Do not touch leverage unless you have money to throw away.

2021 was a great year for me. I 10x’d my money investing into ATOM, SYS, HOT, LUNA, LRC etc. and I was way over the moon. I thought I was fucking invincible…

I was going around suggesting people to set stop limits, do not invest more money than you can afford and of course, I shilled for coins that I held. I had this baseless stupid confidence that comes with the money that I never had before.

Then came 2022… I was talking with my friends about decent coins they can potentially invest in and the topic of leverage came up. We talked about the potential money I could earn, calculated the amount I’d have if the coin I invested in mooned and then after dreaming about what I can do with the money I can potentially earn, it got to me… why not try out leverage on Binance and went right into 3x leverage.

I didn’t even bother checking the interest rate, I forgot about all the principles I had with coin trading and borrowed the maximum amount and went all in.

I don’t fucking know what got to me. Hype threads that talk about potential moon, people around me asking for advice, the money that I never had before… I’d have held through the drop if this was just normal trading because I believe that it will always bounce back and maybe even go even further but with leverage… I cannot afford to hold. If whatever coin I buy drops even for a little bit I am left with no money and no way of earning what I lost back.

Now, I sold all the coins I owned for BUSD and I am on the brink of liquidation at margin level of 1.14. The interest rate is piling up, I barely slept last few days and I am literally sweating due to anxiety.

I just wanted a place where I can vent about my stupidity. Thanks for reading… or not reading.

*tl;dr i am confident. i touch leverage. coin market goes boom. i am broke and fucked beyond measure. *

** point: don’t touch leverage unless you have enough that you can use money as a toilet paper. **