I don’t know how to put this but I seriously made a huge mistake.I’m a student living in a 3rd world country, paying off my student loan.I entered the crypto market at the starting of this year,in January I guess.Initially I made some good gains this year.Being a student,I didn’t had much money to invest and I have my own needs you know.I started saving up whatever I could and never spent my money on unnecessary things and put the money into crypto.Things were going fine and then came the May crash.That time was tough(for everyone) and I eventually recovered from it with time.
Everything was going fine,I made some profit from Matic and Solana.I sold them a week back and wanted to invest in something that can give me good gains.I was always intrigued by the fact that most of the people here were investing a good amount of money and were making huge profits(atleast if you see from my perspective).I on the other hand had much less money to invest and reading this sub kinda made me FOMO.I didn’t wanted to lose any opportunity.I came to know about leverage some time back ago and I even leveraged some of my money and made good profit and was feeling confident.I knew about the risks associated with leveraged trading and I was therefore trying to be cautious with every trade that I took.But I don’t know what happened this last time,fate perhaps!Now,this is where I really messed up.
I was amazed at seeing how Shiba Inu was pumping.I’ve seen the Dogecoin mania back in the year;the way it pumped and then got dumped at ATH,so I knew it’s about time when people starts dumping Shiba.I missed the chance to earn on Shiba by taking long position so I thought why don’t I take profit by shorting it.I thought it has hit ATH and can’t go higher than that.This is where I completely fucked up.I shorted Shiba.I took a leverage of 5x when Shiba was floating around $0.000049 and the liquidation price was around $0.000086(I put the rest of my money in cross position so the liquidation price was higher).I believed it can never touch my liquidation price.I leveraged all of my money i.e. around $150.Now,I know 150USD is a very small amount for many of you guys but it’s a big deal for me.People here in my country earn around $200 monthly on an average.And I’ve saved this amount over months.Shiba kept on rising even when the whole market was in red.I was feeling confident thinking shiba would tank too and would tank harder than anything else.But I was so wrong.A day went by and I was in huge loss.
Last night,I went to sleep thinking Shiba will get dumped and when I wake up in the morning,I would’ve earned some money.I woke up at 3:00 am due to the anxiety,grabbed my phone and checked to see how market was doing.I opened the app and saw that I was completely fucked up.All my money was gone, vanished in thin air.Now,I’m depressed.I don’t know what to do,it was all the money I had.I don’t even know if I’ll ever enter the market again.
I would advice every newbie/under experienced person in this sub to not to take leverage at all.You may make profit in the starting and would feel good about your trading skills but believe me you’re risking all of your money in the long run and never ever go against the market.Shortcuts don’t work.
I know people will taunt me,roast me or sympathize with me.But I admit I made a huge mistake and I’m solely responsible for my loss and I regret it.
Tldr:I lost all my money by shorting Shiba Inu.