Contracts Destroyed My 500000 Life Savings in 4 Days

in #ethwallet • last month

A month has passed, and today I'm sharing my story as a cautionary tale. Let me serve as your lesson: never gamble!

On June 2nd, the Backpack S1 season had just ended. I had $135,000 in cash and felt unexpectedly 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. Perhaps I could grow my capital a bit before S2 began.

Then I started gambling on contracts. My positions grew larger and larger. At $1 million per position, a 1% move meant $10,000—utterly thrilling.

🔸 On the first day, by nightfall, I had lost $25,000. My capital dropped to $110,000.

I told myself I'd be cautious the next day, avoiding blind high-frequency trades. If I made $5,000 daily, I could recover in a week!

🔹 On the second day, I gained over $4,000. I felt a quiet satisfaction. I thought, "In a week, I'll break even and quit for good. No more gambling."

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

By night, the stop-loss triggered again. Another $25,000 loss. Strangely, the stop-out brought relief—like a prisoner awaiting execution finally letting go of false hope. The actual loss felt like release.

🔹 On the fourth day, I had $95,000 left. I felt mentally drained. Yet I still wanted to recover. So I opened another trade.

At noon, a shorting opportunity arose, but I hesitated and didn't enter. Around 2 p.m., I thought a rebound was coming and went long—only to get trapped again. By 5 p.m., I was stopped out, losing another $10,000. Only $85,000 remained.

Then, I went all-in. Seeing ETH break support, I shorted at 6 p.m. using my phone, without a stop-loss! I shorted the absolute bottom. On my way home, I stared at my phone constantly, watching the price bounce. Sweat poured down my face.

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

By 8:30 p.m., I pretended to watch TV in the living room but couldn't focus. I checked my phone every minute, tracking price fluctuations.

By 9 p.m., ETH had rebounded nearly $30. I lost even more. I completely broke down. My mind went 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, trying everything to close that stop-loss-free short.

When I finally closed it, relief washed over me. In just a few days, I had lost over ¥500,000. I collapsed on 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 (it turned out Musk had a fallout with Trump).

If only I hadn't closed that short... it would've matched my vision from the night before—a 7% crash, and I'd have recovered everything.

But life offers no "ifs." No do-overs. You simply face the consequences.

That was my first week of June. For the next 7 or 8 days, I barely ate—just two bites of vegetables per meal. No appetite. Depressed. Mentally shattered.

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

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

But I'm grateful for that experience a month ago. Now, if a position isn't hedged, I feel sick. I'm done with contracts. I've quit 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 shadow. Life is long. I still have some capital. I still have @Backpack_CN points. I can earn it back through farming. As long as I'm alive, hope persists. If we learn from our mistakes, we grow.

Let's work hard together and achieve financial freedom in two cycles. With my bros, no more gambling, no turning back!

Let's go!

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