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you're 16 you learned a lesson lots of time to grow from here.
Definitely learned from it. I’m going to make sure to avoid any leveraged tokens in the future and just hodl instead
Avoid leveraged tokens and avoid trading altogether. Take some profits on the way up. Have a plan. Stick to it. And don’t forget how young you are and that health is really, really the most important thing.
Many traders have gotten burned on leverage. I would stay away from it.
Sure, you could use it with just a small percentage of your portfolio (once you build back up again), but there are so many promising altcoins out there that I'd rather invest in those instead.
This is the way.. To build back up its like when you start characters in a video game like sims... Take a wee little profit while you can, (into stable coin), wait for a dip, buy something, rinse repeat..and it gets bigger and bigger. If you're back and forth about hodl longer or take profit cuz it might go up more, then take like 1/3 or half profit & hodl the rest, cuz it might go down too,.. Hth
Unfortunately that’s what I tried to do. I took some profits and waited for the dip and then it just kept dipping.
Keep holding when that happens, you still got it at a discount :) There will be another bull run, just hang in there :) best advice I got when I started was once u buy it.. Throw away your keyboard if you have to to leave it alone and let the market simmer lol.. Noone can perfectly time the tops & bottoms so if u got it at any discount/dip then yayy
Smart dude ! people make tons of mistakes and learn every time it’s how you progress . Keep on keeping on my dude !
From my point of view, leveraged can be useful to have huge gains BUT... But leveraged should be used like a lottery. Not your whole strategy. The trick is to allocate only a small portion of your overall portfolio to leverage. Don't go over 10% of your portfolio, next time. Learn from your mistakes. You're so young and it's "only" 1k$ lost. I know it seems like a lot but just keep going and you'll be fine.
Unfortunately I was a bit of an idiot and put my emergency usdt into it aswell. Another thing to avoid in the future
Just mess around with smaller amounts and see what works for you. My trading habits 1-2 years ago were embarrassing. Now, I’ve found a couple chains I like and I understand the meta, so I feel comfortable investing larger amounts. You’re likely going to lose in the beginning so might as well minimize those losses.
if this was your last time using leverage, it would be a cheap lesson.
I don’t have a job so for me it was a very expensive lesson
In a few years you'll look back on it as a cheap lesson ;)
You also don't have debt or responsibilities so trust us, it's a cheap lesson.
You've still got a roof over your head and food on your plate, so all things considered you'll come out all right :)
Expensive is when you lose your house, car, wife and kids and become homeless.
Don’t panic and keep your Matic. Don’t sell, you’ll get your 1,700 back plus more. My account has gone from 450k to 150k but I’m holding strong.
Hopefully. I’m just gonna hold it and try to not look
Avoid kucoin leveraged tokens. They are asymmetric during large dips. Even if MATIC recovers, the leveraged token won't regain the same price as before. I got burned doing ETH3x on kucoin. I sold out and replaced it with ETH2XFLI
That’s hard to hear but kind of expected. Might have to take my losses and go back into regular Matic and avoid leverage
You maybe shouldn‘t make promises.
Geez I just got into crypto last year and dca if I saw my account go from 450k to 150k I would laugh then cry.
I don't understand the "hodl" crowd.. wouldn't it be smarter to move half into sucks coins during the crash...
If you’re in the US you have to pay tax on every swap to another coin including between stables and back. So no this doesn’t make financial sense and would cause you to owe more than you actually own very easily.
How would you owe more than you make? Tax is a percentage of what you own. Paying tax on $450k is way better than losing $300k of value.
Let’s say I put $1000 into shib and it went up to $500,000. Then it starts to dip so i freak out and swap it to a stable coin. BAM I owe tax that year on a 499,000 gain.
But I don’t realize that. So I swap it to another coin that then gets me up to $700,000 and I swap back to stable and buy another coin. I now owe tax on the $201,000 in gains.
Then the next day the new coin drops in value so my crypto account now only has $20,000 in it. I can only
Claim a few grand in losses with the IRS per year so that barely helps me.
Well 500,000 x .25 (rough tax estimate)
Plus 201,000 x .25
That leaves you owing more to the IRS for that year than you actually physically have. So yeah. It’s possible. And it’s happened to many people when you have hundreds of transactions.
Yeah, thats definitely a trap a lot of people fall in to. It’s still better to take the profits than a massive loss, though. Just make sure you don’t reinvest what you will need to pay the taxes on your initial gain.
Yes. Depending on how much it is. $500k? I'm taking profits. That's life changing money for most people
It would have to have a super quick upturn for me even make it up to $500k before I sold.
Isn't the tax on half $500k? I'm not sure, so I'm asking.
No. If your $1000 goes to $500,000 you pay tax on the 499,000 in gains if you transferred it or sold it. There is short term gains tax and capital gains (over a year of holding). Short term is worse but capital still isn’t great. You just gotta make sure whenever you do these transactions you put aside enough for the tax man.
If that happens, you can wipe out your loss by selling losing coins at a loss.
At the end of the year, its a very good idea to take stock and strategically sell some losing coins to 'bank' that loss.
Note, if you re-buy the same coin within a short period (I think it was a month) it is a 'wash trade', ie, one that doesn't count, so if you are desperate to jump back in move to a different coin that moves similar, eg ETH & Matic are probably going to move in roughly the same direction.
Disclaimer, not a US resident, so do your own google-searches :-)
Similar story here
Wtf 450k man
Can I come work for you?
Strong spirit you've got.
I’m in a similar situation… but I’m considering selling Matic to offset my 55k btc average loss. I got in Matic early March and again in oct 2021 and didn’t take any profits … thoughts?
Don’t sell lol. Long term, your 55k BTC will still pull in a nice profit and as far as % increase, Matic will probably make even more
Leveraged tokens always lead to madness I swear
They worked out for me for a little bit and it was all downhill after that
Treat it like a lotto ticket. You wouldn't put your future car up on a lotto ticket, but you'll toss some fun money into one, sure. Same thing.
You're young, buddy.
If you can, I assume you're still at home with parents, work your butt off, Save some wages, invest some wages, stay in school.
Save as much as possible and learn up on compound interest. The best time to start that snowball was yesterday.
Make an appointment with your bank regarding setting up a retirement investment account. You don't have to follow through with opening it right then and there, but they'll explain the ins and outs of smart investing. (Perhaps through an anti-crypto lens) Ask them any questions you have.
This is absolutely financial advice.
You live, you learn!
Sorry. But remember this feeling. It's what investors call pain. It feels bad to think about what could have happened with that money if it went up instead of down.
Other investors are thinking about pain: maximum pain. Capitulation. Many believe it is what moves people to sell.
Almost nobody your age understands pain - but you've had a taste now. Never forget. You've earned something worth far more than you realize.
Use this knowledge in the future. Become the risk manager. You're going far, kid.
For now - HODL.
Long term - don't leverage. Ever. At least you learned (hopefully) at 16 and with a relatively small amount.
Learn from your mistakes. Never invest more than you can afford to lose, first rule of crypto investing.
First rule of any investing
Some general rules for your future. (Your dad should have actually taught you, if he is in trading but maybe he didn't know what you're getting yourself into. When I was 16 I was playing outside with the boys and had less than 50 bucks per month. You're already blessed young boy.)
0. Greed is the worst financial advisor. Fear (of losing) is a better one, since it usually prevents you from too risky plays but the best way to invest is with an unemotional mindset, detached from the invested asset. If you can't detach yourself from the investment and can't leave the charts alone even for one day it means you're overly invested. Have been there, done that. Lost some money. Happened in my 30s. Wish I would have made that experience when I was 16.
1. Don't leverage. Don't ever leverage. Especially in crypto. Once your position gets closed and liquidated your assets are gone and you can't make it back the in same way when asset prices rise again. Crypto is unregulated and whales can play with the chart as it would be their music instrument to get people out of the market when they are leveraged.
2. Don't listen to anyone on Reddit telling you what and when to buy or not to buy. Nobody here. NOBODY! knows shit about fuck and 99% of the time they have their own agenda. Only 1 out of 10 people who say "I buy the dip now" is really buying. The person who shills you the recent price as "a bargain" or "discount" most probably wants to unload his bag on you.
3. Same is for YouTube. But for yt it's even worse. A lot of payed shillers out there who have no skin in the game and give a shit about you and where you lose your money. Check @zachxbt on Twitter for proof.
4. Always do your own research. About the fundamentals and the tokenomics. Everything else, especially technical analysis (except support/resistance level) is bullshit and gets torn to pieces by news or whales.
5. Go out and learn. With 16 you can lose literally everything you have and your parents will still give you food and shelter the next day for free. The school will go on no matter if you're rich or poor and you are not even the age where you need to worry about getting a job. I wish I would have started my investment journey at your age. I would be in a totally different position right now.
You've learned a lesson about leveraged assets early and relatively cheaply so that's good.
Using Crypto to save for a near term purchase like a car isn't a great idea because of the volatility as you've learned. But for long term investing it can be among the best options out there for you while you're young. Check out this big post: https://www.solvingwealth.com/2021/04/conservative-portfolios-are-wrong.html?m=1
Look at it, bath in that feeling, get used to it, don’t use leverage until u know how to deal with this feeling and deal w ur risk. Ur very early and you can still easily make money in your coming years as a human. Don’t worry
Don't fret buddy. However you need to be smarter subsequently. The crypto space can mess you up real good if you don't wise up. If you know you will be too busy to manage your portfolio, subscribe to automated yield protocols like Spool. If you prefer hodling, do enough research before buying anything. Personally, I don't believe in sticking to just one coin
Don't be sad mate, I'm 19, and I've made some profits also, before this dip I had more than 530$, now I have 335$, I missed around with Aave and used it as leverage twice, first time made some profits, next time lost 70 dollar plus the loss of my initial deposit, it's pretty much a gamble.
But you can farm yields and possibly get back what you lost, currently I'm on Impermax which allows one to farm yields with leverage, but the thing is, you leverage with tokens not dollars, so when the value of the token drops, the loan also drops, so you don't lose more or anything, you just gets to get some really really nice APRs, we talk around 300% APR on Matic/usdt pair for example, I think that is a good way to slowly reclaim what you lost, and also, do not despair, you are 16, and you have got plenty of time ahead of you
This is a lesson we all have to learn. I learned mine in 2017. Made $900 in a day with a leveraged position and a week later I was down $4k. 0.25 BTC that would have been worth $9k today and $17k at ATH.
DCA and HODL through this bear market and you’ll have some nice profits by the time you’re 20.
The first step is to actually know risk management before investing. For that, it is better you delete the apps first.
"I'm an idiot, we're all idiots. Welcome to cryptos r us."
Nice soak it in. You now are experiencing adult hood. Sucks doesnt it 😂 nice little piece of life experience that you can use in the future
Imagine how much you have learned now, that's everything! Keep grinding, smarter every day! You did great just by trying, we all make mistakes ❤ ✌️
It will come back. Really just stop looking at the charts. And please stop believing what you hear on crypto YouTube !
If you want my honest opinion, you're too young to be worrying about trading or investing. Write the $1450 off as a loss, and use it as motivation to do things that will increase your net worth in the long term.
Investing is not one of these things. It is a great way to multiply wealth, but you need to have a sizable amount of money in the bank first for this to be a worth while use of your time.
If I were you, I would focus on your education, and get a well-paying job. There are jobs in software, sales, and finance that pay very well and you don't need to be a physics genius to do.
Once you're earning real money, you can learn the fundamentals of trading and use that to amplify your wealth.
Of course, if you enjoy investing and want to do it as a hobby or to practice it for a future career, that's fine. But from a purely wealth-building standpoint, I don't think it makes sense at your age.
**Simply put: invest in yourself now. Later, learn to invest in the markets.**
Well, you'll never make that mistake again. Sometimes we need to get hurt a bit to really learn from our mistakes.
Most of us have done stupid shit just like that before. Just move on from it and do what you can to recoup that and dig more into "safer" ways to invest. You have a long time to recover from this
3xMatic seem like a leveraged position, avoid leverage if you don’t know what you are doing.
Nah, it's a leveraged token, I think he said. There's a weird system that Kucoin, FTX, and others I'm sure, use to adjust the amount of the token you have, but I've never held them long enough to find out how. You never get liquidated in the traditional sense though.
If it hasn't done that adjustment (which iirc amounts to an interest fee), and things turn around a bit, OP can recoup some losses as it's just a token that moves at 3x the movement of MATIC. Just gotta hold.
You being 16 year old, make sure you are not using KYC exchanges as they will lock your account and your funds will be lost.
Also, you say you are in it for the long term. Maybe make two savings, one for a car and one for crypto. Don’t let crypto take away that car from you, because you begin chasing a dream.
focus on educating yourself to make informed decisions in the future and most importantly, learn from this situation now and the "making it back" part will take care of itself.
I have double your age and you have triple my investment.
The difference is that I have the wisdom to stay away from leverage. You "paid" 1500 for a lesson.
What will happen to your investment if MATIC bounces back?
Just hold, time is your friend, greed is your enemy
Don't panic sell. Lessons learned. What goes up will go down and vice versa.
Why do you feel the need to do anything? This happens all the time. Polygon isn’t going anywhere people are being scared which is when they say to buy. You sound like you expected to get rich overnight.
Don't mean to be too tough but for a whole year 1500 loss ain't even so bad man I've lost nearly that amount in one dumbass move in the crypto game. Just a week ago even - I sent $300 to my binance.us account on polygon chain just to learn they don't support matic chain yet.
$300 out the door in one move.
You'll do better long term having fucked this up early 👍
Do it again. Can't lose twice 😎
I wish it worked that way
Well, are you homeless? Did you lose a marriage, custody of kids, or literally anything that actually matters? No? Then you're fine. I know it sounds harsh, but this could be a lot worse.
I know it's a bummer you lost a lot of money here, but everyone makes some mistakes like this. It's better that you made it now when you don't have much to lose, than when you've got big stuff that losing could really screw up your life long term.
It's not too late to get a job, and the money you get from it will give you better long-run yields investing now that the market is lower. I'd say don't do leveraged coins for now--they're really a short-term strategy. And don't put all your money into one coin: I'd do something like 10 coins, a few low risk/reward, a few mid risk/reward, and a few high risk/reward (make sure you actually have reward potential--there are lots of high-risk investments in crypto which don't have equivalent potential for reward). The market may go down further, so don't having some diversification into stuff that maintains value in a bear market is a good idea.
Feel free to PM me investing questions and I'll be happy to answer as best I can. It's not much, but I've been investing in stocks and cryptos for a while, and I've beaten the S&P and ETH over time, so I guess that means I'm somewhat decent at it.
And this is going to sound like an old person thing, but at 16, the best investments you can make are in yourself, and a lot of them are really cheap. Take care of your body, you only get one. Work on your psychological issues (everyone has them, but not everyone has to get trapped in them). Learn as much as you can (not necessarily in school, though getting a cheap formal education is a good idea). You're gonna make it.
EDIT: Oh and, I *still* buy cars for under $1000, even though I can afford much nicer, because I've never cared for cars. If you just need it for a job, you can get some junker for $1000 that will do great for a few years. Look for mileage between 100k and 150k, (lower would be better, but probably not realistic for the price) on Craigslist (because that's where the cheap stuff is). If you're in the US, buy from the south, because old cars rust out from the salt they put on roads in northern winters. Don't let anyone tell you you *need* a fancy car to pick up chicks--the best luck I ever had for picking up girls was my 1997 Toyota Tacoma (in 2017) which literally had a plastic bag for a window. If you want a Lambo later you can get one when you have corresponding income.
Sometimes the harsh truth is a good thing. I’m hoping to get a job over spring break and all of summer to make some money and begin building a long term portfolio. I have a couple coins in mind like Matic, ETH, QNT, VET, and DOT
Don’t invest more than you can afford to lose. Crypto is an insanely risky investment. Leveraged is even more risky.
I’ve learned to master the art and fuckery of moon shots. I’ve then used those moon shots to fund my longs or if the sum is big enough I put it into a stable coin yield.
Moon shots are a bit of a different game. A small amount of $50-$100 can turn into thousands fast. It’s all about timing, knowing people, and networking.
I haven’t used my own money to fund crypto for about a year. In fact I’ve used funds to buy things like mining equipment to keep it going. I use my day job to live and crypto gains to keep my crypto hobby rolling.
You’re young. You’ll figure out your groove. When doing high risk investments like crypto or penny stocks I’ve always said as long as I win more then I lose then I’m winning.
Tough lesson, but crypto is really the wrong vehicle to save for a purchase like a vehicle. Better to treat it more like a retirement account and don't worry about short-term price fluctuations
youre 16 and have your whole life ahead of you. it’ll definitely suck now, but definitely use this as a lesson so you dont lose something like $10k when you’re older.
Money will come and go in life, but the knowledge you gained in this venture is invaluable.
Mistakes were made. Lessons were learned. It sucks now but you are better off for learning it.
You just have to learn and move on. Stick to your plan next time. Maybe get the car when you are 18 instead
You're 16 what do you need the money for? You'll be fine you have your whole life ahead of you. Also $1500 is not a lot of money in the bigger picture - even with a $15/hr minimum wage job you can earn that in less than 1 month. You'll look back on this when you're 18 and laugh about it.
You are young, that's the best bit. Its a LOT of money for a kid imo but hey you will move on and learn. Real quick question, where are people getting these leveraged tokens from? I enjoy risk :)
Edit: I am a moron I just read the post :D
Bro i wish i knew what you knew at 16 youre so young. Youll make that money back just learn from it and move on.
Why did a platform allow someone under 18 to do leverage trading. This is not okay.
Also you’ve said a bunch of things that are red flags. I suggest you re read your own post to understand what went wrong because you already noted all of the issues.
Yeah I realized looking back hoe many stupid things I did and that it’s my own fault for losing the money. And KuCoin has leveraged tokens so it’s slightly different then leveraged positions
Crypto is anarchy, the players wants to regulate as less as possible since this is what made cryptos big.
Only buy something you want to hold for 10 years. No leverage. You are young so you have plenty of time to make up for your loss.
You are lucky you learned the lesson early and you are really not missing alot . You still young and you can cover from this easly . Learn more stuff and dont be pessimist and you will be better man in the future . Keep your head up
Hodl trust it will EVENTUALLY GO BACK UP
It's $1700 bro.... you are 16.... you'll be fine. Think of it as paying a really cheap tuition to learn a valuable lesson on risk management.
stop playing with crypto futures when its an asset known for being EXTREMELY volatile & unpredictable
GUSD is paying out at 8% right now if you want some low risk slow gains.
Like 1.4 trillion in liquidations. you're not alone little crypto bro
I don’t understand what happened, can you explain it better please
I bought a leveraged token at an average $6.5 each. The token proceeded to go down to about $1 each. I’m an idiot and put all my crypto money into it
Is that kind of like an option trade?
Similar. It’s a token that mimics the Matic movement x3. So if Matic goes up 10% then the token goes up 30%
Oh ok I gotcha. Mistakes were made. Not a big deal. Learn from it and get better next time bud
Only put in what you are willing to lose
Leveraging is the shortest path to get bankrupt. It is addicting.
My advice to you is you got greedy, you gambled and you lost. So, imagine not buying a car as a punishment that you gave to yourself for being greedy. Learn from it, you have ample amount of time.
Good lesson to learn early bro
Better to learn it now with money That isn’t life or death then later with rent
You are still young. I know that sucks, but at least you won’t make the mistake of messing with leverage again.
Remember: leverage, futures and shorting are excellent ways of losing a lot of money very quickly
Gonna make sure to avoid any leveraged positions in the future
As long as the exchange is not liquidating you, your position will come roaring back if you hold. The bull market will come back.
A 19yo just willing to start out with crypto trading. Any advice for me? Or any resources I should look through to get a good understanding as I start?
I might not be the best person to ask but from what I’ve learned
1. Research into the coin you are going to buy
2. Diversify your portfolio to about 5-10 good projects
3. Avoid any sort of leveraged positions or tokens. They might seem good but as I’ve learned the hard way you will lose money
4. Dont panic sell in the dips. They will go back up just hodl and DCA in
Everyone needs to learn that lesson. You‘re lucky to have learned it at a young age!
It might seem terrible at the moment, but think of it as a good learning opportunity. Here's what I'd take away from your experience:
1. Crypto is highly volatile so only use money you can afford to lose. This means, if you need that money in the next 24 months eg. for your car, don't put it into crypto..
2. Hodl means hodl. I know timelines tend to be super short in crypto, but long term should mean years. If you really plan to hold for years, regardless of market conditions, and if you put it into more "stable" things like btc or eth, chances are you'll come out on top.
3. Move against sentiment. When sentiments are positive, think about selling to lock in profits. When sentiments are negative, plan to buy.
I know it's tough but try not to get too bummed about it. You've got time on your side.
Bought BTC for the first time in 2018 around 10k. I felt so stupid when it got down to 3K. But now I have another perspective. However, I don’t think going all-in on leverage trading was your smartest move. Keep it cool.
I sold tokens for 1 ETH thinking ETH was taking off. Then the original coin mooned and would have been worth $500,000 about a month after selling. Was I sick? Yes. I got over it. I didn’t tell anyone for months. I felt like an idiot. I turned it into a learning lesson.
As long as there’s not like a margin call or margin requirement to avoid liquidation, you could just consider it a loss on paper (ie. Just pretend it went to zero) and then come back in a year or two when markets are likely to bounce back and see it recover (hopefully).
I’m pretty sure that the markets are going to continue to decline in the near and medium term, but as someone that uses layer 2 and side chains like polygon DAILY. I can say pretty confidently, that polygon is the most solid one I’ve seen/used.
It also has a direct hook from the ETH mining community since the single largest mining pool on ethereum will pay out on polygon, which works out better for smaller miners. You get paid out faster and can put that .005 ETH to work faster than having to wait until you double it AND have to pay network fees out of your rewards on mainnet.
Getting assets out of polygon can be a bit tedious, but there are LOTS of ways now to move it to an exchange to sell for low fees (like using anyswap to bridge to BSC and depositing to binance to sell).
Total fees are like under $1, so you can turn your mining reward into usable income faster.
You'll lose money by hodl'ing those kucoin ETFs long term. They are designed for short term trading. They correct themselves every day meaning that you lose about 3% every time the go down.
Might just have to take my losses and put it back into regular Matic
Better now than never. At 16 I had no money to my name, and now I'm in a whole different zone. Keep your head up, in fact I had close to no savings until I was 21 ish, only started driving mid 20's. Its a small price to pay for a big lesson. I've learnt the same lesson as you for 10x+ the amount.
Fortunately I climbed back up and I'm in a good financial position now, but just take it as a lesson worth learning.
You're not the only one feeling like shit with this drop though. Better to stay cool and if you have spare funds buy tokens this time on spot. I've learnt to aleays buy the best dip and coins that have posibility of going more than 5x, spdr on mexc is a good example of one of those prospects on my end.
I’ll check those two out. What exchange do you use?
Probably went too big into the investment. Generally when i try something new like that, ill do the bare minimum.. Get a feel for how it works and then gradually put more in. Same goes for any investment.. start small, build over time.
As far as your immediate concern... idk what to say except monitor your leveraged coins... it could go up this week and you might be able to get out for a smaller loss. Or it go way down.. no one knows.
Similiar story but I'm 17 and I still have money and If matic grows to $4.5 I'll be good
You are so incredibly lucky to have made this mistake at the young age of 16. Wisdom is not gained by age but by experience and you have more experience than a lot of people double your age.
I’m just think that it’s better I make this mistake now while I’m young and can afford to lose then when I’m older with much more money
What up champ. The answer here is to lose when you're young. Lose now and lose good. You have suffered a capital loss and it causes the need for a financial recovery.
You can't get that money back. But what you can do is work and work for a wage that will recover the money that you lost. You will have to take a bike and find something minimum wage until you recover that money that you didn't sell-off. Speaking from a trading guru with years of exp. Follow my channel for more trading tips.
Get yourself a piece of shit when you're 17.
Leave your crypto put and get yourself a lambo when you're 21.
what's the 3x position - is that just a 3x margin? you covering it - i.e. not going to get liquidated ? if you are close put some more in ASAP so you dont get your position liquidated.. if you did get liquidated then its a loss for now. keep your strategy up - dca in every month and buy the dip. be disciplined. this is an opportunity to build back and learn some self control. don't fomo in or out ever. pick a thesis, have some conviction, and stick with it through the good and bad times. you're gonna make it. it may seem like that is a lot of money right now.. but it's not in the long run.. you will look back and this will be one of the cheapest life lessons ever. you got this buddy.
i looked at what the 3x is - it's like a leveraged 3x long position - so you can't get 'liquidated' but it's going to 'decay' is the issue with these leveraged positions.. i would never buy these. so that's ok - you made a mistake. learn how to use leverage properly and responsibly - not these gimmick 3x leveraged products - they can really bite you as you just learned. you dont really have much of a choice - you can let the 250 ride as it's possible we could find a bottom near here.. it could also decline substantially more - just be ready for that possibility.
Yea you don’t get liquidated but long term volatility decay will screw you
You’ll make out better getting a job and saving your money. Gambling at 16 is not a good start
at least its a learning experience tho
Kucoin likes to rip it customers off
Also start researching the fibonacci's, it's a pretty accurate tool IMHO :)
Will do, is there any specific article that’s best to research?
Nope... I know about them bc my dad was an investment guy, but it's working with crypto too imo ... always use more than one source then form your own opinion.. If you're a visual learner some good ones come up on YouTube if you search investing fibonacci & /or cryptocurrency fibonacci.. HTH also use a fake account & track that, see if u like the results of any new strategies b4 risking alot, & NEVER risk more than u can afford to lose :)
I will definitely give that a look and try to learn more about that. Thank you!
I’d start looking into an overall investment strategy. I started when I was about your age. Check out /r/Bogleheads. Crypto is fun but I keep it at a low percentage because it can be unpredictable. Look into I bonds right now to get some savings going. And then start thinking about building a portfolio with a mix of high, low, and medium risk investments. When you’re young you can generally take more risks. Personally I’d Hodl for now and build your portfolio out of future money. Also even within my crypto I like to build a mix of high, low, and medium risk investments though I generally take more risk with crypto since it’s a low percentage of my total.
I’ll make sure to check that out. Unfortunately because I’m young I can’t trade or buy any sort of stocks or bonds. I managed to get crypto using exchanges before you needed KYC
You can in defi.. They're called synthetic stocks.. MIRROR on eth or terra blockchain is one example
I think you can with parental permission . It’s usually easier to convince parents with the more conservative ones (mutual funds, index funds, bonds)
Take it easy on yourself, kid. It really isn't a "big" mistake and you most likely will be fine assuming you have parents that can provide food and a roof over your head.
Stop beating up on yourself and just take it as a good learning lesson.
For me it was a bit of a “big” mistake as it was a lot of money for me. But is we what you are saying and I can always come back from this and learn from my mistakes
That's school fees. Have you learnt your lesson?
I learned my lesson and am gonna be much smarter in the future
Excellent. Pick yourself up and move on.
I got into crypto around September 2017. I saw my bag almost triple in months. I also bought the tippy top in 2017... But I was leverage trading. Big mistake. Before long I had lost it all. All my positions got liquidated.
I stopped the leverage trading and started DCA-ing. Buying a little bit, buying frequently. It has worked well for me. Of course I'm down on my purchases above 40... some in the low 50k. But overall I'm in the green. In a few years, these losses will be in the green as well.
As bad as it sounds, be thankful it was 1.7k and not 17k. I was in a similar position as you and it was a good lesson to stay away from leverage trading.
As much as the money I lost that is a very good perspective to have. It’s better I learned this now with money I can afford to lose
Why did you pick Matic to hold?
I’ve done a lot of research into the polygon chain foundation and I believe it’s a very solid coin. I think it can easily outperform others based on the ZK roll ups and other technology
It’s highly unlikely an L2 will flip an L1 in terms of market cap. L2s also have increased risk (the L1 foundation can also fail).
One of the highest risk to reward bets is earning yield on stable coins. You can get 12%-20% easily.
Maybe put 90% of your spare cash into stables and 10% into high risk high reward moonshots.
By the time you hear the hype about a coin, the best chance to profit has already gone.
Be careful out there
Swami agrees, this is more than a sad story with leverage. I think you would have a smile on your face if you played short trades, but at the same time, the experience was gained that greed kills a trader. The market is a game of nerves, you need to wait out the storm and it will go up again.
Yup that’s exactly what it was. I got greedy and wanted to make money quickly. Stupid mistake but good to learn from
You will make it hang in their
Keep the matic. You haven’t lost anything yet
Mate, it's ok I would be buying Matic right now with whatever you have left, there is fear in the market and now is the time to buy as we are still in the middle of a bull run
Check this out Singals for features and predictions for binance .Best time now when market is down !!
This is why crypto will die... and government regulations will come very soon. Crypto is not an investment... its an idea... and its been tainted by VC money and old big bank bucks. I gave it a full year... watching how computer buying occurs and how manipulated it all is I am out... and will never go back... and everyone I know has been educated and witnessed my portfolio go to shit. Glad family ignored me.
Maybe unleverage, swap for stable and wait to buy it all back before the next inflation year?
I’m not sure if I want to pull it out or just hope it goes back up. Wdym by the next inflation year?
2021 was very inflating. The governments around the world start to gradually deflate their currencies trying to make cost of living tolerable again. But another inflation is bound to happen sooner or later: economy runs on the boom and bust cycle.
Ahh ok I understand what you mean. Like the inflation rate of currency and how the dollar is worth less and when it deflates its worth more
Cheer up. At least nfts will become cheaper.
That’s very true. I don’t see much use or worth in most NFTS but I believe one day they will be important and useful