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REKT Too Many Times

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Written by   27
1 month ago

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Well here we are everyone. We are getting absolutely destroyed in dollar value throughout the markets right now, and yet I was still feeling confident enough to take some risks.

Here are the three posisitions that I had liquidated just in the last 24 hours:

Went long on RUNE @ 5.65 10x

Went long on LUNA at 29.45 10x

Went long on RUNE @ 4.55 5x

After getting REKT in the two 10x positions, I thought we must have been nearing the bottom so I took a bit of a larger position in RUNE with lower leverage expecting it to be a long term hold as the liquidation point was roughly $3.30... Yet to my absolute shock, we actually found that point as RUNE bottomed this morning around $3.20.

Now I won't make this a sob story because I wasn't using life changing amounts of money, but it does sting to be wrong so many times (so dramatically) in a 24 hour period. I will financially recover from this within a week because I have been more responsible with my risk tolerance as of late, but I do hope that everyone is being responsible playing these markets short-term.

The Character Development

After taking these L's, I have fought off the urge to continue back and chase the losses. Instead, I have made a hefty investment in RUNE, LINK and now am trying to buy LUNA without any leverage. I guess the dream of hitting big on the volatility distracted me from the ultimate goal of wealth accumulation over a long period of time. This morning, I changed that and am excited that though the tokens may still have a bit of downside potential, I won't be getting liquidated and will be able to ride this one out going forward.

I think that the concept of leverage is alluring and that it becomes easy to be distracted from the reality that crypto is indeed volatile enough to liquidate you on a moments notice. This is a space where you need to be on top of your risk and take advantage of the volatility responsible or you're just one trade away from losing it all.

Be careful out there and make sure you are properly balancing your short and long term investments!

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My name is Rob and I am a financial analyst with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience.

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Avatar for R23
Written by   27
1 month ago
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Comments

Well .. had 80 LUNA and at about 6k I said I will sell at 7k. Now its worth ... nothing

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1 month ago