Submission from an old investment veteran:
I (Aze) feel that trading cryptocurrencies is really tormenting. I accidentally came into contact with the crypto world in April 2017. The first private placement I encountered was Hongbao Coin. In the beginning of 2017, during the first half of the bull market, I was just playing small, not making much money because I didn’t understand it then. After that, I encountered 9.4 and lost about two-thirds of my capital.
After 9.4, by November, the bull market started again. I cashed out 60,000 from a loan and went all in on some altcoins. By January 2018, my capital reached 300,000. At this time, I felt life was beautiful, and I was living quite comfortably. But it wasn't long before Bitcoin crashed, falling until mid-February, and my capital was basically halved. I was in shock because I was only earning 5,000 a month at that time, which was equivalent to several years of hard work. Later, I held on until August and couldn't stand it anymore, cutting losses to survive.
In the end, I only had 80,000 left, and then I encountered the crash in December 2018. I traded Ethereum contracts and, as you can imagine, I got liquidated, entering a state of zero. I was unwilling to accept it and borrowed 180,000 from my credit card to continue shorting Ethereum. Fortunately, I recovered some capital. Later, I switched to shorting EOS, but then there was a big rebound. I stopped loss and paid back the remaining money to the credit card, confessing to my family, who gave me 60,000 to cover the gap.
Then I saw Bitcoin rise from 3,120 to 6,000 USD, and I was still unwilling to accept it, so I chose to cash out my credit card for 100,000 to continue shorting Bitcoin. I stopped loss at 8,200, losing more than 70,000. After that, I really lost hope. At that time, I changed jobs, and my salary rose to 7,000. I thought I would just work well and not invest in these anymore, but I couldn't resist myself and occasionally looked at the market. As a result, I cashed out 120,000 and chose to bottom fish EOS at 5.8. It rebounded to 6.8, and I ran away, then continued to bottom fish EOS at 5.2 for half a year. At the beginning of 2020, I cleared my position during the rebound, feeling light without debt. Then I encountered the crash on March 12, 2020, and I bottom-fished EOS at an average price of about 2.67. Then I lay flat for a year until January 2021. In January, I saw the bull market coming and started trading contracts, expanding my capital to 1.2 million. Then from March to April, I cashed out about 950,000 for my family, leaving 350,000 to continue trading cryptocurrencies. I chose to go long on Ont at three times leverage, and it was at the highest point when I entered, leading to a continuous drop.
At that time, I had also cashed out 275,000 from 360. Microloan and Baidu Finance to replenish my position at 1.8. As a result, I encountered 5.19, and I stopped loss at 0.87, just one step away from liquidation. In the end, I only had 40,000 left, and I felt like the sky was falling. I cried and confessed to my mom, who gave me 250,000 to pay off the loan, telling me not to gamble anymore. She said that this kind of thing comes quickly and goes quickly, and that my luck with windfall wealth was poor. In just one week, I lost 600,000, and I was really unwilling to accept it. I couldn't sleep for more than two months, still unwilling to accept it, so I chose to use card 10. In July 2021, when Bitcoin surged to 41,000, I shorted Bitcoin at 33 times leverage, and the result was that I got liquidated, losing 100,000 in one night. Later, when Bitcoin broke through 52,000, I used card 300,000 and went long Bitcoin at lower leverage, recovering 360,000. I cleared all my loans and had 260,000 left, then Bitcoin fell to 58,000.
I went long with 2x leverage, and when it fell below 51,000 and retraced to 53,000, I stopped loss, losing 60,000, leaving 210,000. Then I spent the New Year thinking I would play Bitcoin with a small position, making a few thousand dollars for living expenses each month. In February 2022, I went long on Bitcoin with a small position, and my win rate was basically above 80%. I made 5,000 USD steadily, feeling that I could maintain this and safely get through the bear market, which would be very nice. But human nature is like this; without a position, I wanted to force myself to find one, and the disaster struck on Luna.
By accident, I clicked to go long with high leverage all in at 81. When the liquidation price was 73, I chose to stop loss at 78.3 out of fear, losing 5,700 USD in one go. Then I kept shorting Waves near the high of 28.5 at low leverage, recovering 2,500 USD. Then I accidentally saw GMT and chose to short GMT with small leverage, but it immediately surged. The more it rose, the more I increased my position, and later I chose to stop loss. The next day, I went long on Bitcoin with high leverage at 40,800, and it turned out to be a spike, taking away 5,600 USD from me in just a few minutes.
Then I shorted Waves at a high of 30.77. My mindset had already collapsed by then, so I stopped loss at 31 and reversed to go long, but it fell again. I ended up stopping loss at both high positions, losing 3,500 USD. In just a few days, I lost 90,000, and now I only have 130,000 left.
I felt very stressed and uncomfortable, not knowing whether I should stop. Over the years, I have gone from hundreds of thousands to zero several times, and it always feels worse than death. I graduated from a junior college, my salary is not high, and my parents are also ordinary. The cost of trial and error is really low, and once I make a mistake, it's really hard to turn back.
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