I lost almost $200 in Future Trades (What did I learn from this Loss?)

Article # 123
Dated: 20th May 2022

Its 7:30 AM in the morning and I woke up at 6 AM. I didn't get out of my bed, scrolling through social media for 30 mins. When I entered the washroom to take a shower, the rain didn't start. When I got free from the shower, I could see the roads turned wet. So it's a blessing for us in intensely hot weather. It's sprinkling and I hope it gets converted to heavy rain so that we get to enjoy pleasant weather for a day or two.

I lost almost $200 in Future Trades

Before you guys start asking why I went for Future Trades if I had no idea, I would clarify that I didn't go for it myself. I joined a premium WhatsApp group after a few recommendations where the admin would give us future signals based on his technical skills. Unfortunately, I realized he didn't know much and it was all his assumptions. Experts do provide the stop loss signal but he didn't. SO I put $15 in BAKEUSDT and ZILUSDT as per his signal.

BTC started dumping and these coins were dumped along with it. So I had to add margin to save it from liquidation. I reached $88 in ZIL and $100 in BAKE and I thought I would save it from liquidation. I didn't add all the margins once, I kept on observing BTC value and then added margins on the basis of that observation. But BTC went below $28,000 and unfortunately, I could not save these dollars from liquidation.

We kept on asking the guy what should we do? Should we close the position and escape from a big loss or should we keep on adding margins? He gave us the advice of adding the margin as he thought the coin will go up.

How was I feeling after a huge loss?

It was a huge loss for me as I have never lost any money on anything. And losing $200 was a huge thing for me. So I was really sad and I was pissed more than sad. I was pissed at the guys who gave us the signals. I know signals are based on technical analysis and I also know anything can happen in the crypto market but he should he provide the stop loss so that we could have avoided such a big loss. All of it happened almost a week ago. Thanks to the Swat trip which made me get over the loss and I thoroughly enjoyed the trip.

What Important Lesson did I learn from this loss?

The one most important thing that I learned from the crypto market is, Never to put money on Future trades if you don’t have any technical knowledge about them. Don’t rely on others' signals as no one can care more about your money than yourself. And you can hold no one accountable for it. My money is already stuck in the Spot Trade, So I am waiting for the BTC to pump so that I can clear my already stuck crypto. And then I will do only Spot Trading.

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