I nonetheless bear in mind the commerce prefer it occurred yesterday.
I had simply signed up on a well-liked crypto trade that supplied leverage. I had $100 in my account. There was a coin pumping exhausting — a type of random altcoins that abruptly 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 “undoubtedly going up”), and hit “Affirm.”
Inside 20 minutes, I had misplaced every part.
All $100. Gone.
It wasn’t even the quantity that stung probably the most. It was the belief that I had no thought what I used to be doing with leverage.
Since then, I’ve discovered my lesson — lots of them, the truth is. And should you’re new to crypto buying and selling or tempted by the shiny buttons labeled “5x,” “10x,” and even “100x,” this publish is for you.
Right here’s what I want I knew about leverage earlier than I blew up that first commerce.
