Sharing the experience of liquidation as a novice.
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.