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RE: How I lost $100,000 in the crypto bear market and tips for you to not make the same mistakes I did. Steemit Introduction.
These are really good lessons for anybody who is trading crypto without any background in trading. Risk management was key, its a tough lesson, but you will recover! Stay strong! Welcome to steemit - I look forward to more of your posts.
@satchmo Thank you. It indeed was a tough lesson. Thanks for the encouragement.
Its very important to understand risk management. Unfortunately your first experiences with crypto were during a bull market, but you were gambling previously. In Trading you cannot gamble, and do not throw darts. Always know your levels, set stops, and the #1 rule is capital preservation. I know what the low is like, loosing, but you were not actually trading, it wasn't poor trading, you were getting lucky in throwing darts.
I suggest you try not to trade but if still want to play in crypto markets behave like an investor. Did you get stopped out of everything, like were all your trades on margin?
No all my trades were not margin. I have alot of other trades that I couldn't post cause of all the lines of transactions. But I was trading ETH, BTC, ETC, STRATIS, LTC, LISK and a bunch of other coins. I actually did not start margin trading till only a few months ago. It was good in the beginning but it got carried away.
Capital preservation is the key to trading, capital preservation is risk management. Stop losses, etc. very important. To be honest you can't just assume to know how to trade and if you dont have some sort of edge, like charting, you shouldn't use margin.
May i recommend, lend your remaining btc on polo.