Reddit user u/nomoresaddays was building up his crypto bag during the bear market.
“I fully believed in the tech, as well as the opportunity for financial freedom that was presented in front of me. I used the money from part time jobs (while studying at university full time) and a large portion of my student loans to buy crypto every month. Even as the bear market diminished the value of my portfolio, I kept on buying knowing that it would potentially pay off one day.”
But when he got into Margin trading on Bitmex, he got himself into trouble. As a self-described newbie, he might have had some beginners luck when he grabbed some gains early on. But soon, he was hemorrhaging money.
“Within a month, my discovery of Bitmex managed to ruin my life.”
He might’ve mistaken his early success for skills and lost a bunch of money soon after.
“I lost it all to one swift move by the market. So I made a new account thinking that I knew what I was doing this time around and deposited a slightly larger amount. Liquidated. I deposited again. Liquidated. It got to the point where my bank account had no money left to fund my Bitmex account and that’s where I made my biggest mistake. I decided to ‘borrow’ funds from my BTC and ETH cold storage to try to recuperate everything I’ve lost so far on Bitmex.”
Buying and holding cryptocurrency is risky enough. But with missteps in margin trading, rookie traders can lose their pants in a hurry.
This Reddit user wishes he never got involved and says stay away unless you’re a veteran trader.
“If there’s anything that anyone can take away from this, it’s to not mess around with margin trading and leverage unless you really know what you’re doing. It’ll be the death of you. Literally.”
All in all, ‘nomoresaddays’ claims to only have lost 1 BTC or about 9 thousand dollars. But it was all he had. And unfortunately, an illustration of how fast money could disappear in the cryptocurrency world.
