 | I've been planning on writing this post for a while now, but I didn't want to go back in history to the times nobody remembers anyway. Most people tend to have a very short memory when it comes to crypto. Today was a prime example why trading on leverage will not make the average guy rich. Almost $184 million in liquidations as of 2002 UTC. Flash crash? It's always a flash crash. This term is thrown around the space so much, we're immune to it. If you decided to join the casino recently, following all this "advice" out there that the market is overextended, you just got taken for a ride, if you didn't close in time, and chances are, honestly... That you did not close in time. Right? Maybe you're not one of "those" people. Fair enough. You're the bull- BTC to $100k! No worries, the markets had a surprise for you too, you just had to be patient. If you moved your stop-loss, good bye to you too! No matter how you look at it, you lost some capital. Just look at that wick to the downside on Binance. All the way down to $27,248. Killer wick for the weak. Surprisingly, that nice wick to the downside from Binance is only a few dollars off from Bitstamp. $6 difference to be exact. It appears that all the exchanges decided to wreck you equally today. Quite shocking. There are plenty of dips where one exchange will take you for a ride more than the other. BitStamp comparison below. Today is the day when everyone got wrecked equally, no matter who their favorite loan shark is :) I'm not writing this post to rub it in. I'm writing this post to make you think! Rumor is the gov't in the US decided to slush some crypto around, but what do you care? Times are HARD. Everything is more expansive no matter where you are in the world. Why throw your crypto away?! Save your capital. Don't fall for the freebies and discounts being promoted by the crypto gurus on YouTube. At the end of the week, it's always the exchanges stuffing their pockets on trading fees. Your favorite crypto youtuber could care less if you just blew your rent money. He got paid because you signed up. You, my friend, will still have to pay the rent, and now you will have to add up the late fees on top of it. Fortunes are made on leverage trading only on youtube lives- with demo accounts. You will not replicate what they show you, no matter how hard you try, unless you decide to go with the flow and promote "the next -whatever- killer coin!" It was almost 50/50 today. Damn you if you went long and damn you if you went short. There was no winners. Just keep stacking. Every week, or every day, or even once a month. Those who stayed away from leverage trading in 2020 and gave up their DunkinDonuts coffee and sweets, are not only healthier today, but they are most importantly ahead and immune. Immune to losses. 2026 is in 3 years, just like 2020 is 3 years ago. Whatever you stack and drop into your cold storage is yours to keep. Stop gambling, it's not healthy. Preserve your wealth! [link] [comments] |
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