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How to lose money in crypto instantly?

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Avatar for Eybyoung
Written by   549
1 month ago

There are a lot of ways to earn money in the cryptocurrency but there are also a lot of ways how to lose money in the cryptocurrency, those scenarios are always inevitable in this field especially if we do it without caution.

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I've been reading an article recently about how to lose money from @tired_momma @MoreGainStrategies @PVMihalache @Ruffa which are usually all coming from experiences. I haven't told my story yet about how I lose some of my hard-earned dollars in a snap, and I will share it now but before that lemme site some ways how to lose money in crypto in an easy peasy way lol.

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Ways to lose your money in crypto instantly

Sending your crypto to the wrong address

  • Crypto space is not for weak nor stupids because it will never give you a second chance to reverse your actions. Sending your crypto coins to the wrong address will give pain in your ass because you can never reverse your actions once done. Crypto transactions are very unfriendly, you should double-check the wallet address first before sending it. They always give warnings before sending it, so you have to double-check as many times as you can. The best example is the latest article of @PVMihalache he sends his $300 to the wrong address and voila! Goodbye $300 read it here.

Buying Crypto Coin at Peak Price then sell at the bottom

  • In crypto, if you want to earn profit you should follow the first basic rule which is the “Buy low and sell high” but some of us is not following it because we are always driven by social media hype and then we will likely experience being FOMO (Fear of Missing Out), as we see the coin pumping hard we are likely lured to buy ending up we bought at the peak price. Instead, we do “Buy high, Sell lower ” I tried this one when I bought a newly launched coin which is the 1INCH, I bought it at $2.42 and sell it a 1.10, imagine 1/2 plus of my capital is lost because I sold it as I don't want to be stressed out seeing my PNL lol. Voila! You lose money instantly.

Buying Shitcoins

  • In making an investment one should DYOR a lot before jumping on it to make sure the coin is worth investing in. But usually, some people buy coins without doing thorough research about it and were just driven by hype. Then after buying the shitcoin, the hype was done and the majority is selling their assets then you as a stupid one you just hold thinking it will rise again but the project is not relevant so it keeps dumping, and voila! You lose your money instantly. Again this is relatable to my 1INCH story lol.

Buy the Dip again and again because of hype or wrong Infos

  • Some said dip is a blessing because you will able to accumulate a lot when a certain coin dips and gained a lot if it pumps up. Some didn't sell their asset even if the coin dips a lot instead they keep buying it. In crypto, it is always advisable to DYOR the fundamentals of coins. It should be like buy or sell the news, but some keep buying even if the news regarding the coin is negative. It's like catching a falling knife, this is familiar to us, right? The XRP moment. Viola! Instantly losing your money buying falling coins.

Gambling Addiction

  • In crypto, there are a lot of betting games that some coins launched. Some individuals are getting addicted to it. Gambling addiction is not a joke, it is an easy way of winning and losing money at the same time. I have read real experiences about gambling addiction from @RowanSkie you can read it here, you might get some lessons learned.

Trading with leverage without proper knowledge about it

  • Trading is always fun and can be addictive too. Trading with leverage is also a form of gambling as you are betting if the price goes up or goes down. It is also an easy way of winning and losing money quickly. This is where I lost a lot, I became addicted and greedy in doing leverage trading. I lost $160 by now, $140 at Binance and $20 at Stormgain although the $10 was from their free mining still is money. My Binance losses did not come in one go, I slowly lost it all because I keep doing trades even if my internet connection is weak. I joined some traders group that gives a signal, it was good, the signals are accurate but the trade only lasts for 10-15 minutes as we are going with the pump worldwide, and I always got rekt because I entered late. Everytime I do the wrong moves I keep repeating it, and the sad part is I don't feel sad losing money so it needs proper management or else it will turn just like gambling addiction. Now, I stopped it because it seems that the chances are not for me. But I will not stop future trading, I will study it again and secure a better connection first before doing it again. There are a lot of articles regarding their failure trades from @Ruffa here and @bmjc98 here I am not ashamed or condemned myself or them for having failures because I believe it is part of the learning curve. For now, I just do spot trading in Binance it might take slow to earn but at least it will not burn my money quickly.

For now, that's the most accurate way of losing money in the crypto space, if you don't want to lose your money like that then avoid doing it.

Related Fun articles:

By @tired_momma read it here.

By @MoreGainStrategies read it here.

For long term goals of holding, you might be interested to join the #Club1BCH. The goal is to hold at least 1BCH before the year ends and wait for Marc Demesel's price prediction about BCH which is $30,000.

#Club1BCH #We💚BCH

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Avatar for Eybyoung
Written by   549
1 month ago
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Comments

HAHA natawa ako dito.. pero yung XRP, it's pumping na so those who are still holding their XRPs, they still have a chance to make profits. :) Pero yung wrong address talaga, d ko kaya.. ako kasi, bago mag send mga ilang times ko paulit ulit na chinecheck bago isend.. kasi sakit nga naman sa bulsa yun..

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1 month ago

Haha, I had your article loaded up for hours or even days -- I don't even remember -- and I finally managed to read it. The video editing took an unbelievably long time. 🙈

Finally, FINALLY, it's done!

Good article! It's great that you stopped trading once you saw the losses coming in. That's much better than trying to make the losses back and probably losing more money, because the experience is not yet where it needs to be in order to be successful. Trading is like a skill. And the most important part to learn is not to look at the charts to often. Make a plan and stick to it. Don't change it every two minutes, but maybe once in a while.

I made the same mistake with stocks today. Sold Varta when it went up a couple of percent today. 15 minutes after that it went up almost another 10%...

I sold my Moderna stocks, too. And right after, it went up another 5% to where I originally wanted to sell the stock -- and then dropped. My initial plan was great. And because I looked at the chart once too often, I missed out on 5%...

I gave up on getting rich quick. For me, it's getting rich slowly from now on. Much better than going broke quickly, because I did not have the patience. 😁

My only exception is BCH: I will hodl that coin at least until we see 5-digit prices.

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1 month ago

You've been busy with that video huh 😆

Exactly, I agree with you that looking at the chart now and then will make made wrong decision because sometimes the chart is playing jack n poy 😂. I will stop futures trading for now and stick to spot trading, slowly at least like you said we don't get broke easily.

Same here, for long term hodl let's go for BCH and wait for 5 digits figures.

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1 month ago

Yes, that video took forever. And looking at the final result I would think that it should not have taken very long at all. 😂🙈

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1 month ago

Hahaha, yeah because it's 7mins long. Is it really hard to edit videos?

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1 month ago

I wouldn't say that it is hard, but it takes forever. If you want some text to appear for instance, you have to find the right time for it to appear, write the text, format it, find the right place for it, choose the color, find the right time to disappear and possibly add some fade in and out effect. And you repeat that for everything you see in the video.

And you need to edit the audio, too. Remove noise, remove mmmms, cut it so that it sounds good. Make sure all audio has about the same volume. I could have done better with the last point to be honest. 🙈

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1 month ago

Yong sa trading talaga sayang yun ee 😭 back to zero tuloy ulit ako. Isa pa sa dahilan bat nangyari yon is dahil nag padalos dalos ako. Yong diko naman talaga feel na tataas si bch pero nag tiwala ako sa kanya ng lubos nakampanti ba 🤦 ah tae talaga.

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1 month ago

Hahaha, wag kase masyado mag tiwala din masasaktan ka lang 😂 di ka nmn nag iisa, marami nmn tayo. Mas malaki pa losses ko sayo.

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1 month ago

Mula ngayon may trust issue na din ako 🙄, chorrr ahaha

Oo nga mas malaki sayo, kasi may kasamang real money dun ee.

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1 month ago

Galing din nmn sa kita sa read.cash ko yun 😁 mahal nang lessons 5k mahigit in peso 😂😂

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1 month ago

Sis, you forgot to add, it is easy to lose crypto from Telegram Scams. I lose 5 XPR in those scams. Huhuhu. Never believe in quick rich promises especially if the investment amount is too low.

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1 month ago

Hahaha, I didn't add it because I didn't experience it and I forgot there are a lot of scams in Telegram.

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1 month ago

I remember when I was in trading in SG . Inagaw nung anak ko Yung phone at napindot ko Yung 100 % leverage hahaha.

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User's avatar Yen
1 month ago

Tae, ang laki 😂 sunog kaagad konting kibot nang candle stick 😆

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1 month ago

Oo hahaha buti tumaas BCH non haha. E live Yun 😂

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User's avatar Yen
1 month ago

Haha... Very well said... Nasabi mo tlga lahat. Iba dun at ginawa ko rn 🤣🤣

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1 month ago

Haha, kaya nga lahat ata tayo may nagawa dyan 😂

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1 month ago

Sa Xrp ata at future trading ako may malaking lugi 🤣🤣 wait yung FOMO d mo nsama

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1 month ago

Kasama na yung FOMO sa buying coins at peak then sell at the bottom yan ang rason na FOMO hahahaha. Ako malaking lugi ko sa futures trading at 1INCH di ako nadali sa XRP sa 1INCH nman hahahha

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1 month ago

Sabagay. Haha

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1 month ago

Kaylangan ko na din ata magshare ng experience ko nito 😂

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1 month ago

Hahaha, sulat na nang mga experiences 😆

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1 month ago

NO TO FOMO Lol!

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1 month ago

Yes FOMO is bad 😆

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1 month ago

I'm learning and still losing but now on my way to recovery. 😅

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1 month ago

Good bhe at pa recovery kana rin hahaha ang dali lang mawala nang pera sa crypto 😂

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1 month ago

Sadly though, we may lose our money from several reasons. However, it's necessary to overcome the situation asap otherwise things get even worse... 😶

$ 0.05
1 month ago

Why did you not tell me this? 🙈 Hahaha this is me waiting to get double kill. 😅

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1 month ago

Hahaha you made me laugh dear 😂😂

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1 month ago

Exactly, we need to overcome it 😁

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1 month ago

🤣🤣🤣 I never tried trading. That is because of slow network always in here. .. But i tried losing 4 dollars only when i tried converting my crypto from peso to crypto at a high price.. That time i have no knowledge about crypto yet. 😅.. Most lost i have, it happened to me when I joined scampanies. 😁

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1 month ago

Hahaha madami din ako scampanny nasalihan mas malaki loses ko sa mga yon almost 50k php 😂

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1 month ago

Whew! Anglaki! Well, let bygones be bygones, importante natuto na tayo.

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1 month ago

Wow, that was really nice for all that.

Funnily enough, that article that you linked was also my apology letter to my dad who warned me a few times to stop it, haha. Lessons can be learned.

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1 month ago

Yeah, lessons can be learned through our experiences 😊

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1 month ago

I am guilty of buying shitcoins and that gambling addiction. I have used Yobit as my primary exchanger and as you may know, it has this thing called Dice where you can try your luck and double your cryptos. You may win at times but you would also lose surely. The chances are that if you got addicted to it, you will be greedy and eventually lose all your balances. Thats from my experiences. But as they say, experience is the best teacher so I dont do it anymore. Thank you maam for sharing all these things. God bless!

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1 month ago

Yeah, gambling addiction is hard to deal with it will lose all you have if you can't control it. We all have these mistakes but we should not condemn ourselves because through experiences we will learn our lessons.

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1 month ago

Very well said. I really did learned from it and never went back. Thanks for this wonderful article.

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1 month ago