Trading for a living can be harsh, no matter if you are a crypto maximalist or a stock investor. Turn your eyes away from the charts for a moment and your whole investment may vanish. Literally!
It all started as a fun contest among Robinhood — a popular mobile investing app — losers on a subreddit. However, things got quickly out of hand when the big boys showed up. And by big boys, we mean actual investors who lost hundreds of thousands of dollars by making just a couple of bad investments. Like this gentleman:
![Wrecked Trading Account From $1.6M to $10K](https://beincrypto.com/wp-content/uploads/2018/12/reddit_wrecked_trading_account_850k-1.jpg.optimal.jpg)
YOLO-ing to Bankruptcy
That’s not the only case on the r/wallstreetbets subreddit. More followed like this:![Wrecked Trading Account From $60K to 0](https://beincrypto.com/wp-content/uploads/2018/12/reddit_wrecked_trading_account_60k.png)
![Wrecked Option Trading Account Chart From $30K to 0](https://beincrypto.com/wp-content/uploads/2018/12/reddit_wrecked_trading_account_30k.png)
Think Twice Before Playing With Fire
All these cases presented here may seem like jokes, yet, they are definitely not if we take a closer look at the numbers. Losing $850k is no joke for anyone — which is why you have to be extra careful when investing in any type of asset. 2018 has shown all crypto enthusiasts that permanent bull markets don’t actually exist and what goes up will come down at some point, even for a short while. It’s better not to use margin trading when investing in cryptocurrencies, as it will increase your risk exponentially. Margin trading is meant for much calmer markets where a two percent swing is a big deal — not for a market where a five or 10 percent spike is almost a daily occurrence. Try to have stop losses, especially if you invest short or medium term. It’s much healthier to admit your poor decision and fix the situation than watch your bankroll go to zero. Did you witness any similar loses during this year’s crypto bear market? Do you have a story to tell — a cautionary tale to other crypto bros? If so, please share it in the comment section below.
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Florian Gheorghe
I started out in print journalism in 2008 and switched to freelancing two years later. Afterward, I covered the poker and gambling scene for several years before getting into sports and motivational stories.
Crypto-wise, I first learned about Bitcoin just months after the Mt. Gox event. I’ve been riding the bulls and the bears ever since.
I started out in print journalism in 2008 and switched to freelancing two years later. Afterward, I covered the poker and gambling scene for several years before getting into sports and motivational stories.
Crypto-wise, I first learned about Bitcoin just months after the Mt. Gox event. I’ve been riding the bulls and the bears ever since.
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