My Experience of Losing Money in Crypto By @rubilu123

My crypto journey started way long ago, even before I joined steemit. At that time I was making small investments in ghe crypto market as the capital I had at that time was very little. At that time the knowledge I had about the market was not much too.

I started with serious trading in 2021; that was when I joined steemit and started earning. Luckily for me, I joined the crypto academy early and I learned a lot. This made me interested in putting more money and investing. At that time I was holding steem. I was holding BTC too but it was not too much.

At the Academy, I learnt a lot about trading and how to use technical analysis so which made me invest. Now we all remember the Lunar crash. At that time a lot of investors didn't believe the Luna market was crashing as the price was plummeting so hard and it is normal for a crypto asset to fall.

While the asset was falling I paid no attention to it. I only saw tweets about it on Twitter and people kept on complaining about the millions of dollars they would be losing if the price should crush to 0. When the price went to about 6 dollars a friend hit me up telling me about how much a friend has made trading in the Luna crash within minutes. As a human being, I wanted to make some money too.

_{Screenshot from binance}

I quickly opened my binance app and went to the Luna / Usdt trade. I had a total of 200 dollars in my binance account. I waited for the price to get to about 4 dollars and then I pushed close to 100 dollars into the market. I saw my money rise in a few seconds and boy I got so excited. I have traded for so long but I've never seen profits that easily and fast. When I saw this I immediately pushed everything I had into the market; I pushed the remaining 100 dollars into the market thinking I could make more.

After doing that my money never went up again. The luna price crashed even more and more and and up until now, I've not been able to make any recovery in the luna market. After the crash luna made airdrops for people who lost but I got close to nothing.

_{Screenshot from binance}

As you can see in the screenshot that was what I had from the airdrop which is close to nothing but I've left it in my wallet.

Tips to anticipate or avoid mismanagement in crypto investments

Now the truth of the matter is no matter how experienced you think you are, you are still going to make losses in the crypto market. Tyr crypto market is volatile hence losses are inevitable. We can only take some steps or precautions when opening a trade so that our losses will be minimal.

This is one thing we should never do. Everyone has his or her trading style that suits him. Sometimes we tend to copy the trading style of others because they are making profit and we also what to. But this can make us lose money and it is always advisable to follow your trading style.

A trading plan is very important when trading in the market. A trading plan guides you to know how you want to trade in the market and how you will manage your losses. A trading plan to helps a trader to decide on what type of trader he wants to be.

No one enters the market with a mindset of losing money or his position ending up in losses. But it is normal to know that the crypto market is not a sure money-making something a trader should know is that it was easy to make money and easy to lose money too. A trader should always look out to enter the market with money that he is okay with losing in case the market goes sideways.

This is one of the most important points when trading in the crypto market. You should be able to draw a fundamental analysis, technical and sentimental analysis before trading or you will be trading blindly.

Thank you.