Steemit Engagement Challenge S5-W3 | IF ONLY…

IF ONLY

Well every person in the world has got his/her if only story. Incase you are unaware what an if only story i am here to teach you. If only story is a type of story that is that what if the things would have gone the other way like if you walk down a street and you get hit by a car & you are left with the guilt that if only i didn't left the home i wouldn't have been hit by a car. Well now that you know what an if only is. Let me narrate my if only story to you guys.

MY IF ONLY STORY

If only i had not rushed things i would not be in a great debt. Let me explain the statement. Let's move back the time to the days when i was new to steemit & crypto market. I was learning about the crypto marketplace's & other associated things. I was learning them from youtube web articles books etc. But the major part i was learning from steemit crypto academy. Back in those days crypto academy was a standalone community & was supported by steemcurator01 & other steemcurator account's.

Well after getting few bucks from steemit. I generally used to withdraw them & spent them on materialistic things. Everything was going good & i was making my progress on steemit. Everything changes when i visit my cousin, he also used steemit & he is the one who introduced me to this platform. Well what i saw was he took his steem & exchanged the steem for BTC & them exchanged the BTC for USDT. As back then binance only allowed STEEM/BTC trading. I never thought of this thing. It was pretty new to me. I knew this could be done but it never came in my mind.

Oncei learned this could be done, the downfall started. I asked my cousin why are you doing this as we are already getting a good income from steemit. He asked the more the merrier. I thought this is a great idea of making some more bucks. So from here begins my downfall. I used to withdraw steem from steemit wallet & exchange it for BTC & then exchange the BTC for USDT & buy some random coin, without even studying the coin. I would randomly buy any coin, even without looking at the chart. Well this was not the big downfall but this was the starting of the big downfall.

Well, i had some basic knowledge of crypto & it working. I thought myself as some warren buffet as i was having more knowledge of crypto then anyone else i know. Jere comes the hard part, my friend had some 60k INR. He got those from some mutual fund or some other scheme that works the same way. As i used to shower my crypto knowledge before him. I somehow got his 60k INR & started investing them. The terms of the deal were if we get profit we will share it. Incase of loss, i was the one who bears the loss. I was greatly overconfident of myself because i thought what could go wrong, as i possibly have all the knowledge required.

I asked my cousin & he recommended a coin named VITE. He said it's in buying phase it was trading at 0.09127$ at the time of discussion. He said it generally moves to 0.11$. He said within a few days it will be 0.11$ I without a second thought jumped & bought the VITE will all my power. Thinking it will make me a millionaire. Little did i know that this coin is never going to touch that price again. We call it my bad luck or whatever that coin never touched the same price again.

After having a look at my portfolio after a few days, i relised that this coin isn't recovering. I thought of closing my position, but I though of consulting my cousin, he ain't any analyst. He is simply a newbie like me. After consulting him, he said HODLER IS THE ONE WHO ALWAYS WINS. I also had read things anout HODL. So I made a bad decision of holding my position. Time passed & my portfolio began to shrink. After a very long time, i guess after few months i closed my position in loss.

I don't know how,but somehow i got introduced to future trading. Well Incase you are unaware what a future trade is. In binance a future trade is a trade where you can perform trade in two directions. The long & the short, rhe long is betting towards market rising & the short is bwtting towards marking falling. Now you can also leverage your trade. That is you can leverage your trades upto 50x. This means if you got 10$ & you set the leverage to 10x. Your open a position of 100$, 10$ are yours & the other 90 you borrow from the exchange, we have to give them a minute fees. Now this is much more risky than the apot trade. In spot trade your portfolio can never become absolute zero,but here it can.

Now i already had beared some loss in SPOT trade. I was too ambitious to recover that loss. I jumped into future trading. I was not aware of the risk factor. I thought of this as an opportunity to print more money but little did i know this will break me from neck down. I started futire trades. I was too ambitious at that point of time. I had joined some telegram channel's that would give me signals of the coins. I used to follow few signals & my bad luck the signal i choose always failed. They also sold premium signals. Me & my cousin after discussing alot bought a premium signal channel for 200$. This was fees for one month of signals. He used to post photos of 800% profit & sometimes even higher.

We thought one trade & we will be sky rocking. After paying him with 200$. He let us in the premium channel. He gave the signal's. The signals were simply like long BTC at 10 to 50x leverage. We did the same but we were unaware how to do that. So what we used to do was put all our money in the signal at 10x leverage and wait for the price to rise/fall in the desired direction. But that never happened. We were unaware that the owner of the channel used to invest 5$ at 50x in cross margin at what he would get very far liquidation price. Like he would long BTC at 20000$, he would invest 10$ at 50x leverage and set it to cross margin his liquidation price would be 15000$ or lower. We used to invest 500$ in BTC at 20000$ and our liquidation price used to be 18000 or 19000. This is how i lost all of the money.

I started selling my personal things, like my mobile phone & started a 100% power down. As i said i was too ambitious at that time. Any wise man would sell his things and return the money that he burrowed but I wasn't wise, i did try to make money in the same way i lost it. I sold my phone & powered down my 600-700 steem. At that time it was enough that I could've paid off all the debt & started from the scratch but i was too dumb to understand this. I followed the same mistakes & was left with nothing. Nothing to sell, nowhere to get money from. This is my if only story. If only i never would've known that my friend has 60k INR todays story would've been of something else. Infact right now am in debt, and my family is still unaware of this fact. I am working my way out using steemit & trying to make enough money to pay off the debt.