For the last couple of weeks, all markets are bleeding, including crypto market, and there is one particular coin that took it to a different level of bleeding.
Yes, LUNA. One of many cryptocurrencies that used to sit at the top, crashed to $0.00000112 from its All Time High of $119.55 a month ago, just within a couple of days.
So if you used to have $1,000,000 worth of LUNA at $100 each, now you only have $1 at the time of this writing, Riches back to Rag.
If you actively explore twitter for the last couple of days, you will find many heartbreaking tweets, from people having all their life savings gone because UST depegged, people who want to commit suicide (and some are already confirmed), and the creator of LUNA getting death threats that might have just arrived on his front door. This is definitely one case that will never be forgotten in the history of cryptocurrency.
After reading many tweets, I have come to conclusion; several grave mistakes that supposed to be the basics of trading, in any market, that people should already know prior to doing live trades with their hard-earned cash. Here are the mistakes:
1. NEVER EVER put 100% of your capital in any trades, especially in cryptocurrency which is very VOLATILE. It can go 10,000% in minutes, but it can also go to 0 within seconds. If you only use 1% of your max capital in trades, if it's a loss, you only lose 1% and you can still use the other 99% to make bigger profit
2. Always use Stop Loss and don't forget to Take Profit from time to time, don't be greedy, stick to your trading plan and your Risk to Reward Ratio
3. NEVER EVER have a mindset of "Oh this coin is very popular and it's in the top 10, what could possibly go wrong". Anything can go wrong, even BTC, even USDT, it is not impossible to crash someday, there will always be a possibility, so bear that in mind
4. DO NOT use stablecoins or any coin to store your hard-earned cash/life savings/retirement money etc. If they change in value (and they will) you risk all of your money.Instead, buy assets, like land/property
5. DO NOT blindly follow cult heroes, nobody can ever predict price action with 100% accuracy, if there is someone like that, maybe they are not from around here (or maybe the mastermind behind the scenes, who has the power to move price action according to their will)
6. Always DO YOUR OWN RESEARCH before making any trades, don't just jump in with FOMO or because someone with high reputation says so
Time changes everything, a coin that is good rn doesn't mean it will stay good next year, someone may find a flaw and exploit it. Keep doing your research.
7. DO NOT INVEST ON HOPE, that's called gambling (unless you know what you're doing)
LUNA is dead now.. or is it?
8. Opportunity can come at any moment, you have to be ready
LUNA is so cheap now, at only just $10 you can get millions of coin (and Big Mac is more expensive). If you think about the Risk to Reward Ratio here, the Reward is much much bigger than the Risk, in the end, you can only lose $10 but imagine what you can get if it goes higher again, and yes, the current price at the time of writing is already up by 10,000% from the price before Binance delisted it.
I bought LUNA at $0.0000023 with 1% of my capital before the delisting, and now I make a lot of profit
I still keep some, in cosmic chance it will go back to $1 again or beyond, then I'll reap all the money
If it finally goes into the abyss, then I will still have 99% of my money
A very good RRR
TLDR;
You must always be ready to take the opportunity, even at the worst of times
If it's crashed, doesn't mean it's bad
- DISCLAIMER -
This is my personal idea and is not a financial advice
Your money is your own responsibility
- DISCLAIMER -
Yes, LUNA. One of many cryptocurrencies that used to sit at the top, crashed to $0.00000112 from its All Time High of $119.55 a month ago, just within a couple of days.
So if you used to have $1,000,000 worth of LUNA at $100 each, now you only have $1 at the time of this writing, Riches back to Rag.
If you actively explore twitter for the last couple of days, you will find many heartbreaking tweets, from people having all their life savings gone because UST depegged, people who want to commit suicide (and some are already confirmed), and the creator of LUNA getting death threats that might have just arrived on his front door. This is definitely one case that will never be forgotten in the history of cryptocurrency.
After reading many tweets, I have come to conclusion; several grave mistakes that supposed to be the basics of trading, in any market, that people should already know prior to doing live trades with their hard-earned cash. Here are the mistakes:
1. NEVER EVER put 100% of your capital in any trades, especially in cryptocurrency which is very VOLATILE. It can go 10,000% in minutes, but it can also go to 0 within seconds. If you only use 1% of your max capital in trades, if it's a loss, you only lose 1% and you can still use the other 99% to make bigger profit
2. Always use Stop Loss and don't forget to Take Profit from time to time, don't be greedy, stick to your trading plan and your Risk to Reward Ratio
3. NEVER EVER have a mindset of "Oh this coin is very popular and it's in the top 10, what could possibly go wrong". Anything can go wrong, even BTC, even USDT, it is not impossible to crash someday, there will always be a possibility, so bear that in mind
4. DO NOT use stablecoins or any coin to store your hard-earned cash/life savings/retirement money etc. If they change in value (and they will) you risk all of your money.Instead, buy assets, like land/property
5. DO NOT blindly follow cult heroes, nobody can ever predict price action with 100% accuracy, if there is someone like that, maybe they are not from around here (or maybe the mastermind behind the scenes, who has the power to move price action according to their will)
6. Always DO YOUR OWN RESEARCH before making any trades, don't just jump in with FOMO or because someone with high reputation says so
Time changes everything, a coin that is good rn doesn't mean it will stay good next year, someone may find a flaw and exploit it. Keep doing your research.
7. DO NOT INVEST ON HOPE, that's called gambling (unless you know what you're doing)
LUNA is dead now.. or is it?
8. Opportunity can come at any moment, you have to be ready
LUNA is so cheap now, at only just $10 you can get millions of coin (and Big Mac is more expensive). If you think about the Risk to Reward Ratio here, the Reward is much much bigger than the Risk, in the end, you can only lose $10 but imagine what you can get if it goes higher again, and yes, the current price at the time of writing is already up by 10,000% from the price before Binance delisted it.
I bought LUNA at $0.0000023 with 1% of my capital before the delisting, and now I make a lot of profit
I still keep some, in cosmic chance it will go back to $1 again or beyond, then I'll reap all the money
If it finally goes into the abyss, then I will still have 99% of my money
A very good RRR
TLDR;
You must always be ready to take the opportunity, even at the worst of times
If it's crashed, doesn't mean it's bad
- DISCLAIMER -
This is my personal idea and is not a financial advice
Your money is your own responsibility
- DISCLAIMER -
Operación activa:
LUNA is still going steady up, and has increased 300% since I posted this idea.
If you have opened positions at $0.00009 or lower, you might want to raise your S/L.
If you just want to have fun and see if LUNA can make it back to $1, at least make sure you have your purchase money back first, then you can HODL if you want.
Be aware though, this might be a pump and dump, so if you already made some decent profit, you might want to consider closing some of your positions.
If you have opened positions at $0.00009 or lower, you might want to raise your S/L.
If you just want to have fun and see if LUNA can make it back to $1, at least make sure you have your purchase money back first, then you can HODL if you want.
Be aware though, this might be a pump and dump, so if you already made some decent profit, you might want to consider closing some of your positions.
NOT A FINANCIAL ADVICE
DO YOUR OWN RESEARCH
YOUR MONEY IS YOUR OWN RESPONSIBILITY
DO YOUR OWN RESEARCH
YOUR MONEY IS YOUR OWN RESPONSIBILITY
There might be an update from Terra Team regarding the recovery attempt.
Should that be a bad news, like deleting LUNA altogether, then it'd likely cause a cascade down, be prepared.
You should remain in this trade if you are prepared to lose everything in your positions, and have a good amount of capital to afford DCA. Remember, do not use more than 1% of your max capital.