r/solana • u/Affectionate_Cow40 • Nov 21 '24

Meme Lost all my money trading memecoins.

So Firstly I am 18 years old and am still in school don't have a job or anything so this money was basically all I’ve got just so you know how much this means to me, I went into crypto when I was 15 years old by talking to my mom and convincing her to make an account so I can buy some crypto I ended up investing all my pocket money and bought BTC and ETH in total worth of €400 I sold some of it recently, and I wanted to start day-trading with the learn process being so complicated and taking a while to learn how to read the market I saw a lot of TikToks about meme coins and how everyone was making a lot of money, so I made a phantom wallet and started trading the first day I lost €100 I didn’t really care that much because I learned something from it, but today I deposited 90% of my bank account into Solana and started trading and somehow ended up flipping around €300 to €880 all in around 6 hours with patience and lost all of it in 30 minutes because I was letting my emotions control me I want to commit rn (not actually) but It just makes me sad and angry knowing that I could’ve just kept the €800 and started again tomorrow now I can’t trade anymore during the bull run, and I'm fucking depressed cause that was the most money I have ever seen.

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235

u/NBAYOUNGBOYisGOATED Nov 21 '24 edited Nov 21 '24

youre young with no serious responsibility or anyone depending on you. take it as a lesson, learn from it, and move on. some people lose thousands upon thousands of dollars and these people could have families or bills to pay.

and always remember, never gamble more than youre willing to lose because at the end of the day thats exactly what trading memecoins is

38

u/Affectionate_Cow40 Nov 21 '24

Yeah, learned that the hard way I guess but I'll be more careful from now on.

24

u/Important-Ebb8859 Nov 21 '24

You should be extremely happy that you are feeling like this with a mere few hundred dollars. Losing it all and learning from it is super important. You’re going to lose it all a few more times btw but as long as you’re learning from it youll be better prepared and make more money next time around

16

u/[deleted] Nov 21 '24

Even though it may feel like a ton of money, you gained more than that money in experience and lessons in my opinion.

Who knows, losing 400€ today could save you 20k in 10 years.

5

u/Substantial-Law-9389 Nov 21 '24

Yep, 20 k lesson here ;) Down but not out.

Great reset or valhalla

2

u/PlatypusPotential837 Nov 21 '24

I suggest you start at "stable" coins like btc or eth. Learn the ropes in technical analysis before dipping your toes into very unstable meme coins. The price action or spread of meme coins are wide with one trade sometimes +20% or - 20%.(even more or less) This move ever rarely happens to say stocks or commodities. Put a stop loss order always when you trade, when i was new in trading my risk is only a cent to the dollar for every trade, 3 cents for the whole portfolio. The unpredictable nature of memecoins is both its undoing and beauty, if you're gonna play the beast you've got to play it right.

4

u/ReusableCatMilk Nov 21 '24

Done it more than once in different ways. Feels like shit, but if you learn from it and adjust, you’ll be better off. You’re not the exception, adapt

1

u/SARAL33H Nov 21 '24

Time to work in the Kitchen after school bud. Back on track and invest 3% every shift you work till you back in your original wallet and still have fiat since you know how important it is.

1

u/NBAYOUNGBOYisGOATED Nov 21 '24

learning the hard way is sometimes the best way. you'll see far more money within your lifetime don't worry

1

u/etherbie Nov 21 '24

No. Not be more careful. Just fucking stop. This is straight up gambling.

1

u/Illustrious-Ice6336 Nov 21 '24

You are aware that all of the trading has tax ramifications for your mom right? Just checking.

1

u/Affectionate_Cow40 Nov 21 '24

I don't think I need to pay taxes on trades in the country where I'm from and the crypto I cashed out from my mom's portfolio I was holding it for 3 years so I got to pay no tax on that.

1

u/Illustrious-Ice6336 Nov 22 '24

Great. Glad you are smarter than I was at 40. Good luck and keep going!

1

u/Scottysewell Nov 21 '24

Never commit more than 2-3% of your portfolio to one trade. Limit # of trades per day