An anonymous cryptocurrency trader, known online as “Tarded Degen Gambler,” sent shockwaves through the community with a screenshot of a staggering six-figure trading loss. However, the response he received wasn’t sympathy, but a wake-up call.
What Happened
On January 3rd, the trader’s post went viral, showcasing a $161,000 liquidation loss. He later clarified that the screenshot excluded another $40,000 in unrealized profits from earlier that day.
By his admission, “Tarded Degen Gambler” had amassed a significant sum, growing from $20,000 to $425,000 between August and December 2023. However, January 2024 saw him lose a staggering $250,000.
Following his viral post, he embarked on a concerning spree, lamenting his losses with messages like “Want to kill myself so bad” and constantly updating his followers on his trading positions, which primarily resulted in further losses.
The turning point came on January 22nd when he expressed his physical and mental distress, including “nausea every hour.” This prompted a blunt response from another anonymous trader, “PC Principal,” who began with: “Forgive me if this sounds harsh, but you need to stop being a f–ng gambler and start acting like an adult.”
The advice was direct: adopt basic risk management, abandon social media, and utilize exchange cooldown features to prevent impulsive decisions. PC Principal emphasized that undisciplined and emotional trading would inevitably lead to financial ruin.
Why It Matters
The allure of rags-to-riches stories is undeniable in the crypto space, with tales like the “Dogecoin millionaire” and Vitalik Buterin’s meteoric rise capturing imaginations. However, it’s crucial to remember that many seemingly overnight successes involve questionable practices like insider trading or require significant capital and advanced strategies. As PC Principal stated, “There’s no glory in being a r—d that runs up $10k into a million in a week.” Without the necessary skills and knowledge, such gains are rarely sustainable. This is exemplified by the “Dogecoin millionaire” who lost most of his wealth, going from $3 million to $50,000.
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For the average investor, consistent investments over time, even in volatile assets like Shiba Inu, offer a safer approach. For instance, investing $10 into SHIB every month since 2021 would have resulted in a sizeable portfolio today.
What’s Next
In a January 23rd screenshot, “Tarded Degen Gambler” confirmed his final liquidation, acknowledging, “I’m a changed man now,” and vowing to utilize “0 leverage” in the future to avoid complete liquidation.