An instructive story by Reddit, who wished to remain anonymous.
So, long story short, I started trading a year ago, been margin longing the whole run from 1k to 19k ( sometimes closing the top, sometimes closing too early or too late, but always making profit)
I turned 3 lowly btc which I had from playing poker (at the time 3k) into nearly 200 BTC which was almost 4 million at the top and would be 2 million at current prices.
I thought I was a trading genius, a god, whatever. Anyway, this is where the sadness starts.
After the dump from 19k to 11k I went long at the bottom, and kept adding to my position on the bounce to 12k 13k, 14k. Then, at the 16k dead cat, my position was a further 100 BTC in profit. Instead of closing then and having a total 300 BTC, I increased leverage and increased my position size. This entire position was liquadated on the drop back to 12k, because my entry had moved up so much. I lost 100 btc paper profit and nearly 50 BTC margin. I was devasted, and down to 150 BTC total.
After evaluating the situation, I came to the conclusion that the pump to 16k was a dead cat and that we are going lower. Therefore I shorted. At 12k. Added at 13k. Added at 14 and 15k. Got liquidated at the top at 17k. Another 50 BTC loss. Down to 100.
Think, ok we made a higher high at 17k, uptrend back on. Went long. Got liquidated at 13k.
50 BTC left. Devastated, unsure, no clue whats going on. Sat through the drop to 9k, when we bounced I thought it could be the bottom. Longed at 11500, panic closed 10500. When we went to 13k I was kicking myself for panic closing, went long at 12800.
Liquidated this morning for my last bitcoin.
3 BTC to 200, to 0
At this time I am still in shock, the last few months Ive neglected relationships and school, and Ive been daydreaming about living the high life rich as fuck with my millions.
Now, I am nowhere.
Posting this so others dont gamble away life changing money. Dont want donations or tips not posting an address dont PM me. I never want to hear the word btc again because I want to forget
gypsytoy I don’t seem to be coming back. I basically have the same story as OP except that I went from investing everything I had (as a college student) to buy 60 BTC in 2013 and holding strong for a solid 4 years. Then having a mental health crisis during 2016 and giving 20 BTC away to strangers online who took advantage of me, never to be seen again. Then in December, days before the top, I learned what margin trading actually was. Mad a tiny bit. Lost a good amount while falling asleep during a drop and then chasing the whole thing (40 BTC) down to 0.02 BTC.