders. You're only defeated if you choose to stay down. Fuck man, sorry to hear that. Hopefully you can get some gambling help, if you don't, set a side amount you are willing to lose and trade with that, if you hit it walk the fuck away, never trade or gamble on emotions and trying to win it all back that's how people get fucked as you learned.
Hard lesson, but you were smart enough to turn that 3 BTC into so you're not an idiot but you have gambling problems. Step back and take a breather and learn the lessons and get some help until you think you can control yourself, I know all about impulse control problems, there is help out there don't be too proud to use it.
And for him to stay the fuck away from margin. Getting liquidated for all you have is so much worse than the price crashing and taking a steep loss even if you sell the bottom. Could someone explain how he lost it all, I mean it's not like bitcoin went to zero.
So in the end when he sold he must have still had some cash Or am I getting this wrong. It works great if the market moves the with you, but if it moves too far the other direction then the lender will liquidate your position, and take your collateral. Basically, you are on a loan from the exchange. In other words, if you lose your portion of the margin going long when it goes short or vice versa the exchange will close your position for a loss and take the money you put up for the trade.
So he put up money, guessed wrong, and got liquidated. Account has 0. Most people have more credit card debt than that! If you already own bitcoins, you can start trading almost instantly.
If you are interested in trading Bitcoin then there are many online trading companies offering this product usually as a contract for difference or CFD.
Avatrade offers 20 to 1 leverage and good trading conditions on its Bitcoin CFD trading program. Unlike stock markets, there are no official Bitcoin exchanges. Because there is no official Bitcoin exchange, there is also no official Bitcoin price. This can create arbitrage opportunities, but most of the time exchanges stay within the same general price range.
Bitcoin is known for its rapid and frequent price movements. As mentioned earlier, there is no official Bitcoin exchange. Users have many choices and should consider the following factors when deciding on an exchange:. Could the exchange run away with customer funds? Location — If you must deposit fiat currency, and exchange that accepts payments from your country is required. Liquidity — Large traders will need a Bitcoin exchange with high liquidity and good market depth. Customers can trade with no verification if cryptocurrency is used as the deposit method.
Global Bitcoin trading data shows that a very large percent of the global price trading volume comes from China. The main reason China dominates Bitcoin trading is because financial regulations in China are less strict than in other countries. Additionally, Chinese exchanges charge no fees so bots are free to trade back and forth to create volume.
Kraken will be used as an example for this guide. The process and basic principles remain the same across all exchanges. Below you can find the first three verification levels:. You should see something similar to the screenshot below. Select your funding method from the left side:.
Deposits made using the traditional banking system will take anywhere from one to three days. Bitcoin deposits require six confirmations, which is about one hour. Using the black bar at the top of the page, you can switch trading pairs. One may submit an order lower than the current price if one expects the price of Bitcoin to fall.
A market order in this case would submit a buy order for XBT at the price of the lowest available sell order.