How I lost One Bitcoin with Leverage Trading

This is how you can recognize red flags — and get the hell out

Lucien Lecarme
Feb 24 · 7 min read

Research shows that more dopamine is secreted by the brain in anticipation of reward than when the reward actually arrives — daytradingpsychology.com

I lost precious money using leverage trading. After losing one hole freakin’ Bitcoin, I decided to quit this dangerous and risky business a year ago. That was around Bitcoin being $10K.

Getting high on dopamine betting your monopoly money

Dopamine is a powerful mind-altering compound, responsible for the high induced by cocaine. Consequently, it is also implicated in the addictive and entrancing aspects of trading-Daytradingpsychology.com

With online leverage trading, you look at a screen with some candles moving, crazy order book action, and some numbers changing. It all starts with a harmless thrill, maybe some beginners luck even. So you raise the leverage, put in more money. They didn’t tell you it was that easy!

Photo by Christian Erfurt on Unsplash

Admit you’re a Bybit Junkie

The following is my description of a ByBit, or leverage Junkie.

Trading = Low risk x Patience

YouTubers advising you — making money on your losses

There are many Bitcoin Trade YouTubers out there. Carl the Moon, MM crypto, Crypto Zombie etc.

  • Second: they are not transparent about the fact that, when you lose, they will gain. Your account is linked to their affiliate Bybit referral. They hook you in with a time-limited special entry bonus ranging from $60 to $100,-.
  • They do warn their viewers that leverage trading is only for professionals, but their videos are not for that target audience.

Greed will kill you

Bitcoin has parabolic run-ups. We are in one of those right now. An epic green candles orgasm that lasted for weeks.

Greed will forget you to value what you have, and instead it will never be enough. So you lose both ways

I know people that have lost a lot of money even while Bitcoin shooting to the moon.

The leverage needs to be paid —ask yourself how?

Bybit and some other leverage, trading platforms have enormous turn-overs. Some people make huge gains, and they need to be paid.

Lessons

I needed to learn my lesson, and somehow I am grateful for it. In fact, I learned a lot about technical analyses and the world of trading.

Spirit of Crypto

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