Recently, the crypto market has not had significant movements, and playing yielded relatively limited returns, with a monthly income of about $400 per account.
I am also exploring other methods to achieve stable growth profits, later focusing on MYX Finance's contract trading.
MYX Finance is a chain abstraction derivatives trading protocol, dedicated to breaking down the barriers between the performance advantages of centralized exchanges and DeFi self-custody, achieving the vision of 'everyone can trade Alpha.'
Through chain abstraction technology and a dual-account model, users can open positions with assets from any chain without cross-chain transactions or frequent signatures, ensuring a fast and smooth trading process while maintaining ownership of their assets.
Reflecting on my experience of losing money to making money on MYX Finance, I realize how difficult it is to make money from trading, but at least I have a starting point.
1. Entering MYX: Full of expectations but lost $100 in capital.
#MYXFinance The simple interface is friendly and convenient for beginners, while the low fees are also its core attraction.$MYX Based on Binance Smart Chain (BSC), gas fees are low enough to be almost negligible.
The platform supports up to 125x leverage. I chose the BTC/USDT trading pair and opened a 20x leveraged long position with $50. However, the market suddenly dropped, and my account was instantly liquidated; I lost the $50. Frustrated, I added another $50 to try to 'make back my losses.'
This time, I was more cautious and chose to short with 5x leverage but did not set a stop-loss; after a price rebound, I lost everything again. My $100 capital vanished in two days.
Losing money on my first contract trading was both frustrating and disappointing, and I remembered the warnings from experienced players: 'Beginners shouldn't be greedy for high leverage; start with 3x and learn to take profits and stop losses.'
2. Painful Reflection: From a novice to mastering the 'stability' principle.
After losing $100, I calmed down and decided to start with small amounts and low risk.
I topped up another $100, but this time only used 3x leverage and carefully studied MYX's funding rate mechanism. The funding rate on MYX can sometimes reach as high as 18.3%, meaning that even if the price remains unchanged, shorting can still earn funding rate profits.
I decided to try this 'passive income' strategy.
I chose the ETH/USDT trading pair because Ethereum's volatility is relatively stable. After observing the candlestick chart, I found support around $2500 for Ethereum, so I opened a short position with 3x leverage, investing $50 and setting a 5% take-profit and 3% stop-loss.
Unexpectedly, the market continued to decline, and the funding rate leaned towards the bearish side. Three days later, I made a profit of $50. Although it wasn't a large amount, it was my first profit on MYX, and I was quite happy!
This success made me realize that trading is not about luck but requires strategy and discipline.
I started spending 30 minutes each day learning technical analysis, such as support and resistance levels and MACD indicators, while also paying attention to community dynamics and market hotspots to analyze market sentiment.
MYX's zero slippage feature allows me to open positions accurately each time without worrying about price deviations, which is a huge psychological comfort for beginners.
3. Turning Point: The Breakthrough from $100 to $1200.
With a few small victories under my belt, my confidence soared, and I decided to increase my capital to $200, aiming to earn $1000. I also formulated three strategies.
1. Low leverage + funding rate arbitrage.
I found that MYX's funding rate mechanism is a 'gold mine.'
Once, the funding rate for the long side of BTC/USDT reached 20%, so I decisively opened a short position, holding it for a week and earning $100 from funding rate profits; the profits from price fluctuations were secondary.
This sense of 'guaranteed profit' made me look at MYX's innovative mechanism with new eyes.
2. Build positions in batches to control risk.
To avoid another liquidation, I learned to build positions in batches.
For example, when the BTC price corrected to $103,000, I built positions in three batches of $50 each, maintaining a leverage of 3-5 times. When the market rebounded to $108,000, I locked in a profit of $50 through a take-profit order.
MYX's take-profit and stop-loss functions are simple and easy to use, allowing me to strictly follow my plan.
3. Seize opportunities from platform activities.
MYX frequently launches trading rebates and invitation reward activities.
I invited two friends to register and received a reward of 50 USDT, and also participated in a 'beginner trading challenge', earning a 20 USDT airdrop. These 'extra incomes' helped my capital grow faster.
After two months of effort, my account grew from $200 to $1200, netting a profit of $1000.
4. Operational Insights: Three Insights for New Contract Players.
1. Low leverage is the best choice for beginners.
High leverage may be tempting, but the risk of liquidation is too high. 3-5x leverage is sufficient for small capital to generate considerable profits while ensuring safety. MYX's flexible leverage adjustment feature allows me to optimize strategies at any time.
2. Funding rate is a 'passive income' tool.
MYX's Matching Pool Mechanism (MPM) makes the funding rate a benefit for beginners. By paying attention to rate changes and choosing long or short directions, one can achieve stable profits with low risk.
3. Take-profit and stop-loss are guarantees of discipline.
MYX's interface clearly displays profit and loss ratios, and setting take-profit and stop-loss orders helps me avoid emotional trading. Before each trade, I set a stop-loss of 3-5% to ensure I don't repeat past mistakes.
MYX Finance helped me gradually transition from a contract novice to understanding contract trading, risk management, and strategy formulation, achieving the transformation from losing $100 to earning $1000.
MYX's low threshold, zero slippage, and high capital efficiency allow ordinary people to easily get started, while community support and platform activity rewards make the journey of capital growth full of surprises.
Contracts are a way to bet small for big gains, but they also carry significant risks. The crypto market is highly volatile; a sudden surge or drop can lead to liquidation, causing the profits accumulated over a month of hard trading to vanish in a single trade.
It's essential to develop your strategy and execute it firmly. A low-leverage strategy may be slow but is effective; surviving is the hard truth. Moreover, you must timely recognize mistakes and stop losses. If you open a position in the wrong direction, acknowledge the loss and close the position.
Now, I have started planning to reinvest $500 in profits, aiming to earn $10,000 by the end of the year.
MYX Finance showed me that DeFi is not just a game for 'big players'; ordinary people can find their opportunities in this market through learning and practice.
If you also want to try making pocket money with a small amount, why not start with MYX? Take it slow, earn steadily, and have a strategy.
