I almost died before dawn after going into the crypto world with a debt of 200,000
(Full text 1800 words, read patiently to change your perspective)
In the winter of 2019, I curled up in a rental room in Beijing eating instant noodles, as bank debt collection messages filled my phone: "Overdue 200,000, repay within 3 days".
This was my 4th liquidation - using a credit card to cash out 50,000 principal at the BTC peak of 69,000 and going long, which went to zero within 48 hours.
Bloody lessons:
1️⃣ Leverage is a meat grinder for beginners
- At that time, I used 20x leverage, and a 3% fluctuation in BTC led to liquidation
- Now I only use 3-5x (even with small capital of tens of thousands)
2️⃣ Trading with debt is a sure death
- Rushing to recover losses distorts judgment (I added to my position against the trend 5 times)
3️⃣ Physiological limits are not a glory
- Staring at the screen for 50 hours straight caused retinal hemorrhage (see image 2 for medical records)
- Now I strictly work 4 hours/day
> "When you feel like throwing up at the smell of instant noodles, you realize that money is exchanged for life"
Next issue preview: How to accumulate your first bucket of gold with 3,000 during a bear market
