Contracts_Ruined_Me_Lost_500000_Life_Savings_in_4_Days

in #hyperliquid • 2 months ago

It has been a month. Today, I am sharing my story as a cautionary tale. Let my experience serve as a lesson: do not gamble!

On June 2nd, the Backpack S1 season had concluded a few days earlier. I had $135,000 in cash and felt 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 potentially grow my capital before S2 began.

Then I started gambling on contracts. My positions grew increasingly larger. With each position at $1 million, a 1% move meant $10,000 — an exhilarating thrill.

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

I resolved to be cautious the next day, avoiding blind high-frequency trading. If I made $5,000 daily, I could recover within a week!

🔹 On the second day, I earned over $4,000. I felt quietly pleased. I thought that in a week, I would break even and 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 stared at the numbers, sweating, watching the stop-loss approach, suffering throughout the day.

By nightfall, the stop-loss triggered again. Another $25,000 loss. Strangely, being stopped out brought relief — like a prisoner awaiting execution finally releasing false hope. The actual loss felt like liberation.

🔹 On the fourth day, I had $95,000 remaining. I felt mentally exhausted 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 — and got trapped once more. By 5 p.m., I was stopped out, losing another $10,000. Only $85,000 was left.

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

But I told 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 in the living room but couldn't focus. I checked my phone every minute, obsessing over price fluctuations.

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

I rushed to the bedroom, desperate to close the position. Lighter informed me that 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 onto the bed, unable to speak, 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 the reason then (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. 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, reflecting on it, it feels like fate was toying with me. Even glancing at K-lines now induces nausea — a physical sickness.

What did I gain? Perhaps Lighter awarded me 310 points that week — my highest score ever.

Yet, I am grateful for that experience a month ago. Now, if a position isn't hedged, I feel ill. I'm done with contracts. I've quit gambling.

✅ We live because we have hope.

Thanks to mental coach @Metabape and the wise bro @dominolu for helping me emerge from the shadows. 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, there's hope. Learning from lessons fosters growth.

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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