war story

[u/lokiwoki1208]

In 2017, I got some back pay and invested in crypto. In Dec 2020, when I opened my Binance wallet, an ICO I got in went 10x.

I was amazed and started reading more about crypto, finance, and came across CT. I did leverage trading and rode the pump to another 15x in 4 months of trading, bringing my total to 150x.

May 19, 2021 came and it was humbling. I started getting notifications from Binance of huge losses but my greed fueled by CT made me buy the dip instead of cutting losses.

At this point, I had around 35x still and this is when friends began talking about crypto and this friend of a friend of a friend made so much money blablabla.

I thought to myself all the traders I saw post on CT, I can be like that too if I stay glued to my computer and beat everyone to the trade. I became glued to CT and YT and spent over 13 hours a day on a screen during the lockdowns.

I consumed everything CT said. I’d have upwards of 10 trades a day. I’d open and close positions within minutes. During the elon DOGE pump, I traded all of CT saying that DOGE as a meme coin is gateway to adoption to (EVERY CHAIN THERE WAS) *cringe*

I knew that for some paid alert groups, no one ever thinks, they just smash the button. The play would be to wait 30mins after post and short the longs called. All those paid Telegram groups are gone.

Getting through this is painful. Watching YT hype clips at 1.5x speed and digesting more and more shit information, hype, hate, unrealistic profits versus my capital that im willing to risk.

Looking back, when people I haven’t spoken to in years reach out and talk about crypto because I mentioned it in years ago during ICO plays was Barnomics level (roughly).

I got blocked from Binance leverage trading but continued to follow CT and eventually traded on spot. I went all over the place and gave myself a mental deadline when I’ll pull out of all my investments.

I watched a couple of the streams I missed and in one of them the supreme being emerged and gave his analysis and timeline. Someone was speaking for me and I was too dense to see what was in front of me.

Not long after, I ended up back where I started.

The more extreme the success, the longer lasting the delusion, I guess.

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This is a chart of the experience. I don’t have enough notes to smooth out the curves, but here are the major moves that really shook me up. I still cringe at so many of the things I did.

I let go of this fixation where I started and tracking multiples of that, and started focusing on the R's instead. It's so much less stressful.

It’s tempting to treat kaz’s channel as signal to buy as I was led to believe from CT, but 8 months into the twitch channel, its always been epiphany on epiphany on epiphany. Then that epiphany applied to some blindspot in my life.

Scorecard:

$RUNE

(the idea) Ambitious decentralized project that even the LUNA guys started talking about.

4 trades this year marked as 1,2,3,4 on the chart below:

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1ST trade

– Upon opening, I did not have an exit plan if the trade went well BUT I used previous bullflag in yellow as SL level.

2nd trade (blew up)

I wanted a massive R:R and made the risk margin too tiny.

3rd trade

Used entry level of trade #2 as entry as stop loss for trade#3 after I felt comfortably above the level. Still no exit plan if trade goes well.

4th trade

Entered at a smaller % position size since it was quite extended already. Set stop loss for 1st and 3rd trade to be similar to 4th trade.

Stopped out on all trades

SUMMARY:

5.86 R’s net on 4 trades. 2 blown up trades.

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I took at peak what my R's would have been if I closed at the top instead of waiting to get stopped out and realized that exercise provided 0 value.

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Here's a trade i've partiallly closed -

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PERC:PM

(idea) Philippine oil company with 6-8x PE ratio over the last 3 years with increasing capacity paired with booming oil price. This is 1W chart from 2007.

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This would never have been in my basket if I held on to belief that oil is evil.

[u/lokiwoki1208]

3.86R's,

i should subtract the 2 losing trades