I lost $120,000 trading.
At one point in my trading career, I was an unprofitable trader.
I have to admit it.
I heard the stories of people getting wrecked and I just didn't listen.
Today, I'm going to share my story with you about how I lost 4 Bitcoin
and used that to fuel me to become a successful trader.
Let's get it!
BitSwap is the hottest new way to trade tokens.
Crawling all the top decentralized exchanges,
BitSwap gets you the very best price and value for your trades.
BitSwap is changing the game.
Try it now at bitswapdex.io.
Welcome to BitBoy Crypto!
My name is Ben.
Everyday on this channel, I show you how to make money in cryptocurrency.
Maybe, today, how not to lose it.
If you like money and crypto, make sure to hit the subscribe button
and smash the like button
especially if you love talking about trading.
So, today, guys, we're going to be covering a little bit of my story and Bybit and leverage trading.
I going to tell you how I lost 4 Bitcoin.
And, you know, in the beginning of this video, you might be thinking to yourself,
"That sounds super dangerous. I don't want to do that."
I'm going to be using this video to give you guys the lessons that I learned
and the tricks on how to become a successful trader.
When you do this,
you will most likely not lose a bunch of money.
Of course, anything's possible,
but following these tips and strategies, you can definitely become a better trader.
Now, if you do want to trade on Bybit,
you can definitely do that by going to bitboycrypto.com/deals
and hitting ByBit at the top.
It'll jump you down to that section,
and then there's a link there you can sign up and a deposit bonus.
So let's go ahead and jump into the video.
That's right, guys.
I lost 4 Bitcoin in one trade.
And this was not when Bitcoin was $10.
Bitcoin was definitely in the several thousands of dollars.
And, you know, I had started trading on Bybit and I heard all the stories, right?
"Be careful. You'll lose all your money. It's dangerous."
But what happens is,
is you start feeling the euphoria when you have a big successful trade.
But not necessarily when you close the trade, you see the numbers and they rise very very very quickly.
Now, I'm going to show you guys--
This is my account that I created
like, let's say about a month ago, somewhere around there, about--
in order to do all my trades that I'm doing
live-- not necessarily live but on the channel so you guys can see them.
And so, this is me just on Bybit here,
and I want to show you how I stop myself from making losses.
And when you look at my record from trading,
you're going to be absolutely amazed.
I mean, you'll see we've got $483K in the account.
And this is not because I started with a lot.
I think we had about 3 or 4 Bitcoin in here when we started.
And we've been able to triple that amount.
As you come over here, look at my closed P&L statement,
you guys can see in this account since we started it on the 28th of January, I believe--
No, that's not right.
We'll do the 90-day. You'll see when I started this.
We started this account on January 7,
so we haven't even has this kind of monthly yet.
We've already ran up $365K.
It's not a trick.
This is legit.
Totally real. We're on the site here.
You guys can see all of our green trades.
We had one day we lost 3.66,
but then later that day--
and this is a trick I'm going to show you how I was able to get this back.
I made 3.7-- about-- almost 3.8 back.
When you look at the times there,
I lost that at about 1PM my time,
and then by 8:00 that night, I made it all back.
And I'm going to show you how that works.
So, if you go through my P&L here,
let's hit Next,
you guys can see all the green trades.
All those trades-- that's 10 trades in a row that were green.
Ten more, so we had 20 trades in a row that were green.
24 green trades in a row.
Then we had one down trade,
and then after that, we had-- what's that? 5,
6-- We had one where we had about 6 out of 9 were wins.
We had three losses.
And then you see the rest of the green,
and then we had one bad day there where we only won 6 out of 10 trades.
And then I think that should be almost the end of account. You see all the green.
All the green.
Guys, this did not happen by accident.
This is not because I'm some kind of insane technical analyst,
and I look at the charts, I know exactly where, you know, how to do this.
Well, first and foremost, I use Market Cipher.
If you guys go here to bitboycrypto.com/deals, you click Market Cipher.
This is how I pick my trades.
I pick trades-- you guys can click HERE to buy Market Cipher.
It's got different price points.
It's basically how long you get in the Discord.
And then we also have a tutorial video on how to use it.
So that's one thing.
So definitely Market Cipher is a strong part of my strategy, okay?
But I want you guys to think about this.
Especially if you guys have traded on Bybit before or leverage trading and you got wrecked.
You lost money.
I want you guys to really think about this. I want you to play this out.
Why did it happen?
Here I am on Bybit. Of course, you can sign up for Bybit itself
here on the page.
It shows you some different issues. You might run into a VPN IP issue.
We do have a contest going on right now. If you check out the contest,
you will see that right now, we are ranked No. 18 out of 400.
I should be a lot higher. There's a reason for that.
And if you've watched the livestream, you know what that reason is.
It was basically just I had exchanged some of my Bitcoin for Ethereum inside of Bybit,
and they counted that as a loss when it wasn't actually a loss,
or I would be actually in the top 10.
But, guys, what I want you guys to think about,
if you've been wrecked and you've been trading, and how I lost this Bitcoin
No. 1: I was putting all of my account in on every trade.
That is a big, big, big mistake.
And then No. 2,
almost every losing trade I ever had on Bybit with leverage was because I did not lock in profits.
That is how you make money.
So, right now, it looks like we are--
I'm going to do a market-- I never do a market buy, but I'm going to do a market buy just to show you guys
what this looks like. We're not going to do much.
We're going to do 100,000 contracts. It's like,
I don't know, a 10th of a Bitcoin, somewhere around there.
So, right now, I'm just going to put it in an order with 100,000 contracts and do a market buy.
I'm using isolated leverage,
which is the only kind I like to use, and then I'm 25X.
That's pretty high numbers, so be careful if you do that.
We're going to buy that and we're going to watch this number right here.
And you guys see how these numbers jump.
Look how fast it's moving.
It went from $0 to $3 to $7.
We didn't even have everything filled.
And imagine I'm trading a lot of times with a million contracts,
and these numbers jump up very quickly.
I mean you just saw what it did right there. It went up to $35 from $3. Okay?
Now, right now, I'm up 0.87%.
Now, if I hover over it,
it shows you what my actual profit is.
You can see right now it's $50.
The reason for that is because the value of Bitcoin is increasing since I made the trade,
so I don't have to be up as much to make money.
But the key here is you want to lock in profits.
When you-- Almost every losing trade I ever made,
I was in the green at one point,
and I didn't lock them in.
That is so big.
So what you can do with that is you can come over here to the Take-Profit/Stop-Loss pencil,
and you can actually set your stop-loss for higher than losing money.
You can set it where you're in profit.
And you can jump this up as the price or the value increases.
Right now, it's at $37,229 for instance.
And so, right now, what I would want to do is I would want to wait until I got back into profit,
and then-- let's say I was in profit right now, I would just put-- let's see, it's at $37,240.
I could just put, you know, 37,200. You see that's a loss.
Oh, hold on. Let me let it get back in the green here real quick.
Okay. Right now, I'm up 1.3% on this trade.
You guys see the price is $37,271.
So I can come in here to my stop-loss, and I can set it at $37,250, or let's say $37,260.
And right now, I can change that stop-loss, and I will make at least a 1.29% profit.
I cannot lose this trade now.
Now, if you're working with margins only about 1%, you can still lose if it plunges and gets filled like
decently under your order, but you see what happened just then.
We just got wicked out on that stop-loss,
and it is a profitable trade.
So you guys just saw it.
The price wicked down.
The order got filled---
the sell order that put us in the profit.
So, even though the price dropped,
we still made 1% on that trade.
And, you know, you don't want to really set that margin at 1%.
That's a little low. I'm just doing it for demonstration purposes.
I try to make sure it's up at least like 3%.
Once it gets above 3%, you can pretty much, you know, assure
that even if it wicks down below your, you know, your stop-loss at a decent chunk,
you are definitely going to be in profit.
You cannot lose that trade at that point.
The natural reaction is to think the price is going to continue going up,
and it's not going to do that over the long term.
So what you want to do No. 1 is you want to make sure you got that stop-loss somewhere in the profit.
No. 2: Don't use your whole account.
So if you guys had seen, you know, my trade,
where I lost 3 Bitcoin on one trade, and then the next day, I came back and I'm--
or later that day, I made it all back,
so what I did is I ended up getting liquidated for that 3.66 BTC,
but I had more in my account than my liquidation point.
So even though I got liquidated for 3.6, I still had 7 Bitcoin left in that account.
So once it wicked down, in a bull market, the trend is your friend,
so what I was able to do is I was able to actually take advantage of that dip,
get in a much lower entry price,
and now, when it bounces, if it just gets back up to where it was,
it doesn't have to increase drastically,
you can get all your money back,
and then No. 2,
you can also make money if it continues rising
because usually what we'll see is we see these bounces where
it goes back up towards-- from the bottom of a channel to the top of the channel,
and there's a lot of good places there where you can make money,
so you definitely want to check that out. So,
for me, even though there were times I was unprofitable,
and I lost a ton of money,
I lost $120,000 in one spot because I lost 4 Bitcoin when Bitcoin was at $30,000.
That equals to $120,000.
When it's at $40,000, I gotta always think I've got that $160,000 that I lost.
But you guys saw how much I made in this account in the last month alone.
Those are the tricks that I've been using to make money and not get wrecked.
So I hope you guys can take something from that and learn from my story.
And if you do want to trade on Bybit,
and put some of these strategies into use,
head on over to bitboycrypto.com/deals and you can go to the Bybit section.
You can also check out Market Cipher. I highly suggest it as well.
I think we're almost out of this promo code.
So if you guys want to get that, you can do that too. So.
Everybody, thank you so much for watching.
That's all I got.
Be blessed.
BitBoy out.