Hello everybody,
It is a sad day for my crypto journey today.
After slowly but surely growing my ETH bag (maybe more of a pouch...a little pocket...) for over some time now, I have managed to get almost 1 full ETH.
I know its not much, but as I live in a country where buying crypto is not that easy (yet), nor do I have the funds to afford any more of it, so for me that 1 ETH was quite a bit, and was making me feel like I am part of something bigger :)
Then I received an email from Binance, inviting me to participate in a 'Futures Trading competition"...."hmm" I thought to my self, maybe I increase my bag of ETH and possible earn a little bonus from Binance.
Guess what....its not that easy...
Initially it was all good, I was scalping and making nice profits of each trade, as i was increasing my position with margin, each of my trades was gaining me 2-5% profit, again and again...I was buying low and selling high...perfect.
But then "THE CORRECTION" came down on me...
The market started to freefall...
I woke up today to discover that my balance is 0
My margins got liquidated, I lost all the ETH I had, and all my gains from the recent week are all gone in flames... (not only the gains, but the principal as well.)
The reason I am sharing this with you, is to tell you to beware of Margin trading, its not for everybody...you need to know what the F$%k you doing, otherwise you might end up like me, with no crypto in the midst of possibly biggest bull run in the history of crypto.
The Crypto market is extremely volatile (well, every market is volatile as hell nowadays) and can send your portfolio diving without any parachute.
My 5 cents, is stick to spot trading if you must trade, you can loose some gains on slippage, but you will not loose the whole bag at once.
I hope my experience will give at least some of you a fair warning and prevent you from doing my mistake.
I hope i'll be back one day...once I manage to get some more crypto.
Until then, farewell my crypto friends.
Best of luck and huge gains to you all..
And if you manage to find my lost ETH, looking lonely and searching for his papa, please let them know where to find me:
0xB0Aa57d1154A4FE70435445019088EdE0c8f45F8
Peace.
