Bitcoin Trader Made Millions Trading on Margin — And Then Lost It All

Bitcoin Trader Made Millions Trading on Margin — And Then Lost It All

https://www.ccn.com/bitcoin-trader-made-millions-trading-on-margin-and-then-lost-it-all/

 

Great temptation to think (hope?) BTC is "going to the moon". Maybe it is, but short-term volatility likely to ruin some who play on leverage.

If one trades with great leverage, it's sensible to use tight stops. Is that even possible with BTC?

 

Guy rode $3k to $5M, I would hire him. Seems like he needs a risk manager though.

 

He wasn't a trader. He was just lucky. BIG difference.

 

f you were his risk manager he never would have made 5M.

 

For what? Trading your money? What makes you think he knows "come here" from "sic 'em"?

What he SHOULD have done is cash out when worth $Millions.... but no, he had to press his good fortune to go for "Hundreds of $Millions"....

I have a philosophy about trading and the markets... "Learn to accept good. Going for perfect usually ends up in missing out... or worse". (The market rarely offers "perfect"... and even when it does, the player holding out for perfect usually misses it... looking for even "greater perfect".... and doesn't get it.)

 

$3k to millions....I'm not buying this story...it was posted to some forum with zero proof.... anyone can fabricate stories online.......once a nice fairytale to read though....

 

Maybe it's not "the story, per se"... more like the concept.

 

I'm a bit skeptical but its a heartwarming story of the human condition. Saw the same type of story repeated tens of thousands of times during the dot com bubble of the late 90's. Everybody was a "trader". Then NASDAQ lost 78 % of its value and we all know how that movie ended.

 

What he needs is to be able to recognize when price goes vertical. That is the time when you sell or at least lighten up a bit.