A guide on how to lose everything and stay in debt. The cure for cryptocurrency

To begin with, in a period when cryptocurrency prices were rising, it was extremely difficult not to make a profit. Any initial coin offering (ICO) or purchase of cryptocurrency was profitable and even individuals with limited knowledge could make money. However, the value of investments could just as rapidly plummet, leading to sudden losses of wealth. Instances such as the UST and Ftx collapse caused several of my acquaintances and friends to lose their deposits, forcing some to seek employment in alternative industries for financial stability. Despite this, I managed to maintain my financial position.

The bear market lasted more than a year, the money was leaving quickly, and there were fewer and fewer opportunities to earn, all my earnings turned into a casino game, where you buy something with the hope of growth, but the bear market does not forgive mistakes and many deals brought me only losses.

On the current rebound of bitcoin I started to play with futures, at the very beginning the long BTC brought me pleasant emotions, easy money and the feeling that I understand this market, but how I cheated myself. Later, I started to try to guess the reversal, and every time I was out of luck, and I was constantly putting more and more of my money to try to win back, thinking that I couldn't be unlucky. Sometimes I guessed and the feeling that I understood something, that I saw some regularities came back to me. At some point I just decided to wait for the next fall and not to move, not to put a stop and just wait, and there it was, another rise from 21,000 to 25,000 dollars, out of fear I closed my position in the negative and went back into the short, putting more and more leverage. And now I have lost all my money, but I have made even more stupid mistake, taking a loan, hoping to recover at least some part of the money, and now there is almost nothing left in the account. It is hard for me to describe my condition at that moment, it is just a feeling of hopelessness and emptiness, as if life ended at that moment, as if there is a huge wall in front of you, which is impossible to bypass in any way.

Now I want to give some advice to the immature young people who are reading this post. I love life and want to continue living as joyfully as I did before, but now I'm having trouble sleeping and panic attacks, I have a hard time falling asleep because before I go to sleep I have thoughts that I have no idea how I'm going to close these debts. I think that for someone, situations like this can lead to more serious problems, up to and including suicidal thoughts, but I really want you to learn from other people's mistakes, including mine.

And my first piece of advice is that you shouldn't bet everything on cryptocurrency. I am quite young, but after graduating from school I didn't want to study further and get a profession, I didn't listen to my parents and chose the way of working in the Internet, I almost didn't succeed until I found cryptocurrency, I thought that my life had happened, but one day it collapsed and now without any skills I have to survive in this cruel world. You have to study first of all, you can parallel to this and do cryptocurrency, but never quit your studies, you have to be sure in your future. There are exceptions, like my acquaintance, who earned more than a million dollars on cryptocurrency even before graduating from school and, having withdrawn some money, decided to continue only in this direction. This also applies to people who rely only on their main job, some of my acquaintances are comfortable going to work every day, and after work they play games and watch TV shows, such people can also be out of work one day, as it was during the quarantine, so you should also try to get into other areas at least a little bit.

The second tip is an extension of the first - you must constantly learn new skills. Learn new languages, learn programming, draw, develop your social networks, whatever you like and can bring in good money. When you have certain skills it is easier for you to find a better paying job, unlike people who have no skills, such people can be easily replaced, and therefore they will be paid the least. Use bear market as an opportunity to become more educated, moreover such skills as programming will help you a lot in making money on cryptocurrency.

And the third tip may seem strange to you, but you should always consider yourself stupid in this market. As soon as you start thinking that you understand this market, or read it, they will take everything away from you.If you think you are stupider than others, it will be easier for you to take advice from more experienced people and consider two sides of the coin.

The fourth piece of advice should be your basic one - futures are evil. You will never make money on futures, it is a casino game in which you can win, but you will end up with empty pockets. You may be able to make money from it, but let me tell you, it doesn't just hit you in the pocket. You become more nervous and irritable looking at the charts all the time, it is like an abusive relationship, first the chart goes in your direction and you start to cheer, then it goes in the opposite direction and you become angry, it can happen dozens of times in a day, it is very exhausting and you start to make rash decisions, so please, never try to make money on futures. You can use futures to hedge your position, but never try to guess the direction, the world situation is changing very fast and you can never know how the world situation will change and how the markets will react, bitcoin can fall very fast and altcoins even faster, you just might not have time to close your position and lose everything.

Fifth tip - diversification is very important. If you managed to make money on cryptocurrency, then withdraw some money, invest it in more conservative assets. Buy an apartment, a car, maybe open a business will be the right decision, because after losing everything, you will be left with a roof over your head and probably with a business, which will feed you in difficult times.

The sixth tip is to ask for help and help others. This applies to those who are already in a similar situation, you may have just noticed that you are addicted to futures, you must recognize this problem and turn to your loved ones who can support you, there is no easy money, big money comes only through hard work. You have to completely give up the idea that you can make money on futures.

We all know what a bad mood is, but not everyone has faced great losses, I have never felt so bad in this life, so if your friend or loved one asks for help, try to support and help them, you never know what can happen to you and it's great if there is someone around to help you through any grief.

You can add your own tips in the comments that I may have missed or you may have made other mistakes. I really hope that my post will help someone realize their mistakes, come to their senses in time, and get on the right track.

Any help would be appreciated