I nonetheless bear in mind the commerce prefer it occurred yesterday.
I had simply signed up on a well-liked crypto trade that supplied leverage. I had $100 in my account. There was a coin pumping exhausting — a type of random altcoins that out of the blue explodes due to a tweet or some random hype. I didn’t wish to miss out.
So I clicked “Lengthy,” dialed up 10x leverage (as a result of why not?), set no stop-loss (as a result of it was “undoubtedly going up”), and hit “Affirm.”
Inside 20 minutes, I had misplaced the whole lot.
All $100. Gone.
It wasn’t even the quantity that stung essentially the most. It was the conclusion that I had no thought what I used to be doing with leverage.
Since then, I’ve realized my lesson — a lot of them, the truth is. And when you’re new to crypto buying and selling or tempted by the shiny buttons labeled “5x,” “10x,” and even “100x,” this publish is for you.
Right here’s what I want I knew about leverage earlier than I blew up that first commerce.
