I had already registered an account on another platform last year but hadn't deposited any money. Until July of this year, I wanted to buy a car and thought of ways to make more money. I saw many people showing off their profits from the crypto circle on domestic social media, so I asked a friend to exchange 100U for me to try.

The first trade was in spot trading, perhaps I was too anxious, feeling the returns from spot trading were too low. So I opened a second trade, a $ETH 10U 5x contract, and unsurprisingly, I incurred a loss. My mindset started to become unstable, eager to recover the money I lost, so I began trading with 100x leverage, aiming to break even and make a small profit before quickly closing the position. In that short time, my heart raced, and thus began my path to liquidation.

After making my first contract profit, I began to ponder that with leverage, even the smallest fluctuations could yield good returns, so wouldn't coins with high volatility yield even higher income?

How to find coins with high volatility? So I opened the gain leaderboard and suddenly discovered a new world. A coin could rise by 40% in one hour. When the coin stopped rising, I thought, why not short it directly with 20x leverage? That would surely bring in steady profits.

Practice begins!

#SHAHARA I only realized it after it started rising, so I shorted it directly. At first, just as I thought, 20x leverage was indeed rewarding—putting in 50U and taking out 75U in one minute, which converted to RMB earned me 175 in an instant. Why should I even go to work?

I shorted a few times and noticed that this coin was ranging. Based on the characteristics of the range, after shorting and reaching what I thought was a low point, I reversed and went long. That night I spent 3 hours and turned 100U into 400U. I told myself I'd sleep after the last trade, but I just couldn't stop and ended up making two or three more trades. In the end, the last long position never increased, and I had already lost over 100U. I refused to believe it wouldn't go up, so I stubbornly held onto the position. I woke up in the middle of the night to use the restroom, checked my phone, and saw that my losses had grown to over 300U, rendering all my earlier efforts wasted. I was sweating all over and couldn't fall asleep after that, and by morning, I was liquidated, losing all my money.

This was my first liquidation, and the next two were #SPAKcoin and #VİNE , with the same mindset—winning wildly in a range but eventually failing when it broke out. The SPAK waterfall crash blew up my position at the start, causing my mindset to explode. The remaining 30U went all-in, shorting at 20x to catch the crash, with maximum unrealized profits of 300U. I thought it would drop below 50%, firmly believing it would, and waited until it retraced to an unrealized profit of 100U, but couldn't wait and closed the position. The result was all my earlier efforts were wasted, returning to the initial 100U. My mindset exploded again. I should have had 400U, but now I only had 100U left. I refused to accept this and wanted to reclaim my U, so I ended up getting liquidated again while trading in the range.

After liquidation, I felt very low, regretting the money lost and resenting my own greed.

In summary, last month I made many mistakes:

1. Leverage was too high, and I was still using isolated margin, leading to rapid liquidation. At that time, I didn't understand the difference between full margin and isolated margin. There were several instances where if I could just withstand that spike, the profits would have been considerable.

2. Emotionally unstable, whenever I lose money, I think about quickly getting it back, fully leveraging all-in, and after liquidation, I'm left with no more cards to play.

3. Entering when altcoins are highly volatile, always thinking I'm the chosen one, buying in at high leverage when it skyrockets, fantasizing it will keep rising, not knowing a small pullback could lead to liquidation, and the same goes for a sharp drop. Therefore, high leverage should not be used during major fluctuations.

4. The main reason for liquidation was not setting stop losses and stubbornly holding onto positions. In fact, by holding, I had already lost; without letting go, how could there be gains?

5. I opened leverage too high. Observing those who flaunt high leverage and high returns, they are all in full margin mode, with enough funds to support fluctuations without being liquidated, while I have always been using isolated margin. Such a small margin being blown up is just a matter of time.

6. I should only trade major coins like $BTC and $ETH, which have smaller fluctuations and do not jump around frequently.

7. Without knowledge of candlestick patterns and market judgment, trading purely based on feelings is essentially gambling, a complete gamble.

Finally, I wish all my friends who read to the end that we can all make big money and achieve financial freedom!