I nonetheless keep in mind the commerce prefer it occurred yesterday.
I had simply signed up on a preferred crypto change that provided leverage. I had $100 in my account. There was a coin pumping laborious — 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 “positively going up”), and hit “Verify.”
Inside 20 minutes, I had misplaced all the pieces.
All $100. Gone.
It wasn’t even the quantity that stung probably the most. It was the conclusion that I had no thought what I used to be doing with leverage.
Since then, I’ve discovered my lesson — lots of them, in reality. And for those who’re new to crypto buying and selling or tempted by the shiny buttons labeled “5x,” “10x,” and even “100x,” this submit is for you.
Right here’s what I want I knew about leverage earlier than I blew up that first commerce.
