lost all in crypto

[brutalus]

a few months ago a friend told my about NFTs. I wanted to make one so I bought some ethereum. Next day I saw it grow a little and i was amazed. i bought some more. long story short i invested all my money and maxed my credit card. then the crash of 19 may came and i lost like 5k usd which is a lot for me. then i tried to day trade to make the money back. today i finished losing all that remained, another 2k. i have nothing left. that was my savings from all my life.

i feel very light headed. like nothing in the world matters any more :)

 

[meetapple]

That is awful. I could understand the way you feel. However you could look at it as a lesson, albeit a difficult one.

 

[In2TheVoid]

I've lost 500ETH over the course of 6-7 compulsive gambling episodes, it can be hell

 

[Deformationalplagio]

a few months ago a friend told my about NFTs. I wanted to make one so I bought some ethereum. Next day I saw it grow a little and i was amazed. i bought some more. long story short i invested all my money and maxed my credit card. then the crash of 19 may came and i lost like 5k usd which is a lot for me. then i tried to day trade to make the money back. today i finished losing all that remained, another 2k. i have nothing left. that was my savings from all my life.

i feel very light headed. like nothing in the world matters any more :)

Crypto is realy hard to trade as a beginner and there is a lot of misinformation on the internet i would have started with forex with really good risk managment tbh. Did you tou panic sell?

 

[OnlyTheWind]

You posted this thread at 11:11. That's a message to me..

 

[brutalus]

yes thank you. i can see the lesson part of it. i had never been a gambling man, i stumbled upon this by mistake. i never really wanted to trade. it sucks your life. staring at the charts all day.

 

[Makko]

Nothing wrong with that. You can't make money without taking risks. I have most of my money in high-risk real estate projects. If the construction business cycle goes down at the wrong time I'll lose everything and that's fine.

 

[JustLosingMyself]

Nothing wrong with it, though when playing with something that volatile it's unwise to gamble with borrowed money.
Just sit it out, and unless forced to don't sell, it may bounce back in a few months.
Just stop gambling in the meantime.

 

[Anonymous_A]

I've lost 500ETH over the course of 6-7 compulsive gambling episodes, it can be hell

You lost over half a million?
well £690,712.95?

 

[NothingElseMatters]

I've lost wayyyyyyyy more than that, thinking about suicide but I'm obviously still here. 5k is not a lot of money, you can get it back a few months working.

 

[come to dust]

the trick with investments is to dollar cost average, and only buy and sell if you can fully emotionally detatch yourself from your decisions. you have to be a bit of a robot about it to have a chance at success.

 

[brutalus]

I've lost 500ETH over the course of 6-7 compulsive gambling episodes, it can be hell

hey! 500 eth is a million bucks

 

[Apricity]

a few months ago a friend told my about NFTs. I wanted to make one so I bought some ethereum. Next day I saw it grow a little and i was amazed. i bought some more. long story short i invested all my money and maxed my credit card. then the crash of 19 may came and i lost like 5k usd which is a lot for me. then i tried to day trade to make the money back. today i finished losing all that remained, another 2k. i have nothing left. that was my savings from all my life.

i feel very light headed. like nothing in the world matters any more :)

You don't lose it until you sell. Same thing happened to me with AMC stock, but i held on and made a profit.

 

[miminkpo]

That's sad. I know nothing about crypto but, to me, seems so risky. Could be very proffitable but I'm chicken. At least you've been very brave and self-confident to put so much money in it. Maybe with some more experience you'd make a good bussiness man?

 

[siray]

I'm saddened to hear about your loss, how will you cope with it?
I lost more than $1000 trying to acquire a shotgun, but it took more than a year to arrive and I felt agitated at having been forced to wait this long, so I decided to sell it before it even was delivered to me.

It's been sold and now there's this guy who has the money, but now I'm sure I won't get my money as he's asking me to drive to his village 100km away and get the money from him. I fear I'll get kidnapped. I feel helpless.

Losing money is heartbreaking, and because of my depression I can't ever work at a job. All that money was my father's, he used to give me $7 pocketmoney every month. Such extreme guilt I feel.

 

[LittleJem]

My ex lost 130k on crypto. He wasn't eating or sleeping, just staring at charts. He wanted to make big bucks and retire! Now he's in shock. Turns out 90 per cent of amateur traders lose and it can just be a gambling addiction. It was hard to watch.

OP, it sucks. But you can rebuild your savings. Crypto is high risk imo. I would say don't bet what you can't afford to lose.

 

[NoPainNoGain]

Dont try make big bucks in crypto without knowledge, patient, skill, time and money you are not afraid to loose.

I have been in this space for couple of years and have seen so many failed attempts to suceed.

The main reason people fail is that they dont want to earn money. They want to get rich. Very rich, very fast, without being rich before. That rarely happens.

Dont go to this space expecting to invest 1000 dollars and get 1000x times return because you saw reddit post of teenager buying houses from bitcoin.

Set realistic examples. Buy 100 usd in crypto, learn to read graphs, tendencies, tradong strategies. Invest time in researching projects background - team, vision, whitepapaer, social media, code. Slowly you will get experience and get understanding how to profit yourself with your bag of skills and capital.

Also, if you dont have time, I would advise to invest in top 5 cryptos every month for a little. And hold. Dont sell. Just hold for 10, 15, 20 years. I think you will thank yourself.

Op, i have been in your situation before. You can regain balance. Dont give up. Cheers.

 

[logan]

Never speculate with money you do not have or need to live.

I know that doesn't help you now.

I'm sorry this happened to you and I hope you get through it somehow.

 

[RedPanda]

Dumping ALL of your life savings into crypto was such a stupid fucking idea, what were you even thinking? Clearly you weren't, sorry if I sound rude but damn, you don't do shit like this.

Crypto is highly volatile and very speculative. This is going to be one hell of a painful life lesson.

You only invest money you can afford to lose because Crypto can be a blessing or a curse. YOU DON'T INVEST YOUR ENTIRE LIFE SAVINGS!

Hope you can at least recover some of your losses. Goodluck!

 

[Makko]

Dumping ALL of your life savings into crypto was such a stupid fucking idea, what were you even thinking? Clearly you weren't, sorry if I sound rude but damn, you don't do shit like this.

Crypto is highly volatile and very speculative. This is going to be one hell of a painful life lesson.

You only invest money you can afford to lose because Crypto can be a blessing or a curse. YOU DON'T INVEST YOUR ENTIRE LIFE SAVINGS!

Hope you can at least recover some of your losses. Goodluck!

It's a compulsion, just like some people get into a gambling frenzy over a night in Monte Carlo, bet their cars, mortgage their houses, pawn their jewelry and wake up in the morning totally broke with no going back.