Lost More Than %50 Of My Profits In a Hour While Shorting Turkish Lira....

I shorted Turkish Lira with 2x leverage 9 months ago, when it was around 7.5. I knew that president like Erdogan would bankrupt a country so I was really sure about my position. I was bragging out to my friends every fucking month, and because I shorted TRY with more than %10 of my portfolio my profits were huge. Two days ago I was in profit about %225. TRY lost more than %50 of it's value in a month, so I was so fucking sure that they were going bankrupt. After CB of Turkey decreased the interest rates USD/TRY hit 18.50. I was calling all of my friends and bragging about it. Then 6 hours later, the president announced a new financial system that  caused USD/TRY to fall down by %30. I panicked and closed all of my positions with %120 profit but do I regret about not taking that %225 profit...

I will not fucking invest to currency of another 3rd world country ever again. I'm having diarrhea since yesterday because of this. Seeing that instant -30% was fucking scary.

Imagine indexing local currency to the USD while giving %15-19 interest rate and covering the losses caused by the currency movements, 6 HOURS AFTER CB decreased the interest rates to adopt a ''Chinese low-value currency model'' to increase exports. Literally a shit show.

Note for the future: Don't invest to the currencies of 3rd world countries ever again.

Comments (1)

Dec 22, 2021 - 3:52pm

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