Should I Use Limit Sell or Just Delete My Binance Account? Looking for Advice from Seasoned Traders

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tony2017Full Member
Posts: 56 · Reputation: 410
#1Sep 15, 2021, 08:17 AM
Crypto is really stressing me out; I'm down almost $500 and feeling lost. It's all so overwhelming. Most of my losses came from trading too much. Every time the market goes up a little, I buy in, thinking it's gonna keep climbing, then when it drops, I freak out and sell. Then I do it all over again when it rises again. I'm really losing a lot this way, and I'm not sure if I can bounce back. Now I'm considering setting a limit sell and just deleting my Binance account altogether. Will that cause any issues? If I set a sell order at $75, will it trigger automatically, or could deleting my account mess that up? I'm really looking for insights from more experienced traders.
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anonSenior Member
Posts: 259 · Reputation: 1557
#2Sep 17, 2021, 12:15 AM
What you are doing right now isn't trading, you are gambling your money on the market. Why don't you get the right knowledge first before trading to make profits from the market? It doesn't make sense to jump in on price when you see the market buying or selling..there are certain criterias you have to agree with from your knowledge and expertise before your click on the buy or sell button. You are wasting capital, which can be used to pay for mentorship or get a good crypto trading course that you can study even in the smallest.. my advice for you is to for now avoid trading the market and take enough time to study.. the market is not a place for guess work..
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cold5tor4geSenior Member
Posts: 349 · Reputation: 1415
#3Sep 17, 2021, 05:53 AM
Placing a limit sell order of $75,000 BTC and deleting your binance account won't work the way you expect it the order will be cancelled at point of request for account closure, but the best thing to do is to place your order wait for it to be executed withdraw your money and then walk away. Your experience with trading selling at wrong time and buying the at fomo is not so much different from the experiences of other cryptocurrency traders,  most especially the newbies who still allow emotions to control their trading decisions without taking into account the volatility nature of cryptocurrency market.
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LuckyCoinLegendary
Posts: 832 · Reputation: 4795
#4Sep 17, 2021, 11:40 AM
What was your original position? You said you were down $500, so I am suspecting it might have been over half of your position. If you really don't want to do crypto any more and just want to take your money out, just do a market sell. A few hundred (what it sounds like to me) isn't going to make a dent in the market price. Then you can delete your account.
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viper_blockSenior Member
Posts: 205 · Reputation: 1216
#5Sep 18, 2021, 10:37 PM
You don't learns much about trading and just buying when the price starts go up a little and you don't analyzing the coin moving and just buy randomly. We don't know the right solution. Maybe we can suggest you to calm down for a while and not panic selling while you can monitor the market moves and wait for the price reach $77k or even higher so you can sell it.
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alex.shardLegendary
Posts: 1019 · Reputation: 5623
#6Sep 19, 2021, 02:59 AM
You do not want to trade again? Is that the reason you want to delete your Binance account? Do not do that, you do not need to delete your Binance account. Just place your limit order and if bitcoin get there, go to Binance to withdraw the coin to a noncustodial wallet. Or you mean you want to delete the Binance app and not your Binance account? Delete the Binance app and not your Binance account will not affect the order that you placed.
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