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RE: BitShares (BTS) Short Term Consolidation
I had a margin trade that got force settled last night during the correction losing over 20 thousand. Very hard on me and unpleasant. Learned a big lesson master Haejin. Must be more cautious.
This happened to me as well. I had good profits going on and then I actually lost almost all of my initial deposit. I actually stumbled upon Haejin just after that. We both learned the hard way, but it's a part of the process.
I wish you MASSIVE profits!
A good trader is a bad trader who forgives himself for his mistakes and learns his lessons and tries again!
I never forgive myself I’m constantly arguing with the voices in my head. Lmao.
A great Trader today could be a bad one tomorrow,10 wins can be undone by one loss. Lessons never cease.
Sorry to hear about that. What did you leave your collateral ratio at ? Here an upvote to get you back on your feet
margin training is not cheap
Margin trading in DEX is interest free. As long as you keep you ratios high then it’s less risky.
One of Haejin's rules is no margin trading, it will bring your account to 0. With the volatility in cryptos, this is especially true. I only ever do it very short term when I want to put on a position and move fiat into the account later.
i have 8X collateral ratio.... bts would have to correct to a 80% or more for me to get margin called....im not really concerned plus with no interest its also less risky...when i sense a top...way before the top i close out my margin positions...wait to bottom out then reopen again.....haejin has his rules...i have mine...i have been trading crypto since 2010 and mining also fyi
plus i have an alarm set when BTS gets too low...if it gets too low i can close out my margin position in seconds with bitUSD in reserves or i can reduce my ratio all the way down for a force settlement...too many ways to skin a cat...
Yes, with an 8x ratio, you’re pretty safe lol. I think for 90% of new traders out there, avoiding margin is a smart move.
yes that we can agree on as newer traders are greedy...me i do not need to be greedy as i have enough....thanks matthew for watching out tho brother
What margin were you using? 2x? Maybe try 4x next time to be more conservative.
Sorry to hear about this... I have a margin position but have my ratio at 4:1. This is still a low volume market which allows big holders to push price around. I may close out my position until the volume picks up to avoid this type of situation.