I fucked up with crypto

[josemar]

1 hour ago, StarStruck said:

My mistake was too high of a leverage and I put my money when the retrenchment happened.

1 - If you're new and don't know what you're doing, buy on spot. This way you can't be liquidated. Edit: and keep it in a cold wallet, exchanges can go down (see 2022 FTX, BlockFi etc)

2-  EVEN if you're lucky as a newb and make hyuuuge gains with high leverage (as everybody can in a bull market), guess what happens when market turns against you? You lose all your gains and the initial money you put in. Learn Risk Management, if you want to trade with high leverage.

3- Does it matter if you buy BTC at 39k or 36k, when it'll be 100k+ in 18 months? not really. But you have to be prepared for 10-30% retracements (and maybe DCA the dips in the bull market [NOT the bear market]), don't be the paper hands that sells at the bottom to me 

 

Edited January 22 by josemar

[FourCrossedWands]

All of you crypto traders are making decisions from the ego perspective. Your ego is dictating you that you NEED to buy crypto or you will MISS the train! You will be left behind while everyone else will be RICH...

In fact, this is just a delusion that your ego is playing on you. In the end you are going to lose all your money, because your ego is in total control of your decisions, and they are not wise decisions.

[Leo Gura]

1 minute ago, FourCrossedWands said:

All of you crypto traders are making decisions from the ego perspective. Your ego is dictating you that you NEED to buy crypto or you will MISS the train! You will be left behind while everyone else will be RICH...

In fact, this is just a delusion that your ego is playing on you. In the end you are going to lose all your money, because your ego is in total control of your decisions, and they are not wise decisions.

Pretty much this.

[BojackHorseman]

I'm going to ask a stupid question here but...how is bitcoin still worth anything? Does it even have any use case? Even years ago when I was playing with trading (on a very small level, losing money), there were already many better money-cryptos than BTC for practical use. Are we still on the "digital gold" argument? Also, to be honest I don't get how you'd invest in crypto when they don't seem to have any use (it's been years and years, does the general public actually use them? And why would they?).
Like why would I pay with crypto instead of a credit card? Privacy might be an argument but we know what happens, the concept will get used, but under the direction of societies than are not for privacy at all. Real privacy oriented cryptos will just be used by a minority.

Also, the world is going to shit, everything is more and more expensive (at least where I live), possible wars and climate distasters to come, most people would probably not take any interest in virtual money, and if so, why?

Please note : I'm not stating any of this is right, in any way. These are just the very, very basic views of someone who doesn't seem to understand this phenomenon at all, looking at it like the same old up and down manipulated game from afar.

[josemar]

1 hour ago, FourCrossedWands said:

All of you crypto traders are making decisions from the ego perspective. Your ego is dictating you that you NEED to buy crypto or you will MISS the train! You will be left behind while everyone else will be RICH...

In fact, this is just a delusion that your ego is playing on you. In the end you are going to lose all your money, because your ego is in total control of your decisions, and they are not wise decisions.

6 hours ago, AerisVahnEphelia said:

 

 

Chill man, it's just a job... Going by that logic, most jobs available on the planet are... egoic? Most people work for money... And I'm not talking about newbies feeling FOMO and blundering into overleveraged positions on shipcoins. 

I'm talking about trading, are people trading stocks or commodities in the same category according to you? Where do you draw the line, which jobs are not egoic then? We can't all be making life coaching videos and selling healing crystals to each other.

[josemar]

16 minutes ago, BojackHorseman said:

Are we still on the "digital gold" argument?

Yes, that hasn't changed... means it must have some truth value, right? 

18 minutes ago, BojackHorseman said:

Also, to be honest I don't get how you'd invest in crypto when they don't seem to have any use (it's been years and years, does the general public actually use them? And why would they?

Only speaking about bitcoin here, but yes, if you want to have an inflation hedge, people used to buy gold, with all the problems involving storage, if they even got the real thing and not just an IOU in a company that had gold.

22 minutes ago, BojackHorseman said:

Also, the world is going to shit, everything is more and more expensive (at least where I live), possible wars and climate distasters to come

Yep, so bitcoin is used to hedge that inflation.

In Western countries where inflation is not so high *still high in the last few years where you can lose half your FIAT money in 10 years if you keep it in a bank, losing value through inflation becomes more visible.

But in other countries like Argentina, Lebanon, El Salvador, where inflation can be 200%+ a year, bitcoin is a life saver. Most people using crypto in these countries switch from their local currency to Tether USD or other stablecoins, which is very easy to buy online and are pegged to the US dollar. Otherwise, where would they get US dollars, if the local government forbids the population to exchange for USD.

For a quick bitcoin primer:

 

If you want to delve more in depth, starting with a history of money, this is part 1 - Lyn Alden is extremely knowledgeable in all things tradfi, Fed, FIAT, etc :

 

 

[Fabio]

I've been investing since late 2019. I made the same mistakes, don't listen to influencers on Youtube, they're often wrong about low cap coins or recommend them when the pump is over. Use what you need for your business, and invest what you don't need. Its for letting your extra money work. Don't expect to get a 100x, its unlikely but possible.  I'd keep at least 50% in top 5 marketcaps, its a safe play to work out in the long run. I'd keep 2-3% max in individual low market cap coins/tokens such as under 1 billion market cap. Meme coins, etc often die off fast and there's tens of thousands of them. Always keep some cash handy for big dips and if you make huge gains, take some profits for when the dips return (80%+ dips on mid caps.) 

The tokens you're holding sounds pretty good, ADA, etc. I'd hold it if you can afford to. But id expect a possible additional 25%+ incoming drop. But in a year , they should be golden. Like Leo said, 5 years is the safest horizon though learning market cycles by reading charts on tradingview is helpful to time selling some and buy again at lower prices, but that's advanced. Be cautious with leveraged trading, you can win here and there but also lose more than you gain in one badly executed trade. 

Anyways, good luck and feel free to ask more. I have a website on Crypto btw.    Id look at the section for timing the market better. https://www.cryptostartersguide.com/day-3--how-to-buy-the-tops-and-bottoms-of-the-crypto-market-for-long-term-investors.html

[PenguinPablo]

8 hours ago, Leo Gura said:

@StarStruck Your investment time horizon is too short. If you invest in a good thing you should be able to stick with it for at least 5 years. If you can't do that then what are you doing?

exactly this. you are getting impatient. no wonder you getting liquidated lol. invest less, and an amount you can afford to go a few years without so you can cash out on an upswing instead of losing 

[lostingenosmaze]

@Leo Gura  Is your future episode on investing gonna focus on finances or is it gonna be about the act of investing as a whole? I had an impression it was going to be the latter

Edited January 23 by lostingenosmaze

[StarStruck]

8 hours ago, Leo Gura said:

Not trading. Investing.

Investing means you place your resources into a thing that has massive long-term value.

Yea. I need to chill. Wanting to earn it back fast is a solution that is the problem. 

 

5 hours ago, josemar said:

 

 

Chill man, it's just a job... Going by that logic, most jobs available on the planet are... egoic? Most people work for money... And I'm not talking about newbies feeling FOMO and blundering into overleveraged positions on shipcoins. 

I'm talking about trading, are people trading stocks or commodities in the same category according to you? Where do you draw the line, which jobs are not egoic then? We can't all be making life coaching videos and selling healing crystals to each other.

All of survival is egoistic. The thing is that the ego should be based on truth and not on falsehood, mindless fear, and greed.

Healthy ego is even necessary in spirituality otherwise you create a shadow. 

In doing business I have a huge shadow that I need to integrate. I’m not naive compared to average Joe but when you do business, investing or trading. Nativity is not tolerated. 

[FourCrossedWands]

You don't need to make your money back with crypto. That's your ego whispering to you that if you don't recover your loses fast, you will look like a fool.

Who cares? Only your ego.

You said you have a business? Why do you need to get rich so fast then? Focus on the business not gambling. Make some actual investments once you get rich.

[StarStruck]

15 minutes ago, FourCrossedWands said:

You don't need to make your money back with crypto. That's your ego whispering to you that if you don't recover your loses fast, you will look like a fool.

Who cares? Only your ego.

You said you have a business? Why do you need to get rich so fast then? Focus on the business not gambling. Make some actual investments once you get rich.

Money exposed my own psychology and flaws so much. Pff.

[FourCrossedWands]

41 minutes ago, StarStruck said:

Money exposed my own psychology and flaws so much. Pff.

Well, you have started this thread after all. You literally wanted to be talked out of crypto.

You have admitted you fucked up, which is a good start.

[StarStruck]

7 minutes ago, FourCrossedWands said:

Well, you have started this thread after all. You literally wanted to be talked out of crypto.

You have admitted you fucked up, which is a good start.

Initially I was too ashamed to open the thread

[Leo Gura]

2 hours ago, StarStruck said:

Money exposed my own psychology and flaws so much. Pff.

Good. Finally some growth.

In the end we are saving you a lot of money here. Because the way you were headed you would have lost a lot more.

I know what it's like to lose money in stocks. It's very painful. You don't want that.

Edited January 23 by Leo Gura

[AerisVahnEphelia]

@Leo Gura you don't want it, but you usually need it to get it.

[OBEler]

4 hours ago, Leo Gura said:

Good. Finally some growth.

In the end we are saving you a lot of money here. Because the way you were headed you would have lost a lot more.

I know what it's like to lose money in stocks. It's very painful. You don't want that.

Can you make your next video about insights into stock market?

You discussed a lot of practical topics for self development, especially scams/fraud, starting an online business etc. but how to invest is a new field.

I hope you got personally as good insights into investing in stocks/ cryptos as in the other fields you covered up.

Edited January 23 by OBEler

[josemar]

20 minutes ago, OBEler said:

Can you make your next video about insights into stock market?

You discussed a lot of practical topics for self development, especially scams/fraud, starting an online business etc. but how to invest is a new field.

I hope you got personally as good insights into investing in stocks/ cryptos as in the other fields you covered up.

Do you think Leo is an expert in all fields? 

His investing advice, going by what he wrote here and in other threads, is buy indices and hold for a long time.

Picking individual stocks is gambling, buying crypto is gambling, trading is gambling...

Maybe find someone that can show real results outperforming the market.

Edited January 23 by josemar
Typo

[OBEler]

@josemar you can approach investment from many different perspectives.

I don't expect Leo giving day trading advices.

You can approach it philosophical, or with emotional intelligence,having the ego checked. It's such a broad topic and investing clearly falls under self development/self actualization. 

Everyone is an investor in the end, if he wants it or not. So its an important field.

Edited January 23 by OBEler

[StarStruck]

If you are a jack of all trades, you are going to be great at nothing. And saying investing or trading is gambling is like saying a boxing match is gambling because one you step foot in the ring you could loose and get your tooth punched out. Who is going to give guarantees you are going to win? Same with going to night club, you are gambling with your life. There could be psychopath there. Who says nobody is going to stab you? Just stay at home under your blanket.

Edited January 23 by StarStruck