A month has passed, and today I decided to share this as a warning to everyone: learn from my experience—don't gamble!
On June 2, a few days after the end of the Backpack S1 season, I had $135,000 in cash and felt a bit aimless. I thought since the Backpack couldn't hedge, I might as well try short-term trading on Lighter, perhaps I could increase my funds before the S2 season starts.
So, I began to gamble on contracts, gradually increasing my position from small to $1 million, with a 1% rise or fall meaning a $10,000 fluctuation, which was very exciting.
🔸 On the first day of entering the market, by evening I had lost $25,000, leaving me with only $110,000. I told myself to be steady the next day and avoid blind high-frequency trading; if I could earn $5,000 a day, I could recover my losses in a week!
🔹 The next day, I indeed made over $4,000, and I was secretly pleased; if I could hold on for a week, I could exit without losses, and after breaking even, I would never gamble again.
🔸 On the third day, I woke up eager to trade, wanting to quickly recover my losses. I opened a position before 8 AM, but my ETH position got stuck, and I was in extreme pain, sweating as I watched the numbers approach my stop-loss, suffering all day. In the evening, the stop-loss was triggered, and I lost another $25,000; at that moment, I felt a sense of relief, like a death row inmate finally facing reality.
🔹 On the fourth day, I had only $95,000 left, feeling obviously exhausted both physically and mentally, but the thought of breaking even drove me to open a position again. I missed a short opportunity at noon, and around 2 PM I judged there would be a rebound and went long, only to get stuck again; at 5 PM, the stop-loss was triggered, losing $10,000, bringing my capital down to $85,000. Then, I went all in, seeing ETH break down, and at 6 PM I shorted on my phone without setting a stop-loss! As a result, I shorted at the lowest point, sweating on my way home while staring at the rebounding price, fantasizing that if it dropped 7%, I could break even, determined to hold the position. At 8:30 PM, pretending to watch TV, I checked my phone for price fluctuations every minute. Around 9 PM, ETH rebounded nearly $30, and my losses worsened; I completely broke down, my mind numb.
I rushed back to my bedroom, desperate to close the short position without a stop-loss. The Lighter mobile login prompted that access was restricted in my region, and I frantically changed VPN nodes, desperately trying to close it. When the position finally closed, I felt a huge relief; in just a few days, I lost over 500,000 RMB, and I lay in bed speechless, falling into a deep sleep before 10 PM.
🔸 On the fifth day, I habitually checked the price at 7 AM, and ETH plummeted 7.6% (later learned it was due to Musk falling out with Trump). If I hadn't closed the short position, I could have broken even as I fantasized yesterday. But life has no ifs, no do-overs; I must face reality.
This was my experience in the first week of June. For the next 7-8 days, I only ate two bites of vegetables at each meal, feeling anorexic and depressed, my spirit completely collapsed. Looking back, it feels like fate played a trick on me; now, seeing candlestick charts makes me physically nauseous. Life has no ifs; if you ask me what I gained, perhaps it was the 310 points awarded by Lighter that week, my highest historical gain. But I am grateful for the lesson from a month ago: now, the unhedged position makes me feel sick, and I have completely quit gambling.
✅ People live because they have hope.
Thanks to my psychological mentor @Metabape and wise brother @dominolu for their help in helping me out of the shadows. The road of life is still long; I still have capital and points from @Backpack_CN, and I can earn back through other means. As long as I am alive, there is hope. People grow from lessons.
I will strive to achieve financial freedom in the second cycle. Let's work hard together, brothers! Don't gamble, don't go back!
Go for it!
from @小熊饼干.eth
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