image using Ai.
I saw plenty of influencers on X and social media turning pennies into millions by trading crypto so I thought why not me, I can do it too and that's why i created a degen account and sent some usdt (50) to make it happen.
It is pretty easy to get motivated seeing other people posts on social media how they're making millions and you're doing nothing.
But the fact is most people pretend they make those posts for engagement and it's all click bait or they want to sell you a course which is their actual source of income, not the trading because they suck at it.
And this was pretty much main reason why I did this challenge to flip $50 to as high as possible.
Making The most out of 50 dollars in Crypto from trading
The only thing I needed was an exchange where I don't have to do kyc and than I'm allowed to use maximum leverage on trades.
When you've limited money and portfolio is too small like 50 dollars than sliding that leverage to 10x makes it 500 dollars that brings 100% more risk into play.
I don't fear leverage on future trading because of my risk management.
Like using stop loss and than taking big leverage with less size on a trade with confidence.
So when I was doing this experiment market was at it's peak. Memecoins were going higher and highs.. bitcoin was trying to break that 72k but most importantly altcoins were looking pretty solid to breakout and make new all time highs.
I was taking trades carefully and somehow turned that 50 into 100 after so many trades and the best one was ondo.
I ignored my trading rule just for half an hour
When everything was going just right and my new degen account was at all time high.. I opened a new trade position this time in a memecoin aka dogecoin because I thought there was some narrative building up.
So I opened a long position on doge with leverage that made it about $458 on that trade and my entry was:
My entry was trash because it went down from there with rest of the altcoins.
Like I opened a trade and than while I was about to set stop loss and take profit.. mom called me for dinner and went there first.
Cameback and opened my account where I saw I'm down 65 usdt and now have 35 left so I said can't exit now market should move up
But then it went more down and liquidated my degen account to zero.
Things I've learnt (conclusion)
The only reason behind this whole experience of mine was to let you know how risky future trading is and it just takes 1 bad trade and than your account value will be worth nothing, everything will be dust and liquidated if you did one mistake.
Another thing I learnt was always doing risk management at all no matter you've been starving for whole day and food is on the table if you're in a trade than set the stop loss before what happened to me can happen to anyone.
Also I've realised most influencers who says I'm running account from 100 dollars to a 100k or so on fakes it till they make it from the impressions and engagement people give by following the clout.
So, there's only few good ones out there who can flip small amount money in any market situation and still make big money out of it. I tried once and failed but this isn't the end. I'll surely give it another try but need to learn a lot of things first.
I hope you found this interesting and would love to know what you think about it in the comments.
Posted Using InLeo Alpha
The chance of making money playing with high leverage is close to zero. Meanwhile, 50 HBD grows to 60 HBD per year. And if you wait for a bear market, for this money you can buy 10 times more good crypto, such as ETH.
It's just pure gamble.
Everyone wants to make money quickly like turning 50 dollars to 50,000 in a year..
When exactly you think Bear market will come again?
We already have seen pretty good discount on Altcoins..
Maybe in 2024, maybe in 2025. We shouldn't rush, we should accumulate more HBD.
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