Contracts_Destroyed_Me_—_Lost_¥500,000_Life_Savings_in_Only_4_Days

in #binancetrade • 3 months ago

A month has passed, and today I've chosen to share my story as a cautionary tale. Let my experience be your lesson: never gamble!

On June 2nd, a few days after the Backpack S1 season concluded, I held $135,000 in cash and suddenly found myself idle with nothing to occupy my time.

I reasoned that since hedging on Backpack was no longer possible, I might try short-term trading on Lighter to grow my capital before S2 began.

Then I began gambling on contracts. My positions grew increasingly large—at $1 million per trade, a mere 1% move meant $10,000 in gains or losses, an utterly thrilling experience.

🔸 On the first day, by evening, I had lost $25,000, reducing my capital to $110,000.

I resolved to be cautious the next day, avoiding reckless high-frequency trading. If I could earn $5,000 daily, I thought, I'd recover within a week!

🔹 On the second day, I made over $4,000, feeling quietly optimistic. I believed that breaking even in a week would allow me to quit gambling for good.

🔸 On the third day, I woke up eager to trade. Before 8 a.m., I opened an ETH position and immediately got trapped. It was agonizing—I sweated over the numbers all day, watching my stop-loss approach, enduring constant suffering.

By nightfall, the stop-loss triggered again, costing me another $25,000. Strangely, the loss brought relief, like a prisoner freed from false hope by execution.

🔹 On the fourth day, with $95,000 left, I felt mentally drained but still determined to recover. I opened another trade.

At noon, a shorting opportunity arose, but I hesitated and missed it. Around 2 p.m., anticipating a rebound, I went long—only to be trapped once more. By 5 p.m., I was stopped out, losing $10,000 more, leaving just $85,000.

Then, I went all-in. Spotting ETH breaking support at 6 p.m., I shorted it on my phone, without a stop-loss! I had shorted the absolute bottom. On my way home, I stared at my phone, sweating as the price rebounded.

But I convinced myself, "It's been ranging so long—if it drops 7% tonight, I'll recover everything. I must hold on! I must endure!"

By 8:30 p.m., I pretended to watch TV but couldn't focus, checking my phone every minute for price fluctuations.

By 9 p.m., ETH had rebounded nearly $30, deepening my losses. I completely broke down, my mind going numb.

I rushed to the bedroom, desperate to close the position. Lighter informed me mobile access was restricted in my region. Frantically, I switched VPN nodes on another phone, doing everything to close that stop-loss-free short.

When I finally closed it, relief washed over me. In just days, I had lost over ¥500,000. I collapsed onto the bed, speechless, and drifted into a haze before 10 p.m.

🔸 On the fifth day, at 7 a.m., I instinctively checked the price. ETH had crashed 7.6%. I didn't know why at the time (later learning Musk had a fallout with Trump).

If only I hadn't closed that short... it would have matched my vision from the night before—a 7% drop and full recovery.

But life offers no "ifs." No do-overs—only consequences to face.

That was my first week of June. For the next 7 or 8 days, I barely ate, managing only two bites of vegetables per meal. I had no appetite, felt depressed, and mentally collapsed.

Now, looking back, it feels like fate was toying with me. Even glancing at K-lines now makes me nauseous—physically ill.

What did I gain? Perhaps Lighter awarded me 310 points that week—my all-time high score.

Yet I'm grateful for that experience a month ago. Today, if a position isn't hedged, I feel sick. I'm done with contracts and gambling for good.

✅ People live because we cling to hope.

Thanks to mental coach @Metabape and the wise bro @dominolu for helping me escape the shadows. Life is long. I still have some capital and @Backpack_CN points. I can earn it back through farming. As long as I'm alive, hope remains. Learning from lessons fuels growth.

Let's strive together for financial freedom in two cycles. With my bros, no more gambling, no turning back!

Let’s go!

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3 months ago in #binancetrade by
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