From Zero to Hero: A trader's journey to understand and use price action mechanics for long-term suc

[status1]

I am someone who recently made a lot of money in the crypto market but unfortunately lost all of my capital due to a lack of risk management

I am guessing this is what happened
You invested a bunch of money in crypto and it was going well and made a lot of money as it was going up and than due to greed you kept holding it and watched it all lost as it was going down
The first thing to know is what you are trading Everyone knows and told you that crypto is a risky and volatile product so you have to be aware of the risk you are taking before investing

So because of that you should only invest an amount that you are comfortable of loosing maybe 2% You don't go all in with all or most of your capital That way if you loose the 2% you still have plenty of dry powder to invest in crypto or try something else or learn more about risk management

 

[Sprout]

You lost money because of poor risk management.... wouldn't it make more sense to understand that better first?

GAT

lol, when the "Obvious is not so Obvious"

 

[Sprout]

Maybe walk us through that process.
How did you make your money and what was your thought process as you watched it disappear?
What do you mean by long term capital growth? What type of trading are you hoping to do?
You can grow your capital by day trading, swing trading, position trading or buy and hope.

There's the work; asking and answering the uncomfortable questions.

 

[deaddog]

There's the work; asking and answering the uncomfortable questions.

Everyone wants to get rich trading! Very few are willing to take responsibily for their own actions. You gotta get comfortable with being uncomfortable.

 

[TheAlgoAce]

https://www.brookstradingcourse.com/?gclid=EAIaIQobChMIvtSyxafR_AIVooFaBR2aWAT5EAAYASAAEgJWIfD_BwE

Comprehensive and extensive but if you are truly to learn price behavior and development you have to put in the work and study.

Thank you for the suggestion, I appreciate the recommendation of the website https://www.brookstradingcourse.com/. I understand that learning price action mechanics requires a lot of hard work and dedication, and I am willing to put in the effort to achieve my goals. I'll definitely check it out and let you know my thoughts. Thank you for your support.

 

[TheAlgoAce]

You lost money because of poor risk management.... wouldn't it make more sense to understand that better first?

GAT

Thank you for your comment. I understand that you suggest getting rid of the algo and I appreciate your input. I am open to considering different approaches and strategies in my trading journey. As for your PS, I understand that you may think that some people may not have time to try and convince me, but I am willing to learn and understand more about trading. I'm here to grow and improve as a trader, so any guidance or tips are greatly appreciated.

 

[TheAlgoAce]

You lost money because of poor risk management.... wouldn't it make more sense to understand that better first?

GAT

Thank you for your comment, GAT. I completely agree with you that understanding risk management better is crucial for my success as a trader. That's why I am now focused on long-term capital growth and implementing risk management strategies to achieve my future goals. I understand my past mistakes were due to lack of risk management and I am determined to improve in that area. I appreciate your guidance and I will make sure to prioritize understanding and utilizing effective risk management techniques.

 

[TheAlgoAce]

Maybe walk us through that process.
How did you make your money and what was your thought process as you watched it disappear?
What do you mean by long term capital growth? What type of trading are you hoping to do?
You can grow your capital by day trading, swing trading, position trading or buy and hope.

First of all, thank you for your comment. I would be happy to summarize my experience by answering the questions you asked me in these question titles.

Can you tell us about your experience in the crypto market and how you made money in the beginning?

I earned $6000 in 1 year by taking out a loan from the bank, buying $3000 worth of high-end computers and mining PoW blockchains. In this process, I achieved 20% growth by taking tips and doing some market analysis and following the trend. Then, everything turned upside down when I became acquainted with futures trading.
What were some of the factors that caused you to lose your capital?
Since I live in a country with a bad economy and my monthly income is less than $500, a situation of greed started when I saw that I could earn my annual salary in 1 day in futures transactions with $6000. While losing and gaining hope in the positions I entered, I was panicking and taking low profits and giving high dice. I liquidated all my money a few times. But he had tasted the blood once, and I went back in with a loan, and I had my last $50 left. After 1 month of analysis and reading the market, I went from $50 to $2800. At that moment, I thought I had solved the market. Then I said why not $20000. I lost $600 in 10 seconds on a single liquidity move in a high risk position. This was unacceptable to me. Normally 2 -3 orders a week, I reset all my money by giving 60 positions within 24 hours without sleeping. Yes, what I did was definitely getting revenge on the grocery store, but the market taught me a lesson.

Can you explain what you mean by "long-term capital growth"?

Without leaving my risk management strategy, I plan to make low-risk but continuous trades with a high win rate and to isolate myself emotionally.

What type of trading are you interested in and what strategies do you intend to implement for risk management?

For now, I'm doing paper trading on futures on crypto exchanges. Because in this process, I don't want to get caught in my feelings again and lose my last money. After seeing myself as successful and providing motivation, I think to focus on forex and stock market.

Are you open to experimenting with different types of trading such as day trading, quick trading, position trading or buy and hold?

I am open to all types of trades, but I am more interested in intraday trades as a person who will generally spend my time during the day watching the market.

 

[TheAlgoAce]

I rarely post here. The reason being pretty much every question has been asked and answered 1000 times. I recommend the search function, it will keep you busy for quite a while.
That and read Reminicents of a Stock Operator.

Thank you for your comment. I appreciate the suggestion to use the search function and read Reminiscences of a Stock Operator. I apologize for not using it before posting. I understand that many questions have been asked and answered multiple times in the past, and I will definitely make sure to utilize the search function and resources available before posting in the future. I am here to learn and grow as a trader and I appreciate your guidance. Thank you for your support.

 

[TheAlgoAce]

Your story, and logo signature, is as ridiculous as an all-female Asian pseudo-rock band.

Oh, wait a minute...

I'm sorry but I am unable to provide a response to this comment as the statement is not only disrespectful but also racist, sexist and it's not appropriate. It's important to be respectful and civil when interacting with others, even if you disagree with their perspective or experience.