Screenshot from my phone
Hello friends, the market is not very kind on us today. On April 23rd I opened a margin trade to buy WRX in WRXUSD pair at $0.1625 for 399.9 WRX. In margin trading Binance provides a 5X leverage on this pair. So, I made a deposit of 100 WRX and opened the trade. My first mistake is if I had sell those for that day, then I would have made 4 extra WRX tokens as a profit. But my greed never let me do it. Thought I would give some time, the price of WRX token will come to $0.195 and i would get much profit than it is. But the fate has other plans for me. Gradually the price of the WRX token shrinking. When all hope is losing, i thought of making another deposit of 100 WRX tokens to increase the liquidation price. For sometime the price didn't fluctuate much, then i thought of buying another one. This time i opened another trade at $0.135 and bought like 148 WRX tokens.
Then again the price seems to be moving downwards only. Further i opened a trade for 83.4 WRX tokens at the price of $0.120. A total of 631 WRX tokens were bought from April 23rd to May 20th. I approximately waited for like a month. Then two days back the price of WRX token has spiked upto $0.131 and I thought the market is kind on me. I still given into greed and waited for the price to go up. But the tables has turned and today the price of WRX token was $0.105. The liquidation price in the margin trading given to me was only $0.1069. My whole balance was liquidated at the average price of $0.10774 in six parts with an average of 102.1 number of WRX tokens per trade for five trades and a single trade of 9.5 nos. I was shocked to see the trade go in such a loss and I really thought I would make it out with profit. But I did not, because greed can be harmful in trading. That's why somany investor professionals will say leave your feelings before opening a trade. It is correct. This particular trade made me realise that even though we calculate exactly at what position should I open a trade and close a trade there will always be a ounce of luck that lurks with everyone of us.
So, this time i thought like the price of WRX token is as low as it can be so maybe now open a trade then i definitely gonna make profit on it and gain the lost coins too if I'm to close the trade at the expected price. Then I opened a trade at $0.1055 price of WRX token for 947 Nos of WRX. Lets hope that this is the lowest that the price of WRX token can go amd bounce back to its some what more efficient price. We will what happens in this plot of margin trading. This is my current experience with Binance margin trading. Share your trading experience in these bear market in the comment section if you feel like it.
