At four in the morning, when I habitually checked the cryptocurrency market, I found several missed messages and calls from Brother Q, feeling uneasy. After returning the call, I learned that he had opened 2,500 long positions in Ethereum (average price 2056, liquidation price 1576), while at that time Ethereum had plummeted to 1616, just 40 dollars away from the liquidation line.

This position started from Ethereum at 3500, Brother Q kept adding to his position as it fell, accumulating an investment of 2.7 million USDT, with only 200,000 USDT left in his account, yet he still firmly believed that external funds were sufficient to withstand the risk.

The next afternoon, Brother Q came to me with dark circles under his eyes, mumbling about "adding a bit more to hold on." I advised him to stop and suggested using 2 million USDT from outside to buy Bitcoin in batches to exchange time for space. He finally agreed, adjusting his position to 2,560 Ethereum, setting the liquidation price at 1505, and promised not to add to his position again.

During lunch, Ethereum suddenly spiked down to 1412, and his ten times long position was directly liquidated to zero. Although 2.7 million USDT accounted for a small proportion of his total assets, and he had strong cash flow capabilities, seeing the zero balance prompt made his hands tremble for a moment. After ten seconds of silence, he felt relieved: "I feel more at ease now."

Ironically, later Ethereum returned to 1610, the price unchanged, but Brother Q's 2.7 million USDT position was gone. The cryptocurrency market has never been a place to "gamble for wealth"; holding onto one’s core values and avoiding high risks is the key to longevity.

Do you have similar contract stories around you? What are your thoughts on "contracts vs dollar-cost averaging"? Feel free to chat in the comments, let's avoid pitfalls together! @Air 安叔