I once lost 500k in my twenties. The only way to salvage this is to stop all forms of betting cold turkey. Just walk away from it. Focus on excercise and girls and video games. No more betting for any reason. No excuses.
It’s always there in the back of my mind. You have to have the mental fortitude to stay away and the humbleness to accept you’re weak and can’t stop at one bet. Everyone has a cross to bear.
I’ve slipped up a few times, but only lost a few thousand, before I walked away.
It’s not easy.
Did you buy the houses with the money you won or did you already own it before? I have built my account from £20k to £100k and it went back down to £21k. Then I turned it into £140k and it’s back to £13k. Penny stocks that pump then dump. But total lifetime losses stand at £75k. I had £140k there whilst I earn £13 an hour and I didn’t take it. It’s never enough when you win. I am in a similar situation but won’t get quite the 1 million inheritance. It would be just less than half that so in that regards we are fortunate. However, when it’s family money, it doesn’t feel like yours especially when they can control the way you spend it(perhaps better for us in our case).
I saw that. I lost 100k and much more. There really isnt a great way forward at the moment but if you have a job that is something. I don’t want to lie the trauma of what you did may be forever sometimes people just say the same shit on here forever (GA SELF EXCLUDE like both just work) but if you’re working and can stay productive it helps. If not….
You really need to reset your mind. Having $1M left in assets is a huge win. Focus on the positive side of things. Most addicts don't have anything left. You really need to stop before it gets so much worse. I had $300K, left with only $15K bc I didn't stop, and wanted to keep trying. Truth is, no amount of money will be enough to "win." You would want more and more because you love the high.
You made $2.5m from $10k using casinos/trading? In that case you should feel less bad about losing it because you were going to lose it eventually if you continued for long enough.
We can't blame the world events or market crashes for our misfortunes. They are very risky products to begin with if you're constantly exposed with or without leverage.
I’m sorry for your losses. Unfortunately the system works the same if you’ve lost $1 or $1000 or $100,000 or $10 million.
No matter your losses, one thing is certain. You won’t be making it back by gambling more.
Value the money you have still to your name. Take a step back and dont gamble it all away. You'll turn profitable again and surely make it back in a few trades.
I’m guessing when Israel hamas war happened. There was a massive dip in crypto. You rode the wave up, then got dumped. You have had the money on paper then lost it?
My advice is don’t try and chase it with sports betting. You are trying to chase your looses. It can become bad very quickly. As you probably have already realised.
Time will help. Stop gambling and get your head right. Chasing your losses is not the way.
If you are above average iq and watch news you have seen that israel iran palestine conflict caused %30 drop on ethereum and more than 1 billion dollars was liquidated. I don’t play slots I trade.
Don’t teach me trading, this is not the place for us to tell I am the better trader. I leverage trade since many years, and swing longed from 30K to 73K. The day I changed to eth at 3800 I opened 3x long and got liquidated since fking binance make liq levels at %82.
I’m not saying I’m a better trader.. I DCA and hodl because I know I can’t predict the market. Blaming the conflict for your gambling addiction is just a cop out through, you’ll never beat this addiction if you just put the blame on external things. You have an addiction and you lost all your money, it’s your fault.
Sorry mate, but I agree with this commenter that trading <> gambling. If you genuinely made an error, e.g. clicked the wrong button or ordered 10x more by accident because you added a zero ... that's one thing. If you didn't pre-define the risk, accept the risk, or know what would tell you if the trade isn't working ... that's gambling, not trading.
Here is a pretty clear sign - if you're blaming the market didn't do what you wanted or your broker because of their rules, you're gambling, not trading.
Sorry this has happened to you. Like another said, you do still have a lot to be grateful for and give yourself credit for even reaching out on Reddit. That may not seem like a lot, but it def counts.
Whatever you do right now, the minute you feel like opening your account to trade, go to a bar and spend $40 on the most expensive pitcher of beer and then carefully tell yourself why you went to the bar and didn't open your trading account
You will be fine, you took a huge hit, but sounds like you still have plenty of assets. No point in posting woulda coulda shouldas, but I just don't undrstand what your long term goal on this trade was. Sounds like you made a very aggressive leveraged trade and let it just sit like a balloon waiting to be popped. I guarantee you learned two valuable lessons from this - Take some profits off the table when deep in the green and black swan events aren't as rare as asdvertised. Look up what happened to Long Term Capital Management in the 90s for enetertainjng read.
You begin your post with "Lost everything..." but in fact, you lost only $10K of your money plus any unrealized profit that this initial investement had at some point.
This $10k was only 1% of your $1M net worth
I advise you stop gambling completely for lifetime, in order to protect the rest 99% of your property and anything else that this may bring in the future plus any benefits from your hard work, business etc
This loss can be the trap and you may lose another 10M of hard earned money in the future. This is how gambling works usually, unfortunately.
Stop for good and run away from this shit and live a normal life focused on good businesses, and hard work that brings value to society and the people around you
I once lost 500k in my twenties. The only way to salvage this is to stop all forms of betting cold turkey. Just walk away from it. Focus on excercise and girls and video games. No more betting for any reason. No excuses.
No excuses, I love it.
same. focus on starting a business or some kind of idea that takes dedication and discipline
Did you go into debt or lose 500k in assets? If it was debt, how long did it take for you to claw out?
It was 125k of black jack winnings, and 400k of my own cash.
Stopping cold turkey the only way... But what if the feeling to gamble comes back in ones quite moments?
It’s always there in the back of my mind. You have to have the mental fortitude to stay away and the humbleness to accept you’re weak and can’t stop at one bet. Everyone has a cross to bear. I’ve slipped up a few times, but only lost a few thousand, before I walked away. It’s not easy.
Thank you
Exactly
This.
I don’t get the Hamas Israel reference. Also you still have 1 million people would kill for that
Still don’t get the Hamas Israel etc I’m Jewish lol. But gambling and crypto addictions are horrible and I genuinely wish you the best
It crashed due the crisis, that’s what I meant btw.
Did you buy the houses with the money you won or did you already own it before? I have built my account from £20k to £100k and it went back down to £21k. Then I turned it into £140k and it’s back to £13k. Penny stocks that pump then dump. But total lifetime losses stand at £75k. I had £140k there whilst I earn £13 an hour and I didn’t take it. It’s never enough when you win. I am in a similar situation but won’t get quite the 1 million inheritance. It would be just less than half that so in that regards we are fortunate. However, when it’s family money, it doesn’t feel like yours especially when they can control the way you spend it(perhaps better for us in our case).
Good luck on your journey man, thanks for your reply 🙏🏻
I had a 3x position on ETH, dipped %30 that night suddenly.
In assets of family not mine my friend.
I saw that. I lost 100k and much more. There really isnt a great way forward at the moment but if you have a job that is something. I don’t want to lie the trauma of what you did may be forever sometimes people just say the same shit on here forever (GA SELF EXCLUDE like both just work) but if you’re working and can stay productive it helps. If not….
The trauma is killing me day by day my friend, sorry for your losses as well.
I will say it CAN get better. Over time. But right now I can’t say that. No one should. I’m sorry.
Thank you for your warm hearted reply, I wish you the best in your journey as well pavement500.🙏🏻
Thank you, you as well.
You really need to reset your mind. Having $1M left in assets is a huge win. Focus on the positive side of things. Most addicts don't have anything left. You really need to stop before it gets so much worse. I had $300K, left with only $15K bc I didn't stop, and wanted to keep trying. Truth is, no amount of money will be enough to "win." You would want more and more because you love the high.
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Exactly.
Thanks for your negative reply; I don’t own em assets, family owned.
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Good
You made $2.5m from $10k using casinos/trading? In that case you should feel less bad about losing it because you were going to lose it eventually if you continued for long enough. We can't blame the world events or market crashes for our misfortunes. They are very risky products to begin with if you're constantly exposed with or without leverage.
Oh, only a million left ? What a whiny little b*tch ... 😂
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Eth 3800 to 2700 (3x) sir
Isn’t it back at 3700?
You can lose everything if you full-port and are leveraged to the tits.
I’m sorry for your losses. Unfortunately the system works the same if you’ve lost $1 or $1000 or $100,000 or $10 million. No matter your losses, one thing is certain. You won’t be making it back by gambling more.
Stay strong bro ❤️
Value the money you have still to your name. Take a step back and dont gamble it all away. You'll turn profitable again and surely make it back in a few trades.
I’m guessing when Israel hamas war happened. There was a massive dip in crypto. You rode the wave up, then got dumped. You have had the money on paper then lost it? My advice is don’t try and chase it with sports betting. You are trying to chase your looses. It can become bad very quickly. As you probably have already realised. Time will help. Stop gambling and get your head right. Chasing your losses is not the way.
What does the Israel Palestine conflict have to do with your gambling addiction?
If you are above average iq and watch news you have seen that israel iran palestine conflict caused %30 drop on ethereum and more than 1 billion dollars was liquidated. I don’t play slots I trade.
I’m up 50% on eth.. what did you do, buy at the top and never average down?? That’s not trading lol
Don’t teach me trading, this is not the place for us to tell I am the better trader. I leverage trade since many years, and swing longed from 30K to 73K. The day I changed to eth at 3800 I opened 3x long and got liquidated since fking binance make liq levels at %82.
I’m not saying I’m a better trader.. I DCA and hodl because I know I can’t predict the market. Blaming the conflict for your gambling addiction is just a cop out through, you’ll never beat this addiction if you just put the blame on external things. You have an addiction and you lost all your money, it’s your fault.
This is a good reply, thanks for your insight🙏🏻
Sorry mate, but I agree with this commenter that trading <> gambling. If you genuinely made an error, e.g. clicked the wrong button or ordered 10x more by accident because you added a zero ... that's one thing. If you didn't pre-define the risk, accept the risk, or know what would tell you if the trade isn't working ... that's gambling, not trading. Here is a pretty clear sign - if you're blaming the market didn't do what you wanted or your broker because of their rules, you're gambling, not trading.
You still have assets bro your.down.but.never out
Leverage is a bitch
Sorry this has happened to you. Like another said, you do still have a lot to be grateful for and give yourself credit for even reaching out on Reddit. That may not seem like a lot, but it def counts.
Whatever you do right now, the minute you feel like opening your account to trade, go to a bar and spend $40 on the most expensive pitcher of beer and then carefully tell yourself why you went to the bar and didn't open your trading account
You will be fine, you took a huge hit, but sounds like you still have plenty of assets. No point in posting woulda coulda shouldas, but I just don't undrstand what your long term goal on this trade was. Sounds like you made a very aggressive leveraged trade and let it just sit like a balloon waiting to be popped. I guarantee you learned two valuable lessons from this - Take some profits off the table when deep in the green and black swan events aren't as rare as asdvertised. Look up what happened to Long Term Capital Management in the 90s for enetertainjng read.
You begin your post with "Lost everything..." but in fact, you lost only $10K of your money plus any unrealized profit that this initial investement had at some point. This $10k was only 1% of your $1M net worth I advise you stop gambling completely for lifetime, in order to protect the rest 99% of your property and anything else that this may bring in the future plus any benefits from your hard work, business etc This loss can be the trap and you may lose another 10M of hard earned money in the future. This is how gambling works usually, unfortunately. Stop for good and run away from this shit and live a normal life focused on good businesses, and hard work that brings value to society and the people around you