The lucky journey at the beginning
At the beginning of 2023, when Bitcoin had just touched $20,000, I held 800,000 in spot but was anxious due to the sluggish market. One night, I came across a contract expert's performance on Twitter, a story of turning 50,000 into 500,000 in three days, which ignited a spark in my heart.
I decided to give it a try.
Took out 100,000 in funds and opened a 5x leveraged long position. The result was much better than expected; taking advantage of the Fed easing interest rates, Bitcoin soared, and my account value skyrocketed to 500,000.
That feeling was like winning the lottery—just a few taps, and money flowed in like a river.
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Gradually addicted, starting to lose control
After tasting sweetness, I became increasingly aggressive. Watching tutorials, learning strategies, joining paid contract groups, staying up all night to watch the market, my phone apps piled up.
I even went all in with 20x leverage when Bitcoin rose to 28,000, just in time for BlackRock to apply for an ETF, and Bitcoin surged 20%, turning 500,000 into 3 million.
I began to think that I was a winner, mastering the code to wealth.
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The alarm sounded: the first heavy blow
But the good times didn't last long. At the beginning of August, Bitcoin quickly dropped from 30,000 to 25,000, and my 3 million with 10x leverage suddenly lost 1.5 million.
I refused to admit defeat, chose to endure, and added another 1 million in margin. The market didn't give me a chance, continued to drop, and ultimately I was liquidated at a price of 24,500.
That day, 4 million evaporated overnight.
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Deeper and deeper: the vicious cycle of borrowing to add margin
Facing massive losses, I began to use all resources:
• Mortgaged my house, borrowed 2 million
• My credit card was maxed out
• Borrowed money from friends
In January 2024, I put all my funds of 5 million into a 10x long position again, thinking I found the bottom, but encountered Grayscale's sell-off, Bitcoin fell below 38,000, and the liquidation message coldly popped up.
In that moment, I felt like my soul was being drained.
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Darkest moment: debt and family crisis
Debt collection calls surged like waves, my wife shouted for divorce, and my parents took out their remaining retirement funds to help me pay off debts. I lost sleep at night, and my hair fell out in clumps.
What tormented me the most was that I knew contracts were like gambling, yet I couldn't stop the madness of trying to recover my losses.
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Bloody lessons: why contracts are destined to lose
5 million taught me some hard truths:
• Exchanges are always the house; injections, outages, and slippage can lead to liquidation at any time.
• High leverage is a chronic poison; even slight fluctuations in coin prices can wipe out funds instantly.
• Mindset is the killer; when you win, you want to win more, when you lose, you want to recover, you can never escape the fate of a gambler.
• There are no eternal winners in the market; most of those showing off their trades are performing, and will eventually get liquidated.
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Regaining rationality: quitting contracts and slowly accumulating wealth
Now, I have done three things:
• Uninstall all contract trading apps
• Seek psychological counseling to break free from the gambling addiction
• Work diligently, paying off debts little by little
I no longer chase high profits; I only do spot dollar-cost averaging, and I no longer touch trades with leverage over 1x.
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Advice for contract players
If you are currently trading contracts, or just made some money and want to increase your stake, or lost money and want to recover, please stop and listen to my story.
The contract market is full of traps; money won by luck will ultimately be devoured by harsh reality.
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Postscript: Choosing the right long-term investment
From crawling out of the abyss, I began to pay attention to some truly valuable projects, such as C.O.N.A.N (the Conan Golden Dog). This project not only has strong community support but also received certification from the White House and endorsement from Trump. It is a rare 'hero dog' in the crypto world, unlike ordinary memecoins that are hollow.
If you have also been tormented by contracts, perhaps it's time to change your mindset: with patience and rationality, choose assets with a future like C.O.N.A.N, steadily and gradually achieve financial freedom.
I hope my story can help you avoid making the same mistakes, escape the black hole of contracts, and embrace the true path to wealth.#币安Alpha上新
