Damn man unlucky, yeah it's really bloody hard, I just lost my first trade, made a stupid mistake.
What was that 0.3BTC worth at the time though?
I'm determined to improve as a trader and start making a profit. But I've only given myself $45 to play with so even if it all goes wrong, it was money I was willing to lose.
6k. You need to wager more to make any worthwhile bets. The more you wager, the lower the chance of getting liquidated, also. Only use 1x leverage and make the largest bet possible. The only reason I lost is because I put in a long bet at 19,000. My liquidation price was 12700. The ensuing two weeks saw the price drop to 6000.
Depends on the definition of worthwhile, I'd rather play small for educational gain and when I am consistently profitable, then use higher amounts.
Not being funny but why wouldn't you close the trade to stop your losses? If you longed at 19000 and let it ride down to liquidation at 12700 then that's an extremely risky move.
Going forward I hope to utilize logical risk-management techniques using a sensible bank-roll and cutting my losses short whilst letting my winners run.
I like the idea of scalping, so getting a good entry point based on chart analysis and hopefully riding it around 100-300 pips before taking profits. Likewise if the trade goes against me, cut my losses at around 100 pips to minimize potential losses.
Well a 50% loss on anything in two days seems almost impossible, no? Bitcoin fucking did that. Also, when I say worthwhile, I mean lucrative enough to not have to work a day job.
If I had put more money into the bet and lowered the liquidation, I could've survived. But I didn't think it would continue to lose like it did. Futures are a zero-sum game, and are therefore the equivalent of gambling at a casino, albeit with much better odds.
Bigger bets are safer. Small bets are a great way to get liquidated over and over again, or otherwise masturbate with nickels difference.
Did I mention that .1 of the .3btc i lost was won on bitmex?
That's very true, hindsight is 20/20.
Ahh yeah I suppose, I guess you've been put off trading then or do you still dabble?
Yeah it's a zero-sum game, but if you can play better than the average then you're gonna do alright. Become a TA pro and be careful with managing your funds and you should be able to make a profit quite easily.
What leverage were you using? Did you have any particular strategies or just generally longing the bull run?
No you didn't, congrats haha. But yeah, don't get me wrong, I appreciate this shits hard, that's why I'm only dabbling in it for now while I learn, but I'm still optimistic I can be profitable out of it in the long run.
Same thing with poker, tempted to dabble in that in my spare time as I enjoy it, and have made a bit in the @spl freerolls in the past. Nothing major, just small-time with money I can afford to lose, but hopefully turn a profit.
I don't have any more money to waste on futures (lost my job and my coin within 1 week of each other), so yeah I'm put off for sure.
Poker might give you more because it teaches you to bluff... But online poker won't develop that skill.