What is your plan when you lose big in crypto trading?

[Gurujebs]

We know that not all plans can go smoothly as we wish...A backup plan for the possibility of something worst happening must be there... so what is your plan when you experience a huge loss in cryptocurrency?

Here we can exchange ideas for preparation if the worst comes to us.... considering it I think it's not a bad idea.

There is an adage that says when you see a stone that is going to blind you, try and avoid it from far. The same thing goes with losses when it comes to trading. I think your trade should have  a definite path in a such a way that you have an entry price, exit price and stop loss. I think by this you should be fine and losing big a mount of money will be difficult.

Assuming you even made some losses in your stop loss. You can still be able to make everything back and faster because some coins give you high expectations more than your setup and exit price.

[Asiska02]

We know that not all plans can go smoothly as we wish...A backup plan for the possibility of something worst happening must be there... so what is your plan when you experience a huge loss in cryptocurrency?

Here we can exchange ideas for preparation if the worst comes to us.... considering it I think it's not a bad idea.

A huge loss in cryptocurrency will be far avoided because I will not just go on a trade without taking a proper risk management approach. With proper risk management, I don’t think I need a back up plan for my trading because I will only lose what I can afford and the greatest thing I will get from there is to learn from my mistakes and apply it when I’m trading the next time.

Having a back up plan to me is like having a second choice to trading which I feel trading should be my second choice and not the other way round. Trading is more like a game of probability, you get perfect with time but that doesn’t mean you can’t always lose, you’ll definitely experience loses, so keeping is as a second option will save you more than it’ll help you.

[bayu7adi]

A huge loss in cryptocurrency will be far avoided because I will not just go on a trade without taking a proper risk management approach. With proper risk management, I don’t think I need a back up plan for my trading because I will only lose what I can afford and the greatest thing I will get from there is to learn from my mistakes and apply it when I’m trading the next time.

Having a back up plan to me is like having a second choice to trading which I feel trading should be my second choice and not the other way round. Trading is more like a game of probability, you get perfect with time but that doesn’t mean you can’t always lose, you’ll definitely experience loses, so keeping is as a second option will save you more than it’ll help you.

Bro, we are all not perfect... even people who are richer than us, must have felt a big loss from the business or trade they do.... we will never know the unlucky day from the calendar, and I am sure bad luck always comes suddenly...

Acting preventively certainly does not hurt... and even though we have a 99% chance of winning, there is still 1% that can change our entire plan in the future.... and one more thing... this topic was created when we realized our mistakes so that something we never thought of happened, namely a big defeat...

[gunhell16]

We know that not all plans can go smoothly as we wish...A backup plan for the possibility of something worst happening must be there... so what is your plan when you experience a huge loss in cryptocurrency?

Here we can exchange ideas for preparation if the worst comes to us.... considering it I think it's not a bad idea.

A huge loss in cryptocurrency will be far avoided because I will not just go on a trade without taking a proper risk management approach. With proper risk management, I don’t think I need a back up plan for my trading because I will only lose what I can afford and the greatest thing I will get from there is to learn from my mistakes and apply it when I’m trading the next time.

Having a back up plan to me is like having a second choice to trading which I feel trading should be my second choice and not the other way round. Trading is more like a game of probability, you get perfect with time but that doesn’t mean you can’t always lose, you’ll definitely experience loses, so keeping is as a second option will save you more than it’ll help you.

Proper risk management is very important for all traders to learn as much as possible, because if we don't know how to use it correctly, we will always lose a large amount in the trading we do in the end.

But if we know how to properly manage our losses in trading because crypto or bitcoin is unpredictable and volatile, we must get used to dealing with these situations and should not be carried away by emotions that we cannot control; instead, we should still be able to control our emotions correctly. even if we say we face defeat.

[milewilda]

We know that not all plans can go smoothly as we wish...A backup plan for the possibility of something worst happening must be there... so what is your plan when you experience a huge loss in cryptocurrency?

Here we can exchange ideas for preparation if the worst comes to us.... considering it I think it's not a bad idea.

A huge loss in cryptocurrency will be far avoided because I will not just go on a trade without taking a proper risk management approach. With proper risk management, I don’t think I need a back up plan for my trading because I will only lose what I can afford and the greatest thing I will get from there is to learn from my mistakes and apply it when I’m trading the next time.

Having a back up plan to me is like having a second choice to trading which I feel trading should be my second choice and not the other way round. Trading is more like a game of probability, you get perfect with time but that doesn’t mean you can’t always lose, you’ll definitely experience loses, so keeping is as a second option will save you more than it’ll help you.

Proper risk management is very important for all traders to learn as much as possible, because if we don't know how to use it correctly, we will always lose a large amount in the trading we do in the end.

But if we know how to properly manage our losses in trading because crypto or bitcoin is unpredictable and volatile, we must get used to dealing with these situations and should not be carried away by emotions that we cannot control; instead, we should still be able to control our emotions correctly. even if we say we face defeat.

You would really be able to make out those kind of realizations along the way on which you would really be definitely be able to encounter tons of things along the way
and just by using up your own common sense then it would really be telling you that making up those adjustments would really be something needed. You would really be
able to make out those realizations that risk management is something that you would really be needing. You cant really just that make yourself on pursuing something
on which you do know that it couldnt really be that giving out that kind of advantage specially on trading field.

[Odusko]

We know that not all plans can go smoothly as we wish...A backup plan for the possibility of something worst happening must be there... so what is your plan when you experience a huge loss in cryptocurrency?

Here we can exchange ideas for preparation if the worst comes to us.... considering it I think it's not a bad idea.

A huge loss in cryptocurrency will be far avoided because I will not just go on a trade without taking a proper risk management approach. With proper risk management, I don’t think I need a back up plan for my trading because I will only lose what I can afford and the greatest thing I will get from there is to learn from my mistakes and apply it when I’m trading the next time.

Having a back up plan to me is like having a second choice to trading which I feel trading should be my second choice and not the other way round. Trading is more like a game of probability, you get perfect with time but that doesn’t mean you can’t always lose, you’ll definitely experience loses, so keeping is as a second option will save you more than it’ll help you.

The day I First recorded my $200 loses from a single market drop and accumulatively list around $1000 with in two weeks, I began to realize that the bigger your investment the bigger your loses, and at a level you lose more if you actively involve you investment in daily trading trying to take advantage of market volitilities, most especially if you are impatient.
Some of those loses came as a result of me venturing into investing in other coins and trying to trade them, but now that I have that experience, I can never fail victim to such bad investment move, because hard it been I left all my investment in Bitcoin, my total loses couldn't have raised to such high level with in that short period of time without the possibility of recovering at some point.

[Asiska02]

The day I First recorded my $200 loses from a single market drop and accumulatively list around $1000 with in two weeks, I began to realize that the bigger your investment the bigger your loses, and at a level you lose more if you actively involve you investment in daily trading trying to take advantage of market volitilities, most especially if you are impatient.

Taking advantage of market volatilities within a short period of time is a big risk in cryptocurrency trading. Long term traders or let me say swing traders are the ones that enjoy the market better after a top to down analysis that they’re sure of before executing it. And when buying cryptocurrencies, venturing more on altcoins can give you more loss than wins that’s why when there a market downturn, the portfolio immediately loses more value than expected.

Some of those loses came as a result of me venturing into investing in other coins and trying to trade them, but now that I have that experience, I can never fail victim to such bad investment move, because hard it been I left all my investment in Bitcoin, my total loses couldn't have raised to such high level with in that short period of time without the possibility of recovering at some point.

Bitcoin buying and holding is still the best you should focus on if you want to minimize your loss and be at an advantage anytime the market fluctuates. Most altcoins are best knows to be highly volatile and highly risky to venture into unlike bitcoin that provides more value and more assured return on investment.

[salad daging]

Bitcoin buying and holding is still the best you should focus on if you want to minimize your loss and be at an advantage anytime the market fluctuates. Most altcoins are best knows to be highly volatile and highly risky to venture into unlike bitcoin that provides more value and more assured return on investment.

Now I avoid trading more and focus on bitcoin investment with the accumulation of this way for us to be safe in building wealth, so I will not focus too much on trading even though occasionally when I see an opportunity.

Altcoin is still risky, so it needs to be avoided unless you are going to take a step after doing research, yes it doesn't matter as long as you are ready to bear the risk, therefore bitcoin accumulation is better for me.

[LogitechMouse]

    -      As traders, we should really expect to lose there, especially if our knowledge of trading in the cryptocurrency business is not that extensive. If those are the experts, they still can't prevent us from losing; can they not be experts?

If we lose, we should know where we made a mistake in strategy and why we lost in trading. As long as possible, we should not repeat the mistake we made that made us lose in our trading activity.

They can't repeat the same mistake, but they will still repeat losing some trades.
I'm not an expert in trading, but I feel that even those expert traders are experiencing losses as well.

What's important is that, they end up making more profits than losses. Experts can't prevent losing on their traders, but they can mitigate their losses by using their own strategy.

[Faisal2202]

We know that not all plans can go smoothly as we wish...A backup plan for the possibility of something worst happening must be there... so what is your plan when you experience a huge loss in cryptocurrency?

Here we can exchange ideas for preparation if the worst comes to us.... considering it I think it's not a bad idea.

When I face a huge loss in any of my trades first I analyze the situation I am in. For example, the coin I have bought either has the potential to go up again or not, if it has the potential then I will wait but if it keeps going down and down and there is no way for the coin to go up again then I will wait for the price where the most it can reach and will exit the trade.

I have been in such a situation in my DYDX trade and I had to exit the trade at $8 or $9 while I bought the token at $19 to $20. The situation was apparent to me because I bought high as after the listing the price went high and I bought that time which was a mistake so I have to bear the loss for my mistake.

[jeraldskie11]

We know that not all plans can go smoothly as we wish...A backup plan for the possibility of something worst happening must be there... so what is your plan when you experience a huge loss in cryptocurrency?

Here we can exchange ideas for preparation if the worst comes to us.... considering it I think it's not a bad idea.

When I face a huge loss in any of my trades first I analyze the situation I am in. For example, the coin I have bought either has the potential to go up again or not, if it has the potential then I will wait but if it keeps going down and down and there is no way for the coin to go up again then I will wait for the price where the most it can reach and will exit the trade.

I have been in such a situation in my DYDX trade and I had to exit the trade at $8 or $9 while I bought the token at $19 to $20. The situation was apparent to me because I bought high as after the listing the price went high and I bought that time which was a mistake so I have to bear the loss for my mistake.

Sometimes when you lose huge money in a single trade your emotion will be affected, there's a chance that you will do revenge trading that you didn't notice. So I think it's best to stay away from the chart instead of trying to enter the market again because the probability will decrease caused by emotion. I experienced that before, I'm forcing a trade just to try to recover my losses. Even a small loses can affect your emotion, how much more if you have huge losses.

[$crypto$]

Sometimes when you lose huge money in a single trade your emotion will be affected, there's a chance that you will do revenge trading that you didn't notice. So I think it's best to stay away from the chart instead of trying to enter the market again because the probability will decrease caused by emotion. I experienced that before, I'm forcing a trade just to try to recover my losses. Even a small loses can affect your emotion, how much more if you have huge losses.

That is something we must avoid, because the urge to do "revenge" trading will definitely be there when we experience a loss. We must be able to control our emotions to stay calm as usual.

And not only when we feel a loss, but when we profit, the emotional urge will still be there. The difference is that when we profit it is not revenge, but there will be greed to be able to get even greater profits.

[jeraldskie11]

Sometimes when you lose huge money in a single trade your emotion will be affected, there's a chance that you will do revenge trading that you didn't notice. So I think it's best to stay away from the chart instead of trying to enter the market again because the probability will decrease caused by emotion. I experienced that before, I'm forcing a trade just to try to recover my losses. Even a small loses can affect your emotion, how much more if you have huge losses.

That is something we must avoid, because the urge to do "revenge" trading will definitely be there when we experience a loss. We must be able to control our emotions to stay calm as usual.

And not only when we feel a loss, but when we profit, the emotional urge will still be there. The difference is that when we profit it is not revenge, but there will be greed to be able to get even greater profits.

I agree with you, we should not only do a self check when we are having a trouble on losses, but also if we are winning in trading. We didn't notice that we are greedy if we win, sometimes we just make a trade even though there is no clear setup in the market. We should have to avoid trading if we are having a behavior like that, because it will only lead to a losses.

[Jamal Aezaz]

They can't repeat the same mistake, but they will still repeat losing some trades.
I'm not an expert in trading, but I feel that even those expert traders are experiencing losses as well.

What's important is that, they end up making more profits than losses. Experts can't prevent losing on their traders, but they can mitigate their losses by using their own strategy.

Yes they will still lose money at a certain stage because the cause of failure is not only a single mistake but there are lots of different mistakes which a person will realize after becoming a part of trading. Those who are traders from lots of years and are getting a good sum of money are also losing money but the difference is that they lose when they take the risk with new coins and their loss is also small but newbies lose all the time as they don't know about the trading well.

If your loss is smaller than your profit then try to know that you are going well in trading technology no matter if you are an expert or newbie but you should have control over your losses and should try to not repeat the same mistakes, also calculate the percentage of loss and win on a regular basis.

[Faisal2202]

Sometimes when you lose huge money in a single trade your emotion will be affected, there's a chance that you will do revenge trading that you didn't notice. So I think it's best to stay away from the chart instead of trying to enter the market again because the probability will decrease caused by emotion. I experienced that before, I'm forcing a trade just to try to recover my losses. Even a small loses can affect your emotion, how much more if you have huge losses.

You are right about how people prefer to do revenge trading and some of them get succeed while most don't. I read on BTT that negative energy like revenge, emotions, anger, etc. are some of the low-frequency energies that drive a person to do something big like accumulating valuable assets.

I don't agree to some extent with you on revenge trading because I think revenge trading can make you good money as well. But we should not do it because revenge trading is like not thinking straight and trading in a token in the hope of recovering a loss and making illogical trades can definitely lead to wrong trades that can even empty your account.

But if you are thinking straight but still plan to take revenge and plan to recover your loss then I think there is nothing bad in that. What do you say? BTW I did not take revenge on my trade on DYDX.