11 Jan I Just Lost Pretty Much Everything
I’ve been a HODLer in the space since Nov 2017 and I’ve seen my fair share of ups and downs. I was tending to this portfolio over the years and was really proud of how far I came during these last three years.
3 days ago though, I got caught in the hype and made a leveraged trade on Kraken in hopes of wiping out my $5k debt that I built up with the bank.
I put in pretty much my whole portfolio on a trade. I chose only BTC and ETH since over time I’ve become more and more partial to only the big two and at one point, for a brief moment I was up $3500 on the trade. However, a death in the family occurred yesterday and I was so stressed out the whole day that I let it run without touching it, thinking that “it couldn’t go so bad so quickly”. During the evening crash it did though, and not shyly. The position became dangerously red in an instant and I got liquidated and lost $6.000. Pretty much everything I had. I think it will be hard to forget that moment. The price just went lower and lower, inching closer to my liquidation point. It was literally like in a movie where I saw my future disappear so quickly and just put my hands to my eyes. All the plans for moving out with my gf, traveling, starting a business and so forth in the near future just seemed to slip away in an instant.
I am devastated and honestly lost for words. I cannot express how stupidly I acted, nor how lost I feel. I am not completely sure how to recover financially, though I hope I will one day. I wish I could have taken it back. In this case, even if I would have no money to live for, I would at least have the original $6000 and could technically have repaid my debts, which gave me a sense of security in the day to day stresses of life. This is especially heavy since I’m currently stuck with my partners family in a poorer country where I can not work and have been for almost a year now (I worked small jobs on the internet where I could). But with the way I live, I know this loss will take me a long, long time.
I was really hoping that this bet could have changed my situation and gotten me out of debt – Instead it took away the little financial freedom I felt I had. I dropped out of school to go here, now I just feel like a mid twenties lost soul, and a very poor one at that
Let this be a warning to you all, don’t do like I did. I don’t want you to ruin your life. You hear it all the time that you should not invest more than you can afford to lose. It’s true that some do get lucky, but hear my story as one of the maybe silent majority who do not. I wish you all the best!