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Gonna share my loss in futures trading in Binance. It was a three days battle I think. Someone told me, though I can't remember his/her name that I shouldn't trade in futures because it's high risk. I knew it. I learned about it before I started this journey. I have a virtual friend that always helping me when I have questions. I started futures trading in Binance around March and I encountered losses but I also had gained. Well, that's how futures trading, there are gains and there are losses too.
March 25, when I lost $30 in trade,BCH suddenly dumped so hard, I forgot the value that time, it went down to 380 or 400 I think, and I let my guard down because I know that my liquidation price was safe, far enough and the BCH was stable but I was wrong. I woke up and my entry was gone hahaha. That's life, I moved on and trade again haha. By the way, I have spot trading too, I just want to trade in futures because it gives me a thrill and stress at the same time lol. I'm a risk-taker in general. I'm persistent ever since, even if I'm struggling I won't stop easily. I normally joke about giving up when I feel tired and exhausted, but deep inside, my desire to achieve the goal that I set is burning.
Okay, back to my trading, I had recovered my $30 loss (last month) with $15 gained. Then I opened a short entry because it's going down already. I did the right decision, I gained again but I wasn't able to monitor because I was so busy in my business last week. And that was my huge mistake happened.
I didn't use Stop Loss because again, I let my guard down, and because I was too busy when I checked the BCH value, it's pumping!!!! At first, I'm not worried because I thought that its movement was just normal. Imagine my entry was 703, short. Then it goes to 800, then 900.. hahaha. While everyone was celebrating, I'm trying to save my entry by adjusting the liquidation price. It doesn't matter if I wasn't able to enter my position in Long and enjoy the pump, the most important to me that time was to save my trade. From 900 it went down to 770 but again, I thought that it's not going to pump anymore, so I didn't close my position haha.
It's actually a 3-day roller coaster emotion. I wasn't able to enjoy the pump because my funds were in my trade and I can't pull them out because I'm protecting my entry.
But the worst scenario happened. BCH keeps on pumping and it hit my 1st liquidation price before I adjust which was 1180. It's midnight already that time and of course, I can't sleep because I need to monitor and adjust my liquidation, the problem was I don't have available BCH anymore in Binance. So I had to sell my other alts and transfer my remaining BCH in a bitcoin wallet and bought some BCH during its peak. Imagine I bought a few during 1000 value? hahahahah. It's insane but that's the only way, it's a do-or-die situation. I sold some at 1100 value but I don't want to use them to save my entry, coz I'll buy when the price dump.
The endless waiting game, I started my futures trading last month but it feels like I'm drained from it already hahaha. Yesterday, I continue to monitor the chart trying to cut some losses and set stop loss, it's okay for me to have some loss but not 100%. Imagine during its peak, I had an Unrealized PNL of -$183, when it went down to 1100, I cut 6% of loss, so I had an available cont already, I add it to my liquidation price again in case it keeps on pumping.
Last night, Pisces15 sent me an article on how to read those candle movements in the chart, he said that maybe and he's hoping that it was bearish engulfing pattern already, so it's going to dump. And when I checked the candle, he's right. That's why I'm positive that it's going to dump and he's right. When I woke up it's already dumping. I already close my position, when it hit 883. I set my stop loss at 800 but greediness hits me and yeah, I cancel it but it started to pump again haha that's why I immediately close it, pikit mata.
I can now sleep in peace, haha. Am I going to stop trading in futures? No. As I said, it gives me a thrill, I learned a lot in this trading experience of mine. I won't ever let my guard down again and gonna reduce my conts. I checked my PNL since April 10 up and it's a huge dump, but it's okay, at least all in all I still have gains haha. That's life. I will just be more careful next time. I'll make sure to close all my entries if I'm going to get busy. By the way, I still did some scalping a while ago while drafting this haha. I told yah, it gives me thrills hahahahaha.
"They're proud when they win and they brag when they lose. If you're going to go broke, go big. You don't want to admit that you went broke over a duplex" - Rich Dad, Poor Dad.
I shared my wins in trade, so I shared my huge loss too (so far, pero wag na madagdagapan pa sana haha)
Trade safely. ❤
What's my plan now in my crypto journey?
I'm still going trade, diversify my assets and convert some to fiat. I'm enjoying crypto-world while hustling hard and continue to be the CEO of my life.