Trading can be lethal - Famous Tik Toker lost $72k in trading

[MusaPk]

Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword.

Recently a famous Pakistan Tik Toker reveal his story about how he lost almost $72K in crypto trading. According to him he started crypto trading after seeing his friend making profit from crypto trading. He initially faced loss of $10.5k (3 Million Pak rupee) and told this about that. His friend replied that such loses are normal and you should invest more to recover loss. He invested more and ends up in overall loss of $72k.

He hasn't shared details of which token he bought, it's price, timeline etc but what I deduce from his story is that he started trading seeing his friend making profit and thought he too will make profit. He doesn't have any plan to follow and if you are coming to crypto trading with this mentality then you are deemed to loss. Crypto trading requires you to have an execution plan with you which you have to follow carefully.

More details here https://www.samaa.tv/2087311573-tiktoker-zulqarnain-sikandar-faces-rs20-million-loss

[Crwth]

That's like going into a war without a plan. That has a low chance of becoming successful and it wouldn't be the ideal way to do it anyhow. That's just suicide, you know? It's going to be more and more challenging to do because you have no guide or mentor to help you.

You must know what you are investing in and not just blindly following anyone with investments.

[Jating]

And it just shows that trading is not for everyone and that's why it is said to be lethal. And we even compare it to gambling already, although we can mitigate the risk in trading, but still there are a lot of unknowns and as we dig deeper, the more we would lose money here. And most likely the mindset of this tiktoker as well, maybe he thinks that it is easy money because of the success of his friends. But everyone is very different, his friends might be successful and he can even copy his trading, but it doesn't mean that he will get the same luck as his friends.

[Gurujebs]

You didn't share the part where the guy didn't learn about trading, if he did I'm very sure that he will come across a video that will tell him how to start trading gradually especially if he use YouTube videos to learn to understand trading. You can't just wake up and start trading because you think your friend is making money from trading, it doesn't work that way because your friend might have been trading for long time.

Trading is risky but if you invest your time and knowledge in it with determination, you will understand it, it's not like it's a rocky science that is difficult to understand but if you don't learn it and you want to use your common sense, the market will humble you a lot.

[MusaPk]

You didn't share the part where the guy didn't learn about trading, if he did I'm very sure that he will come across a video that will tell him how to start trading gradually especially if he use YouTube videos to learn to understand trading. You can't just wake up and start trading because you think your friend is making money from trading, it doesn't work that way because your friend might have been trading for long time.

Trading is risky but if you invest your time and knowledge in it with determination, you will understand it, it's not like it's a rocky science that is difficult to understand but if you don't learn it and you want to use your common sense, the market will humble you a lot.

I read article and shared it in original post. It seems that the referenced guy jumped into crypto just because he saw his friend making money through it and he thought that crypto is all about investing money and getting profit with no effort. This is not a story of one guy but many.
If you are not an expert then just follow the DCA method of accumlating Bitcoin and you are good to go. It will take time but you will get good profit in due course of time. 

[SamReomo]

~Snip~

That's the worst anyone can do, trading is not an easy way to earn money. It's a very risky thing especially for those who have no information about the market. In crypto trading one can make a lot of money but at the same time one can lose all his/her savings.

The guy was not good at trading and he started trading because he saw his friend's profits. His friend might be a good trader or he might have got lucky as a trader but the poor guy who lost $72k wasn't a good trader or a lucky guy.

We should learn from his experience and never ever go with huge amounts in initial days as a trader. I'm a trader myself and I make good profits as a trader but I can't say that I'm 100% profitable all the time because that would be a lie. A trader can have both profits and losses because in trading we have to face both of those.

[LogitechMouse]

~
He hasn't shared details of which token he bought, it's price, timeline etc but what I deduce from his story is that he started trading seeing his friend making profit and thought he too will make profit. He doesn't have any plan to follow and if you are coming to crypto trading with this mentality then you are deemed to loss. Crypto trading requires you to have an execution plan with you which you have to follow carefully.

Most of the time, these are the reasons why they want to trade.
1. They saw a relative or a friend earning huge money in trading and thinks that they can do it as well.
2. Out of curiosity.

In this case, it's the first reason. What's worse is that, his friend urged him to invest even more money in trading even though he lost a huge amount already. I find it funny TBH that you will urge your friend to invest even more where in fact, he lost a massive amount already. Trading can just be a dangerous as it can be, and it don't care about you. Even you lost 100$ only or $100,000, it doesn't care. No one cares about your emotions if you lose your money in trading, and if you're a newbie, your the ones that most likely will lose money.

Like you said OP, trading requires a plan. A strategy that will help you gain more profits, but strategy alone isn't enough. You need some traits yourself as well like being patient, self-control, good decision maker, etc. Well, of course you need knowledge as well.

[yhiaali3]

This is what happens when you believe inexperienced people, especially those spread on social media.

I am surprised that someone would venture into trading with such a large amount of money without having sufficient knowledge or experience just because his friend told him or he saw his friend making some money!! This is really strange.

Trading is not just a recreational trip to make money. Trading requires learning and knowledge first, then it requires gaining experience, developing an appropriate strategy, and patience second.

[Faisal2202]

He hasn't shared details of which token he bought, it's price, timeline etc but what I deduce from his story is that he started trading seeing his friend making profit and thought he too will make profit. He doesn't have any plan to follow and if you are coming to crypto trading with this mentality then you are deemed to loss. Crypto trading requires you to have an execution plan with you which you have to follow carefully.

I can not agree more with you, I also saw this news on social media, but I did not know some story about it, I guess no one knows what he bought or other information, but one thing I can deduce from this event is in crypto we should not be dependent on others, I mean I can't imagine how a person can make that much of a loss in bull season, where every newbie is making profit.

I still doubt the reliability of this news but Allah knows better. if he really lost that much then its a huge amount maybe not for forienger but in Pakistan its a big amount. And he invested all that amount by trusting his friends, that's insane. This event gives us the lesson that we should learn first and then invest in crypto, we should not be inclined by seeing some profits of others, as other's profit not mean you can make profit as well. This world is not fair at all.

[TomPluz]

Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword. Crypto trading requires you to have an execution plan with you which you have to follow carefully.

Trading can be so risky and in my opinion can even be riskier here in cryptocurrency market where assets can be so volatile. One can certainly lost a lot of money if one is not careful and has not yet learned even the very basics of things. There is definitely a learning curve in trading and this is one thing one must never ignore. This is the reason I am not really attracted much to trading though I also sense that the potential to make good money is really there. Successful traders in this market am sure already changed their financial standing for good...and in fact they can be a big source of envy from many that may desire to copy their success only to end up going north or failure. Well, in trading just like in life, no risks, no rewards.

[Jamal Aezaz]

In this story the main thing is that he come to trading due to greed and if his friend is making profit from trading then he will have knowledge and will be familiar with trading but as the tiktoker follow him without investigation then he did a big mistake.

May be he choosed random token which become a cause of his failure and may be he did not know about selling and buying price so therefore he face such a big loss. One thing which i realize is that after a loss he again accept his friend suggestion without realizing the reason behind his loss so this is really a bad idea which nobody should do.

[milewilda]

Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword.

Recently a famous Pakistan Tik Toker reveal his story about how he lost almost $72K in crypto trading. According to him he started crypto trading after seeing his friend making profit from crypto trading. He initially faced loss of $10.5k (3 Million Pak rupee) and told this about that. His friend replied that such loses are normal and you should invest more to recover loss. He invested more and ends up in overall loss of $72k.

He hasn't shared details of which token he bought, it's price, timeline etc but what I deduce from his story is that he started trading seeing his friend making profit and thought he too will make profit. He doesn't have any plan to follow and if you are coming to crypto trading with this mentality then you are deemed to loss. Crypto trading requires you to have an execution plan with you which you have to follow carefully.

More details here https://www.samaa.tv/2087311573-tiktoker-zulqarnain-sikandar-faces-rs20-million-loss

Those are really that costly lesson learned for you and with this then it would really be that impossible that you wont really be able to make yourself that learn. Although there might be those individuals who would really be totally quit after such devastation on which we cant really be able to blame them. This is one of the most common reasons that you would really be able to do is on the time that you would really be trying out to mimic others without even trying to determine on what are those accompanied risks. You would really be putting up yourself on such
huge trouble if you cant be able to determine those things.

[Charles-Tim]

Crypto trading looks tempting and no doubt is very beneficial if executed properly. It's like a double edge sword.

Trading is as risky as gambling. That is what I just know about trading. Just like gambling, I have read news about people that lost huge amount of money in trading in just short period of time. One other thing about trading is that it is exhausting. When I read this news, it is not a surprise because I have read news similar to this many times in the past. Trade with the amount of money that you can afford to lose.

[Captain Corporate]

These type of stories during the bull market makes me question what must be people buying into. I mean look at the prices, I do not see anything that went this low in the past 1 month or so, not in the top 100 at all. Which goes to show you that his friend, or someone online, or he himself basically found some horrible terrible thing that went down a ton and that's why he is facing all of this. I think that's quite important and I believe that if you do not check everything carefully, then you are going to have trouble. We should probably consider this as something not so marginally important and focus on doing better.

[Charles-Tim]

These type of stories during the bull market makes me question what must be people buying into. I mean look at the prices, I do not see anything that went this low in the past 1 month or so, not in the top 100 at all. Which goes to show you that his friend, or someone online, or he himself basically found some horrible terrible thing that went down a ton and that's why he is facing all of this. I think that's quite important and I believe that if you do not check everything carefully, then you are going to have trouble. We should probably consider this as something not so marginally important and focus on doing better.

You are talking about investment. Maybe you are confused because you read that he invested money in trading. Trading and investment are different. Someone can trade bitcoin and be losing when the market price is rising or not rising. Trading is short term and it is far riskier than holding. But if someone wants to hold, the person should go for good coins instead of shitcoins. Trading is more time consume and will drain more energy from people, unlike holing.