Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: Fivestar4everMVP on April 13, 2024, 05:11:23 PM
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Going through my X account some hours ago, I came across a tweet by a user with the Monika - crypto Nerb, according to him, he 3x longed pepe with over $1.1 million dollars, apparently, I suppost this was before the entire crypto market went down yesterday, he woke up this morning to find his Binance futures balance looking exactly as the screenshot below..
(https://talkimg.com/images/2024/04/13/jMKMZ.jpeg)
He then started this thread on X concerning the situation, click the screenshot below to see original post on X, as well as the other posts from the user, and the comments as well
(https://talkimg.com/images/2024/04/13/jMby8.jpeg) (https://twitter.com/cryptonerd75/status/1778927379479720280?t=c_aG09sSlXJ3ZUlqKkVu3A&s=19)
Yes, he was actually going to commit suicide, but according to him, he said what his single mother will go through kept him for some time until a miracle happened...
Binance returned around $180,000 out of the over $1.1 million dollars lost, once again, click the shot for the full tweet on X..
(https://talkimg.com/images/2024/04/13/jMWs9.jpeg) (https://twitter.com/cryptonerd75/status/1779123472586969432?t=ztyVxsZHsKjoq3gJtjTuHA&s=19)
Thank God for atleast now, he has something to hold on to, and continue the crypto journey with..
What are your thoughts on this?
Alot of lessons to learn from this incident, imagine he had rushed to kill himself, and Binance later returned this money? 🤦🤦🤦🤦
SUICIDE HAS NEVER BEEN, AND WILL NEVER BE THE SOLUTION TO ANY PROBLEM IN LIFE, NEVER EVER SEE SUICIDE AS AN OPTION, NO MATTER THE SITUATION.
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What are your thoughts on this?
Alot of lessons to learn from this incident, imagine he had rushed to kill himself, and Binance later returned this money?
I will wait for an update on this case. I cannot guess the reason why all of this user's assets disappeared and then returned. $1M is a huge amount of money, it is equal to the fortune that many people cannot earn in their lifetime.
I suspect that this may be a mistake in Binance's algorithm related to Margin during a time of great volatility in the market. I hope Binance will also have a response to explain this mistake, it would be better if the user received back all of the crypto assets he deserves.
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You shared a good story, it gave good lessons and knowledge. It gives us the lesson that we should not seek suicide or something dumb instead we should realize the mistake that we made, I know how hard it would be if I lost my 1-year savings, and I know how much I rely on them. He must have been gone through a lot. But it's a good thing that he got his 17% back. As according to the CryptoBlade Binance is usually set a liquidation ratio of 83%. I don't know if it's true as I did not find anything useful on the Internet. Let me know if that's true.
(https://i.ibb.co/QjF5xKP/image.png) (https://twitter.com/cryptonerd75/status/1779125214875636069)
Overall if it's true then it really gave the victim a good start but I hope he will avoid future trading, I am not a fan of future trading for the very same reason. As $1 million could make him good money in a spot or investing. But yeah to make more money in less time people do future trading. But Still, I suggest not doing it in such a volatile time when the market is so unpredictable.
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What are your thoughts on this?
Alot of lessons to learn from this incident, imagine he had rushed to kill himself, and Binance later returned this money?
I will wait for an update on this case. I cannot guess the reason why all of this user's assets disappeared and then returned. $1M is a huge amount of money, it is equal to the fortune that many people cannot earn in their lifetime.
I suspect that this may be a mistake in Binance's algorithm related to Margin during a time of great volatility in the market. I hope Binance will also have a response to explain this mistake, it would be better if the user received back all of the crypto assets he deserves.
Well, maybe you might need to read the whole thread again, and this time, a bit slower so you under better, the trader's assets did not just disappear, he opened a 3x long on pepe coin on Binance margin market, the trader unfortunately had no stop loss on, and the drop in the market yesterday caused the user's open trade to get liquidated, this was how his asset disappeared, it didn't just disappear, but he lost his trade, luckily, Binance have a mechanism that ensures that only 83 percent of users funds gets liquidated when times like this, so this why he later got 17 percent of the lost funds back.
You shared a good story, it gave good lessons and knowledge. It gives us the lesson that we should not seek suicide or something dumb instead we should realize the mistake that we made, I know how hard it would be if I lost my 1-year savings, and I know how much I rely on them. He must have been gone through a lot. But it's a good thing that he got his 17% back. As according to the CryptoBlade Binance is usually set a liquidation ratio of 83%. I don't know if it's true as I did not find anything useful on the Internet. Let me know if that's true.
(https://i.ibb.co/QjF5xKP/image.png) (https://twitter.com/cryptonerd75/status/1779125214875636069)
Overall if it's true then it really gave the victim a good start but I hope he will avoid future trading, I am not a fan of future trading for the very same reason. As $1 million could make him good money in a spot or investing. But yeah to make more money in less time people do future trading. But Still, I suggest not doing it in such a volatile time when the market is so unpredictable.
+1
You are absolutely correct, Binance is said to have a mechanism that ensures that only 83% percent a user's funds gets liquidiated in times of like this when a user loses a trade completely without a stop loss, so this is why the user received back 17% of the total amount he lost, this is definitely small when compared to how much was lost, but it's still way better than nothing at all, and also, it's a good foundation for the user to start over with.
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yes its also true that you can't get liquidated like all the funds. they call this margin call in forex when they know your funds is not enough if the trends goes the opposite direction then they will exit your position. cutting the loss and save few of your funds.
but then still there is just factors to consider before diving into the market. we know already the market carries the weight since the bull market have been going for months. it only needs a few rounds of missiles from hezbolla that we're going dive this deep.
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Here I don't understand how the money is refunded after the liquidation. Seems impossible to me. However, if truly returned, it would bring much hope for his life. I want to say here that suicide is a great sin and everything can never be solved by committing suicide. If the person mentioned here had committed suicide, he would have suffered a lot in this Janam and the next Janam. Binance exchange returned his funds he is alive now he can taste his funds but if he had committed suicide he would never have tasted these funds. So before taking any decision one should analyze well and never take any action without taking proper decision. Now I will say futures trading is very risky people who do futures trading will lose money one way or the other. I have never involved myself in futures trading platform but I do trade with spot trading. Because I know future trading are very risky which can take away a lot from life.
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I thought the 17% was something like a maintenance fee. I have never or had about refunds during liquidation. What I was aware of before was that the remaining 17% are taken as insurance funds which binance use to correct the market like reducing adverse loss and been able to pay people in profits. I will I put it, it is use in case of high volatility to reduce the impact it would have and removing a deficit which if not corrected would be borne by those in profits. That's why liquidation position are always closed at a price and not keep running because if left the deficit starts accumulating on other members so this insurance fund help to prevent that. I'm only aware that binance only reimburse losses that was some how related to them. I have been liquidated some years ago and wasn't reimburse even a cent
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I feel bad for that trader but he should have used stop-loss as the amount that he used for trading was too high and in fact it was foolish move to use 3x leverage with such high amount.
$1M is more then enough for anyone to only go with spot trading and earn enough profits even if a coin moves just 1% that's $10000, which is a lot of money.
I'm happy that at least the trader received some money from Binance and he gave up on idea of suicide. Never ever take such risks as crypto trader even with Bitcoin.
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This is why I hate and avoid futures trading. It is true that you can make huge profits, but you can wake up to see that your portfolio has been completely depleted.
However, this could be the fault of the Binance exchange since they returned part of the large amount lost to this unlucky trader. This is an indirect admission that it may be Binance's fault due to the extreme market fluctuations that occurred yesterday.
This is a sad story and a harsh lesson for all those who risk large amounts or all of their capital, especially in futures trading.
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Never play with money you can't afford to lose on shitcoins with 3x or 10x!
To make things even worse after the drop the price recovered 25% so which would have saved him from liquidation, or if he as hat much of a gambling-addicted he could have immediately opened a reverse position the moment he went in red, but of course that would have required him to not go full in with all funds.
However, this could be the fault of the Binance exchange since they returned part of the large amount lost to this unlucky trader. This is an indirect admission that it may be Binance's fault due to the extreme market fluctuations that occurred yesterday.
It's not Binance's fault, that's how most exchanges do when liquidating positions, it's the same with traditional forex markets, it's never at 100% because the exchange has to protect itself and the user so usually it's a few safe percentage lower. It's the same as with your collateral on crypto loans, most will liquidate your even at 110% in order to not to risk a flash crash and go below 100%
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Wow this is so amazing, huge losses in cryptocurrency trading. If you are not someone who is used to trading cryptocurrencies, you will definitely be stressed about losing that much money. But of course the person concerned already knows about the risks of trading futures, so he doesn't feel too sad .
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But this kind of situation is actually questionable because if he totally got liquidated, as Binance has shown, where did the $180k come from? There should be an explanation for how come about the $180k. Did Binance compensate him for his loss or what? I need someone to explain this to me.He got liquidated 100%and later got to see $180k, which came from where? I can't remember when Binance Exchange started to compensate traders when their assets got liquidated.
Also, this trader was trading with very low leverage (3x) but yet got liquidated. I know that he definitely would have gotten liquidated at some price, but the liquidation price is usually higher or lower with lower leverage. Is he actually sure that the price of the asset he was trading actually got to the liquidation price before he was liquidated?
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What are your thoughts on this?
Alot of lessons to learn from this incident, imagine he had rushed to kill himself, and Binance later returned this money?
I will wait for an update on this case. I cannot guess the reason why all of this user's assets disappeared and then returned. $1M is a huge amount of money, it is equal to the fortune that many people cannot earn in their lifetime.
I suspect that this may be a mistake in Binance's algorithm related to Margin during a time of great volatility in the market. I hope Binance will also have a response to explain this mistake, it would be better if the user received back all of the crypto assets he deserves.
Well, maybe you might need to read the whole thread again, and this time, a bit slower so you under better, the trader's assets did not just disappear, he opened a 3x long on pepe coin on Binance margin market, the trader unfortunately had no stop loss on, and the drop in the market yesterday caused the user's open trade to get liquidated, this was how his asset disappeared, it didn't just disappear, but he lost his trade, luckily, Binance have a mechanism that ensures that only 83 percent of users funds gets liquidated when times like this, so this why he later got 17 percent of the lost funds back.
You shared a good story, it gave good lessons and knowledge. It gives us the lesson that we should not seek suicide or something dumb instead we should realize the mistake that we made, I know how hard it would be if I lost my 1-year savings, and I know how much I rely on them. He must have been gone through a lot. But it's a good thing that he got his 17% back. As according to the CryptoBlade Binance is usually set a liquidation ratio of 83%. I don't know if it's true as I did not find anything useful on the Internet. Let me know if that's true.
(https://i.ibb.co/QjF5xKP/image.png) (https://twitter.com/cryptonerd75/status/1779125214875636069)
Overall if it's true then it really gave the victim a good start but I hope he will avoid future trading, I am not a fan of future trading for the very same reason. As $1 million could make him good money in a spot or investing. But yeah to make more money in less time people do future trading. But Still, I suggest not doing it in such a volatile time when the market is so unpredictable.
+1
You are absolutely correct, Binance is said to have a mechanism that ensures that only 83% percent a user's funds gets liquidiated in times of like this when a user loses a trade completely without a stop loss, so this is why the user received back 17% of the total amount he lost, this is definitely small when compared to how much was lost, but it's still way better than nothing at all, and also, it's a good foundation for the user to start over with.
If that is so that they have 83% of user funds liquidated then is a good thing but is best for people who uses huge funds and trades overnight should capitalise the habit of using SL
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Suicide is a pretty bad idea you need to be always calm in trading and accept the mistakes.
The mistake he made was that he traded on futures with x3 leverage without thinking that Pepe was too volatile and very risky without stop-loss. That's always the thing you need to keep in mind always set a stop-loss to avoid such lose like this.
He's lucky Binance return some even its a small amount he can able to start again in crypto trading and hope to learn a lot from his mistakes.
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What are your thoughts on this?
Alot of lessons to learn from this incident, imagine he had rushed to kill himself, and Binance later returned this money? 🤦🤦🤦
I shook my head in shame as I muttered the word crypto gamblers while I read through Crypto Nerd tweets knowing that he wasn't the only one crypto bro who would have lost money that day but he was just the bravest of them all to actually acknowledge his loss in the public space. And it is a reminder to the other traders who hold meme coins that this type of fate awaits them if they become careless too by over-leveraging.
In the third screenshot where he said 180k had automatically showed up and he has something to start again, confirms to me that the particular trader is nothing but a gambler who likes to chase his loss. He wants to trade with the 180k again because he feels he will recover the money he already lost.
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You are absolutely correct, Binance is said to have a mechanism that ensures that only 83% percent a user's funds gets liquidiated in times of like this when a user loses a trade completely without a stop loss, so this is why the user received back 17% of the total amount he lost, this is definitely small when compared to how much was lost, but it's still way better than nothing at all, and also, it's a good foundation for the user to start over with.
Oh ok, I did not know about this feature until the OP post, so, you are saying we only get %17 when we don't set stop loss and all of our funds get liquidated. Or no-stop loss and such instant dump situations can give %17 funds back. Thanks for the Karma. It keeps the spirits up.
And no doubt the funds are small in compared to what he has lost but still he has something in his hands to start his journey again. I hope he will be okay now, although I did not hear any news from Binance's side, as they might use this case as publicity but they did not. Or my thoughts are a little small due to a lack of knowledge.
If that is so that they have 83% of user funds liquidated then is a good thing but is best for people who uses huge funds and trades overnight should capitalise the habit of using SL
You are right, but I doubt the fact that this feature is only for those who have huge funds, I mean if that's the case then it's not a good thing, this feature should be given to the poor or the ones with lower funds too.
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- It seems like he has been saving it for a few years in the crypto space, and it is likely that the things he has saved are also from his earnings here in the crypto business that we live in. That's a lot of money. Didn't he put a stop loss on what he did?
Because if there is a stop loss, it's just where he set it, and that's the only loss that can be deducted from his balance? But thankfully, he still has a balance in his Binance account; we just don't know why. But even so, $180,000 is still a huge amount for him to start over.
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- It seems like he has been saving it for a few years in the crypto space, and it is likely that the things he has saved are also from his earnings here in the crypto business that we live in. That's a lot of money. Didn't he put a stop loss on what he did?
I do not think he used stop loss. Know that trading is beyond using stop loss. With huge amount of money, low risky trading is better which is spot trading.
Because if there is a stop loss, it's just where he set it, and that's the only loss that can be deducted from his balance? But thankfully, he still has a balance in his Binance account; we just don't know why. But even so, $180,000 is still a huge amount for him to start over.
The person will be depressed if he has no much more than that. He needs also not to start all over again because he will likely lose all the money if he continues to trade. He should just hold instead.
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I do not think he used stop loss. Know that trading is beyond using stop loss. With huge amount of money, low risky trading is better which is spot trading.
He didn't, he got liquidated!
Once the liquidating was triggered the percentage of the sum, the margin call were returned to him.
The person will be depressed if he has no much more than that. He needs also not to start all over again because he will likely lose all the money if he continues to trade. He should just hold instead.
Yeah, good advice but guys who go full 1 mil into leverage trading on altcoins won't follow up.
He had 1 mill, but he now has only a fragment of it, guess what the urge that won't let him sleep, make that back as fast as he can, and only then he thinks he will be able to stop. This is not trading, this is pure gambling, and gambling is one of the last place where you search for people making reasonable decisions.
we just don't know why. But even so, $180,000 is still a huge amount for him to start over.
If that million was made through the same risks as this trade, quitting would be better than starting over.
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The only problem I see with the owner of those account is that he didn't put a stop loss. Literally, if you don't put a stop loss in your trade no matter how far the liquidation there's still a risk of losing your capital. And there's a worse, if ever you forgot to put a stop loss and you are currently using the cross-margin mode, you are risking not only the margin but the overall port if the price went to the opposite direction. To prevent this kind of stuff, no matter how good the setup is, always put a stop loss.
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I think that it is better if we most do future trading we use stop loss to prevent such great loss. This trader should be grateful to Binance for that mechanism that stops loss automatically when the loss is upto 83%, if not he would ha e lost everything, and he will put the blame on cryptocurrency instead of his careless action, and trading with an amount that he cannot afford to lose.
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The trading feature is more like gambling. Moreover, if you cannot optimize detailed market analysis, strategies for encountering the loss, then be prepared to lose money very easily in future gambling.
Imagine if many beginners were actually more interested in doing future trading just because they saw their senor share trading signals or future trading results with increases of thousands of percent. And in reality, it's done by professionals, and whether it's real or not. But for beginners, it's just a scheme for losses.
Because of this, it is quite difficult for beginners to quickly understand and be able to analyze the market well and wisely. So the result is deep loss, excessive greed by using high leverage without other considerations.
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It's scary... even if you think about it, why would this person put most of his assets on Binance??? Isn't that a big risk that could trigger unreasonable trading or investment decisions? In fact, he wasn't the only one whose assets were liquidated, there were many other people who also had their assets liquidated when they tried Binance Futures.
Lesson for all of us, if we are not ready to lose everything overnight, never play Binance Futures with most of our money and also don't force it with large leverage... mastering Spot trading first seems like the wisest move... Rushing into Binance Futures because we are tempted by the potential profits shared by our friends on social media is a fatal mistake.
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Cryptocurrencies are known for their high volatility, which can lead to significant price swings.
Futures often involve leverage, which means borrowing funds to increase potential returns. While this can amplify gains, it can also magnify losses, sometimes exceeding the initial investment.
The mechanisms of futures trading can be complex and confusing, especially for inexperienced traders.
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He made a mistake and had to face a situation of a lifetime. When you are trading in the futures market, you need to make sure that you have all the risk-management measures set and have your stop-loss and stuff all set because the market is highly unpredictable and volatile and anything can happen at any time, so you can't be so confident to not set a stop-loss and go to bed with so much risk.
I'm pretty sure he didn't do any analysis as well because if he had done so, he would surely set a stop-loss before going to bed because doing analysis makes one realize or at least have an idea that the market is going to go up or down and they can make their decisions accordingly.
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Many people dont know how risky futures trading is. Whenever I trade, I believe I'm trading to lose. So when I see profit, I take it. Same as buying altcoins which I use a feature on Bitget call smart portfolio to automatically take profit from them.
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Many people dont know how risky futures trading is. Whenever I trade, I believe I'm trading to lose. So when I see profit, I take it. Same as buying altcoins which I use a feature on Bitget call smart portfolio to automatically take profit from them.
I think all trading has risks, even trading in our own way also has risks that can make our assets disappear, so never be afraid of the risks, continue to face everything in the right way and remain alert to the situation in the market. Don't be easily influenced by price increases that occur temporarily because it could just be a trap.
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Interesting thing is that you can't really lose this much unless you "bet" this much. Not like people are forcing you to make these wild claims, so when someone loses 1.1 million dollars, understand that they were aware of 1.1 million worth of trade, they were aware of the risk. Nobody knocked on their door and asked them 1.1 million suddenly, they knew what they were getting into when they made this trade. So, while it is definitely a big risk, its also a risk that they knew they were taking, and they assumed that they could change their entire life with one trade, and ... well they did.
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The only problem I see with the owner of those account is that he didn't put a stop loss. Literally, if you don't put a stop loss in your trade no matter how far the liquidation there's still a risk of losing your capital. And there's a worse, if ever you forgot to put a stop loss and you are currently using the cross-margin mode, you are risking not only the margin but the overall port if the price went to the opposite direction. To prevent this kind of stuff, no matter how good the setup is, always put a stop loss.
I honestly, even though I know myself that somehow I already know something about trading, when I know that my assets in the trading exchange may be in jeopardy just because of futures trading, I will never actually transfer funds. Although it is also possible to make a profit here, in these situations you can't make a mistake. Remember that.
Now, if we really want to make a profit in trading, it is still spot on to say if it is safest to do it as an individual trader. But thanks to the OP, at least the 179k$ fund was returned to the wallet balance so he could start again, so why did he get another fund? That's what I really don't understand either.
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The only problem I see with the owner of those account is that he didn't put a stop loss. Literally, if you don't put a stop loss in your trade no matter how far the liquidation there's still a risk of losing your capital. And there's a worse, if ever you forgot to put a stop loss and you are currently using the cross-margin mode, you are risking not only the margin but the overall port if the price went to the opposite direction. To prevent this kind of stuff, no matter how good the setup is, always put a stop loss.
I honestly, even though I know myself that somehow I already know something about trading, when I know that my assets in the trading exchange may be in jeopardy just because of futures trading, I will never actually transfer funds. Although it is also possible to make a profit here, in these situations you can't make a mistake. Remember that.
Now, if we really want to make a profit in trading, it is still spot on to say if it is safest to do it as an individual trader. But thanks to the OP, at least the 179k$ fund was returned to the wallet balance so he could start again, so why did he get another fund? That's what I really don't understand either.
How could this happen ? why can all the money that has been spent because of the defeats and mistakes he made come back? Can this drama only happen to a few chosen people? I mean do you know many rich traders who lost their assets in one night up to millions of dollars but they didn't get the opportunity like what happened to this person.
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Every time the market becomes more aggressive, such as a drastic decline and a drastic increase, many positions are always liquidated. And yes, many traders experience losses and there are also many traders who, on the contrary, experience increases. This is what is unique about the futures market. But until now I still rarely enter the futures market. because I think the risk is very high and I can't face it yet. Because entering the futures market seems to require really cooler capital. And we also have to be proficient in market analysis.
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Alot of lessons to learn from this incident, imagine he had rushed to kill himself, and Binance later returned this money? 🤦🤦🤦🤦
SUICIDE HAS NEVER BEEN, AND WILL NEVER BE THE SOLUTION TO ANY PROBLEM IN LIFE, NEVER EVER SEE SUICIDE AS AN OPTION, NO MATTER THE SITUATION.
This isn't only applicable in trading, but in all aspects of life.
Suicide will always never be a solution to our problems. I'm not a religious person, but I believe that our creator will not give us problems that we will not be resolved.
Anyway, it's still good that some of those funds have given back, and if he already multiplied his money with the help of futures trading, I believe that he can just do it again. Now the question is "What happened to that trader already?" Did he continued to trade and recover those losses? I just hope that he's still ok until now, and he moved on from that incident already.
Nevertheless, this is just a warning that don't try to do futures trading if you're a newbie in trading, or if you want to try as a newbie then at least expect for the worst and don't spend too much capital just to have experience on it.
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Every time the market becomes more aggressive, such as a drastic decline and a drastic increase, many positions are always liquidated. And yes, many traders experience losses and there are also many traders who, on the contrary, experience increases. This is what is unique about the futures market. But until now I still rarely enter the futures market. because I think the risk is very high and I can't face it yet. Because entering the futures market seems to require really cooler capital. And we also have to be proficient in market analysis.
When that happens, it should be natural because the market is currently unstable and prices tend to be stable so whales will try to move coin prices in the market by making aggressive price movements, one of which is doing pumps and dumps fairly quickly.
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I think all trading has risks, even trading in our own way also has risks that can make our assets disappear, so never be afraid of the risks, continue to face everything in the right way and remain alert to the situation in the market. Don't be easily influenced by price increases that occur temporarily because it could just be a trap.
All trade has the risk but we should not take this risk without knowledge and if we acquire skills well, have money for trading, have tolerance for every position and are efficient of using a specific strategy for specific types of coin then we should take the risk.
Remember that all types of trading is risky but future trading possesses maximum percentage of risk and people often choose it because they want quick gain but i think utilize your energy in finding a better coin to make a simple trader and don't be a part of future trading as it will just damage your funds.
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Many people dont know how risky futures trading is. Whenever I trade, I believe I'm trading to lose. So when I see profit, I take it. Same as buying altcoins which I use a feature on Bitget call smart portfolio to automatically take profit from them.
I just hope that I have this kind of mindset when I'm still trading.
I also tried to trade in futures, but like most of the traders, I also failed and lost money on it.
Futures trading requires lots of knowledge, lots of balls, lots of capital to start, and of course, lots of skill in decision-making. It's good that most of the exchanges right now have a stop-loss/take profit option already so that you can set your stop loss or take profit. For me, that makes the trader at least a bit safer in their trades.
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I think all trading has risks, even trading in our own way also has risks that can make our assets disappear, so never be afraid of the risks, continue to face everything in the right way and remain alert to the situation in the market. Don't be easily influenced by price increases that occur temporarily because it could just be a trap.
All trade has the risk but we should not take this risk without knowledge and if we acquire skills well, have money for trading, have tolerance for every position and are efficient of using a specific strategy for specific types of coin then we should take the risk.
And it's always advisable never to risk more than you can afford to lose because that's what mainly brings the frustration after losses.
Certainly the market is highly volatile and unpredictable and have the potentiality of losses, the losses will always come, which is why it's important to manage your risks and work on one's risk tolerance in order to avoid losing too much.
It's true that no risk no reward but that doesn't mean one should go ahead to risk what he can't afford to lose.
This is mostly the problem with investors, due to promises of high returns and profits, they end up risking way too much and when things doesn't go as planned, they become frustrated.
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Many people dont know how risky futures trading is. Whenever I trade, I believe I'm trading to lose. So when I see profit, I take it. Same as buying altcoins which I use a feature on Bitget call smart portfolio to automatically take profit from them.
I just hope that I have this kind of mindset when I'm still trading.
I also tried to trade in futures, but like most of the traders, I also failed and lost money on it.
Futures trading requires lots of knowledge, lots of balls, lots of capital to start, and of course, lots of skill in decision-making. It's good that most of the exchanges right now have a stop-loss/take profit option already so that you can set your stop loss or take profit. For me, that makes the trader at least a bit safer in their trades.
You would really be needing that balls of stell
You would really be needing that kind of numb emotions
You would really be needing that experience that you have got on spot
Trading in futures is really that too damn hard. Dealing up with higher leverage is really that considered gambling even if you do apply
that analysis but still it is really just that too fast on blowing up your trading account. :)
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If someone suddenly loses such amount in future training then they will be shocked. But he has to accept it because he himself knows that future trading is very risky, but if he does future trading with such an amount, then he has to take the responsibility himself. Future trading is a bit like gambling. Here one can become poor in a short period of time and can become very rich in a short period of time and it can happen in few minutes. For this reason, future trading should be avoided.