Trading can be risky, so watch out.
He’s taken down his X account. Here’s what’s up:
Apparently, he lost a staggering 9 digits. That’s like hundreds of millions.
He’s into leverage trading and claims that money isn’t real.
If you’ve got cash, just be careful with trading.
What do you think made him deactivate his account?
Update: He’s back on X.
He is a lesson to many people that thinks leverage trading is good. If he was using just 1x leverage, he would have been a good trader. I remember some weeks ago that he posted the market will fall but maybe he went on short position but bitcoin increased and got to all time high instead. He has been losing and losing.
I am kind of sorry for him but people should learn from him.
He got burnt real bad and that's all his fault.
This time he could not bear the loss and deactivated his account. He had experienced some losses some months ago and he handled it. This one got to him very bad.
Yes and this is a lesson for everyone.
Man got himself burned. He could retire already with the money that he's got but chose not to. I am sure if someone from the forum with that amount, we won't be bothered to think of more and what's enough is enough. Losing in all of those huge trades he's made were pure gambling and he's right. At least, he's admitted his mistake and advising people to not do the same thing that he does. Because in all aspects that he's done, he's won a lot already but never stopped. Being contented should be part of everyone's attitude towards the market because if not is contented, he'd lose everything just like him.
How on Earth does someone have a nine-digit account and not know anything about risk management?
Maybe he was right when he said he was just lucky. Probably traded some memecoins, got some nine digit figures through "luck", jumped into leverage trading thinking it would be the same and got rekt. Sometimes. I think people need to learn the hard way.
He's the new version of "Inverse Cramer" where investors are going the opposite of what he's saying. In this case, traders are going the opposite of what his position is hence, him losing significant amounts of money these past few weeks.
I'm think that there might be some retail traders out there that made money just by positioning themselves the opposite of what this trader is doing. As for his account being deactivated though, I'm pretty sure many will just forget him in just a few weeks to a month, but he's a perfect lesson to those traders and aspiring traders like you said. Traders, and those aspiring ones should know how risky trading is particularly leverage trading. In his losses, he always go for x40 leverage which is very risky, and we know what happened to him.
TBH, I learned from his losses and since then, I minimize my leverage especially when it comes to altcoins. Usually, I always go for around x10-x15 or even x20, but now, I always go on x5 only, and for Bitcoin, around x20. There might be saying that it's too high, but I know the risks so... yeah.
Correct me, but he's a gambler (based on what he said), and gamblers don't know about risk management. At least that's what I understand.
Honestly I wasn't expecting the guy to close the account after going to zero, I mean he can squeeze money from the already popular account through shilling since he's been shilling memes for quite sometime.
Maybe the impact caused by the hundred millions dollar lost is that great that he decided to just deactivate his account.
Ultimately he's the one that knows the reason. It's crazy though how hundred million dollars went to the drain just for the sake of leveraged trade.
He has not gone to zero, but for someone that lost hundreds of millions of dollars, we can say he has gone to zero because only $10176 is traced to be left on his wallet in total. But he can have other wallets that we do not know about publicly. He posted he is broke before deleting his X account.
Definitely, that is the reason.
Theymos
(It's all the forum's BTC though)
That's putting it a bit harshly. Cramer gets his calls not only consistently wrong, but crucially, consistently opposite. It's like CNBC only pays him for the TradFi memes now.
When you leave, the internet tends to forget about you very quickly. You become something of a fable but that's it.
x5 in my opinion is still way too much, as many cryptos regularly pump or dump more than 20% from any given time. Avoid leverage entirely for shitcoins.
Aside from him, there are others too that are sharing how much they've got but not through trading but holding and it's awake after holding for a very long time.
The impact is a real deal for him, he's lost a lot and he's never getting that back. He went there but never secured his money. He should be good for retirement already but he's chosen more challenge and gambled all the way to zero.
I've always thought that this person was created to purposefully be a figure for over-leveraged gamblers who claim to know the market after one leveraged win.
Now when people ask, what happened to James Wynn, they'll land on his last comment:
Which serves as a great way to end this global lesson. The higher the leverage, the more you are gambling, and the less you are trading.
Another cool part of crypto history
This is just the best example in trading; you don't need to be greedy. Even how bullish or bearish you are in the market, always expect the unexpected.
Not a good example, and that's why he got what he deserved. I hope he can recover
I don't know how James got this big fund and use it in trading as gamble, but his trading story is a good example for all traders, either beginners or senior. It is a principle that if you can not have proper risk and capital management for your small trading capital, you won't be able to do this if you have a big capital.
Another fact is if you lost with small trading capital, you will lose or even more easily lose bigger with a bigger trading fund.
Never think of starting your trading with big fund to get rich. Always start with small capital and see how you can do and gain with it. You will have more fund left for second chance and later chances after losing money in trading.
I hope he may recover but only around $10000 is traced to him to remain but he may have other wallet that people do not know.
I hope he can recover but that is if he has enough money. If he has enough money, he should just avoid trading.
Trading is never a good thing as it resembles gambling and it is a fast means someone can lose money.
Even though he warned other traders not to follow his lead, many would undoubtedly continue to do what he did, even with smaller amounts of capital.
It's quite strange that someone with a large capital doesn't understand risk management.
However, I'm sorry for what he experienced. It's a lesson that no matter how much capital you have, if you don't understand how to manage it, it can lose in an instant, especially if only focused on making a quick profit.
Leverage training is something I fear most, I would rather buy and hold. Wynn saying that money isn't real makes me think too about the money that traders usually make from the leverage trading, where is the money coming from? Such money is not consistent, so much risk and bad situations, most times, I even wonder how some traders still managed to be in profit always, I won't lie. Wynn must have deactivated his account because he is ashamed to face his followers because he failed.
Whilst going down he left a "beautiful" note on how he does not apply risk management and that he was more of a gambler than a professional some people thought he was. I hope people learn from his experience and understand how risky trading is, how could you trade with such high leverage, completely ignoring risk management, he would have been better off buying bitcoin with all that money and hodling his bitcoins in a non-custodial wallet for the long term.
Maybe he may decide to remain unseen or unnoticeable due to his losses and would want to restructure himself before coming live. Usually no one on trading industry that would 9 figure that would never be affected for any reason so while trading it's quite better to trade with what we can afford to lose and shouldn't we are always professional while trading, it's dangerous to always feel overwhelmed with our skills as any mistakes can arise. Therefore while trading we should still have conscience that losing is real and could occur to us at any given time or moments.