So, as the title suggests. I Fucked up big time.
I've been in crypto since 2017, been putting all my extra cash into the markets since then. Been active in communites and definitely confident about the future of crypto.
Ill skip to my fuckup.
I had recently decided to trade using leverage, started small and "did my research".
Today, I saw an opportunity with bitcoins sideways pullback and supports, and I was confident. Too confident. i bought in at 20x leverage, things were going well, i bought a bit above the bottom, and then bought in again nearly perfectly getting the reversal.
Here is my series of mistakes that turned into a big fuckup: Normally ill judge the bounce and buy in again on the ride up if im confident, small fluctuations in price wont get me liquidated, wait, not get too greedy and close.
I decided to use 125x leverage on my last buy. Dumb i know. but still, it was my smallest buy and i was confident in the returns, if theres a fluctuation i'd just add to the position.
I clicked 125x, didnt read the warning i got, ( after all, time is money)
and then, something seemed off. I only had One position open. Then, tiny fluctuation, i see -50%, -80%, panic a bit and try to close. Boom, Liquidated.
I didnt know that the Entire position goes 125x.
Entire balance of over 3 years. wiped.
Dont be as reckless as me. I't feels like shit.
Im going to slowly try and rebuild.. Staying meathodical and being much more conservative with my risk.
But fuck, this sucks.
Didn't see these till after lmao. Testament to volatility.