To those who bet big with crypto contracts of getting rich overnight.
A user going by the name of “bitsanren” on Chainnode (formerly 8btc forum, the earliest and largest crypto community in China) has shared his one-day heart-stirring contracts trading experience.
At 10 a.m., I woke up from 5-hour sleep, picked up my mobile phone and ordered takeout after a simple wash. I watched the crowd on the street outside the window, feeling grateful for the freedom and ease of doing crypto trading full-time at home. Suddenly remind myself of my ongoing 20× leveraged bitcoin trading, I felt a little nervous.
Then turn on the computer to check my trading positions, finding bitcoin price has been falling for seven days, thinking of the recent global stock index crash, I feel worried.
At 10:50 a.m., bitcoin dumped from $9200 to $9100, losing my 30% value. I wanted to withdraw my capital as I’m in a bad mood, but I stopped as I was afraid it would pump back.
At 11:10 a.m., bitcoin continued to fall to $9050, soon below $9000. Finally, the price forced me to withdraw! Shit, where there is life, there is hope. It’s better to make a mistake than to delay.
At 11:40 a.m., the price bounced back to $9200 quickly. I found that I withdrew my capital at the lowest point. I felt remorseful. The more I thought about it, the more painful I was. I had to find an opportunity to earn it back as soon as possible!
At 12:10 p.m., my wife called from the company and asked what to eat at noon. I pretended to be relaxed and said to my wife: after eating the braised chicken, the trading in the morning was normal, and I didn’t make any profit. My wife said thoughtfully, all right, may you make some pocket money in the afternoon.
At 13:10, in the continuous rise of the K line, my injured mind was stimulated again. My breath began to rush. I felt that my original analysis was right because the general trend of halving must boost the rise. I felt a little comfort.
At 14:30 p.m., the price pump to $9500, breathing more quickly, and I began to fidget. I decided to correct my mistakes immediately, using 20 × leverage with more than half a position, being afraid of missing the bull market!
At 15:10 p.m., the price went up another $100. I’m glad that I didn’t miss. I summed up a principle: change when I’m wrong, don’t be afraid to make mistakes, and implement in time is the most important. I was also slowly relaxed, opened a beer to celebrate.
At 15:40 p.m., the price changed from a shock to a drop, and the profit disappeared in an instant. I was a little regretful that I didn’t withdraw in time to lock the profit. I comforted myself that this was a callback of strength. I believed that the price would be pulled back immediately.
At 16:30 p.m., bitcoin suddenly fell below $8800, again I was trapped. My brain was blank, headache numb, and sighed deeply.
At 17:15 p.m., I went out to the nearby park to relax. I went to the digital store and bought a new mouse to replace the one I just accidentally broke.
At 18:30 p.m., my wife came home from work. I told her that I was tired today as the market changed too fast. I didn’t catch the turning point and what I earned. My wife asked if I lost money, I said it’s impossible to lose money for me.
At 20:10 p.m., I went back to the computer again. After the afternoon crash, the price kept up and down. I’m glad that I didn’t withdraw. Relievedly I started watching TV.
At 23:30, I was going to go to bed early today, but the market began to get restless. A small pump seems that the market is going to start, so I must invest more to lower the cost of positions. I quickly use 20 × leverage with my entire capital at the price of $8900. Sitting uneasy, anxiously waiting for the dealer to start the pull.
At 23:50 p.m., bitcoin price changed dumped from $8950 to $8800, making a V-like reverse. My heartbeat faster, wanting to stop the loss, feeling uncomfortable.
At 1:00 a.m., my wife called me to sleep. I refused as the market began to get restless. I stared at the price. I can’t breathe as the decline kept.
At 3:00 a.m., bitcoin price suddenly dumped to the previous low of $8500 again. The notice of the exchange showed I have lost my trading account. I suddenly woke up, felt suffocated and fainted